Shengxian Wu
Microvast HoldingsAbout Shengxian Wu
Dr. Shengxian Wu is Chief Operating Officer of Microvast Holdings, appointed April 18, 2024, and President of Microvast Power Systems Co. Ltd. (“Microvast China”) since January 2021. He is 43, holds a B.S. in Environmental Engineering and a Ph.D. in Lithium Battery from Beijing Institute of Technology, and is a citizen and resident of China . Prior to joining Microvast China in March 2016, he managed the Commercial Vehicle Research Institute at Zhejiang Geely Holding Group, and held manager roles at Beiqi Foton Motor Company for more than six years . The company’s incentive framework links long-term awards to relative total shareholder return (TSR), with PSUs earned based on percentile ranking versus a peer group (50% payout at 25th percentile; 150% at 75th percentile), aligning executive incentives with shareholder outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Zhejiang Geely Holding Group | Manager, Commercial Vehicle Research Institute | Pre-2016 (prior to joining Microvast China in Mar 2016) | Led commercial vehicle R&D initiatives |
| Beiqi Foton Motor Company | Manager | >6 years (prior to 2016) | Managed roles in commercial vehicle operations |
| Microvast Power Systems Co. Ltd. (“Microvast China”) | President | Jan 2021–present | Leads Microvast China; concurrent with COO role |
Fixed Compensation
| Year | Base salary ($) | Target bonus % | Actual bonus ($) |
|---|---|---|---|
| 2024 | 400,000 | Not set (no formal STIP in 2024) | 93,750 (one-time cash bonus) |
Notes:
- Base salaries were increased effective December 1, 2024; Dr. Wu from $250,000 to $400,000 .
Performance Compensation
Equity grants (2024 awards)
| Grant date | Award type | Shares/Options | Grant date fair value ($) | Exercise price ($) | Vesting schedule | Expiration |
|---|---|---|---|---|---|---|
| Dec 1, 2024 | Stock options | 1,000,000 | 890,000 | 1.29 | 1/3 on Nov 8, 2025; 1/3 on Nov 8, 2026; 1/3 on Nov 8, 2027 (cont. employment) | Dec 5, 2034 |
Outstanding options and share awards (as of Dec 31, 2024)
| Instrument | Status | Quantity | Exercise price ($) | Expiration | Vesting/notes | Market/payout value ($) |
|---|---|---|---|---|---|---|
| Stock options | Unexercisable | 1,000,000 | 1.29 | 12/5/2034 | Vests equally Nov 8, 2025–2027 | — |
| Stock options | Exercisable | 160,300 | 6.28 | 7/24/2027 | Vested in equal installments in 2022–2024 | — |
| Stock options | Exercisable | 641,200 | 6.28 | 7/28/2030 | Vested | — |
| Stock options | Exercisable | 480,900 | 6.28 | 12/25/2030 | Vested | — |
| RSUs | Unvested | 1,464 | — | — | Award vested 1/3 on Jan 1, 2023/2024/2025 | 3,030 (at $2.07 close on 12/31/2024) |
| RSUs | Unvested | 26,666 | — | — | Vests 1/3 Jan 31, 2024/2025/2026 | 55,199 (at $2.07) |
| PSUs | Unearned | 40,000 (threshold) | — | — | 2023 LTI PSUs based on relative TSR; perf. period ends Dec 31, 2025 | 82,800 (at $2.07) |
Performance metric framework (PSUs – 2023 LTI)
| Metric | Target definition | Payout curve | Performance period | Vesting condition |
|---|---|---|---|---|
| Relative TSR vs peer group | Percentile rank vs comparator group | 50% at 25th percentile; 150% at 75th+; 0% below 25th; linear interp. between | Jan 1, 2023–Dec 31, 2025 | Earned upon Committee certification and continued service through certification date |
Plan protections
- Clawback: Company adopted a compensation recovery policy (Nasdaq listing standards) requiring recoupment of excess incentive comp after financial restatement, regardless of misconduct .
- Equity award forms include 90-day post-termination exercise window for vested options; unvested awards forfeited; “Cause” triggers forfeiture of all awards .
Equity Ownership & Alignment
| Ownership detail | Amount / status |
|---|---|
| Total beneficial ownership (common) | 1,456,445 shares; less than 1% of outstanding |
| Presently exercisable stock options | 1,282,100 |
| Upcoming potential supply | Option vesting of 333,333 each on Nov 8, 2025, 2026, 2027 (from 1,000,000 grant at $1.29) |
| Unvested RSUs | 1,464; plus 26,666 in a separate award |
| Unearned PSUs | 40,000 (subject to TSR performance through Dec 31, 2025) |
| Anti-hedging/pledging | Company policy prohibits hedging and pledging of Company stock for officers/directors |
| Section 16 activity | Company notes Dr. Wu made no Section 16 filings in the preceding year |
Employment Terms
| Term | Detail |
|---|---|
| Appointment as COO | April 18, 2024 |
| Concurrent role | President, Microvast China since Jan 2021 |
| Agreement | Standard Chinese law employment with Microvast Power Systems; one month of base salary payable if terminated under certain specified circumstances |
| Restrictive covenants | Post-termination prohibitions on soliciting employees and customers; confidentiality; no explicit non-compete disclosed |
| Incentive eligibility | Equity under 2021 Plan; option grant Dec 1, 2024; vesting Nov 2025–2027 |
| Company-wide protections | Compensation clawback policy in place ; insider trading policy bans hedging/pledging |
| Say-on-pay context | Company is an “emerging growth company” and is exempt from say-on-pay/say-on-frequency votes while EGC status persists |
Investment Implications
- Retention and alignment: The 1,000,000 option grant at $1.29 with three-year vesting creates a clear retention mechanism and upside alignment; vesting dates in Nov 2025–2027 stagger exercise supply over time .
- Potential selling pressure: Option tranches vesting annually (333k each year) plus modest unvested RSUs/PSUs may introduce periodic supply; anti-hedging/anti-pledging reduces alignment risk from collateralization or hedging .
- Ownership profile: Direct beneficial ownership is <1%, but significant presently exercisable options (1,282,100) and long-dated outstanding options tie compensation to equity value creation rather than guaranteed cash .
- Downside protections: Dr. Wu’s severance appears limited (one month base salary under Chinese law agreement), which lowers parachute costs but could raise voluntary turnover risk if external opportunities improve; clawback policy strengthens pay-for-performance governance .
Overall, Dr. Wu’s package emphasizes equity-linked, multi-year vesting with TSR-based PSUs and option grants, promoting retention and alignment; monitor upcoming vest dates and Section 16 activity for trading signals and supply timing .