Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 204

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 204
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8 million, which will be expensed over the next 0.8 years. Unrecognized share-based compensation
related to the non-executive PSUs was $0.2 million, which will be expensed over the next
0.3 years.

10.
LEASES

The
Company leases office space and certain equipment under operating and finance leases. All leases have remaining lease terms of one1
to 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.

    18

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. Subsequent to the date of these financial statements, on April 21, 2025, the Company signed an agreement with a third party to
sublease a portion of this office space. The sublease, which is expected to commence on July 1, 2025, provides monthly rent of $0.1 million.
The sublease expires on April 1, 2030 and contains one 32-month extension option.

In
April 2022, the Company entered into a lease agreement for product testing for engineering and development activities in Nuremberg, Germany
which commenced in May 2022. In June 2024, the Company abandoned the space prior to its expiration of November 2027.

In
September 2022, the Company entered into a lease agreement for office space in Nuremberg, Germany which commenced in November 2022