Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 157

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 157
---
 Company’s operating loss
and credit carryforwards, the U.S. federal statute of limitations remains open for 2005 and onward. Tax years 2022 and forward remain
open in Germany.

14.
RESTRUCTURING CHARGES

In
2024, to better align the Company’s resources to support business needs, the Company reduced the global workforce by
approximately 41%. The Company recognized approximately $6.0
million in restructuring and related reorganization charges during the year ended December 31, 2024, of which $5.4 million is
recorded within research and development expense and $0.6 million within sales, marketing, general and administrative expense on the
consolidated statements of operations. The charges were predominately related to employee severance and benefit costs. Consistent
with the impairment analyses performed during 2024, the workforce reduction and restructuring included, among other things, impacts
from the de-emphasis on the Company’s MOSAIK software business.

15.
RETIREMENT SAVINGS PLAN

The
Company maintains a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). The plan covers all qualified
employees. Contributions to the plan are made at the discretion of the Board of Directors. During the years ended December 31, 2024,
2023 and 2022, contributions of $0.5 million, $0.5 million, and $0.4 million were made to the plan, respectively.

16.
SUBSEQUENT EVENTS

On
January 31, 2025, pursuant to terms of the Note (see Note 7. Notes Payable and Derivative Liability), the Holder elected to
immediately convert $1.8
million of outstanding principal into 2,345,068
shares of the Company’s common stock.

On
February 3, 2025, the Company entered into a Letter Agreement with the Holder related to the Note. As a result of the Letter
Agreement, the Holder agreed to convert a total of $8.8
million of outstanding principal (“remaining Initial Outstanding Principal”) into shares of the Company’s common
stock. First, on February 4, 2025, the Holder converted $2.8
million of outstanding principal into 3,685,106
shares of common stock pursuant to terms of the Note. Second, on February 20, 2025, the Holder converted $2.0
million of outstanding principal into 2,680,