Business Context and Reporting Period
This Form 8-K was filed by Sunshine Heart, Inc. (not Nuwellis, Inc.) on September 8, 2013. The report discloses compensatory arrangements for certain executive officers under the Company's Amended and Restated 2011 Equity Incentive Plan.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on equity compensation awards granted to executive officers.
Material Changes
On September 8, 2013, the Company approved grants of Stock Awards and Restricted Stock Units (RSUs) to five executive officers. The Stock Awards are fully vested on the grant date. The RSUs vest in twelve equal monthly increments over one year, contingent on continued service.
Equity Awards Granted
| Executive Officer | Title | Stock Award Shares | RSU Shares |
|---|---|---|---|
| William S. Peters | Chief Technical Officer & Medical Director | 11,951 | 11,951 |
| Jeffrey S. Mathiesen | Chief Financial Officer | 11,868 | 11,868 |
| Debra J. Kridner | Executive Vice President of Regulatory Affairs | 7,095 | 7,095 |
| Kevin P. Bassett | Senior Vice President, Technology & Operations | 7,345 | 7,345 |
| James C. Yearick | VP of Marketing and Sales | 8,250 | 8,250 |
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. The primary contingency noted is that RSU vesting is conditional upon the executive officer's continued service to the Company.
Investor Verification Checklist
- Verify the registrant name is Sunshine Heart, Inc., not Nuwellis, Inc.
- Confirm the total number of shares granted (46,509 Stock Awards and 46,509 RSUs).
- Review the attached Stock Award Agreements (Exhibit 10.1) and RSU Agreements (Exhibit 10.2) for specific terms.
- Note that Stock Awards are immediately vested, while RSUs vest over 12 months.