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Exhibit 10.11    
  

 
 

SEVERANCE, GENERAL RELEASE, AND INDEMNITY AGREEMENT    
  

        This Severance, General Release, and Indemnity Agreement ("Agreement") is made and entered into by and between Robert W. Zoller ("Employee") and Hawaiian
Airlines, Inc. ("Employer") and its successors. 

RECITALS  

        Whereas, Employee was employed by Employer from December 1, 1999 as an at-will employee; and 

        Whereas,
Employee will be separated from employment with Employer on April 15, 2002; and 

        Whereas,
Employee and Employer wish to settle and compromise any and all claims Employee had, has, or may hereafter claim to have had relating to Employee's employment or termination
from employment with Employer, as well as any and all claims Employee had, has, or may hereafter claim to have against Employer predating this Agreement; 

        Now,
therefore, in accordance with the preceding recitals and in consideration of the covenants, agreements, and representations set forth in this Agreement, Employee and Employer agree
as follows: 

        1.    Last Date of Employment.    Employee's last day of work shall be April 15, 2002. Employee shall not be
required to perform any services for the Company after March 31, 2002. 

        2.    Continuation of Base Salary.    Employer shall pay Employee an amount equal to 24 months of Employee's
base annual salary (the "Consideration Amount"). Employee and Employer agree that the Consideration Amount shall be Six Hundred Thousand U.S. Dollars ($600,000.00), less all employment taxes and other
deductions required to be withheld by Employer. It is expressly understood by and between the parties that payment of the Consideration Amount, whether by Employer or by a third party, shall inure to
the benefit of Employer. The Consideration Amount shall be paid by check in equal semi-monthly installments on the standard pay dates of the Employer, beginning on May 5, 2002 and
ending on April 20, 2004.    The checks will be mailed to an address provided by the Employee to the Employer. The Employee is responsible for informing the Employer of any changes
in address affecting this Agreement. Direct deposit is not an available option. Payments under this section (as well as other payments to Employee under this Agreement) are contingent on Employee's
continued compliance with all provisions of this Agreement. 

        3.    Continuation of Benefits.    As further consideration for this Agreement, Employer shall provide Employee with
the following: 

	a)
	Benefit plans: Employer shall provide Employee, Employee's spouse and eligible dependents with group life insurance, and dental coverage
through April 30, 2004, through the Employer's benefit plans. Thereafter, Employee may elect to continue dental coverage under the Employer's dental plan, at Employee's own expense, in
accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985. In addition, if permitted by the insurance company issuing the policy, Employee may continue the above referenced life
insurance policy in accordance with the terms set by the insurance company. These benefits will cease when Employee becomes eligible for said benefits from a new employer; Employee will notify
Employer promptly upon effectiveness of said eligibility.

	b)
	Medical: In recognition of the fact that Employee is one of the "top 5 highly compensated" employees of Employer, and as such the value
of medical benefits received is taxable to the Employee, the Employer shall pay the Employee a lump sum of Fifteen Thousand Two Hundred U.S. Dollars ($15,200) grossed up for estimated taxes, in lieu
of the continuation by Employer of medical benefits after termination.    Such payment will be mailed as soon after execution of this Agreement as is reasonably practicable to the address
provided by the 

 

Employee
to the Employer. Employee may elect to continue medical coverage under the Employer's medical plans, at Employee's own expense, in accordance with the Consolidated Omnibus Budget
Reconciliation Act of 1985. 

	c)
	Travel benefits: Employee, Employee's spouse and eligible dependents shall be entitled to travel benefits on Employer's flights (but not
charter flights) at the PS2F/PS2Y category. These benefits continue through April 15, 2006.

	d)
	Compensation for fringe benefits made unavailable by reason of employment separation: In recognition of the fact that Employee will no
longer be eligible to participate in certain employee benefits, including the Employer's 401(k) plan, the Employer shall pay Employee the sum of Thirty Thousand Three Hundred U.S. Dollars
($30,300.00), less all employment taxes and other deductions required to be withheld by Employer, on or before seven (7) days after execution of this Agreement in full satisfaction of the
Employer's obligations for these benefits. A check for this amount will be mailed to the Employee within seven (7) days of execution of this Agreement. In the event Employee has not repaid
Employer for outstanding amounts due to Employer, the amount paid to the Employee under this paragraph will be reduced by the amounts owed to the Employer and an accounting of such amounts will be
provided to Employee.

