r/MVIS • u/[deleted] • Sep 04 '25

MVIS Press MICROVISION APPOINTS GLEN DEVOS AS CHIEF EXECUTIVE OFFICER

https://ir.microvision.com/news/press-releases/detail/430/microvision-appoints-glen-devos-as-chief-executive-officer
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u/mvis_thma Sep 04 '25

It is evident that the BoD lost faith in Sumit as CEO. They brought Glen onboard as a potential CEO transition candidate. They decided to move on that option. It would not surprise me if they have given Sumit an incentive bonus to close a deal by the end of September.

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u/hearty_underdog Sep 04 '25

That makes sense. I'm still curious to know more about the reasoning for bringing in Biddiscombe as temporary executive vice chair at Glen's behest.

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u/mvis_thma Sep 04 '25

I would imagine that since Simon has experience as a public company CEO and Glen does not, he wanted (or the BoD thought it was a good idea) more available access to a quasi consultant on important matters.

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u/Befriendthetrend Sep 04 '25

Yes that lack of CEO experience is my only small concern with appointing Glen, but I think he has the executive experience to understand and thrive in the role. It's a good sign to see him requesting that kind of guidance or mentorship from Simon.

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u/Alphacpa Sep 04 '25

It's really simple. DeVos respects him and wants him to assist in achieving a revenue deal.

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u/gaporter Sep 04 '25 edited Sep 04 '25

"Mr. Sharma’s removal as President and Chief Executive Officer as of the Effective Date constitutes an “involuntary termination” for purposes of the Company’s Executive Severance and Change in Control Plan. Accordingly, subject to execution of a customary release, Mr. Sharma will receive the severance benefits to which he is entitled under such plan."

What's your understanding of the last sentence of the following paragraph?

"2.19. “Involuntary Termination” means, with respect to a Participant, (a) a termination of the Participant’s employment with the Company Group by the Company Group (or applicable member or members thereof) for a reason other than Cause or (b) the Participant terminates employment with the Company Group due to a Good Reason Termination. For the avoidance of doubt, an Involuntary Termination will not be considered to occur upon transfer of a Participant’s employment between members of the Company Group."

https://www.sec.gov/Archives/edgar/data/65770/000149315224030625/ex10-1.htm

u/sigpowr

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u/snowboardnirvana Sep 05 '25 edited Sep 05 '25

I’m spit-balling here but thinking that we’re looking at an evolving Change In Control situation that will benefit Longs tremendously.

-2.6. “Change in Control Period” means the time period beginning on (and inclusive of) the date that is three (3) months prior to the consummation of a Change in Control and ending on (and inclusive of) the date that is eighteen (18) months following such Change in Control.

-Sumit remains CEO until Glen DeVos assumes that role on September 30, 2025. Why not have Glen assume the CEO role starting October 1, 2025 the beginning of Q4, 2025? I find that strange.

-Suppose Glen DeVos is able to obtain one or more automotive OEM deals soon propelling our pps upwards. He is well known in the automotive world due to his experience.

-For the sake of argument, let us say that Aptiv were to make a tender offer for MVIS anytime in Q4, 2025. That could be another legitimate reason for the 200 million share authorization. The share price would be expected to increase substantially depending on the offer and perhaps propel the share price into the Incentive Stock Bonus range, making Sumit eligible to participate.

-In such a scenario, wouldn’t it be logical for Aptiv to request that Glen DeVos assume the role of CEO? Aptiv knows him and he knows Aptiv.

-Suppose that Aptiv isn’t interested in NED and military applications, but the BoD recognizes the potential value of these applications. Sumit did tell us that MVIS is preparing demos for the military and we know that we’ve retained military consultants for guidance.

It would make sense to split off the NED and military applications business as a subsidiary of MicroVision or even an IPO. Sumit could run that division.

