UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 12, 2020
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SECOND SIGHT MEDICAL PRODUCTS, INC. |
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(Exact Name of Registrant as Specified in Its Charter) |
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California |
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(State or Other Jurisdiction of Incorporation) |
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001-36747 |
02-0692322 |
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(Commission File Number) |
(IRS Employer Identification No.) |
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12744 San Fernando Road, Suite 400 |
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(Address of Principal Executive Offices) |
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(818) 833-5000 |
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(Registrant's Telephone Number, Including Area Code) |
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(Former Name or Former Address, if Changed Since Last Report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ⎕
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⎕
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common Stock |
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EYES |
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Nasdaq |
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Warrants |
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EYESW |
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Nasdaq |
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-1- |
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ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 12, 2020, the Compensation Committee of the Board of Directors of Second Sight Medical Products, Inc. (the “Company”) after reviewing the Company’s targeted milestones and performance for the year ended December 31, 2019, approved bonuses, salary adjustments and long-term incentive awards for its executive staff including the following awards to the Company’s executive officers:
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Current Salary |
New Salary |
Stock Options |
Bonus |
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Jonathan Will McGuire |
President and CEO |
$426,140 |
$441,055 |
43,755 shares |
$193,361 |
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William Patrick Ryan |
Chief Operating Officer |
$313,080 |
$324,038 |
28,305 shares |
$90,400 |
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John T. Blake |
Chief Financial Officer |
$306,870 |
$317,610 |
20,147 shares |
$88,610 |
The long-term incentive awards are based on the Company’s overall performance in 2019, and the achievement of each executive’s assigned individual milestones. The stock options have a strike price of $5.98 per share, which was the closing price of Company’s shares as reported by Nasdaq on the date of grant, February 12, 2020. The stock options have a 10-year term and vest over four years from the grant date in equal monthly installments. Vesting of the stock options are contingent upon continuous employment with the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SECOND SIGHT MEDICAL PRODUCTS, INC.
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/s/ John T. Blake |
By: John T. Blake
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-2- |
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