Company: MVIS
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001641172-25-005410
Chunk: 52

Company: MICROVISION, INC.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 52
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 or (outside of the change-in-control period) failure to carry
out reasonable and lawful instructions of supervisor. The term “good reason” is generally defined in the applicable participation
agreement as a resignation of employment by a participant following a material reduction in base salary or target bonus, a material diminution
of authority, duties, or responsibilities, a material breach of a material term of an employment or equity award agreement, or a change
of more than 30 miles to the work location, provided that a participant must provide written notice to us of the initial existence of
a good reason termination condition within 90 days of the occurrence thereof, thereafter we will have 30 days to cure such good reason
termination condition, and the participant must resign within 60 days following the end of such cure period. This summary of the Key Executive
Severance and Change in Control Plan is qualified in its entirety by the terms described in the plan and the Participation Agreement,
both of which are included as an exhibit to the company’s Annual Report on Form 10-K as filed with the SEC.

Executive Compensation Recoupment Policy. In
November 2023, our Board, upon recommendation of our Compensation Committee, adopted a Policy on Recoupment of Incentive Compensation,
which superseded and replaced in its entirety our prior Executive Compensation Recoupment Policy that had been in place since March 2020.
The policy was adopted to comply with new regulatory requirements applicable to public companies, including the SEC’s rules under
Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended, and The Nasdaq Stock Market listing standards requiring
Nasdaq-listed companies to adopt a compliant recoupment policy no later than December 1, 2023.

Under the policy if we are required to prepare an
accounting restatement of our financial statements, then, unless an exception applies, we are obligated to recover any erroneously awarded
incentive-based compensation from the qualifying executive officers (as defined in the final SEC rules). “Erroneously awarded incentive-based
compensation” is the amount of any cash- or equity-based compensation that was awarded, paid, earned or became vested wholly or
in part upon the attainment of any financial reporting measure in excess of the amount that would have been received had the compensation
been determined based on the restated financials. The mandatory recovery of such compensation would apply regardless of whether or not
an executive officer had engaged in misconduct or