Company: MVIS
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001641172-25-005410
Chunk: 44

Company: MICROVISION, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 44
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 sensors to industrial customers,
as well as to a commercial vehicle OEM, while 2023 revenue was largely attributable to components that we developed for a high-definition
display system.

| 29 |

During 2024, we reduced our operating expenses through
restructuring activities, which primarily involved reductions in our global workforce. Total operating expenses for 2024 were $82.7 million,
while such expenses for 2023 were $93.4 million.

We ended 2024 with a cash and investments balance
of $74.7 million, compared to $73.8 million at the end of 2023, which we believe evidences our continued fiscal discipline and a focus
on maximizing cash resources.

Our Pay-for-Performance Philosophy. With a
focus on commercializing our perception solutions, broadening our market strategy, and streamlining our operations, we designed our compensation
program across the entire company to emphasize long-term performance and drive the team toward a common set of objectives. For our employees,
we continued our milestone equity award program, which bases a portion of compensation on the achievement of collective performance goals
as reflected in stock price performance. Our executive compensation program was also designed with a performance-based philosophy in mind.
The leadership team, led by CEO Sumit Sharma, drove our efforts to advance our strategic objectives and make significant progress on ambitious
product and business development goals. During 2024, we expanded our go-to-market strategy into new industrial sectors, participated in
evaluations, development opportunities, and multiple RFI and RFQ processes, and invested in manufacturing capabilities to build out inventory
and scale production capacity. We also significantly streamlined our global cost structure and secured new funding.

2024 Compensation Highlights. A central compensation
focus in 2024 was to continue to motivate our global leadership team and workforce to drive the company toward success, primarily in business
development, entering new markets, and supporting customer engagement, all to enhance long-term value creation for MicroVision and increase
the price of our stock over the long-term.

Comparing our 2024 executive compensation to our peers
(see “The Role of Peer Groups” below for more information on our peer group):

| ● | Base salary for our CEO was below the median.                                                                                                                                                                                                                                                           |
| ● | Target total cash compensation, which was salary and a 100% of salary short-term incentive bonus target for Mr. Sharma, and which was salary plus a 40% of salary short-term incentive bonus target for Mr. Verma and Ms.