Company: MVIS
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021931
Chunk: 158

Company: MICROVISION, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 158
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 stock on the dates of grant and vest immediately or over three or
four years.

During
the nine months ended September 30, 2025, the Company granted 9,318,000 shares to executive employees and directors for annual, short-term
incentive, and long-term incentive awards. These shares are valued based on the closing price of common stock on the dates of grant and
vest immediately, over one year, or over three years.

During
the nine months ended September 30, 2025, the Company granted 45,000 shares to non-employees. These shares are valued based on the closing
price of common stock on the dates of grant and vest immediately.

As
of September 30, 2025, unrecognized share-based compensation related to RSUs was $7.6 million, which will be expensed over the next 2.0
years. Unrecognized share-based compensation related to executive PSUs was $3.7 million, which will be expensed over the next 0.7 years.

10.
LEASES

The
Company leases office space and certain equipment under operating and finance leases. All leases have remaining lease terms of less than
eight years. Office lease agreements include both lease and non-lease components, which are accounted for separately. Finance leases
contain options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected
lease term, unless the Company is reasonably certain to exercise the purchase option.

In
September 2021, the Company entered into a lease agreement for product testing and lab space in Redmond, Washington which commenced in
November 2021. In addition to base rent, the Company pays additional rent comprised of a proportionate share of any operating expenses,
real estate taxes, and management fees. The lease, which expires in July 2032, includes an option to extend the term for one ten-year
renewal period.

In
September 2021, the Company entered into a lease agreement for office space in Redmond, Washington which commenced in December 2022.
In addition to base rent, the Company will pay additional rent comprised of a proportionate share of any operating expenses, real estate
taxes, and management fees. The lease, which expires in December 2032, contains an option to extend the term for one ten-year renewal
period. On April 21, 2025, the Company signed an agreement with a third party to sublease a portion