	e)
	Reimbursement of Relocation Expense: Employee will receive reimbursement, with receipts, of up to Sixty Thousand U.S. Dollars
($60,000.00) to cover allowable expenses if he relocates outside of the State of Hawaii on or before April 15, 2004. Allowable expenses include movement of household effects of Employee's
residence including packing, unpacking, shipping and insurance, shipment of one automobile, and the costs of the sale and/or cleaning of current residence/housing in the State of Hawaii. Expenses not
eligible for reimbursement include but are not limited to expenses related to the improvement of personal property, residence and/or housing in the State of Hawaii, registrations required in the new
domicile (e.g., car), expenses related to the purchase, rental, cleaning, set-up or improvement of housing in the new domicile, expenses related to the purchase or rental of equipment,
electronics, hardware, software or other related property, materials and merchandise. Up to Twenty Thousand U.S. Dollars ($20,000.00) of this amount may be used for relocation-related travel (airfare,
hotels and rental car). Reimbursement payments for eligible relocation expenses will be made within thirty (30) days of receipt by Employer of expense receipts.

	f)
	Other Payments: The Employer will pay the Employee a sum of One Hundred Thousand U.S. dollars ($100,000.00), less all employment taxes
and other deductions required to be withheld by Employer, payable in two equal installments. Fifty Thousand U.S. Dollars ($50,000) will be paid on April 15, 2002 and Fifty Thousand U.S. Dollars
($50,000) will be paid on April 15, 2003. Checks will be mailed to the address provided by the Employee to the Employer. 

        4.    Stock Options.    Employee has been granted stock options for the purchase of 300,000 shares of common stock of
the Employer, all of which options will vest on April 15, 2002 and will terminate on April 15, 2004, provided that in the event of a merger or change of control of Employer prior to
April 15, 2004, Employee's options will be treated as are stock options for then officers of Employer at the consummation of the merger or change of control. 

        5.    Release of Claims.    In consideration of the benefits and payments to Employee under this Agreement, Employee
hereby releases Employer and its successors, and their directors, officers, employees, and agents from any and all claims (including, but not limited to, claims for personal injury, tort, pension
and/or retirement benefits, inflection of emotional distress, breach of contract or for any statutory or regulatory violations, including but not limited to violation of Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Hawaii Civil Rights Act, and the Hawaii Employment Practices
Law, 

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H.R.S. Chapter 378) Employee now has, known or unknown, arising out of your employment with or separation from employment with the Company; provided that this release of claims does not apply to any
claims Employee may have arising from or related to this Agreement. Employee also waives any claim for attorneys' fees related to the foregoing released claims, except for claims related to the
enforcement of this Agreement. 

        If
either party materially breaches this Agreement, the injured party shall recover reasonable attorneys' fees, court costs, and the cost of service of process, in the event a court of
law or tribunal, having jurisdiction over the defaulting party, enters a judgment against the defaulting party. 

        6.    Return of Property.    Employee warrants that he has returned, all property of Employer in Employee's
possession, custody, or control, including, but not limited to, computer equipment, computer hardware, computer software, fax machine(s), pager(s), company credit card(s), company telephone card(s),
Travel Authority Cards from other airlines, identification card(s), access card(s), AOA Badge(s), Friendship Travel Passes (FTPs), access code(s), key(s), company files, work product, manuals,
customer lists, company documents, financial information, operational information, blueprints, plans, memoranda, notes, and correspondence. Employee will be allowed to retain his cellular phone and
number, but all service costs will be assumed by Employee as of April 15, 2002. 

