Enovix (ENVX) Proxy Filing summary

Executive summary

• Achieved key milestones in manufacturing, technology, and sales in 2024, positioning for a breakout year in 2025 with a focus on launching the first smartphone battery and expanding contracted backlog.

• Fab2 in Malaysia completed Site Acceptance Testing for high-volume manufacturing; multiple OEMs initiated audits, and first EX-2M samples shipped on schedule.

• Strategic partnership signed in October 2024 to enter the smartphone market by late 2025; also targeting AI-enabled smart eyewear and automotive sectors.

• Observed increased demand from defense sector post-2024 US elections, with significant 2024 revenue from defense customers.

• Manufacturing and R&D activities are primarily in Malaysia, Korea, and India, with 570 employees globally.

Voting matters and shareholder proposals

• Election of seven director nominees to serve until the 2026 Annual Meeting.

• Advisory vote to approve the compensation of named executive officers (say-on-pay).

• Ratification of Deloitte & Touche LLP as independent registered public accounting firm for fiscal year ending December 28, 2025.

Board of directors and corporate governance

• Board consists of seven nominees, with a majority considered independent under Nasdaq standards.

• Board committees: Audit, Compensation, and Nominating and Corporate Governance, each with defined charters and annual assessments.

• Board held five meetings in 2024; all directors attended at least 75% of meetings.

• Corporate Governance Guidelines adopted to align director and management interests with stockholders.

• Chairman and CEO roles are separated; board structure allows flexibility based on business needs.