Glen DeVos
MICROVISIONAbout Glen DeVos
Glen W. DeVos is Chief Executive Officer of MicroVision (effective September 30, 2025) and serves on the company’s Board of Directors; he joined MicroVision as Chief Technology Officer in April 2025 after more than three decades at Aptiv/Delphi, including roles as Aptiv’s Chief Technology Officer and President of the Advanced Safety & User Experience business unit . As CEO, DeVos’ near-term focus has been accelerating productization/commercialization, driving breakthrough cost targets (e.g., MOVIA S at ~$200 ASP) and executing a multi-vertical strategy (industrial, automotive, defense) . Age and education were not disclosed in the filings reviewed.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MicroVision | Chief Technology Officer | Apr 2025–Sep 2025 | Accelerated engineering and operations towards productization/commercialization; groundwork for CEO transition . |
| Aptiv (and predecessor Delphi Automotive) | Various roles incl. CTO; President, Advanced Safety & User Experience | Since 1992 (various) | Led advanced autonomy/safety tech, large-scale platform launches, global org leadership in automotive tech . |
External Roles
No additional public company board service or external directorships were disclosed in the filings reviewed .
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $530,000 per annum | Set in 2025 CEO Agreement; Board may adjust . |
| Short-Term Incentive (Target) | 100% of base salary | Tied to company financial, team and individual objectives per 2025 Executive Bonus Plan . |
Performance Compensation
| Incentive | Metric Categories | Weighting | Target | Actual | Payout | Vesting Details |
|---|---|---|---|---|---|---|
| 2025 STI (equity-settled) | Company financial, team and individual business objectives | Not disclosed | 100% of salary | Not disclosed | Not disclosed | Structure per 2025 Executive Bonus Plan; Board discretion . |
| CEO Transition RSU (539,000) | Performance-based (company/individual objectives) | Not disclosed | Not applicable | Not disclosed | Not disclosed | Vests June 6, 2026 only upon satisfactory achievement of specified financial and individual objectives . |
Notes:
- Company-wide recoupment policy (SEC/Nasdaq 10D compliant) adopted Nov 2023 applies to incentive compensation .
- 2022 PRSU program exists at MVIS with stock-price hurdles; however, no PRSUs for DeVos were disclosed in reviewed documents .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial Ownership | Not disclosed for DeVos in reviewed filings. Security ownership tables in the 2025 proxy pre-date his CTO/CEO appointments . |
| Executive Stock Ownership Guidelines | CEO: 5x base salary; other executives: 3x. Expectation of sales only to cover taxes until compliance . |
| Hedging/Pledging | Hedging discouraged and requires approval; no hedges approved in most recent year. Pledging and holding in margin accounts prohibited (except to the company) . |
| Upcoming Vesting Catalyst | 539,000 RSUs cliff-vesting on June 6, 2026 if performance goals are achieved—potential selling pressure window; subject to ownership guidelines limiting sales to primarily tax-withholding until compliant . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment & Role | CEO and Director effective September 30, 2025; previously CTO (April 2025–Sep 2025) . |
| 2025 CEO Agreement | Base salary $530,000; eligibility for STI; Board to determine 2026 LTI structure; participation at highest tier of Key Executive Severance & Change in Control Plan; standard benefits . |
| Agreement Mechanics (from employment letter exhibit) | Agreement executed Sept 3, 2025; governed by Washington law; replaces March 7, 2025 offer letter; includes confidentiality agreement; survival and notice provisions . |
| Severance & CIC Plan (Tier 1) | Double-trigger CIC window: 3 months before to 18 months after. If terminated without cause or for good reason within CIC period: 18 months base salary + 150% of target bonus + 18 months COBRA; 100% acceleration of unvested equity (performance awards vest based on achieved performance) . |
| Severance outside CIC | Termination without cause/for good reason: 18 months base salary + 100% prorated target bonus + 12 months COBRA; no acceleration unless award agreement provides otherwise . |
| Equity Plan CIC Treatment (2022 Plan) | If awards are not assumed/substituted in a CIC, unvested options/RSUs/PSUs vest (PSUs at 100% of target unless otherwise specified) and may be cashed out or become exercisable for a limited period . |
| Clawback | Executive Compensation Recoupment Policy adopted Nov 2023 (SEC 10D/Nasdaq compliant) . |
Board Governance
- Role: Executive Director (not independent under Nasdaq rules); appointed to the Board effective Sept 30, 2025 . The Board’s annual independence determination historically classified only the CEO as non-independent; all others independent .
