Lyron Bentovim

About Lyron Bentovim

Lyron Bentovim (age 56) is President, Chief Executive Officer, and Chairman of the Board of The Glimpse Group (VRAR), roles he has held since co‑founding the company in 2016. He holds an MBA from Yale School of Management and a law degree from The Hebrew University of Jerusalem . Under his tenure, VRAR reported FY 2025 revenue of $10.53M vs $8.80M in FY 2024; EBITDA improved year over year (see table) . He also serves on the board of Manhattan Bridge Capital (Nasdaq: LOAN) and has previously served on multiple public company boards, including Top Image Systems Ltd., Sunrise Telecom, Three‑Five Systems, Argonaut Technologies, Blue Sphere, RTW Inc., and Ault, Inc. .

Values retrieved from S&P Global.*

Past Roles

External Roles

Fixed Compensation

Performance Compensation

Outstanding equity as of 6/30/2025 shows significant unvested option overhang; see next section .

Equity Ownership & Alignment

• Beneficial ownership: 1,149,102 shares (5.43% of outstanding 21,066,006 as of 9/26/2025), including 1,064,551 common (1,001,945 via Darklight Partners LLC) and 84,551 fully vested options .
• Equity plan capacity: 2016 Equity Incentive Plan with evergreen increase of 5% annually through 2030; reserve increased to ~13.17M on 1/1/2025; ~7.40M shares available as of 6/30/2025, indicating potential dilution capacity .

Outstanding option tranches at 6/30/2025:

Implications:

• Alignment: 5.43% ownership provides material “skin‑in‑the‑game” .
• Overhang/selling pressure: Unvested options totaling over 1.19M shares could create future supply if in‑the‑money; assess vs current price to gauge near‑term pressure .

Employment Terms

• Agreement: Employment Agreement dated May 13, 2021; continues until terminated by either party; annual base salary $297,000; eligible for performance bonuses determined by the Compensation Committee .
• Severance/Change‑of‑Control: Not summarized in FY25 10‑K/2025 Proxy; full terms incorporated by reference to the S‑1 exhibit (Ex. 10.2) .
• Non‑compete/Non‑solicit/Clawback/Gross‑ups: Not disclosed in FY25 filings; insider trading policy in place (referenced in proxy and 10‑K) .

Board Governance

• Roles: Combined CEO & Chairman; the 2025 Proxy states there is no Lead Independent Director, while the FY25 10‑K designates Jeff Enslin as Lead Independent Director (governance inconsistency to monitor) .
• Board/Committee independence: Audit, Compensation, and Nominating committees comprised of independent directors per Nasdaq standards .
• Committees and chairs:
  • Audit (Chair: Ian Charles); 4 meetings in FY25 .
  • Compensation (Chair: Alexander Ruckdaeschel); 3 meetings .
  • Nominating & Corporate Governance (Chair: Tamar Elkeles); 1 meeting .
  • Strategy (Chair: Lemuel Amen); 9 meetings; Bentovim is a member .
• Attendance: Board held 5 meetings; no director attended fewer than 75% of Board/committee meetings in FY25 .
• Director compensation: Non‑employee directors received option awards (~$81,788 FV) and no cash retainers in FY25 .
• Related party transactions: None reported .

Director & Say‑on‑Pay Voting

Management noted the FY25 meeting (Dec 18, 2025) would include a Say‑on‑Pay proposal; results to be filed via 8‑K after the meeting .

Compensation Structure Analysis

• Cash vs equity mix: FY25 compensation for Bentovim was predominantly cash (salary $259,133 + $120,000 bonus; no new equity awards). In FY24, equity option grant FV was $69,638 with no cash bonus, indicating a shift toward cash in FY25 .
• Equity award modification: FY24 option awards were “primarily in lieu of cancellation of previously issued and fully vested options” (repricing/modification watch item) .
• Performance linkage: Bonus eligibility determined by Compensation Committee; no disclosed quantitative targets or weightings, reducing transparency into pay‑for‑performance alignment .

Equity Plan, Vesting Schedules, and Potential Selling Pressure

• Plan mechanics: Evergreen 5% annual increase through 2030; share reserve ~13.17M as of 1/1/2025; ~7.40M available 6/30/2025 (potential dilution) .
• Vesting/overhang: As of 6/30/2025, Bentovim holds 84,551 vested options and significant unvested options including 1,089,000 shares at $7.00 strike expiring 2/15/2033; multiple smaller tranches expiring 2031 (see table). If the stock trades above these strikes, potential selling/exercise overhang may emerge .

Employment Terms and Protections

• Base pay and at‑will: Agreement provides base salary of $297,000 and bonus eligibility; terminable by either party (no fixed term) .
• Change‑of‑control and severance: Not summarized in FY25 Proxy/10‑K; refer to Employment Agreement dated May 13, 2021 (S‑1 Exhibit 10.2) for details .
• Clawbacks/Non‑compete/Non‑solicit: Not disclosed; insider trading policy in place .

Investment Implications

• Alignment: 5.43% beneficial ownership by the CEO indicates meaningful alignment with shareholders; committee structures meet independence requirements, but the combined CEO/Chair role and conflicting disclosures on Lead Independent Director status warrant ongoing governance scrutiny .
• Pay mix and transparency: FY25 pay tilted to cash with a discretionary/performance bonus and no new equity awards; lack of disclosed bonus metrics reduces visibility into pay‑for‑performance linkage. FY24 option modification (“in lieu of cancellation”) is a watch item for shareholder‑friendly discipline in equity programs .
• Dilution/overhang: Large unvested option balances (notably 1.09M at $7.00 strike) and an evergreen equity plan with ~7.40M shares available present potential future dilution and, if in‑the‑money, selling pressure; monitor equity grant cadence and realized selling activity .
• Execution track record: Revenue increased from $8.80M (FY24) to $10.53M (FY25) and EBITDA losses narrowed, but the business remains loss‑making; investors should weigh improving operating leverage against dilution and governance considerations .

Citations: All data points are sourced from the company’s FY 2025 10-K and 2025 DEF 14A unless noted. EBITDA values marked with * are from S&P Global.

Key citations:

• Summary compensation, employment agreement summary, director compensation: .
• Outstanding equity awards (CEO tranches): .
• Beneficial ownership and % outstanding: .
• Equity plan and reserve/availability: .
• Board structure, committees, attendance, leadership: .
• Say‑on‑Pay results (2024, 2022): .
• Revenues: FY24 ; FY25 .