        7.    Confidentiality of Proprietary Information.    

        a.    Employee
acknowledges that he has had an obligation under the Code of Business Ethics and Conduct Policy and  House Rules to protect and preserve the confidentiality
of information relating to Employer throughout his employment with Employer. Employee warrants
and affirms that he has not disclosed any information protected by the Code of Business Ethics and Conduct Policy and House
Rules.

        b.    As
used in this Agreement, the term "Proprietary Information" means (i) any information of a confidential nature relating to the suppliers, potential suppliers,
customers, and/or potential customers of Employer, (ii) any information of a confidential nature relating to the trade secrets, manufacturing processes, product details, specific product
applications, computer software and design techniques, concepts, inventions, practices, processes, and/or finances of Employer, (iii) any information of a confidential nature relating to any
business, financial, and/or other arrangements transacted between Employer and any other person, firm, company, or other entity, and (iv) any information of a confidential nature that Employee
learned or created during his employment with Employer. 

        c.    Employee
acknowledges that he has been privy to Proprietary Information during his employment with Employer. Employee agrees that he shall maintain the confidentiality of
the Proprietary Information and shall take all steps necessary to protect the Proprietary Information and prevent any portion of the Proprietary Information from entering the public domain or falling
into the hands of others not obligated to maintain the secrecy of the Proprietary Information. Employee further agrees that he shall not directly or indirectly use and/or disclose the Proprietary
Information or any portion of the Proprietary Information following his termination from employment with Employer. 

        d.    Employee
acknowledges that any and all documents or materials containing any Proprietary Information, as well as any and all notes and extracts related thereto are the
exclusive property of Employer. Employee warrants and affirms that any and all such documents, materials, notes, and extracts have not been removed or duplicated by Employee, and that any and all
drafts, originals, and copies of such documents, materials, notes, and extracts have been returned to Employer. 

        e.    Employee
further acknowledges that any and all documents, papers, drawings, magnetic or other media, tangible property, correspondence, memoranda, voice-mail,
and/or electronic mail 

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made, compiled, received by, or made available to Employee during his employment with Employer are the exclusive property of Employer, whether or not any such materials contain any Proprietary
Information. Employee warrants and affirms that any and all such materials have not been removed or duplicated by Employee, and that any and all drafts, originals, and copies of such materials have
been returned to Employer. 

        8.    Intellectual Property Rights.    

        a.    Employee
acknowledges that from time to time during his employment with Employer he may have been involved (whether during or outside normal business hours) in the
concept, research, design or development of new ideas, products, processes or practices. As used in this Agreement, any ideas, concepts, inventions, designs, products, software, documents or other
works of authorship (in any medium), improvements, modifications, processes or practices conceived, created or developed in whole or in part by Employee during the period of his employment with
Employer are referred to as an "Invention" or as "Inventions". However, as used in this Agreement, the terms "Invention" and/or "Inventions" do not apply to any invention which was developed entirely
on Employee's own time without using any equipment, supplies, facilities, or trade secret information of Employer, except for inventions that either: (1) relate at the time of conception or
reduction to practice of the invention to the business, actual research or development, and/or anticipated research or development of Employer, or (2) result from any work performed by Employee
for Employer. 

        b.    Employee
acknowledges, represents, and agrees that all Inventions are the sole property of Employer, and that all tangible expressions of the Inventions, including,
without limitation, all documents, instruments, sketches, drawings, notes, records, plans, specifications, manuals and tapes, and all reproductions, copies or facsimiles thereof, have been developed,
made or invented exclusively for the
benefit of and are the sole and exclusive property of Employer and constitute work made for hire under Section 201 of Title 17 of the United States Code (17 U.S.C. Section 201). 

        c.    Employee
acknowledges, represents, and agrees that upon the request of and at the expense of Employer, Employee shall execute any and all documents (including, but not
limited to, patent applications and assignments) and render any assistance (including, but not limited to, assistance in arbitration, mediation, and/or litigation), that Employer reasonably determine
to be necessary or appropriate to perfect, enjoy and defend the rights of Employer in any Invention. 

        d.    Employee
acknowledges represents, and agrees that he shall not register or seek to register with any governmental or other entity anywhere in the world any rights in any
Invention and shall not challenge Employer's rights in any Invention. 

