Vuzix appoints Chris Parkinson as president of enterprise solutions unit

Vuzix Corporation (NASDAQ:VUZI) has entered into an employment agreement with Chris Parkinson, PhD, appointing him as president of the company’s Enterprise Solutions business unit, according to a statement in a recent SEC filing.

Under the terms of the agreement, 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 includes an award of 150,000 restricted stock awards, which will vest in equal portions quarterly over 12 months, and 1,000,000 performance stock units. The vesting of the performance stock units is contingent upon the achievement of certain revenue and EBITDA targets by the Enterprise Solutions business unit by December 31, 2028. Investors seeking deeper insights into Vuzix’s financial health metrics and growth potential can access comprehensive analysis through the detailed Pro Research Report, available exclusively on InvestingPro.

If Dr. Parkinson is terminated without cause, he will be eligible to receive 12 months of severance pay. In the event of a change of control transaction, as defined under the company’s 2023 Equity Incentive Plan, any unvested restricted stock awards or performance stock units will accelerate in accordance with 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 statement from a recent SEC filing.

In other recent news, Vuzix Corporation has completed the final tranche of its Series B preferred stock sale to Quanta Computer Inc., selling 230,242 shares at $21.716 each. This transaction, conducted as a private placement, allows each preferred share to convert into 10 shares of common stock. Meanwhile, Vuzix has entered into a long-term partnership with TCL China Star Optoelectronics Technology to develop integrated microLED displays for smart glasses, with successful integration already showcased at a recent exposition in Shenzhen. Additionally, Vuzix and Saphlux, Inc. have announced a strategic collaboration to create advanced augmented reality display solutions, aiming to develop a reference design display engine by 2025.

Vuzix is also set to showcase its OEM and waveguide capabilities at the upcoming Vision Expo West in Las Vegas, aiming to engage with eyewear industry leaders for potential collaborations. In a significant leadership move, Vuzix has appointed Dr. Chris Parkinson, co-founder of RealWear, as the President of Enterprise Solutions. Dr. Parkinson brings extensive experience in augmented reality and will oversee the company’s enterprise product portfolio and strategy. These developments reflect Vuzix’s ongoing efforts to strengthen its market position and technological capabilities in the augmented reality sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.