Nexteer Automotive (HKG:1316) said it granted 5 million cash-settled awards to senior management under its value creation plan, according to an April 10 Hong Kong bourse filing.

Shares of the automotive parts maker were down nearly 2% in Monday morning trade.

The awards, comprising performance and restricted units, have a total cash value of $4 million and will vest on Dec. 31, 2028, subject to performance and service conditions.

The awards will not vest if the company's three-year average return on invested capital is below 4.5%, the filing said.