Company: MVIS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009765
Chunk: 148

Company: MICROVISION, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 148
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 31, 20241 
     12,913  
    $        1.53 
  
    Granted 
     262  
     1.25 
  
    Vested 
     (439) 
     1.38 
  
    Forfeited 
     (294) 
     2.28 
  
    Unvested as of March 31, 2025 
     12,442  
    $1.51 

  1
  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 three months ended March 31, 2025, the Company granted 262,000 shares to non-executive employees. These shares were valued based
on the closing price of our common stock on the dates of grant and vest immediately.

As
of March 31, 2025, unrecognized share-based compensation related to RSUs was $5.5
million, which will be expensed over the next
1.8 years. Unrecognized share-based compensation
related to executive PSUs was $1.8 million, which will be expensed over the next 0.8 years. Unrecognized share-based compensation
related to the non-executive PSUs was $0.2 million, which will be expensed over the next
0.3 years.

10.
LEASES

The
Company leases office space and certain equipment under operating and finance leases. All leases have remaining lease terms of one1
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