Company: MVIS
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001641172-25-006436
Chunk: 50

Company: MICROVISION, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 50
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 EBITDA (as such non-GAAP financial measure is defined most recently in our Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission, the SEC, on March 26, 2025). The revenue objective and the adjusted EBITDA objective were each 25%
of the bonus opportunity, while the non-financial objectives were the remaining 50%.

The 2024 short-term incentive bonus took the form
of a grant of RSUs, however executives only vest, or earn, the RSUs if the preestablished financial and non-financial performance objectives
are achieved. The 2024 Executive Bonus Plan did not have the ability to earn above the target level for overachievement that exceeded
the financial or non-financial objectives. If and to the extent that the performance objectives are deemed to be achieved, the RSUs are
scheduled to fully vest on the one-year anniversary of the grant date.

Based on the company’s audited financial results
as reported in the Annual Report on Form 10-K filed with the SEC on March 26, 2025, our Compensation Committee certified that the revenue
objective of at least $8 million was achieved at 0% and that the adjusted EBITDA objective of no less than negative $70 million was achieved
at 100%. However, as of the date of this report, neither the Board nor Compensation Committee has made a determination as to achievement
by our named executive officers of the non-financial objectives, which include qualitative goals that would indicate efficient and effective
management of the company, including strategy, operations, business development, and workforce; we anticipate that the determination will
be made by the end of the second quarter of 2025.

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Equity Compensation Program. The equity compensation
program is designed to align executive compensation with the interests of our shareholders and also with the company’s long-term
performance because the value of an equity award depends on our stock price. Our executive and employee equity compensation has been comprised
of a combination of time-based equity awards and performance-based equity awards. Time-based equity compensation awards are an important
retention tool as they generally vest over a multi-year period, subject to continued service by the award recipient. Performance-based
equity awards, including the PRSU program supported by our shareholders and approved by our Compensation Committee in 2022, are intended
to motivate our executives and employees to be focused on executing our strategy and building long-term and sustained shareholder value.
To date