At this point we don't have good visibility as to why the bonus and RSU grant were awarded. Based on how things often work in tech companies, we could speculate it is one of the following:
+ performance bonus
+ retention bonus
+ compensation for extraordinary duties
+ grants ahead of a uptick in revenue/profitability
In terms of performance bonus, the company has made solid progress on controlling costs and managing cashflow, but that seems a bit generous for that scenario.
Retention bonus is a solid possibility -- job market is heating up and Holt has some real achievements under his belt. He'd be able to move to a similar position with better pay pretty easily. With all that is going on with MVIS and his participation, it very well could make sense to offer the bonus to retain him.
Extraordinary effort -- working on a M&A deal chews up a ton of time and effort from the accounting department. Very possible a deal is all but done and they are rewarding his efforts on getting it done.
Improved Prospects currently seems like the most likely scenario. Company is on much better footing with the prospects of real revenue starting to flow in by the end of the year. Setting up those contracts and everything to support those deals is not insignificant. Also likely a recognition that Holt had been below market for the past however long due to the company not doing particularly well and they are making up for it now that they can.
Honestly, with their focus on financial controls, the fact they feel they can splash this kind of bonus tells me they are confident in the direction the company is going.