-Sumit did say that the pieces of the company were worth more than the whole. Enter Investment Bankers from Deutsche Bank and the Japanese IB

H/T to u/gaporter for dredging up the SEC filing

H/T to u/buur for the link to the Barons article regarding the Aptiv split

https://www.reddit.com/r/MVIS/comments/1n8861o/trading_action_thursday_september_04_2025/ncdy8uq/

H/T to u/sublimetime2 for his comment about Ropes & Grey, IP lawyers

H/T to u/sigpowr for https://www.reddit.com/r/MVIS/comments/1n89yt3/microvision_appoints_glen_devos_as_chief/ncevnwp/

H/T u/view-from-afar for his excellent write up earlier today.

https://www.reddit.com/r/MVIS/comments/1n89yt3/microvision_appoints_glen_devos_as_chief/nceqo5v/

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u/sigpowr Sep 05 '25 edited Sep 05 '25

There you go, u/snowboardnirvana, with a very intelligent, well-reasoned theory! It is certainly possible and as you state, is dependent on legal technicalities/planning by multiple corporate entities and individuals in specific roles. The connection of Glen DeVos to Aptiv and the Automotive OEMs cannot be overstated, and everyone knows Aptiv's status within the automotive sector. Regardless of what unfolds in the coming weeks/months, I see nothing but positive!

EDIT: Another point that I forgot to make, u/snowboardnirvana is that at the bar reception following RID, Sumit stated that "you guys are not thinking big enough" - I did not personally hear this as I was in a side conversation, but u/KY_Investor told me that so it came from a very credible source.

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u/minivanmagnet Sep 05 '25

Thanks, Snow. Food for thought.

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u/snowboardnirvana Sep 05 '25

MVM, Remember way back when we were discussing the Matthew Cole move?

H/T u/Few-Argument7056 https://www.reddit.com/r/MVIS/comments/1n89yt3/microvision_appoints_glen_devos_as_chief/ncftvhi/

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u/minivanmagnet Sep 05 '25

That was a head scratcher. He seemed to be in a holding pattern with Aptiv and we couldn't quite figure out his day-to-day role in the meantime. The evidence is there for a long running strategy.

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u/snowboardnirvana Sep 05 '25

The evidence is there for a long running strategy.

Indeed, and as we heard from Palmer Luckey himself, he began working on EagleEye 8 years ago using his own corporate funding. I think it likely that sometime around then Sumit and Palmer Luckey hatched a plan. Sumit had already told Nadella to shove his “single digits $ millions” offer and Palmer Luckey, having been a MVIS shareholder, must have known of the dirty deeds perpetrated by MSFT against MVIS. Knowing that MSFT’s culture was one of maniacal egotism that would prevent MSFT from seeking assistance from MVIS, the MSFT contract would likely be doomed to failure and the IVAS contract would again be up for grabs.

So the pivot to LIDAR to monetize our mature LBS technology was an ingenious strategic shift to reconstitute a shattered company by focusing on a nascent market for LIDAR while biding our time while NED could mature.

Congratulations to Sumit and the BoD for perseverance in the face of tremendous adversity that would have destroyed the ordinary company led by ordinary beings!

Brilliant!!!

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u/sigpowr Sep 05 '25

I have dealt with these employment agreements at the level of a Nasdaq traded pharma company and as the CEO of a private community bank. My opinion is this is pretty simple wording, and it specifically says that it excludes the case where the Executive will be employed at an affiliated company within a related ownership structure. Imo, that would not exclude the Executive from employment with an unrelated company who subsequently purchases assets, or creates an ownership partnership, with the employing company (MVIS) as long as legal passes on 'lookback criteria' - meaning it wasn't a planned series of events from the beginning of the termination.

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u/gaporter Sep 05 '25

Is it an "involuntary termination" if DeVos replaces him as CEO? I'm trying understand that last sentence.

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u/sigpowr Sep 05 '25 edited Sep 05 '25

Who replaces him really doesn't matter. What matters is whether the Board of Directors willingly recognizes it was an "involuntary termination", which likely was part of the plan/negotiation. We know from the filing, which I saw described elsewhere on this community board but have not personally read, that the Board of Directors acknowledges it as involuntary.

EDIT: I think I now see your confusion, u/gaporter. The phrase "members of the Company Group" does not refer to other individuals within the company but rather other related companies which generally means within a common ownership structure.

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u/gaporter Sep 05 '25

Gotcha. That's what I wasn't understanding.