Business Context and Reporting Period
This Form 8-K was filed by Second Sight Medical Products, Inc. on May 22, 2015. The report discloses the appointment of Anthony Moses as Commercial Vice President, Americas, effective May 25, 2015. The company is incorporated in California and is headquartered in Sylmar, California.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and employment terms.
Material Changes
The primary material change is the addition of senior leadership to drive commercialization in North and South America. Mr. Moses brings experience from Eye Therapies, Oraya, Inc., NeoVista, Inc., and Carl Zeiss Meditec, Inc.
Compensation and Employment Terms
- Base Salary: $225,000 annually.
- Performance Bonuses:
- $3,500 for each MAC or country reimbursement achieved.
- $1,000 for each implant.
- $500 for each new medical center recruited upon completion of an initial implant procedure.
- Equity Incentive: Option to purchase 150,000 shares of common stock at an exercise price of $12.73 (closing price on May 22, 2015). The option term is 10 years, vesting over four years (37,500 shares on the first anniversary, with the balance vesting quarterly).
- Relocation Package: $50,000. This amount is repayable in full if Mr. Moses voluntarily terminates employment within two years of hire.
- Termination Provisions: Employment is at-will. Upon termination, unvested options lapse immediately, and vested but unexercised options expire 30 days later.
Investor Verification Checklist
- Verify the stock price of Second Sight Medical Products, Inc. on May 22, 2015, to confirm the $12.73 exercise price.
- Review the company's 2011 Equity Incentive Plan to confirm the availability of shares for the 150,000 option grant.
- Monitor future filings for updates on reimbursement milestones and implant volumes to assess potential bonus payouts.
- Confirm the company's current cash position to ensure it can support the new executive's salary and relocation costs.