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 21, 2016, with the earliest event reported on that date. The filing primarily addresses executive leadership changes within the company's commercial division.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel appointments and compensation terms.
Material Changes
- Executive Appointment: The Company appointed Steve Okland as Commercial Vice President, U.S. and Canada, effective March 24, 2016.
- Executive Departure: Anthony Moses resigned from the same position but will remain an employee until April 15, 2016, to facilitate the transition.
- Compensation Structure: Mr. Okland's annual salary is set at $260,000. He is eligible for performance-based bonuses and has been granted an option to purchase 150,000 shares of common stock under the 2011 Equity Incentive Plan, subject to board approval.
Outlook, Risks, and Management Commentary
The filing highlights Mr. Okland's extensive background in the medical device sector, including roles at Miramar Labs, Medivance, Spectranetics, Boston Scientific, and Johnson & Johnson. His appointment is intended to leverage his experience in commercialization and sales leadership. The employment agreement is "at-will," meaning Mr. Okland is not entitled to severance compensation upon termination. Unvested options will lapse immediately upon termination, and vested options will expire 30 days post-termination.
Investor Verification Checklist
- Verify the exact vesting schedule and exercise price for the 150,000 stock options granted to Mr. Okland, as these were pending board approval at the time of filing.
- Confirm the transition timeline for Anthony Moses, who remains employed until April 15, 2016.
- Review the attached Exhibit 10.1 (Offer Letter) for specific performance metrics tied to Mr. Okland's bonus eligibility.
- Note that this filing contains no financial results; investors should refer to the most recent 10-Q or 10-K for financial health metrics.