Anubhav Verma
MICROVISIONAbout Anubhav Verma
Anubhav Verma is Senior Vice President, Chief Financial Officer & Treasurer of MicroVision (MVIS), appointed CFO in November 2021 and elevated to SVP in June 2024; he is 39 years old and holds B.Tech and M.Tech engineering degrees from IIT Bombay . His background spans investment banking at Credit Suisse (2009–2013), private equity/operations at HandsOn Global Management (2013–2016), and SVP Finance at Exela Technologies (2016–2021), with extensive M&A, capital markets and strategic finance experience . Company performance under his tenure includes 2024 net loss of $96.9 million, a 12/31/2024 stock price of $1.31, and MVIS TSR value of $181.95 for a $100 investment baseline (vs. peer group $192.74); in 2023 TSR was $369.44 and net loss $82.8 million . In 2025, MVIS reported Q2 revenue of $0.2 million and continued negative adjusted EBITDA, while management emphasized capital raising and industrial/defense pipeline development .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MicroVision (MVIS) | Chief Financial Officer; later SVP, CFO & Treasurer | Nov 2021–present (SVP since Jun 2024) | Oversees finance, capital markets, risk management, IT/cybersecurity reporting to Audit Committee |
| Exela Technologies | SVP Finance | 2016–2021 | Led M&A and capital market transactions; growth initiatives |
| HandsOn Global Management | Investment Professional | 2013–2016 | End-to-end M&A execution, post-merger integration, capital financings |
| Credit Suisse | Investment Banker (NY & Mumbai) | 2009–2013 | Advised Fortune 500 clients on capital markets and M&A |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 400,000 | 400,000 | 417,708 (reflects increase to $425,000 effective 4/1/2024) |
| Target Bonus % of Salary | 40% (up to $160,000) | 40% | 40% (award structure equity; performance pending) |
| Actual Bonus Paid ($) | 160,000 | 220,000 (paid in fully vested RSUs granted 6/4/2024) | — (2024 RSU bonus unearned/unvested pending committee determination) |
| Stock Awards ($) | 3,090,000 | — | 699,875 |
| Total Compensation ($) | 3,650,000 | 620,000 | 1,117,583 |
- 2025 program change: CFO’s short-term incentive target increased to 65% of base salary (from 40%) effective 6/2/2025 .
Performance Compensation
Short-Term Incentives
| Year | Metric(s) | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|
| 2023 | Company and individual objectives (non-financial strategic) | 40% of salary | Achieved; committee approved | 200,000 RSUs; grant date fair value $220,000 | Fully vested at grant to conserve cash and align equity |
| 2024 | Company financial and individual objectives | 40% of salary; delivered in RSUs | Financial objectives certified; individual objectives pending | 200,000 RSUs at grant; unearned/unvested pending determination | Vests upon certification, then requires service through 1-year anniversary |
| 2025 | Company financial and individual objectives | 65% of salary | Not disclosed | Cash and/or equity at committee discretion | Subject to 2025 Executive Bonus Plan terms |
Long-Term Equity Awards and PRSUs
| Grant | Type | Shares | Grant Date Fair Value ($) | Performance Target(s) | Vesting Schedule |
|---|---|---|---|---|---|
| 6/1/2022 | PRSUs | 1,700,000 | — (valued under FASB ASC 718 in 2022 comp) | Stock price hurdles: 10% at $12; 30% at $18; 30% at $24; 30% at $36; must be achieved for 20 consecutive trading days through 12/31/2025 | Once earned, time-vests in equal quarterly installments over 2 years from goal achievement |
| 6/4/2024 | Time-based RSUs (LTI) | 450,000 | 495,000 | — | 33% annually over 3 years on grant anniversaries; continued service required |
| 6/4/2024 | RSUs (2024 bonus award) | 200,000 | 204,875 | Earned only upon achieving financial/individual objectives under 2024 plan | Vests on 1-year anniversary post certification; service required |
| 11/16/2021 | RSUs (new hire tranche) | 16,765 | — | — | Vests 11/16/2025; service required |
- As of the 2025 proxy filing, no PRSUs granted under the 2022 program have become eligible to vest .
