Business Context and Reporting Period
This Form 8-K was filed by Second Sight Medical Products, Inc. (not Vivani Medical, Inc.) on July 21, 2017. The report details adjustments to the compensation of executive officers approved by the Compensation Committee, effective July 1, 2017.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
Material Changes
The Company implemented base salary increases for six executive officers. The specific adjustments are as follows:
- Will McGuire (President and CEO): Increased from $394,000 to $407,790 (3.5% raise).
- Robert J. Greenberg, M.D., Ph.D. (Chairman of the Board): Increased from $438,000 to $444,570 (1.5% raise).
- Thomas B. Miller (CFO): Increased from $281,000 to $286,620 (2.0% raise).
- Steve Okland (Commercial VP, U.S. and Canada): Increased from $260,000 to $267,800 (3.0% raise).
- Gregoire Cosendai (VP of European Operations): Increased from $256,684 to $261,818 (2.0% raise; converted from Swiss Francs).
- Edward Randolph (VP of Operations, Quality Assurance and IT): Increased from $244,000 to $248,880 (2.0% raise).
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on business performance, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the total annual cost increase to the Company resulting from these salary adjustments.
- Confirm the effective date of July 1, 2017, for payroll processing purposes.
- Review the Company's most recent 10-K or 10-Q for context on overall compensation expenses relative to revenue.
- Note the currency conversion rate ($1.05 per Swiss Franc) used for the European VP's salary.