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 January 19, 2018. The filing discloses a compensatory arrangement for a senior officer under Item 5.02.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed relates to the equity compensation grant:
- Option Grant: 150,000 shares of common stock.
- Exercise Price: $1.83 per share (based on the Nasdaq closing price on the grant date).
- Term: 10 years.
Material Changes
The material change reported is the appointment of a compensatory arrangement for Thomas B. Miller, the Company's Chief Financial Officer. The Board granted options that fully vest and become exercisable on January 19, 2019. The validity of these options is contingent upon Mr. Miller's continued employment or his availability as a consultant to assist with executive transition and financial matters through the vesting date.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. The primary contingency noted is the condition that the new options and the vesting of prior options depend on Mr. Miller remaining employed or serving as a consultant through the vesting date.
Investor Verification Checklist
- Verify the correct registrant name is Second Sight Medical Products, Inc., not Vivani Medical, Inc.
- Confirm the vesting schedule and conditions for the 150,000 options granted to the CFO.
- Review the terms of Mr. Miller's "Prior Options" to understand the total potential equity exposure.
- Check subsequent filings for any updates on Mr. Miller's employment status relative to the January 19, 2019 vesting date.