Company: MVIS
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001641172-25-006436
Chunk: 57

Company: MICROVISION, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 57
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earned and unvested. Subject to being earned and vesting per
the terms of the 2024 Executive Bonus Plan, the Compensation Committee approved the grant of 200,000 RSUs to Mr. Verma and 186,250 RSUs
to Ms. Markham in connection with their short-term incentive bonus opportunity. These awards will only vest if and to the extent of achievement
of the financial and non-financial objectives, and any portion of the RSUs that vest as a result of the performance criteria remain subject
to time-based vesting through the one-year anniversary of the grant date.

As noted above, the Compensation Committee has certified
achievement against the financial objectives, the Compensation Committee has made no assessment of the individual achievement of non-financial
objectives. Accordingly, the short-term incentive bonus award for each of Mr. Verma and Ms. Markham remains unearned and unvested. We
anticipate that the determination will be made by the end of the second quarter of 2025.

For fiscal year 2023, Mr. Verma and Ms. Markham were
eligible to earn an annual incentive bonus targeted at 40% of their respective base salary, dependent on performance. In June 2024, the
Compensation Committee made its determination of achievement of 2023 performance against the objectives and approved payouts in the form
of fully vested RSUs, which for Mr. Verma covered 200,000 shares of our common stock and for Ms. Markham covered 186,250 shares. RSUs
were used to pay the 2023 bonuses to conserve cash and align with longer-term equity performance after payout.

Long-Term Equity Incentive Award. In June 2024,
our Compensation Committee approved the grant of a long-term incentive equity award to Mr. Verma of 450,000 RSUs and to Ms. Markham
of 360,000 RSUs. These long-term equity incentive awards are scheduled to vest at a rate of 33% annually on each anniversary of the grant
date over the next three years, subject to the executive’s continued service to the company on each vesting date. Aligning the interests
of our executive team with MicroVision’s shareholders, these equity awards comprise a significant portion of executive compensation
with a value that is dependent both on the long-term performance of the company as reflected in its stock price. The Compensation Committee
believes that this alignment of our executives’ economic interests with our shareholders value is an