Company: MVIS
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001641172-25-022632
Chunk: 31

Company: MICROVISION, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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) 
     1.74 
  
    Unvested as of June 30, 2025 
     21,223  
    $1.30 

1The number of unvested
RSUs and PSUs and the weighted-average price as of December 31, 2024 reported in this Note has been adjusted to 12,913 from 12,013 and
to $1.53 from $1.51, respectively, as reported in Note 9 of the Notes to Consolidated Financial Statements included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2024, due to the correction of an administrative error. The correction resulted
in no change to the previously issued financial statements and the Company deems the administrative error not material from a quantitative
or qualitative perspective.

During
the six months ended June 30, 2025, the Company granted 2,204,000 shares to non-executive employees for annual and short-term incentive
awards. These shares are valued based on the closing price of common stock on the dates of grant and vest immediately or over three or
four years.

During
the six months ended June 30, 2025, the Company granted 8,347,000 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.

As
of June 30, 2025, unrecognized share-based compensation related to RSUs was $11.0 million, which will be expensed over the next 2.2 years.
Unrecognized share-based compensation related to executive PSUs was $6.0 million, which will be expensed over the next 0.9 years.

    19

10.
LEASES

The
Company leases office space and certain equipment under operating and finance leases. All leases have remaining lease terms of less
than seven
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