Watch the Oct 20, 2026 Special Meeting for stockholder vote on the equity plan amendment (685K→6M shares). If approved, the CEO's EBITDA-per-share performance thresholds ($0.05 for FY2027, $0.10 for FY2028) create a concrete profitability target — first time the company has disclosed any EBITDA guidance. Activist Mayers Ventures' SC 13D/A proximity (1 day prior) suggests the activist may have pushed for this compensation structure. Monitor for any further 13D filings or board changes.
Price Chart
Executive Summary
Tessera Defense & Homeland Security formalized employment agreements with CEO Michael Oster and CFO David Rokach on October 7, 2026, granting substantial equity awards (up to ~3.4M shares combined) tied to EBITDA-per-share performance thresholds for FY2027/2028. The filing follows a SC 13D/A filed one day earlier by activist Mayers Ventures LLC, suggesting potential board influence or pressure behind the executive compensation structure.
Key Facts
- CEO Michael Oster receives NIS 55,000/month (~$18,000/month) salary, up to 50% annual bonus, 1M RSUs vesting over 3 years, 1M options at $1.15/share, 400K fully vested shares for past service since March 2026.
- CFO David Rokach receives NIS 35,000/month (~$11,500/month), 180K fully vested shares for past service since Feb 2026.
- CEO performance awards for FY2027: 200K shares if EBITDA/share >$0.05, +100K per additional cent up to 500K max; FY2028: same structure above $0.10 threshold, also 500K max.
- Equity awards require stockholder approval at Special Meeting Oct 20, 2026 to increase 2026 Equity Incentive Plan from 685K to 6M shares.
- Agreements include 12-month non-compete/non-solicitation, change-in-control double-trigger severance (12 months salary + full vesting).
- Activist Mayers Ventures LLC filed SC 13D/A on Oct 6, 2026 — 1 day before this 8-K — signaling potential board-level influence on executive compensation.
Financial Impact
Up to 3.4M shares potentially issuable to CEO/CFO (subject to stockholder approval), plus up to 1M options at $1.15/share. No current revenue or EBITDA figures reported in filing.
Risk Factors
- Stockholder approval of equity plan amendment not guaranteed — if denied, CEO/CFO equity grants fail.
- EBITDA-per-share thresholds may not be achieved — performance shares may never vest.
- Activist Mayers Ventures may seek further board changes or strategic alternatives.
- Company has a going concern qualification and NYSE American compliance risk (mentioned in press release risk factors).
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-107541 |
| Document: ea030796101ex10-2.htm | 0001213900-26-107541 |
| Document: ea0307961-8k_tessera.htm | 0001213900-26-107541 |
| Document: ea030796101ex99-1.htm | 0001213900-26-107541 |
| Document: 0001213900-26-107541-index-headers.html | 0001213900-26-107541 |
| Document: 0001213900-26-107541-index.html | 0001213900-26-107541 |
| Document: 0001213900-26-107541.txt | 0001213900-26-107541 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $0.3092 $0.2915 | ▼ −5.72% | ▼ −5.30% | — |
Oct 7, 2026 20d ago | DEF 14A | $0.3092 $0.2915 | ▲ +5.72% | ▲ +5.30% | — |
Sep 1, 2026 8w ago | 8-K | $0.1425 $0.1421 | ▼ −0.28% | ▼ −1.33% | — |
Aug 28, 2026 8w ago | 8-K | $0.1371 $0.1430 | ▲ +4.30% | ▲ +4.99% | — |
Aug 5, 2026 11w ago | Press Release | $0.1800 $0.1598 | ▲ +11.22% | ▲ +11.06% | — |
Jul 28, 2026 13w ago | 8-K | $0.1834 $0.1830 | ▲ +0.22% | ▼ −1.32% | — |
Jul 28, 2026 13w ago | Press Release | $0.1834 $0.1830 | ▲ +0.22% | ▼ −1.32% | — |
Jul 27, 2026 13w ago | 424B5 | $0.1834 $0.1830 | ▲ +0.22% | ▼ −1.32% | — |
Jul 8, 2026 15w ago | Press Release | $0.2758 $0.2800 | ▲ +1.52% | ▲ +0.68% | — |
Jul 2, 2026 16w ago | 8-K | $0.3190 $0.3020 | ▲ +5.33% | ▲ +6.20% | — |
US Market Status
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