Company: MVIS
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001641172-25-006436
Chunk: 51

Company: MICROVISION, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 51
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, no PRSUs granted pursuant to the PRSU program approved in 2022 have become eligible to vest.

Stock Retention Policy. Furthering our goal
of aligning the long-term interests of our executive officers with those of our shareholders, we have adopted a stock retention policy
guideline that requires the CEO and other executive officers to obtain over time, and then to retain, equity with a minimum value of five
times base salary in the case of the CEO and three times base salary in the case of other executives. The guideline has an implicit expectation
that the only stock sales will be to pay tax due when RSUs vest until the executive is in compliance.

Severance and Change in Control Benefits. In
June 2024, the Compensation Committee approved our Key Executive Severance and Change in Control Plan. Our executives and certain officers
are eligible to participate in this plan at levels ranging from Tier 1 – 3, with different benefits based on level. The plan provides
for eligibility for severance benefits upon a termination of employment either (i) by us other than for “cause,” or (ii) by
the executive pursuant to a “good reason termination,” with enhanced severance benefits if such a termination of employment
occurs within three months prior to or 18 months following a Change in Control (which period is referred to herein as the change-in-control
period), in each case subject to execution of a release of claims in favor of the company. For purposes of this plan, a “Change
in Control” is defined generally as a change in ownership of more than 50% of the total voting power of the company, with certain
exceptions, or an effective change of control whereby a majority of the board of directors is replaced during any 12-month period by directors
not endorsed by the incumbent board members, or a change in a substantial portion of company assets through the acquisition of assets
valued at more than 50% of the company’s total asset value. Further, pursuant to the applicable participation agreement, “cause”
generally includes the participant’s willful and continued failure to perform, personal dishonesty as related to his/her personal
enrichment, being convicted of or pleading no contest to a felony or certain types of criminal offenses, acts that cause harm to the company,
breach of non-disclosure or confidentiality obligations, breach of fiduciary duties to the company, obstructing or not materially cooperating
with certain investigations, breach of company policy or code of conduct,