UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 15, 2021, the Chief Financial Officer of MicroVision, Inc. (the “Company”), Stephen P. Holt, notified the Company of his plans to retire from his position effective November 15, 2021. Mr. Holt will remain with MicroVision as an advisor through the first half of fiscal 2022 to facilitate a smooth transition in the leadership of the Company’s finance team.
Mr. Holt will be succeeded by Anubhav Verma as the Company’s new Vice President, Chief Financial Officer and Treasurer. Mr. Verma, age 36, is currently Senior Vice President, Finance of Exela Technologies, a publicly traded business process automation company, a position he has held since October 2016. Previously, Mr. Verma served as an Investment Professional at HandsOn Global Management, from November 2013 to October 2016, and in investment banking roles at Credit Suisse USA, from May 2009 to October 2013.
In connection with his appointment, the Compensation Committee of the Board approved certain compensatory arrangements for Mr. Verma. Specifically, the Compensation Committee approved (i) an annual cash base salary of $400,000, payable in accordance with the Company’s standard payroll practices, (ii) an annual incentive bonus opportunity of up to $160,000, to be paid in the form of cash or vested restricted stock units, or RSUs, (iii) a one-time new-hire equity incentive award, payable in the form of RSUs valued at $1,500,000 on the grant date, scheduled to vest over four years subject to continued employment on each vesting date, and (iv) an annual long-term equity incentive opportunity, payable in the form of RSUs valued at $600,000 on the grant date scheduled to vest in four equal installments on each of the first, second, third and fourth anniversaries of grant subject to continued employment on each vesting date. The RSU awards are to be granted pursuant to the 2020 MicroVision, Inc. Incentive Plan and subject to the terms and conditions of that plan and the award agreement thereunder.
Mr. Verma will be a “designated participant” pursuant to the Company’s Change of Control Severance Plan, which provides for certain benefits in the event of certain terminations of employment on the date of or during the two-year period following a change in control of the Company. There are no arrangements or understandings between Mr. Verma and any other persons pursuant to which he was appointed to the position described above and no family relationships exist among Mr. Verma and any of the Company’s directors or executive officers.
| Item 9.01. | Financial Statements and Exhibits. |
(c) Exhibits.
Pursuant to the rules and regulations of the SEC, the attached exhibit is deemed to have been furnished to, but not filed with, the SEC.
| Exhibit |
Description | |
| 99.1 | Press Release of MicroVision, Inc. dated October 20, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MICROVISION, INC. | ||
| By: | /s/ Drew G. Markham | |
| Drew G. Markham | ||
| Vice President, General Counsel and Secretary | ||
Dated: October 20, 2021