Everspin Technologies (MRAM) appoints Vikas Choudhary to board with $250K RSU grant
Rhea-AI Filing Summary
Everspin Technologies, Inc. appointed Vikas Choudhary, age 54, to its board of directors, effective August 9, 2026, to serve until the 2027 annual meeting of stockholders and until a successor is duly elected and qualified. The company states there is no arrangement or understanding with any other person regarding his selection and no material interests in related-party transactions under Item 404(a) of Regulation S-K.
Choudhary currently serves as Senior Vice President and General Manager of the Connectivity and Storage Business Unit at MaxLinear, Inc., and has more than 30 years of semiconductor industry experience across multiple leading companies. As director compensation, he received an initial RSU award valued at $250,000 on August 10, 2026, vesting 50% on each of the first and second anniversaries of grant, subject to full vesting upon a change in control. He will also receive an annual cash retainer of $55,000 and will be eligible for future annual RSU awards after two years of board service, with amounts determined by the Compensation Committee.
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Effective appointment date: August 9, 2026
Initial RSU grant value: $250,000
RSU vesting schedule: 50% on each of first and second anniversaries
+3 more
6 metrics
Effective appointment date
August 9, 2026
Date Vikas Choudhary was appointed as a director
Initial RSU grant value
$250,000
Restricted stock unit award granted to Vikas Choudhary on August 10, 2026
RSU vesting schedule
50% on each of first and second anniversaries
Vesting terms for initial RSU award
Annual cash retainer
$55,000
Cash compensation per year for board service
Director age
54
Age of Vikas Choudhary at time of appointment
Full vesting trigger
Change in control
Any unvested RSUs immediately vest upon a change in control
Key Terms
restricted stock unit, change in control, indemnification agreement, Regulation S-K, +1 more
5 terms
restricted stock unit financial
"Mr. Choudhary was granted an initial restricted stock unit (“RSU”) award"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
change in control financial
"In the event of a change in control, any unvested portion of the RSU"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
indemnification agreement regulatory
"The Company will enter into its standard indemnification agreement"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
Regulation S-K regulatory
"transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K"
A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.
emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What board change did Everspin Technologies (MRAM) disclose in this 8-K?
Everspin Technologies appointed Vikas Choudhary to its board of directors, effective August 9, 2026, to serve until the 2027 annual meeting of stockholders and until a successor is elected and qualified.
What equity compensation did Everspin (MRAM) grant to new director Vikas Choudhary?
Vikas Choudhary received an initial restricted stock unit award valued at $250,000, granted on August 10, 2026. The RSUs vest 50% on each of the first and second anniversaries of the grant date, with full vesting upon a change in control.
What cash compensation will Everspin Technologies (MRAM) pay its new director?
Everspin Technologies will pay Vikas Choudhary an annual cash retainer of $55,000 for his service on the board. This retainer is in addition to his initial and future equity awards described in the director compensation arrangement.
How long will Vikas Choudhary serve on the Everspin (MRAM) board under this appointment?
Vikas Choudhary is appointed to serve as a director until the 2027 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation, or removal, as specified by the company.
What happens to Vikas Choudhary’s RSUs at Everspin (MRAM) if there is a change in control?
In the event of a change in control, any unvested portion of the RSU awards granted to Vikas Choudhary will immediately vest, accelerating his equity compensation regardless of the normal vesting schedule.