Vuzix Corporation filed SEC Form 8-K: Leadership Update
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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 January 2, 2025 Vuzix Corporation (the “Company”) granted 291,878 restricted stock units (“RSUs”) to Paul Travers, the Company’s chief executive officer, 118,211 RSUs to Grant Russell, the Company’s chief financial officer, and 111,642 RSUs to Peter Jameson, the Company’s chief operating officer. The RSUs are being granted under the Company’s existing 2023 Equity Incentive Plan. The grant of the RSUs will be effective upon and subject to shareholder approval to be obtained at the Company’s 2025 annual shareholder meeting. Simultaneously with effectiveness of the RSUs, and subject to such shareholder approval, 3,010,000 unvested options previously granted on March 17, 2021 to Paul Travers; 1,625,000 unvested options previously granted to Grant Russell on March 17, 2021 and 270,000 unvested options previously granted to Peter Jameson on March 17, 2021, all with an exercise price of $19.00, will be surrendered and terminated.
Subject to the foregoing, 50% of the RSUs will vest three years from the date of grant and the remaining 50% (which remaining amount may increase to up to 125% of such amount (or 62.5% of the aggregate initial amount)) will vest upon achievement of certain performance results within the next three years and not simply the passage of time.
The Company also granted to other management employees an aggregate of 183,967 RSUs with similar vesting terms and conditions (including shareholder approval, and termination of existing options granted on March 17, 2021, if applicable). A total of 454,500 options originally granted to these other management employees are being surrendered and terminated.
Subject to shareholder approval as set forth above, there will be an aggregate of 5,359,500 options that were granted on March 17, 2021 that will be surrendered and terminated and up to 789,546 new RSUs granted.
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SIGNATURES
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.
| Date: January 8, 2025 | VUZIX CORPORATION | |
| By: | /s/ Grant Russell | |
| Grant Russell | ||
| Chief Financial Officer | ||
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