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Vuzix Corporation (NASDAQ:VUZI) has entered into an employment agreement with Chris Parkinson, PhD, who has been appointed president of the company’s Enterprise Solutions business unit, according to a press release statement in a filing with the Securities and Exchange Commission.
Under the terms of the agreement signed on Wednesday, Dr. Parkinson will receive an annual base salary of $360,000. He will participate in the company’s management bonus plan and Laddered Long-term Equity Incentive Plan. The agreement also grants him 150,000 restricted stock awards, which will vest in equal portions quarterly over 12 months, and 1,000,000 performance stock units. Vesting of the performance stock units is contingent on achieving specified revenue and EBITDA targets for the Enterprise Solutions business unit by December 31, 2028.
If Dr. Parkinson is terminated without cause, he will be entitled to 12 months of severance pay. In the event of a change of control transaction, as defined in the company’s 2023 Equity Incentive Plan, any unvested restricted stock awards or performance stock units will accelerate according to the terms of those awards.
Vuzix Corporation is incorporated in Delaware and is listed on the Nasdaq Capital Market. The information in this article is based on a press release statement included in a recent SEC filing. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with 8 additional ProTips available to subscribers through the comprehensive Pro Research Report.
In other recent news, Vuzix Corporation reported its Q2 2025 earnings, revealing a net loss of $0.10 per share, which was slightly better than the anticipated loss of $0.12 per share. However, the company fell short of its revenue expectations, posting $1.3 million compared to the projected $1.54 million. In a separate development, Vuzix has appointed Withum Smith+Brown as its new independent auditor following the merger of its previous auditor, Freed Maxick, with Withum. This change was approved by the company’s Audit Committee and is effective immediately. Freed Maxick’s reports for the fiscal years ending December 31, 2023, and December 31, 2024, did not include any adverse opinions, although there was an explanatory note about the company’s ability to continue as a going concern. These recent developments highlight Vuzix’s ongoing adjustments in both financial performance and corporate governance.
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