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 December 6, 2016 the Board of Directors of Second Sight Medical Products, Inc. (the “Company”) approved the following executive and management compensation policies:

·      Adopted a “double-trigger” change of control severance plan for the Company’s Chairman, Chief Executive Officer and officers who report directly to the Chief Executive Officer. The two triggers for payment of severance are (1) change of control and (2) “qualifying” termination, which would be termination without cause by buyer or a voluntary resignation for good reason. A change of control is defined to include (i) an acquisition or merger in which 50% or more of outstanding voting power changes hands, and (ii) a sale of all or substantially all of the Company’s assets occurs.

·      For the Chairman and Chief Executive Officer, cash severance includes one year of salary continuation, bonus equal to a prorated amount for the year-to-date bonus earned but not yet paid, 50% of target bonus for the cash severance period, and a continuation of health insurance benefits for the severance period. For officers who report directly to the Chief Executive Officer, cash severance includes six months of salary continuation, bonus equal to a prorated amount for the year-to-date bonus earned but not yet paid, 50% of target bonus for the cash severance period, and a continuation of health insurance benefits for the severance period.

·     Increased base salary compensation to Dr. Robert J. Greenberg effective January 1, 2017 from $394,000 to $438,000 per annum and changed his targeted bonus from 50% of his base salary to 35% of his base salary.

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.

SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Recent Trading Information

SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) closed its last trading session down -0.03 at 1.86 with 248,197 shares trading hands.