Financing Details
On January 14, 1999, Microvision, Inc. (the "Company") raised $5,000,000 through the sale of 5,000 shares of its Series B Convertible Preferred Stock, Class 1 (the "Series B-1 Stock") to Margaret Elardi, an accredited investor. The Series B-1 Stock will be convertible from time to time into shares of common stock at an initial conversion price of $12.50 per share, subject to adjustment
under certain conditions. The Company also granted Mrs. Elardi an option to purchase 1,600 shares of Series B Convertible Preferred Stock, Class 2 (the "Series B-2 Stock") at $1,000 per share at any time prior to July 14, 1999, and an option to purchase 1,920 shares of Series B Convertible Preferred Stock, Class 3 (the "Series B-3 Stock") at $1,000 per share at any time prior to October 14, 1999. The initial conversion price for the Series B-2 Stock is $16.00 per share and for the Series B-3 Stock is $19.20 per share. The Company expects to file a registration statement covering the resale of the shares of common stock underlying the Series B Convertible Preferred Stock after July 14, 1999.
Upon closing of the financing, the Board of Directors of the Company
elected Mrs. Elardi as a director. Mrs. Elardi will serve as a director of the Company until the next annual meeting of the shareholders of the Company and until her successor is duly qualified and elected.
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