SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) 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 February 19, 2019, the Compensation Committee of the Board of Directors of Second Sight Medical Products, Inc. (the “Company”), after reviewing the Company’s targeted milestones and performance for the year ended December 31, 2018, approved salary adjustments and long-term incentive awards for its executive staff, including the following awards to the Company’s executive officers:
|
Shares |
|||||
|
Current Salary |
New Salary |
Stock Options |
Restricted Stock Units |
||
|
Jonathan Will McGuire |
President and CEO |
$407,790 |
$426,140 |
354,000 |
177,000 |
|
William Patrick Ryan |
Chief Operating Officer |
$310,000 |
$313,080 |
229,000 |
115,000 |
|
John T. Blake |
Chief Financial Officer |
$300,000 |
$306,870 |
163,000 |
82,000 |
The long-term incentive awards are based on the Company’s overall performance in 2018 and the achievement of each executive’s assigned individual milestones. Salary adjustments were prorated for the individuals’ respective hire dates. The stock options have a strike price of $0.7401 per share, which was the closing price of Company’s shares as reported by Nasdaq on the date of grant, February 19, 2019. The stock options have a 10-year term and vest over four years from the grant date in equal monthly installments. The Restricted Stock Unit awards (“RSUs”) vest over four years from the grant date in equal annual installments. Vesting of the stock options and RSUs are contingent upon continuous employment with the Company.
About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)
Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.
