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Companies Microvast Holdings, Inc.

Microvast (MVST): executive pay, fiscal 2025

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CEO total pay$3,775,310CEO Yang Wu · source
CEO vs. named peers60th pct.Of 16 peer CEOs

CEO pay, last three years

  • $649,008FY2023
  • $1,154,480FY2024
  • $3,775,310FY2025

CEO total pay was $3,775,310 in fiscal 2025, up from $1,154,480 in fiscal 2024.

FY2025: salary $573,409 · bonus $0 · stock awards $3,099,998 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Yang Wu$573,409$0$3,099,998$0$101,903$0$0$3,775,310
Chairman and Chief Executive Officer
Carl Schultz122,8180365,7501,071,0000001,559,568
Former Chief Financial Officer
Isida Tushe450,0000715,000046,508001,211,508
President, General Counsel and Company Secretary
Shengxian Wu400,0000715,000041,340001,156,340
Chief Operating Officer
Wenjuan Mattis400,0000543,000041,34000984,340
Chief Technology Officer
Fariyal Khanbabi118,11300000200,000318,113
Former Chief Financial Officer
Rodney Worthen204,685043,350021,64200269,677
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Yang Wu$3,775,310$1,154,480$649,008↑ +2,620,830
Carl Schultz1,559,568———
Isida Tushe1,211,5081,465,000—↓ −253,492
Shengxian Wu1,156,3401,383,750—↓ −227,410
Wenjuan Mattis984,340———
Fariyal Khanbabi318,113———
Rodney Worthen269,677———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to support our business strategy by attracting, retaining and motivating talented executives and by aligning compensation with Company performance and the long-term interests of our stockholders.

CEO STI target (% of salary)85%
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Wenjuan MattisRSU2025-01-23——100,000—$199,000
Carl SchultzRSU2025-06-02——35,000—124,950
Isida TushePSU2025-06-057,50075,000—90,000258,000
Isida TusheRSU2025-01-23——100,000—199,000
Shengxian WuPSU2025-06-057,50075,000—90,000258,000
Shengxian WuRSU2025-01-23——100,000—199,000
Carl SchultzPSU2025-06-053,50035,000—42,000120,400
Carl SchultzRSU2025-06-05——35,000—120,400
Wenjuan MattisRSU2025-06-05——50,000—172,000
Yang WuPSU2025-06-0545,058450,581—540,6971,549,999
Wenjuan MattisPSU2025-06-055,00050,000—60,000172,000
Isida TusheRSU2025-06-05——75,000—258,000
Rodney WorthenRSU2025-08-10——15,000—43,350
Shengxian WuRSU2025-06-05——75,000—258,000
Yang WuRSU2025-06-05——450,581—1,549,999
Carl SchultzOPTION2025-06-02——300,000—1,071,000

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Wenjuan Mattis$371,000$172,000$031.7%
Carl Schultz245,350120,4001,071,0008.4%
Isida Tushe457,000258,000036.1%
Shengxian Wu457,000258,000036.1%
Yang Wu1,549,9991,549,999050.0%
Rodney Worthen43,350000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Wenjuan MattisRSU10,335—$28,938
Rodney WorthenRSU12,919—36,173
WuRSU13,333—37,332
Rodney WorthenRSU15,000—42,000
Isida TusheRSU15,503—43,408
WuRSU15,503—43,408
Isida TusheOption33,3331.3—
Carl SchultzRSU35,000—98,000
Wenjuan MattisRSU50,000—140,000
WuRSU60,000—168,000
Isida TusheRSU66,667—186,668
WuRSU66,667—186,668
Wenjuan MattisRSU66,667—186,668
Isida TusheRSU75,000—210,000
WuRSU75,000—210,000
WuRSU93,135—260,778
Isida TusheOption100,0002.08—
Carl SchultzOption300,0003.57—
WuRSU450,581—1,261,627
Isida TusheOption666,6671.29—
WuOption666,6671.29—
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Yixin PanIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance (Chair)$117,500$106,073———$223,573
Arthur WongIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance107,500106,073———213,573
Yang WuEmployee director · Board Chair—————0
Isida TusheEmployee director—————0
Wei YingIndependent · Audit · Compensation · Nominating and Corporate Governance——————

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$105,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)22,500 / 17,500 / 15,000
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$225,000
Equity awards (grant-date value)$212,146
All other compensation$0
Total cost of the board$437,146

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Microvast as a peer

Companies that benchmark against MVST

1 company names MVST as a compensation peer

Each company listed discloses MVST in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MVST in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies Microvast Holdings, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Microvast Holdings, Inc..

