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# Microvast CEO Yang Wu Took Home $3.8 Million For 2025 As Bonus Paid 20.67% Of Target
- URL: https://www.bullished.co/microvast-ceo-yang-wu-took-home-3-8-million-for-2025-as-bonus-paid-20-67-of-target-5b105e27/
- Published: 2026-10-11T09:10:48.000Z
- Updated: 2026-10-11T09:10:48.000Z
- Description: Most of the pay was stock awards, and 2023 performance shares vested at the 150% maximum, the proxy shows.
- Author: Matteo Parrino
- Tags: SEC Filings, MVST, Industry: Industrials, Topic: Leadership & Governance

Microvast founder and CEO Yang Wu received [$3,775,310 in total compensation](https://www.sec.gov/Archives/edgar/data/0001760689/000110465926115103/ss6929102%5Fdef14a.htm?ref=bullished.co) for fiscal 2025, the annual proxy filed Friday shows. Of that, $3,099,998 was the grant-date value of his annual equity awards, in a year when revenue and profit margin fell short of the company's bonus goals.

## The bonus missed, the stock awards did not

The annual cash bonus plan paid out at [20.67% of target](https://www.sec.gov/Archives/edgar/data/0001760689/000110465926115103/ss6929102%5Fdef14a.htm?ref=bullished.co). Revenue was $427.5 million against a $500 million target, and that metric carried a 40% weight. The operating profit margin came in at 1.63% against a 5.5% target, and the accounts receivable collection goal also missed. Both paid nothing.

Wu's bonus was $101,903 against a target of $493,000\. His 2025 base salary was $580,000, up from $564,480 in 2024.

His annual equity grant was split evenly between service-based and performance-based units, 450,581 of each. The performance units use the same three goals as the bonus. The proxy says 20.67% of them will vest on the third anniversary of the grant date, if he is still serving.

## 2023 performance shares vested at the maximum

Separately, the performance shares Wu received in 2023 were earned at 150% of target, the maximum. The measure was Microvast's total shareholder return, 74% over January 1, 2023 through December 31, 2025, which ranked at the 80th percentile of a peer group. The payout reaches 150% at the 75th percentile or higher.

The compensation committee did not use a formal peer group for fiscal 2025 pay. It approved a 16-company group in January 2026, with help from FW Cook, so that group played no part in 2025 decisions.

## Severance terms and the vote

If Microvast fires Wu without cause, or he leaves for good reason, he is owed two and a half times salary plus the greater of his three-year average bonus or target bonus. That is paid over 30 months. Within two years after a change in control, the multiple rises to three times, paid as a lump sum, with a pro rata bonus and full acceleration of outstanding equity awards.

Stockholders vote at a virtual annual meeting on November 30, at 9:00 a.m. Central Time. The ballot includes Arthur Wong's re-election, ratification of Deloitte, the advisory pay vote and a vote on how often to hold it. The board recommends an annual pay vote. Deloitte's audit fees were $2.4 million for 2025, against $2.0 million for 2024.

The pay vote is non-binding and does not affect pay already awarded.

## Legal cloud

A law firm press release says a [securities class action](https://www.law360.com/cases/6a5fdfc470789105caecf1fd?article%5Fsidebar=1&ref=bullished.co) against the company and certain executives survived a motion to dismiss in part. It followed a November 2023 short-seller report from J Capital Research that questioned the company's sales and a Department of Energy grant. Those are allegations, not findings. Another firm, Kahn Swick & Foti, says it is [investigating](https://www.prnewswire.com/news-releases/microvast-investigation-continued-kahn-swick--foti-llc-continues-to-investigate-the-officers-and-directors-of-microvast-holdings-inc---mvst-302903942.html?ref=bullished.co) whether officers and directors breached fiduciary duties.

Final voting results will be filed on an 8-K within four business days of the November 30 meeting.

### Sources

- [Microvast Holdings — DEF 14A (2026-10-09)](https://www.sec.gov/Archives/edgar/data/0001760689/000110465926115103/ss6929102%5Fdef14a.htm?ref=bullished.co) — SEC EDGAR
- [Graham v. Microvast Holdings, Inc. et al](https://www.law360.com/cases/6a5fdfc470789105caecf1fd?article%5Fsidebar=1&ref=bullished.co) — law360.com
- [Microvast Investigation Continued: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Microvast Holdings, Inc. - MVST](https://www.prnewswire.com/news-releases/microvast-investigation-continued-kahn-swick--foti-llc-continues-to-investigate-the-officers-and-directors-of-microvast-holdings-inc---mvst-302903942.html?ref=bullished.co) — prnewswire.com