Company: MVIS
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001641172-25-005410
Chunk: 54

Company: MICROVISION, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 54
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ired employment agreement that we entered into with him in April 2021.

The new employment agreement retained Mr. Sharma’s
annual base salary of $530,000, which may be adjusted from time to time at the discretion of the Board. Further, the agreement provides
that Mr. Sharma will be eligible for short-term and long-term incentive compensation, including equity compensation, which will be determined
at the discretion of the Board; that he will participate in the company’s key executive severance and change in control plan at
the tier 1 level; and that he will participate in the benefits and programs generally available our other employees, including expense
reimbursement, retirement, insurance and vacation. Mr. Sharma is required by the employment agreement to comply with the company’s
standard confidentiality and invention assignment agreement, including customary confidentiality, invention assignment, non-solicit and
non-compete covenants.

Annual Performance-Based Incentive Bonus. In
July 2024, as provided for in the new employment agreement, the Board approved a short-term incentive bonus opportunity for Mr. Sharma
with a target of 100% of his base salary, paid in the form of equity in order to conserve cash and drive alignment with shareholders.
The equity, however, can only be earned upon achievement of the financial and individual business objectives pursuant to the terms of
our 2024 Executive Bonus Plan. The Board approved the grant of 500,000 RSUs in connection with Mr. Sharma’s short-term incentive
bonus opportunity. This award will only vest if and to the extent the financial and non-financial objectives under the 2024 Executive
Bonus Plan are achieved (including partial vesting for partial earnout), and any portion of the RSUs that vest as a result of the performance
criteria remain subject to time-based vesting through the one-year anniversary of the grant date.

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As noted above, the Compensation Committee has certified
achievement against the financial objectives, but the Board has made no assessment of Mr. Sharma’s achievement of the non-financial
objectives. Accordingly, Mr. Sharma’s short-term incentive bonus award remains unearned and unvested. We anticipate that the determination
will be made by the end of the second quarter of 2025.

Long-Term Equity Incentive Award. Also, in
July 2024 and as provided for in the new employment agreement, the Board approved the grant of a long-term incentive equity award
to Mr. Sharma of 1,125,