        9.    Covenant Not to Compete.    

        a.    Employee
acknowledges that he has had an obligation under the Code of Business Ethics and Conduct Policy to refrain from
competing with Employer throughout his employment with Employer. Employee warrants and affirms that he has not knowingly or intentionally engaged in any such competitive activity. 

        b.    As
of the date of this Agreement and continuing until April 14, 2003, the Employee shall not, directly or indirectly, own an interest in, manage, operate, join,
control, lend money or render financial or other assistance to or participate in or be connected with, as an officer, employee, partner, stockholder, creditor, investor, consultant or otherwise, any
individual partnership, firm, corporation or other business organization or entity (collectively, an "Entity") that, at such time: (a) is headquartered in Hawaii and is primarily engaged in the
business of passenger or freight airlines services or aircraft ground maintenance operations; (b) is an airline that has Hawaii inter-island passenger or freight services that constitute a
material share of its overall airlines business 

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measured by passenger revenue miles or freight pound miles; or (c) has 5% or more of the Hawaii inter-island passenger or freight air services measured by passenger revenue miles or freight
pound miles and the Employee or his affiliates are serving directly as an officer, employee, partner or consultant of, or otherwise has significant duties or responsibilities involving, such Entity's
Hawaii operations. 

        10.    Non-Solicitation.    

        a.    Employee
agrees that until April 14, 2003, he shall not directly or indirectly represent any corporation or entity in any business transaction with the Employer,
unless waived by Employer in writing by an authorized officer of Employer. 

        b.    Employee
agrees that for a period of twelve months following the termination of his employment with Employer, he shall not directly or indirectly employ, engage, attempt
to employ or engage, negotiate, arrange for the employment or engagement, solicit, or otherwise endeavor to entice away any individual who was employed by Employer as a director, officer, manager,
sales representative, or technician, or research and development position at the time of Employee's termination from employment with Employer. 

        11.    Confidentiality of Agreement.    Employer has an interest in avoiding public disclosure and commentary
concerning the terms and conditions of this Agreement. Therefore, Employee agrees to keep the terms and conditions of this Agreement strictly confidential, except as required by law. However, Employee
may disclose the terms and conditions of this Agreement to a spouse, legal counsel and tax preparer(s), provided that Employee's spouse, legal counsel and tax preparer(s) agree not to further disclose
the terms and conditions of this Agreement, except as required by law. Further, Employee may discuss the provisions of Sections 8, 9, and 10 of this Agreement with prospective employers. 

        12.    Non-Disparagement.    (a) Employer has an interest in preserving its reputation in the community.
Employee agrees not to make any statements that disparage or tend to disparage the Employer or its products, services, officers, employees, advisers or other business contacts. Employee shall not
represent, suggest, or hold himself out as being currently associated or affiliated with Employer in any way. Employee shall not make contact with or engage in communications about the Employer or its
operations with the media, current or former employees of Employer, or current or former customers of Employer, provided, however, that if Employee is contacted by the media, current or former
employees of Employer, current or former customers of Employer, the general public, or any other individual or entity, Employee shall not suggest or imply that he is privy to current information about
Employer, and shall not comment about the current or prospective operation of Employer. Employee acknowledges and agrees that any breach of this non-disparagement provision shall entitle
Employer to immediately terminate payment of the Consideration Amount set forth in paragraphs 2 and 3 of this Agreement and to sue Employee for breach of this Agreement for the immediate recovery of
any damages caused by such breach and to prevent Employee from making further statements that disparage or tends to disparage the Employer or any of its products, services, officers, employees,
advisors or other business contacts. 

        (b)  Employer
recognizes Employee's interest in preserving his reputation in the community and the airline industry. Employer agrees not to make any unsubstantiated
statements that disparage or tend to disparage the Employee. Employer shall not make contact with or engage in communications about the Employee with (i) the media, current or former employees
of Employer, or (ii) current or former business contacts of Employer. Employer acknowledges and agrees that any breach of this non-disparagement provision shall entitle Employee to
sue Employer for breach of this Agreement and seek immediate recovery of any damages caused by such breach and to prevent Employer from further statements that disparage or tend to disparage the
Employee or any of his products or services. 

