Company: MVIS
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001641172-25-005410
Chunk: 56

Company: MICROVISION, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 56
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ations. There would be no acceleration of vesting of outstanding equity awards, except as otherwise set forth in an applicable award
agreement.

Tax Equalization. The expansion and integration
of our global operations after the January 2023 acquisition from Ibeo, as well as key engagement with European automotive OEMs, necessitated
that Mr. Sharma spend a substantial amount of time working on the company’s behalf in Germany throughout the second half of 2022
and full years 2023 and 2024. To minimize any tax burden in Germany as a result of this work, in 2023 our Board approved a tax equalization
plan whereby the company is obligated to cover incremental taxes and any related tax preparation services required to be paid in connection
with Mr. Sharma’s work in Germany. The tax equalization plan is intended to result in a net-neutral tax position for Mr. Sharma
such that he will neither benefit from nor owe additional tax due to his business travel. Payments for the tax equalization may occur
in the years following the actual tax year in which tax is incurred. Mr. Sharma remains financially responsible for taxes he incurs in
the U.S. In March 2025, pursuant to this tax equalization obligation, the company paid a net amount of $73,649 to the German tax authority
related to taxes assessed for tax years 2022 and 2023.

2024 Compensation—Our Other Executive Officers

Base Salaries. With the company’s
global expansion in 2023 and the subsequent broadening of our product portfolio and business strategy, in June 2024 the Compensation Committee
promoted Mr. Verma and Ms. Markham to senior vice president roles, with expanded functions and responsibilities. In line with these promotions,
their base salaries were increased from $400,000 to $425,000 for Mr. Verma and from $372,000 to $400,000 for Ms. Markham.

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Annual Performance-Based Incentive Bonus. For
fiscal year 2024, Mr. Verma and Ms. Markham were eligible for a short-term incentive bonus opportunity each with a target of 40% of their
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 certain company financial and individual business objectives pursuant to the terms of our 2024 Executive
Bonus Plan. Accordingly, the short-term incentive bonus awards remains un