Business Context and Reporting Period
This Form 8-K is a current report filed by Second Sight Medical Products, Inc. (not Vivani Medical, Inc.) on March 5, 2017, covering events occurring on February 28, 2017. The filing discloses the appointment of a new senior executive and related compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details:
- Base Salary: $250,000 annually.
- Cash Bonus: Up to 30% of base salary based on performance.
- Relocation Payment: One-time payment of $15,000.
- Equity Grant: Options to purchase 150,000 shares at a strike price of $1.67 per share.
- Prior Compensation: The executive received over $122,000 in 2016 for prior consulting services.
Material Changes
The primary material change is the appointment of David Jacques as Vice President – Research & Development, effective February 28, 2017. This represents a shift from a prior consulting relationship to a full-time executive role with a formalized compensation package including salary, bonus, and equity.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of general business risks. Specific terms regarding the new appointment include:
- Employment Status: At-will employment, terminable with or without cause.
- Severance: Subject to the Company's severance plan.
- Equity Vesting: Options vest over four years (37,500 on Feb 28, 2018; remainder quarterly). Unvested options lapse immediately upon termination; vested options expire 30 days post-termination.
Investor Verification Checklist
- Verify the correct registrant name is Second Sight Medical Products, Inc., not Vivani Medical, Inc.
- Confirm the vesting schedule and strike price ($1.67) of the 150,000 stock options granted.
- Review the Company's existing severance plan to understand potential termination costs.
- Check the press release (Exhibit 99.1) for additional strategic context regarding the R&D appointment.