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        13.    Right to Seek Injunctive Relief.    Employee agrees that in addition and without prejudice to Employer's right
to seek legal, equitable, and/or any other form of relief, a breach of any of the provisions set forth in paragraph 7 (Confidentiality of Proprietary Information), paragraph 8
(Intellectual Property Rights), paragraph 9 (Covenant Not to Compete), paragraph 10 (Non-Solicitation), paragraph 11 (Confidentiality of Agreement), and/or
paragraph 12 (Non-Disparagement) of this Agreement shall be temporarily, preliminarily, and/or permanently enjoined by any court of competent jurisdiction upon motion by Employer
upon notice to Employee without a need to show irreparable injury. If the period of time or the geographic scope identified in paragraphs 10 or 11 of this Agreement should be adjudged unreasonable in
any proceeding to enforce this Agreement, then the period of time shall be reduced by such number of months or the geographical scope shall be reduced by the elimination of such portion thereof, or
both, so that such restrictions may be enforced for such time and in such geographical area as is adjudged to be reasonable. 

        14.    No Admission of Liability.    This Agreement represents a compromise and settlement between the parties hereto,
and nothing contained herein shall be construed as an admission of liability by or on behalf of either party, by whom liability is expressly denied. 

        15.    Complete Agreement.    This Agreement contains the entire understanding and agreement between Employee and
Employer and fully supersedes any and all prior understandings and agreements pertaining to the subject matter of this Agreement. 

        16.    Voluntary Agreement.    Employee agrees and acknowledges that he is executing this Agreement voluntarily and
not in response to any coercion by anyone, and that he is not under any form of duress to agree to the terms of this Agreement. 

        17.    Amendment and Modification in Writing.    This Agreement may not be amended or modified except by an agreement
in writing, duly signed by the party or parties against whom the enforcement of any modification or amendment is sought. 

        18.    Severability.    If any provision of this Agreement shall be or become legally void or unenforceable for any
reason whatsoever, such invalidity and unenforceability shall not impair the validity or enforceability of the other provisions of this Agreement. In such an event and to this extent only, the
provisions of this Agreement are deemed to be severable. 

        19.    No Waiver of Rights.    A failure or refusal by any party to this Agreement either to insist upon the strict
performance of any provision of this Agreement or to exercise any right in any one or more instances or circumstances shall not be construed as a waiver or relinquishment of such provision or right,
nor shall such failure or refusal be deemed a custom or practice contrary to such provision or right. No waiver of any type shall be binding unless evidenced by a writing signed by the party making
the waiver. A waiver of any breach of this Agreement shall not be deemed a waiver of any other breach of this Agreement. 

        20.    Counterparts and Facsimile.    This Agreement may be executed on documents transmitted by facsimile and/or in
several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

        21.    Review of Agreement.    Employee acknowledges and agrees that Employer has advised Employee that Employee may
consult with an attorney prior to execution of this Agreement and that Employee has in fact consulted with an attorney prior to signing this Agreement. Employee acknowledges and agrees that Employee
has twenty-one (21) days to consider this Agreement before accepting, but that Employee may voluntarily waive the 21-day pre-execution period. By signing
this Agreement in both places indicated below at any time during twenty-one day period, Employee will be voluntarily waiving the twenty-one (21) day
pre-execution period provided by law for the release of any claim Employee may have under the Age Discrimination in Employment Act. Upon execution, 

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Employee will have seven (7) days to revoke this Agreement. This Agreement shall not become effective or enforceable against Employer until the expiration of this seven-(7) day period. 

        22.    Successors and Assigns.    All rights under this Agreement shall inure to the benefit of and be binding upon
Employer, its successors and assigns. 

        IN
WITNESS WHEREOF, the parties have duly executed this Agreement. 

	SO AGREED:	 	 
	 	 	 
	
 ROBERT W. ZOLLER	 	
 Date
	

HAWAIIAN AIRLINES, INC.	
 	

 
	

 By: John Adams

Its: Chairman of the Board	
 	

Date: April     , 2002
	

 By: Lyn F. Anzai

Its: Vice President, General Counsel

And Corporate Secretary	
 	

Date: April     , 2002

        Pursuant
to 29 C.F.R. Section 1625.22(e)(6), I hereby knowingly and voluntarily waive the twenty-one (21) day pre-execution consideration period for
release of Age Discrimination in Employment Act claims set forth in 29 U.S.C. Section 626(f)(1)(F)(i) 

	
 ROBERT W. ZOLLER	 	 
	

Date:	
 	

 	
 	

 
	 	 	
	 	 