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Enovix Corporation2025Raj Talluri$617,505$6,999,998$0$375,422$7,996,489
2Proto Labs, Inc.2025Suresh Krishna473,8465,612,685600,017489,3727,186,997
3Fluence Energy, Inc.2025Julian Nebreda965,0004,400,0301,100,001425,7636,909,044
4Columbus McKinnon Corporation2026David Wilson925,0003,111,978925,000925,0005,971,066
5Shoals Technologies Group, Inc.2025Brandon Moss791,6664,400,0020699,2005,961,218
6Solid Power, Inc.2025John Van Scoter551,0793,576,4360544,0004,687,495
7Microvast Holdings, Inc.2025Yang Wu573,4093,099,9980101,9033,775,310
8Alpha and Omega Semiconductor Limited2026Stephen Chang504,6442,893,050003,401,014
9Mayville Engineering Company, Inc.2025Jagadeesh (Jag) Reddy736,4502,380,000——3,183,288
10Douglas Dynamics, Inc.2025Mark Van Genderen651,4211,110,23901,219,6113,008,565
11Luxfer Holdings PLC2025Andy Butcher660,6001,144,0770795,3622,662,967
12Plug Power Inc.2025Jose Luis Crespo397,47101,196,250526,4002,618,833
13Rogers Corporation2025Ali El-Haj558,8881,582,485002,504,583
14Twin Disc, Incorporated2026John Batten712,0711,002,7670440,0602,345,850
15Graham Corporation2026Matthew Malone462,769600,0040636,3081,809,120
163D Systems Corporation2025Jeffrey Graves849,800629,750001,487,950
—Ballard Power Systems Inc.——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Microvast Holdings, Inc.20.67%RSU 50 · PSU 50NoFW Cook
3D Systems Corporationnot disclosednot disclosedYes — Absolute TSR (aTSR)Meridian
Alpha and Omega Semiconductor Limited0%RSU 50 · PSU 50NoCompensia
Ballard Power Systems Inc.not disclosednot disclosednot disclosednot disclosed
Columbus McKinnon Corporation100%PSU 50 · RSU 25 · Options 25NoMeridian
Douglas Dynamics, Inc.174.2%PSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co, Inc.
Enovix Corporationnot disclosedRSU 50 · PRSU 50not disclosedCompensia, Inc.
Fluence Energy, Inc.36%PSU 40 · RSU 40 · Options 20NoPay Governance
Graham Corporationnot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
Luxfer Holdings PLCnot disclosedPRSU 60 · RSU 40not disclosedMeridian Compensation Partners LLC
Mayville Engineering Company, Inc.not disclosedPSU 50 · RSU 50not disclosedPearl Meyer
Plug Power Inc.not disclosedOption 100not disclosedFrederic W. Cook & Co., Inc.
Proto Labs, Inc.99%PSU 50 · RSU 25 · Options 25Yes — Three-year cumulative TSR performance relative to the Russell 2000 Growth IndexPearl Meyer
Rogers Corporation5.94%PSU 60 · RSU 40NoCompensia
Shoals Technologies Group, Inc.74%not disclosedNoPay Governance
Solid Power, Inc.not disclosedRSU 100not disclosedCompensia
Twin Disc, Incorporatednot disclosednot disclosednot disclosedPay Governance, LLC

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-10-23590,000————
20242024-10-18—————

