Microvast Announces Chief Accounting Officer Resignation and Executive Compensation Adjustments

Microvast Holdings, Inc. (NASDAQ:MVST) filed a Form 8-K with the Securities and Exchange Commission on December 1, 2024, announcing the resignation of Lu Gao from her role as Chief Accounting Officer for personal reasons. Ms. Gao intends to step down from her position, effective January 31, 2025, or an earlier date agreed upon by both parties. Her departure does not stem from any disagreement with the Company on operational matters.

In response to Ms. Gao’s resignation, the Compensation Committee of Microvast’s Board of Directors recommended certain adjustments in base salaries, one-time cash bonuses, and equity awards for key executives. These adjustments were proposed to compensate the Chairman and CEO, Yang Wu, President Isida Tushe, and COO Dr. Shengxian Wu for the enhanced responsibilities of their roles. The Board approved these adjustments on December 5, 2024.

Effective December 1, 2024, Mr. Wu’s base salary was raised to $564,480 from $550,000, while Ms. Tushe’s base salary increased to $450,000 from $200,000. Dr. Wu’s base salary was adjusted to $400,000 from $250,000. Additionally, Ms. Tushe and Dr. Wu received one-time cash bonuses of $125,000 and $93,750, respectively, payable by March 15, 2025, or when 2024 annual bonuses are distributed.

Furthermore, the Board approved the grant of 500,000 restricted stock units to Mr. Wu and stock options for 1,000,000 shares of common stock at $1.29 per share to each of Ms. Tushe and Dr. Wu. While the RSUs vested immediately for Mr. Wu, the stock options granted to Ms. Tushe and Dr. Wu will vest incrementally over the next three years, subject to continued employment on each vesting date.

The 8-K filing also included the list of financial statements and exhibits, with notable items being a Form of Stock Option Award Agreement and a Form of Restricted Stock Unit Award Agreement under Microvast’s 2021 Equity Incentive Plan.

These changes in executive compensation and the Chief Accounting Officer’s pending resignation indicate strategic shifts within Microvast Holdings, Inc., as the company looks to navigate forward in the ever-evolving business landscape.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Microvast’s 8K filing here.

Microvast Company Profile

Microvast Holdings, Inc provides battery technologies for electric vehicles and energy storage solutions. The company offers a range of cell chemistries, such as lithium titanate oxide, lithium iron phosphate, and nickel manganese cobalt version 1 and 2. It also designs, develops, and manufactures battery components, such as cathode, anode, electrolyte, and separator.