Company: VUZI
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001104659-25-036288
Chunk: 42

Company: Vuzix Corp
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 42
---
 been prompted by the threat of any hostile takeover attempt (nor is the board currently aware of any such attempts directed at the Company), nevertheless, stockholders should be aware that the amendment could facilitate future efforts by us to deter or prevent changes in control of the Company, including transactions in which stockholders of the Company might otherwise receive a premium for their shares over the then current market prices. 38 RECOMMENDATION OF THE BOARD FOR PROPOSAL NO. 5: OUR BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” APPROVAL OF THE AMENDMENT TO OUR CERTIFICATE OF INCORPORATOIN TO INCREASE OUR AUTHORIZED SHARES OF COMMON STOCK PROPOSAL 6 APPROVAL OF GRANT OF 594,056 RSUS TO EXECUTIVE OFFICERS AND OTHER EMPLOYEES AND CONCURRENT CANCELLATION OF 5,089,500 PREVIOUSLY GRANTED OPTIONS TO SUCH OFFICERS AND OTHERS On January 2, 2025, the Company granted 291,878 restricted stock units, or RSUs, to Paul Travers, the Company’s chief executive officer and 118,211 RSUs to Grant Russell, the Company’s chief financial officer. The RSUs were granted under the Company’s existing 2023 Equity Incentive Plan. The grant of the RSUs will be effective upon and subject to stockholder approval to be obtained at the Annual Meeting. Simultaneously with effectiveness of the RSUs, and subject to such stockholder approval, 3,010,000 unvested options previously granted on March 17, 2021 to Paul Travers and 1,625,000 unvested options previously granted to Grant Russell 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 stockholder approval, and termination of existing options granted on March 17, 2021, if applicable). A total of 454,500 options originally granted to these other