Form 4: MicroVision Executive Receives Stock Units in Lieu of Bonus

Drew G. Markham, a MicroVision officer, received vested and unvested restricted stock units (RSUs) in lieu of a cash bonus and as part of a long-term incentive plan.

Summary

• On June 4, 2024, Drew G. Markham, a General Counsel at MicroVision, received 186,250 fully vested restricted stock units (RSUs) in lieu of a cash payout for his 2023 short-term incentive bonus.
• These RSUs were converted into shares of common stock on a one-for-one basis.
• Additionally, Markham received a grant of 360,000 restricted stock units that will vest in three equal installments on each annual anniversary of the grant date, contingent upon continued employment with MicroVision.
• Following these transactions, Markham directly owns 222,950 shares of MicroVision common stock and 360,000 unvested RSUs.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects standard executive compensation practices and aligns executive interests with shareholder value. There are no explicit negative implications.

Positives

• The grant of RSUs aligns executive compensation with the company's long-term performance.
• The vesting schedule for the 360,000 RSUs incentivizes continued employment and commitment from the executive.

Future Outlook

The unvested RSUs are subject to continued employment, suggesting an expectation of Markham's continued service to MicroVision.

Industry Context

Stock-based compensation is a common practice in the tech industry to align executive interests with shareholder value and incentivize long-term growth.

Comparison to Industry Standards

• Granting RSUs in lieu of cash bonuses is a fairly standard practice among publicly traded companies, especially in the technology sector.
• Companies like Microsoft, Apple, and Google also use RSUs as part of their compensation packages to attract and retain key personnel.
• The vesting schedule of the unvested RSUs is also typical, with annual vesting over a three-year period being a common structure.

Stakeholder Impact

• Shareholders may view the RSU grants positively as they align executive compensation with company performance.
• Employees may see this as a standard compensation practice for executives.

Next Steps

• Markham will receive shares of common stock as the unvested RSUs vest over the next three years, contingent upon continued employment.

Key Dates