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Exhibit 10.11

SEVERANCE, GENERAL RELEASE, AND INDEMNITY AGREEMENTQuickLinks
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Exhibit 4.1    
  

MICROVISION, INC.
  WARRANT  

	Warrant No.	 	Date of Original Issuance:                        , 200  

        Microvision, Inc.,
a Washington corporation (the "Company"), hereby certifies that, for value received,
                        or its
registered assigns (the "Holder") has the right to purchase from the Company up to a total of            shares of common stock, no par value
per
share (the "Common Stock"), of the Company (each such share, a "Warrant Share" and all such shares, the
"Warrant Shares") at an exercise price equal to $4.80 per share (as adjusted from time to time as provided in Section 9, the
"Exercise Price"), at any time and from time to time from and after the date hereof and through and including            , 200  (the
"Expiration Date"), and subject to the following terms and conditions. 

        1.    Definitions.    For the purposes hereof, the following terms shall have the following meanings: 

        "Business Day" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on
which banking institutions in the State of Washington are authorized or required by law or other government action to close. 

        "Date of Exercise" means the date on which the Holder shall have delivered to the Company (i) this Warrant, (ii) the Form of
Election to Purchase attached hereto (with the Warrant Exercise Log attached to it), appropriately completed and duly signed, and (iii) payment of the Exercise Price in accordance with
Section 10 for the number of Warrant Shares so indicated by the Holder to be purchased. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Market Price" of a share of Common stock on any date shall mean, (i) if the shares of Common Stock are traded on the Nasdaq
National Market or Nasdaq SmallCap Market, the last bid price reported on that date; (ii) if the shares of Common Stock are no longer quoted on Nasdaq and are listed on any national securities
exchange, the last sale price of the Common stock reported by such exchange on that date; (iii) if the shares of Common Stock are not quoted on a any such market or listed on any such exchange
and the shares of Common Stock are traded in the over-the-counter market, the last price reported on such day by the OTC Bulletin Board or the Bulletin Board Exchange; or
(iv) if the shares of Common Stock are not quoted on a any such market, listed on any such exchange or quoted on the OTC Bulletin Board or the Bulletin Board Exchange, then the last price
quoted on such day in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of
reporting prices); 

        "Person" means a corporation, association, partnership, organization, business, individual, government or political subdivision thereof or
governmental agency. 

        "Trading Day" means (i) a day on which the shares of Common Stock are traded on the Nasdaq National Market, Nasdaq SmallCap Market,
New York Stock Exchange or American Stock Exchange on which the shares of Common Stock are then listed or quoted, or (ii) if the shares of Common Stock are not listed on a any such exchange or
market, a day on which the shares of Common Stock are traded in the over-the-counter market, as reported by the OTC Bulletin Board or the Bulletin Board Exchange, or
(iii) if the shares of Common Stock are not quoted on the OTC Bulletin Board or the Bulletin Board Exchange, a day on which the shares of Common Stock are quoted in the
over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices);
provided, that in the event that the 

1

 

shares of Common Stock are not listed or quoted as set forth in clause (i), (ii) or (iii) hereof, then Trading Day shall mean a Business Day. 

        2.    Registration of Warrant.    The Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the "Warrant Register"), in the name of the Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

        3.    Registration of Transfers.    The Company shall register the transfer of any portion of this Warrant in the
Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified herein. Upon any such registration or
transfer, a new warrant to purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a "New Warrant"), evidencing the
portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the
transferring Holder. The delivery of the New Warrant by the Company to the transferee thereof shall be deemed to constitute acceptance by such transferee of all of the rights and obligations of a
holder of a Warrant. 

        4.    Term of Warrants.    This Warrant shall be exercisable by the registered Holder at any time and from time to
time on or after the date hereof to and including the Expiration Date. At 5:00 p.m., Seattle time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and
become void and of no value. 