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20252025-10-23—a
20242024-10-18—b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (63 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Yang Wu. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 3,775,310. View filing ↗
  • Section 01, Carl Schultz. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 1,559,568. View filing ↗
  • Section 01, Isida Tushe. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 1,211,508. View filing ↗
  • Section 01, Shengxian Wu. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 1,156,340. View filing ↗
  • Section 01, Wenjuan Mattis. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 984,340. View filing ↗
  • Section 01, Fariyal Khanbabi. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 318,113. View filing ↗
  • Section 01, Rodney Worthen. DEF 14A, filed 2026-10-09. Section “Executive Compensation”. As printed: 269,677. View filing ↗
  • Section 03, Wenjuan Mattis RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Carl Schultz RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Isida Tushe PSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Isida Tushe RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Shengxian Wu PSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Shengxian Wu RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Carl Schultz PSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Carl Schultz RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Wenjuan Mattis RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Yang Wu PSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Wenjuan Mattis PSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Isida Tushe RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rodney Worthen RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Shengxian Wu RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Yang Wu RSU. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Carl Schultz OPTION. DEF 14A, filed 2026-10-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 08, Yixin Pan. DEF 14A, filed 2026-10-09. Section “Director Compensation”. As printed: 223,573. View filing ↗
  • Section 08, Arthur Wong. DEF 14A, filed 2026-10-09. Section “Director Compensation”. As printed: 213,573. View filing ↗
  • Section 08, Yang Wu. DEF 14A, filed 2026-10-09. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Isida Tushe. DEF 14A, filed 2026-10-09. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Wei Ying. DEF 14A, filed 2026-10-09. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-09-10. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-10-23. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 225,000 + equity 212,146 + all other 0 = 437,146, summed across the director compensation table rows.
  • Enovix Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Enovix Corporation's own proxy. As printed: 7,996,489. View filing ↗
  • Proto Labs, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Proto Labs, Inc.'s own proxy. As printed: 7,186,997. View filing ↗
  • Fluence Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-26. CEO total compensation as printed in Fluence Energy, Inc.'s own proxy. As printed: 6,909,044. View filing ↗
  • Columbus McKinnon Corporation, Section 10b CEO total. DEF 14A, filed 2026-06-26. CEO total compensation as printed in Columbus McKinnon Corporation's own proxy. As printed: 5,971,066. View filing ↗
  • Shoals Technologies Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Shoals Technologies Group, Inc.'s own proxy. As printed: 5,961,218. View filing ↗
  • Solid Power, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Solid Power, Inc.'s own proxy. As printed: 4,687,495. View filing ↗
  • Microvast Holdings, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-10-09. CEO total compensation as printed in Microvast Holdings, Inc.'s own proxy. As printed: 3,775,310. View filing ↗
  • Alpha and Omega Semiconductor Limited, Section 10b CEO total. DEF 14A, filed 2026-09-30. CEO total compensation as printed in Alpha and Omega Semiconductor Limited's own proxy. As printed: 3,401,014. View filing ↗
  • Mayville Engineering Company, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in Mayville Engineering Company, Inc.'s own proxy. As printed: 3,183,288. View filing ↗
  • Douglas Dynamics, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Douglas Dynamics, Inc.'s own proxy. As printed: 3,008,565. View filing ↗
  • Luxfer Holdings PLC, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Luxfer Holdings PLC's own proxy. As printed: 2,662,967. View filing ↗
  • Plug Power Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Plug Power Inc.'s own proxy. As printed: 2,618,833. View filing ↗
  • Rogers Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Rogers Corporation's own proxy. As printed: 2,504,583. View filing ↗
  • Twin Disc, Incorporated, Section 10b CEO total. DEF 14A, filed 2026-09-14. CEO total compensation as printed in Twin Disc, Incorporated's own proxy. As printed: 2,345,850. View filing ↗
  • Graham Corporation, Section 10b CEO total. DEF 14A, filed 2026-07-14. CEO total compensation as printed in Graham Corporation's own proxy. As printed: 1,809,120. View filing ↗
  • 3D Systems Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in 3D Systems Corporation's own proxy. As printed: 1,487,950. View filing ↗
  • Section 10a, Luxfer Holdings PLC reciprocity. DEF 14A. Luxfer Holdings PLC's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Shoals Technologies Group, Inc. reciprocity. DEF 14A. Shoals Technologies Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Douglas Dynamics, Inc. reciprocity. DEF 14A. Douglas Dynamics, Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Columbus McKinnon Corporation reciprocity. DEF 14A. Columbus McKinnon Corporation's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Fluence Energy, Inc. reciprocity. DEF 14A. Fluence Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Alpha and Omega Semiconductor Limited reciprocity. DEF 14A. Alpha and Omega Semiconductor Limited's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Enovix Corporation reciprocity. DEF 14A. Enovix Corporation's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, 3D Systems Corporation reciprocity. DEF 14A. 3D Systems Corporation's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Proto Labs, Inc. reciprocity. DEF 14A. Proto Labs, Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Twin Disc, Incorporated reciprocity. DEF 14A. Twin Disc, Incorporated's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Graham Corporation reciprocity. DEF 14A. Graham Corporation's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Plug Power Inc. reciprocity. DEF 14A. Plug Power Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Mayville Engineering Company, Inc. reciprocity. DEF 14A. Mayville Engineering Company, Inc.'s most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
  • Section 10a, Rogers Corporation reciprocity. DEF 14A. Rogers Corporation's most recent proxy was read; its disclosed peer group does not include Microvast Holdings, Inc.. View filing ↗
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