- Committee roles: None disclosed for DeVos; executives generally do not serve on Audit/Compensation/Nominating committees .
- Chair/CEO split: Robert P. Carlile is Chair of the Board (since June 2022), providing separation of powers and mitigating CEO/Chair concentration concerns .
Director Compensation
As an executive director, DeVos is not eligible for the non-employee director compensation program (cash retainers and annual RSUs of ~$100,000); that policy applies only to independent directors .
Performance & Track Record (early indicators)
- Product strategy and cost roadmap: DeVos articulated a stepwise cost reduction path targeting ~$200 ASP for MOVIA S (short-range) and ~$300 for long-range, emphasizing cost discipline to avoid negative unit margins, with the goal to drive costs below $200 over time .
- Go-to-market momentum: Highlighted pre-development and qualification phases with customers for LCAS and MOVIA S; industrial/automotive RFQs ongoing; defense “Aerial Systems” initiative progressing with proof-of-concept by year-end and launch plans shared at CES .
Compensation Committee, Peer Group, Say-on-Pay, and Related-Party Controls
- Compensation consultant: F.W. Cook retained as independent advisor; no conflicts identified .
- Peer group: 19 U.S. tech peers (e.g., Ambarella, Luminar, Ouster, InterDigital, Rambus, PagerDuty); target median positioning used as context for 2024 decisions .
- Say-on-Pay: 2024 vote approved at ~72% .
- Related-party transactions: None >$120,000 involving directors/executives since Jan 1, 2024; Audit Committee oversees related-person transactions .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited—reduces alignment risk (no hedges approved in the most recent year) .
- Golden parachute design: Double-trigger CIC with full equity acceleration upon qualifying termination; investors should monitor size of future LTI grants given this acceleration feature .
- Clawback: Compliant policy in place, lowering recapture risk for incentive misstatements .
- Insider selling pressure: Watch June 6, 2026 RSU vesting; ownership guideline curbs discretionary selling pre-compliance .
Compensation Structure Analysis
- Mix and pay-at-risk: 2025 CEO pay emphasizes at-risk equity via STI equity-linked bonus and a performance-vesting transition RSU; 2026 LTI program TBD—monitor equity mix, performance hurdles, and vesting horizon .
- Performance linkage: STI explicitly tied to financial and operational objectives; details/weights not disclosed—monitor 2025 Executive Bonus Plan disclosure for rigor vs. ease .
- CIC/severance economics: Tier 1 economics are sizable yet within small-cap norms; double-trigger structure is shareholder-friendly relative to single-trigger .
Employment Terms (Detailed Severance/CIC Table)
| Scenario | Cash Severance | Bonus Severance | COBRA | Equity |
|---|---|---|---|---|
| Termination w/o Cause or for Good Reason (outside CIC period) | 18 months base salary | 100% prorated target bonus | 12 months | No acceleration (unless award agreement specifies) . |
| Termination w/o Cause or for Good Reason (within 3 months before to 18 months after CIC) | 18 months base salary | 150% of target bonus | 18 months | 100% acceleration; performance awards vest based on achieved performance . |
Investment Implications
- Alignment and retention: High ownership guideline (5x salary for CEO) plus hedging/pledging prohibitions support alignment; 2025 incentive design is heavily equity- and performance-linked, but details (weights/targets) remain undisclosed—watch 2026 LTI design for robust, multi-year, objective metrics .
- Event-driven watchpoints: CEO transition RSUs (539,000) cliff-vesting June 6, 2026 upon performance achievement could create trading flow; CIC plan provides full acceleration on double-trigger—monitor potential strategic alternatives and equity grant sizing .
- Execution risk vs. upside: DeVos’ automotive pedigree (Aptiv/Delphi) and cost/industrialization focus aim to unlock competitive ASPs and multi-vertical adoption; success depends on converting active RFQs and delivering at targeted costs without margin erosion .
- Governance: CEO is an executive director (non-independent) with an independent Chair and strong committee structure/consultant oversight—positives for oversight of pay/performance alignment and strategic discipline .