Equity Ownership & Alignment
| Ownership Snapshot (as of 2/28/2025) | Value |
|---|---|
| Beneficial shares owned | 267,024 |
| % of shares outstanding | <1% (based on 244,784,976 shares outstanding) |
| Options (exercisable/unexercisable) | None disclosed for Verma |
| Unvested equity outstanding | 1,700,000 PRSUs; 450,000 RSUs (time-based); 200,000 RSUs (2024 bonus); 16,765 RSUs (11/16/2021) |
| Shares sold to cover tax withholding on 2024 vesting | 61,513 shares |
| Stock ownership guideline | 3× base salary for executives; expected to retain equity with sales limited to tax withholding until in compliance |
| Hedging policy | Hedging and short sales prohibited for officers/directors/employees |
Employment Terms
| Term | Details |
|---|---|
| Employment start date | Appointed CFO effective 11/15/2021; age 36 at appointment |
| Initial compensation (2021 appointment) | Base salary $400,000; annual bonus opportunity up to $160,000 (cash or vested RSUs); one-time new-hire RSUs valued at $1,500,000 (4-year vest); annual LTI RSUs valued at $600,000 (4 annual tranches) |
| 2024 promotions | Elevated to SVP; base increased to $425,000; LTI grant 450,000 RSUs (33%/yr over 3 yrs) |
| Severance—Tier 2 (Key Executive Severance & CIC Plan, adopted June 2024) | CIC window (3 months before to 18 months after): cash equal to 12 months base + 100% of target bonus + 12 months COBRA; 100% acceleration of unvested equity (performance awards vest to level achieved at termination) |
| Severance—outside CIC | Cash equal to 12 months base + 100% prorated target bonus + 12 months COBRA; no equity acceleration (unless otherwise in award agreement) |
| Illustrative termination values (assuming 12/31/2024 at $1.31/share) | Salary severance $425,000; bonus severance $170,000; equity vesting acceleration $807,962 (CIC only); health care coverage $9,654 |
| Change-of-control trigger mechanics | Benefits payable upon qualifying termination during defined CIC period (termination-related; i.e., not single-trigger) |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| MVIS TSR – value of $100 investment | $326.39 | $369.44 | $181.95 |
| Peer Group TSR – DJUSEE – value of $100 investment | $124.04 | $146.11 | $192.74 |
| Net Loss ($USD thousands) | 53,091 | 82,842 | 96,915 |
| Stock Price at fiscal year-end ($) | 2.35 | 2.66 | 1.31 |
- 2025 operating context: Q1 cash, cash equivalents and restricted cash of $53.5 million; Q2 increased to $75.8 million amid capital raises; adjusted EBITDA remained negative (H1 2025: $(31.2) million) .
Compensation Committee Analysis
- Committee members: Jeffrey Herbst (Chair), Simon Biddiscombe, Robert P. Carlile, Dr. Mark Spitzer .
- Relative pay positioning: CFO’s target total cash compensation and total compensation were below median vs the 2023 peer group used to set 2024 pay .
- Equity mix: Program includes significant time-based RSUs for retention and PRSUs for performance; PRSUs remain unearned to date .
Investment Implications
- Alignment and retention: Verma’s compensation is heavily equity-based, with substantial unvested PRSUs linked to aggressive stock price hurdles ($12–$36 vs $1.31 at 12/31/2024), indicating strong retention incentives and high pay-for-performance leverage; no PRSUs have vested to date .
- Severance economics: Tier 2 severance provides 12 months base and 100% target bonus plus equity acceleration only in CIC, limiting windfall risk outside CIC and aligning equity vesting with realized performance .
- Ownership discipline: Beneficial ownership is <1% and the company imposes 3× salary ownership guidelines and prohibits hedging/short sales; observed sales in 2024 were for tax withholding on RSU vesting, consistent with policy .
- Performance risk: Continued negative adjusted EBITDA and small revenue base in 2025 suggest execution risk; however, CFO communications emphasize extended runway via capital raises and industrial/defense pipeline maturation, which, if realized, could improve bonus outcomes and equity vesting prospects .