        5.    Exercise of Warrants and Delivery of Warrant Shares.    Upon surrender of this Warrant and delivery of the Form
of Election to Purchase (with the Warrant Shares Exercise Log attached) to the Company at its address for notice set forth in Section 14, and upon payment of the Exercise Price multiplied by
the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later than three Trading Days after the Date of Exercise) issue and deliver to
the Holder a certificate for the Warrant Shares issuable upon such exercise, free of all restrictive legends. Any Person so designated by the Holder to receive Warrant Shares shall be deemed to have
become holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. The Company shall, upon request of the Holder, if available, use commercially reasonable efforts to deliver
Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing corporation performing similar functions. If fewer than all Warrant Shares issuable
upon exercise of this Warrant are purchased on such Date of Exercise, then the Company will execute and deliver to the Holder or its assigns a New Warrant (dated the date hereof) evidencing the
unexercised portion of this Warrant. 

        6.    Charges, Taxes and Expenses.    Issuance and delivery of certificates for Warrant Shares shall be made without
charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company; provided, however, that the Company shall not be obligated to pay any tax which may be payable in respect of any
transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liabilities that may
arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

        7.    Replacement of Warrant.    If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such
other 

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reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. 

        8.    Reservation of Warrant Shares.    The Company covenants that it will at all times reserve and keep available out
of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of
Warrant Shares which are then issuable and deliverable upon the exercise of this Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking
into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable
Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. 

        9.    Certain Adjustments.    The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant
are subject to adjustment from time to time as set forth in this Section 9. 

        (a)    Stock Dividends and Splits.    If the Company, at any time while this Warrant is outstanding, (i) pays a
stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock
into a greater number of shares, or (iii) combines outstanding shares of Common Stock into a lesser number of shares, then in each such case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of
such subdivision or combination. 

        (b)    Extraordinary Transactions.    If, at any time while this Warrant is outstanding, (i) the Company
effects any merger or consolidation of the Company with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer by the Company is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other
securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (in any such case, a "Extraordinary Transaction"), then the Holder shall have the right
thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Extraordinary Transaction if it had been, immediately prior to such Extraordinary Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant (the "Alternate Consideration"). The aggregate Exercise Price for this Warrant will not be
affected by any such Extraordinary Transaction, but the Company shall apportion such aggregate Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Extraordinary Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Extraordinary Transaction. In addition, at the Holder's request
upon surrender of this Warrant, any successor to the Company or surviving entity in such Extraordinary Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and
evidencing the Holder's right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. The terms of any agreement pursuant to which a Extraordinary Transaction
is effected shall include terms requiring 

3

 

any such successor or surviving entity to insure that the Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Extraordinary
Transaction. 

        (c)    Number of Warrant Shares.    Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs
(a) or (b) of this Section, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, as the case may be, so that
after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such
adjustment. 

        (d)    Calculations.    All calculations under this Section 9 shall be made to the nearest cent or the nearest
1/100th of a share, as applicable. 

        (e)    Notice of Adjustments.    Upon the occurrence of each adjustment pursuant to this Section 9, the Company
at its expense will promptly calculate such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number of Warrant Shares or type of Alternate Consideration issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such
adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder. 

        (f)    Notice of Corporate Events.    If the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits shareholder approval for any Extraordinary Transaction or (iii) authorizes the voluntary
dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction, at least
ten calendar days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate
in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant
prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of
the corporate action required to be described in such notice. Until the exercise of this Warrant or any portion of this Warrant, the Holder shall not have nor exercise any rights by virtue of
ownership of this Warrant as a shareholder of the Company (including without limitation the right to notification of shareholder meetings or the right to receive any notice or other communication
concerning the business and affairs of the Company other than as provided in this Section 9(f)). 

        10.    Payment of Exercise Price.    The Holder shall pay the Exercise Price in one of the following manners: 

        (a)    Cash Exercise.    By wire transfer, except in the event subsection 10(b) below is applicable, pursuant to wire
instructions sent by the Company pursuant to the written request of the Holder; or 

        (b)    Cashless Exercise.    If the Holder elects to exercise this Warrant at a time when the Warrant Shares are not
included in a then-effective registration statement filed with the Securities Exchange Commission, then at and during such time (but not during any period when the Warrant Shares are again
included in an effective registration statement) the Holder may surrender this 

4

 

Warrant to the Company, together with a notice of cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows: 

X =
Y [(A-B)/A] 

where:

X =
the number of Warrant Shares to be issued to the Holder. 

Y =
the number of Warrant Shares with respect to which this Warrant is being exercised. 

