NMT Medical Inc. (NMTI, Financial) filed Amended Annual Report for the period ended 2009-12-31.
Nmt Medical Inc. has a market cap of $9 million; its shares were traded at around $0.56 with and P/S ratio of 0.7. NMTI is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Pursuant to the employment agreement currently in effect between us and our Chief Executive Officer, Francis J. Martin, Mr. Martin received a base salary of $260,000 effective when the employment agreement was entered into on May 20, 2009. Pursuant to the employment agreement currently in effect between us and our Chief Operating Officer and Chief Financial Officer, Richard E. Davis, Mr. Davis received a base salary of $359,000, less an agreed upon reduction of $35,900, for fiscal 2009. In February 2009, Mr. Davis was appointed Chief Operating Officer, in addition to being our Chief Financial Officer, but maintained the same base salary. These specific base salary amounts were determined after considering the factors described above and as part of arms-length negotiations between the Compensation Committee and Mr. Ahern and Mr. Davis, respectively. If deemed appropriate by the Compensation Committee, base salaries are adjusted from time to time in order to reflect the promotion of a Named Executive or to realign salaries with the salaries of executives in comparable positions at companies in our Peer Group, after taking into account such factors as individual performance, scope of responsibility and experience.
Pursuant to the terms of Mr. Martins employment agreement, Mr. Martin is entitled to receive an annual bonus in an amount of up to $25,000, with the exact amount of such annual cash bonus, if any, to be determined by the Board, in its sole discretion, after consultation with the Compensation Committee and/or Mr. Martin, as the Board deems appropriate, on an annual basis. In lieu of a cash bonus for fiscal 2009, the Compensation Committee, as a result of our corporate objective to conserve cash, awarded Mr. Martin a stock award of 5,208 shares valued at $25,000 on March 23, 2010.
Effective February 9, 2009, we entered into an agreement with Mr. Martin to serve as our President and Chief Executive Officer. As part of that agreement, an option to purchase 30,000 shares of our common stock on February 9, 2009 at an exercise price of $0.81 per share. These options vested in full on February 9, 2010. On May 20, 2009, when Mr. Martin was appointed our permanent President and Chief Executive Officer, he was given an option grant to purchase 60,000 shares of our common stock on May 20, 2009 at an exercise price of $2.00 per share. These options vest in 48 equal monthly installments on each monthly anniversary of the date of grant. Performance options to purchase 120,000 shares of common stock were also granted. One half of the performance option (60,000 shares) will vest on the day on which the average stock price of our common stock for 30 consecutive trading days has been equal to or greater than $4.50. One half of the performance option (60,000 shares) will vest on the day on which the average stock price of our common stock for 30 consecutive trading days has been equal to or greater than $9.00. However, these options become immediately exercisable in the event of a change of control of the Company.
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Nmt Medical Inc. has a market cap of $9 million; its shares were traded at around $0.56 with and P/S ratio of 0.7. NMTI is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The aggregate market value of the registrants voting shares of Common Stock held by non-affiliates of the Registrant on June 30, 2009 was $23,841,550 based on the last reported sale price of registrants Common Stock on the NASDAQ Capital Market on that date, which was $2.20 per share.Pursuant to the employment agreement currently in effect between us and our Chief Executive Officer, Francis J. Martin, Mr. Martin received a base salary of $260,000 effective when the employment agreement was entered into on May 20, 2009. Pursuant to the employment agreement currently in effect between us and our Chief Operating Officer and Chief Financial Officer, Richard E. Davis, Mr. Davis received a base salary of $359,000, less an agreed upon reduction of $35,900, for fiscal 2009. In February 2009, Mr. Davis was appointed Chief Operating Officer, in addition to being our Chief Financial Officer, but maintained the same base salary. These specific base salary amounts were determined after considering the factors described above and as part of arms-length negotiations between the Compensation Committee and Mr. Ahern and Mr. Davis, respectively. If deemed appropriate by the Compensation Committee, base salaries are adjusted from time to time in order to reflect the promotion of a Named Executive or to realign salaries with the salaries of executives in comparable positions at companies in our Peer Group, after taking into account such factors as individual performance, scope of responsibility and experience.
Pursuant to the terms of Mr. Martins employment agreement, Mr. Martin is entitled to receive an annual bonus in an amount of up to $25,000, with the exact amount of such annual cash bonus, if any, to be determined by the Board, in its sole discretion, after consultation with the Compensation Committee and/or Mr. Martin, as the Board deems appropriate, on an annual basis. In lieu of a cash bonus for fiscal 2009, the Compensation Committee, as a result of our corporate objective to conserve cash, awarded Mr. Martin a stock award of 5,208 shares valued at $25,000 on March 23, 2010.
Effective February 9, 2009, we entered into an agreement with Mr. Martin to serve as our President and Chief Executive Officer. As part of that agreement, an option to purchase 30,000 shares of our common stock on February 9, 2009 at an exercise price of $0.81 per share. These options vested in full on February 9, 2010. On May 20, 2009, when Mr. Martin was appointed our permanent President and Chief Executive Officer, he was given an option grant to purchase 60,000 shares of our common stock on May 20, 2009 at an exercise price of $2.00 per share. These options vest in 48 equal monthly installments on each monthly anniversary of the date of grant. Performance options to purchase 120,000 shares of common stock were also granted. One half of the performance option (60,000 shares) will vest on the day on which the average stock price of our common stock for 30 consecutive trading days has been equal to or greater than $4.50. One half of the performance option (60,000 shares) will vest on the day on which the average stock price of our common stock for 30 consecutive trading days has been equal to or greater than $9.00. However, these options become immediately exercisable in the event of a change of control of the Company.
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