Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 571

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 8
Chunk 571
---
) 
     2.65 
  
    Unvested as of December 31, 2024 
     12,013  
    $1.51 

During
the year ended December 31, 2024, the Company granted 5,384,000 shares to non-executive employees for annual and short-term incentive
awards. Additionally, the Company granted 80,000 shares to non-executive employees for new hire grants. 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 year ended December 31, 2024, the Company granted 3,771,000 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 December 31, 2024, unrecognized share-based compensation related to RSUs was $6.8 million, which will be expensed over the next 2.0
years. Unrecognized share-based compensation related to executive PSUs was $2.5 million, which will be expensed over the next 1.0 year.
Unrecognized share-based compensation related to the non-executive PSUs was $0.3 million, which will be expensed over the next 0.5 years.

    54

10.
LEASES

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

In
September 2021, the Company entered into a lease agreement for office space in Redmond, Washington