SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Other Events
ITEM8.01.OTHER EVENTS
After determining that it was desirable and in the best interests
of Second Sight Medical Products, Inc. (the Company) for Steve
Okland to relocate from Colorado closer to the Companys
headquarters, the Companys Compensation Committee, effective
April 14, 2017, approved a one-time relocation incentive for
Steve Okland, the Companys Commercial Vice President, U.S. and
Canada, of $50,419.75 plus actual moving costs estimated at
$20,000 to cover his relocating and establishing a permanent
residence in the Los Angeles area. In the event that Mr. Okland
voluntarily leaves the employ of the Company or is terminated for
cause within 12 months of receiving the relocation incentive, he
will be obligated to repay the entire relocation incentive to the
Company. In the event Mr. Okland voluntarily leaves the Company
or is terminated for cause after initial anniversary of the
relocation incentive grant but before the second anniversary, he
will be obligated to repay 50% of the relocation incentive to the
Company. The Offer Letter executed by the parties, filed with the
Commission on March 26, 2016 as Exhibit 10.1 to Form 8-K,
contemplated that in the event relocation was deemed necessary a
relocation package would be provided to Mr. Okland with terms to
be agreed by both parties.
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 00.00 at 1.17 with 529,901 shares trading hands.