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 OfficersITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 21, 2017, the Compensation Committee of the Board of Directors of Second Sight Medical Products, Inc. (the “Company”) approved by written consent the following adjustments to the compensation of the executive officers of the Company to become effective as of July 1, 2017:
| Annual | Adjusted | ||||||||
| Name | Position | Base | % Raise | $ Raise | Base | ||||
| Will McGuire | President and Chief Executive Officer | $ | 394,000 | 3.5 | % | $ | 13,790 | $ | 407,790 |
| Robert J. Greenberg, M.D., Ph.D. | Chairman of the Board | $ | 438,000 | 1.5 | % | $ | 6,570 | $ | 444,570 |
| Thomas B. Miller | Chief Financial Officer | $ | 281,000 | 2.0 | % | $ | 5,620 | $ | 286,620 |
| Steve Okland | Commercial Vice President, U.S. and Canada | $ | 260,000 | 3.0 | % | $ | 7,800 | $ | 267,800 |
| Gregoire Cosendai (1) | Vice President of European Operations | $ | 256,684 | 2.0 | % | $ | 5,134 | $ | 261,818 |
| Edward Randolph |
Vice President of Operations, Quality Assurance and Information Technology |
$ | 244,000 | 2.0 | % | $ | 4,880 | $ | 248,880 |
1. Converted from Swiss Francs into U.S. Dollars at a conversion rate of $1.05 per one Swiss Franc.
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.