A =
the average of the closing bid prices for the five Trading Days immediately prior to (but not including) the Exercise Date. 

B =
the Exercise Price. 

        For
purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall
be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Stock
Purchase Agreement of even date herewith. 

        11.    No Fractional Shares.    No fractional shares will be issued in connection with any exercise of this Warrant.
In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the closing price of one share of Common Stock as
reported on the Nasdaq National Market or other principal market or exchange on which the Common Stock is listed or quoted on the Date of Exercise. 

        12.    Exchange Act Filings.    The Holder agrees and acknowledges that it shall have sole responsibility for making
any applicable filings with the U.S. Securities and Exchange Commission pursuant to Sections 13 and 16 of the Exchange Act as a result of its acquisition of this Warrant and the Warrant Shares and any
future retention or transfer thereof. 

        13.    Notices.    Any and all notices or other communications or deliveries hereunder (including without limitation
any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at
the facsimile number specified in this Section prior to 5:00 p.m. (Seattle time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 5:00 p.m. (Seattle time) on any Trading Day,
(iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given. The addresses for such communications shall be: 

	if to the Company:	 	Microvision, Inc.

19910 North Creek Parkway

Bothell, Washington, 98011-3008

Attn: Chief Financial Officer

Facsimile No.: (425) 481-6795
	
if to the Holder:	
 	

to the address or facsimile number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section 13.

        14.    Warrant Agent.    The Company shall serve as warrant agent under this Warrant. Upon 30 days notice to
the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any 

5

 

consolidation to which the Company or any new warrant agent shall be a party or any Person to which the Company or any new warrant agent transfers substantially all of its corporate trust or
shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant
agent to be delivered to the Holder at the Holder's last address as shown on the Warrant Register. 

        15.    Miscellaneous.    

        (a)    Successors and Assigns.    This Warrant shall be binding on and inure to the benefit of the parties hereto and
their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or
equitable right, remedy or cause of action under this Warrant. 

        (b)    Amendments and Waivers.    This Warrant and any term hereof may be amended, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement of such amendment, waiver, discharge or termination is sought. 

        (c)    Choice of Law, etc.    All questions concerning the construction, validity, enforcement and interpretation of
this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of Washington, without regard to the principles of conflicts of law thereof. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the
transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of this Warrant, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 

        (d)    Interpretation.    The headings herein are for convenience only, do not constitute a part of this Warrant and
shall not be deemed to limit or affect any of the provisions hereof. 

        (e)    Severability.    In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in
any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above. 

	 	 	MICROVISION, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

6

 
FORM OF ELECTION TO PURCHASE  

To
Microvision, Inc.: 

        In
accordance with the Warrant enclosed with this Form of Election to Purchase, the undersigned hereby irrevocably elects to
purchase                        shares of common stock
("Common Stock"), no par value per share, of Microvision, Inc. (the "Company") and has sent via wire transfer to the account the Company the
amount of $            in immediately available funds, which sum represents the aggregate Exercise Price (as defined in the Warrant) for the number of shares of Common Stock to which this
Form of
Election to Purchase relates, together with any applicable taxes payable by the undersigned pursuant to the Warrant. 

        The
undersigned requests that certificates for the shares of Common Stock issuable upon this exercise be issued in the name of 

Name:
_____________________________________

Address: ___________________________________

              ___________________________________

              ___________________________________

              ___________________________________ 

Social
Security or Tax I.D. No.: ___________________________________________ 

7

 
Warrant Shares Exercise Log  

	Date
 
	 	Number of Warrant Shares Available to be Exercised
	 	Number of Warrant Shares Exercised
	 	Number of Warrant Shares Remaining to be Exercised

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

8

 
FORM OF ASSIGNMENT  

        [To be completed and signed only upon transfer of Warrant] 

        FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                        the right represented by the
within Warrant to purchase                        shares of Common
Stock of Microvision, Inc. to which the within Warrant relates and appoints                        attorney to transfer said
right on the books of Microvision, Inc. with full power of
substitution in the premises. 

Dated:                        ,        

	 	 	
 (Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	

 	
 	

 Address of Transferee
	

 	
 	

	

 	
 	

In
the presence of: 

9

QuickLinks

Exhibit 4.1

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