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 May 13, 2020 Second Sight Medical Products, Inc. (the “Company”) and John T. Blake, Chief Financial Officer of the Company, entered into Amendment No.1 (the “Amendment”) to Executive Employment Agreement dated March 21, 2018 (the “Employment Agreement”) to which the Company agreed to pay Mr. Blake a one-time cash bonus of $100,000 (the “Bonus”) in recognition of his services on behalf of the Company. Under the Amendment, Mr. Blake will be entitled to receive all separation amounts due to him to the Employment Agreement less the amount of Bonus in the event that his employment is terminated without cause (as defined in the Employment Agreement)
The Amendment is attached hereto as Exhibit 10.1. The description of the compensatory arrangement set forth above is qualified in its entirely by the terms of the Amendment which is incorporated herein by this reference.
SECOND SIGHT MEDICAL PRODUCTS INC Exhibit
EX-10.1 2 eyes-ex101_6.htm EX-10.1 eyes-ex101_6.htm Exhibit 10.1 Amendment No. 1 to Executive Employment Agreement This Amendment No. 1 to Executive Employment Agreement (“Amendment”) is made effective this 13 day of May 2020 upon the terms and conditions set forth herein by and between Second Sight Medical Products,…
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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.
