Form 4: Vivani Medical Director Daniel Bradbury Acquires Stock Options in Lieu of Cash Retainer

Director Daniel Bradbury acquired 26,145 non-qualified stock options in Vivani Medical, Inc. in lieu of $37,500 in cash retainer fees.

Summary

• On March 27, 2024, Daniel Bradbury, a director of Vivani Medical, Inc., acquired 26,145 non-qualified stock options.
• The options were awarded in lieu of pro-rated cash retainer fees of $37,500, pursuant to the Issuer's non-employee director compensation policy.
• The exercise price of the options is $1.85.
• The options vest quarterly through December 31, 2024, and expire on March 26, 2034.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a standard compensation practice, with a director choosing equity over cash, which can be interpreted as a sign of confidence.

Positives

• The acquisition of stock options by a director aligns their interests with those of the shareholders.
• The director chose to receive stock options instead of cash, which could be seen as a positive signal about their confidence in the company's future.

Industry Context

This is a standard practice for compensating non-employee directors, aligning their interests with the long-term success of the company. Many companies offer stock options as part of their compensation packages to directors.

Comparison to Industry Standards

• Granting stock options to directors is a common practice among publicly traded companies, particularly in the biotech and pharmaceutical industries.
• The vesting schedule and exercise price appear to be within typical ranges for director compensation packages.
• Comparing Vivani Medical's director compensation package to those of similar-sized companies in the same industry would provide a more detailed benchmark.

Stakeholder Impact

• Shareholders may view the director's acceptance of stock options as a positive sign, aligning their interests with the company's long-term performance.
• The company conserves cash by issuing stock options instead of paying cash retainer fees.

Key Dates