HELIUS MEDICAL TECHNOLOGIES, INC. (OTCMKTS:HSDT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
HELIUS MEDICAL TECHNOLOGIES, INC. (OTCMKTS:HSDT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)
On December 10, 2019, Helius Medical Technologies, Inc. (the “Company”) entered into an arrangement with each of Philippe Deschamps, the Company’s president and chief executive officer, and Joyce LaViscount, the Company’s chief financial officer and chief operating officer, whereby each of Mr. Deschamps and Ms. LaViscount have elected to receive shares of the Company’s Class A common stock (“common stock”) in lieu of a portion of each of their respective cash salary compensation.
Under the terms of the arrangements with Mr. Deschamps and Ms. LaViscount, as approved by the board of directors (the “Board) of the Company, Mr. Deschamps and Ms. LaViscount have elected to reduce their base cash salaries by 19% and 17%, respectively, in exchange for fully vested restricted stock grants to the Company’s 2018 Omnibus Incentive Plan (the “Plan”). The value of the shares to be issued to Mr. Deschamps and Ms. LaViscount will be equal in value to the amount of cash salary forgone, with the actual number of shares issuable on each payroll date calculated based on the closing trading price of the Company’s common stock as of such payroll date. Mr. Deschamps’ and Ms. LaViscount’s elections to receive restricted stock awards in lieu of cash salary compensation are effective beginning with the December 15, 2019 payroll date and will remain in place and be effective for all future payroll dates that occur thereafter until the officer delivers written notice to the Company of his or her decision to terminate the election.
About HELIUS MEDICAL TECHNOLOGIES, INC. (OTCMKTS:HSDT)
Helius Medical Technologies, Inc. is a medical technology company focused on neurological wellness. The Company focuses on developing, licensing or acquiring non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company is engaged in the development of its product, the portable neuromodulation stimulator (PoNS) device. The device, when used in combination with physiotherapy, is designed to enhance the brain’s ability to compensate for damage due to trauma or disease. The Company’s PoNS device is designed to induce cranial nerve non-invasive neuromodulation through an increase in stimulation of the facial and trigeminal nerves, which innervate the tongue. The PoNS device is developed to deliver to the tongue a non-invasive neurostimulation, in a form that induces neuromodulation. The PoNS device is an electrical pulse generator that delivers controlled electrical stimulation to the tongue.
