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
- 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
- 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.
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
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.
Brian Heagler, 425/415-6794 (Investors)
Matt Nichols, 425/415-6657 (Media)
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