NEUROMETRIX, INC. (NASDAQ:NURO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

NEUROMETRIX, INC. (NASDAQ:NURO) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 29, 2019, the Compensation Committee of the Board of Directors of NeuroMetrix, Inc. (the “Company”) approved a reduction in cash compensation and a grant of stock options for Shai N. Gozani, M.D., Ph.D., President, Chief Executive Officer of the Company, Thomas T. Higgins, Senior Vice President and Chief Financial Officer of the Company and Frank McGillin, Senior Vice President and Chief Commercial Officer of the Company.
Effective as of January 1, 2020, Dr. Gozani’s annual base salary will be reduced from $422,200 to $1; Mr. Higgins’ annual base salary will be reduced from $325,000 to $150,000; and Mr. McGillin’s annual base salary will be reduced from $357,500 to $150,000. On December 29, 2019, Dr. Gozani was granted a stock option to purchase 100,000 shares of the Company’s common stock under the Company’s Eleventh Amended and Restated 2004 Stock Option and Incentive Plan (the “2004 Plan”); Mr. Higgins was granted a stock option to purchase 50,000 shares of the Company’s common stock under the 2004 Plan; and Mr. McGillin was granted a stock option to purchase 50,000 shares of the Company’s common stock under the 2004 Plan. The exercise price of these stock options is $4.58, which was the closing price of the Company’s common stock on the Nasdaq Stock Market on the last day of trading prior to the date of grant. These stock options expire on December 29, 2029 and vest one year from the date of grant.
About NEUROMETRIX, INC. (NASDAQ:NURO)

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NeuroMetrix, Inc. (NeuroMetrix) is a health-care company that develops wearable medical technology and point-of-care tests that help patients and physicians manage chronic pain, nerve diseases and sleep disorders. The Company operates through the sale of medical equipment and consumables segment. Its products are sold in the United States and selected overseas markets. It has two principal product lines: Wearable neuro-stimulation therapeutic devices and Point-of-care neuropathy diagnostic tests. The Company’s products consist of a medical device used in conjunction with a consumable electrode or biosensor. Its products include Quell, which is a wearable device for relief of chronic intractable pain; SENSUS, which is a prescription neuro-stimulation device; DPNCheck, which is a nerve conduction test that is used to evaluate systemic neuropathies, and ADVANCE System, which is a platform for the performance of nerve conduction studies.

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