Company: MVIS
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001641172-25-006436
Chunk: 31

Company: MICROVISION, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 31
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 shares subject to
the option and the other terms and conditions of the option, consistent with the requirements of the 2022 Incentive Plan.

The exercise price per share of each option may not
be less than the fair market value of a share of our common stock on the date of grant. However, an exception may be made for any options
that are granted in substitution for options held by employees of companies that the company acquires in a manner consistent with Section 424(a)
of the Internal Revenue Code of 1986, as amended, or the Code. In addition, any incentive stock option granted to an employee who, at
the time of grant, owns stock representing more than 10% of the total combined voting power of all classes of stock of the company or
any parent or subsidiary corporation of the company, or a Ten Percent Stockholder, must have an exercise price per share equal to at least
110% of the fair market value of a share on the date of grant. The aggregate fair market value of the shares (determined on the grant
date) covered by incentive stock options that first become exercisable by any participant during any calendar year also may not exceed
$100,000. Generally, the fair market value of our common stock is the closing price of our stock on any established stock exchange or
national market system on the applicable date.

The 2022 Incentive Plan provides that the Administrator
will determine the acceptable form(s) of consideration for exercising an option. An option will be deemed exercised when the company receives
the notice of exercise and full payment for the shares to be exercised, together with any applicable tax withholdings.

Options will be exercisable at such times or under
such conditions as determined by the Administrator and set forth in the award agreement. The maximum term of an option will be specified
in the award agreement, provided that stock options will have a maximum term of no more than 10 years, and provided further that
an incentive stock option granted to a Ten Percent Stockholder must have a term not exceeding 5 years.

The Administrator will determine and specify in each
award agreement, and solely in its discretion, the period of exercise applicable to each option following a service provider’s cessation
of service. In the absence of such a determination by the Administrator, the participant generally will be able to exercise his or her
option for (i) three months following his or her cessation of service for reasons other than death or disability, and (ii) one
year