Company: VUZI
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040266
Chunk: 46

Company: Vuzix Corp
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 46
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 454,500 options originally granted to these other management employees are being surrendered and terminated. Subject to stockholder approval as set forth above, there will be an aggregate of 5,089,500 options that were granted on March 17, 2021 that will be surrendered and terminated and up to 594,056 new RSUs granted. We refer to the grant of the RSUs as our new Long Term Incentive Plan, or LTIP, and to the grant of the prior options as the original LTIP. Because the Company believes the grant of the RSUs, and the concurrent cancellation of the existing options, may be deemed a “repricing” of existing options under Nasdaq rules, the Company is seeking stockholder approval in accordance with such Nasdaq rules which require stockholder approval for any such “repricing” of outstanding options. The recipients of the new RSUs consist of our two executive officers, and four additional employees. New Long Term Incentive Plan Benefits The table below sets forth certain information regarding the proposed benefits to be received under the grant of the RSUs, based on a market value share price of $3.90 as December 31, 2024, to be approved under this Proposal 6.

| Name and Position                       |     | Dollar Value ($) |           |     | Number of Units |         |
| Paul Travers (chief executive officer)  |     |                  | 1,150,000 |     |                 | 291,878 |
| Grant Russell (chief financial officer) |     |                  |   465,750 |     |                 | 118,211 |
| Executive Group (2 persons)             |     |                  | 1,615,750 |     |                 | 410,089 |
| Non-Executive Director Group            |     |                  |         — |     |                 |       — |
| Non-Executive Officer Employee Group    |     |                  |   724,832 |     |                 | 183,967 |

39 The Company believes this new LTIP is better suited to the Company and its stockholders than the original LTIP. The original plan had three main objectives: (i) Strengthen incentives and create greater pay-for-performance alignment with stockholder value creation; (ii) Ensure senior leaderships’ continued service; and (iii) Spur the Co- Founders and Senior Management to achieve Vuzix’ aggressive strategic and financial objectives. With these objectives in mind, the Board implemented a 10