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Microvision Commences Stock Option Exchange Program for Employees

November 1, 2002 By JSMT Media

Microvision Commences Stock Option Exchange Program for Employees
11/1/2002 4:28:00 PM
BOTHELL, Wash., Nov 1, 2002 (BUSINESS WIRE) — Microvision, Inc. (Nasdaq:MVIS),
a leader in light scanning technologies, today announced that it had commenced a
voluntary stock option exchange program for its employees.

Under the program:

  • Employees holding stock options with exercise prices in excess
    of $10 per share, with certain exceptions, have the
    opportunity, if they so choose, to cancel those options in
    exchange for new options to be granted not sooner than June
    11, 2003.
  • The exercise price of the new options will be the higher of
    the closing price of the Company’s common stock on the date of
    the new grant or $7.00 per share.
  • The number of new options granted to participating employees
    will be determined by a tiered exchange rate schedule that is
    based on the exercise price of the options canceled.
  • Executive management is eligible to participate in the
    exchange, but generally will be subject to lower exchange
    rates than other employees.
  • Non-employee members of the Board of Directors are ineligible
    to participate.
  • Employees who elect to participate in the exchange will be
    ineligible to receive any additional option grants for six
    months after the exchange offer terminates.
  • The new options will generally vest over a longer period than
    the options exchanged.

The company estimates that if all currently eligible stock options were
exchanged, the overall number of options outstanding would be reduced by nearly
one million shares.

“We have assembled a strong team of employees at Microvision which is vital to
our ongoing success,” said Walter J. Lack, Chairman of the Board of Directors.
“Given the extraordinary market conditions and the importance of stock options
as a key component of compensation for employees, we felt it prudent to take
this action. We feel the terms of this exchange program balance both the
interests of our employees and other shareholders. Our commitment to succeed is
as strong as it has ever been and we will continue to work hard to build
long-term value for all of our shareholders.”

The company has filed a tender offer statement on a Schedule TO with the
Securities and Exchange Commission that describes the terms and conditions of
the exchange offer.

About Microvision

Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the
proprietary Retinal Scanning Display technology and a world leader in micro
miniature optical scanning technology for display and imaging applications. The
company’s technology has applications in a broad range of military, medical,
industrial, professional and consumer information products. Additional
information can be found at the company’s Web site at
http://www.microvision.com.

Forward Looking Statement

Certain statements contained in this release, including those concerning product
applications, as well as statements containing words like “believe,”
“anticipate,” “estimate,” “intend,” “expect,” and other similar expressions, are
forward-looking statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
projected in our forward-looking statements include the following: market
acceptance of our technologies and products; our financial and technical
resources relative to those of our competitors; our ability to obtain financing;
our ability to keep up with rapid technological change; government regulation of
our technologies; our ability to enforce our intellectual property rights and
protect our proprietary technologies; the ability to obtain additional contract
awards and to develop partnership opportunities; the timing of commercial
product launches; the ability to achieve key technical milestones in key
products; and other risk factors identified from time to time in our SEC
reports, including in our Annual Report on 10-K for the year ended December 31,
2001 and our Quarterly Reports on Form 10-Q.

CONTACT:
Microvision

Brian Heagler, 425/415-6794 (Investors)

brian_heagler@mvis.com

or

Matt Nichols, 425/415-6657 (Media)

matt_nichols@mvis.com

URL: http://www.businesswire.com

Copyright (C) 2002 Business Wire. All rights reserved.

Filed Under: Uncategorized

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About MicroVision

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and laser projection solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this advanced sensing and display solution means that it can be adapted to a wide array of applications and form factors. It is an advanced solution for a rapidly evolving, always-on world.

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