Microvast CEO Yang Wu Took Home $3.8 Million For 2025 As Bonus Paid 20.67% Of Target
Most of the pay was stock awards, and 2023 performance shares vested at the 150% maximum, the proxy shows.
Microvast founder and CEO Yang Wu received $3,775,310 in total compensation 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. 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 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 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.
