Executive Officers
During the year ended December 31, 2019,2022, our named executive officers were:
Dolev Rafaeli,Robert Moccia, President and Chief Executive Officer; andOfficer
Matthew C. Hill,Christopher Lesovitz, Chief Financial Officer.Officer
Shmuel Gov, Senior Vice President
The biographical information for our current executive officers (other than Dr. Rafaeli,Mr. Moccia which is included below)above) are below:
Matthew C. HillChristopher Lesovitz (age 52) assumed41) Since July 11, 2021, Mr. Lesovitz has served as the duties of Chief Financial Officer on May 15, 2018.Company’s Controller. Previously, he led the finance department at Encore Dermatology, Inc., a fully integrated dermatology company. Prior to joiningthat, Mr. Lesovitz held various finance roles with Iroko Pharmaceuticals, LLC, a pharmaceutical company specializing in pain management, serving as its Assistant Controller and as its Senior Accounting Manager. Mr. Lesovitz received his Bachelor of Science in accounting from Villanova University in 2004. Additionally, Mr. Lesovitz is a Certified Public Accountant (CPA) in the Commonwealth of Pennsylvania.
Shmuel Gov (age 63) Mr. Gov is the Company’s Senior Vice President and General Manager in charge of operations at the Company’s manufacturing and R&D facility in Carlsbad, CA. He joined the Company he was the chief financial officer with operational responsibilities with SS White Dental, a privately held medical device company in the dental space, from 2010. Prior to SS White, Matt served2015 as CFO at VelceraVice President and EP Medsystems, both publicly traded companies, where he was also responsible for public company compliance and participated in capital raising for the companies. Mr. HillGeneral Manager. He has over 2025 years of experience in various capacitiesmedical device manufacturing, logistics, and R&D. He holds degrees in publicelectronics engineering and private companies, and in public accounting with Grant Thornton LLP. Mr. Hill graduated with a B.S. in accounting from Lehigh University in 1991.international business management.
Components of Executive Compensation during 20192022
During 2019 our named executive officers receivedMr. Moccia receives a base salary a car allowance, annual bonus, special bonusat the rate of Five Hundred Ten Thousand Seven Hundred Thirty-One Dollars ($510,731) per annum, and is entitled to receive other incentives as described in recognition ofhis employment agreement under the efforts made by the executives in successfully managing the restatement of the Company’s 2017 and 2018 financial statements, successfully managing the Company’s effortsheading “Employment Agreement with Robert Moccia” below. He is eligible to become compliant and current with all of the Company’s reporting obligations with the Securities and Exchange Commission and regaining compliance with the Nasdaq Listing Rules, all of which compliance matters have been previously disclosedparticipate in the Company’s filings,management incentive plan (“MIP”) and 401(k) matching contributions.is scheduled to receive a bonus payment for fiscal 2022 performance of Two Hundred Ninety-Nine Thousand Six Hundred Seventy-Seven Dollars ($299,677).
Dr. Rafaeli earns an annualMr. Lesovitz receives a base salary at the rate of Two Hundred Fifty Thousand Dollars ($250,000) per annum, and is entitled to receive a bonus each fiscal year, based upon the performance of the Company’s business during the relevant quarters in which he is employed. Such bonus during 2019 is achieved, on a quarterly basis, but is paid annually, if (a)of each fiscal year (“FY”) and other goals to be proposed by the Company achieved positive adjusted EBITDA and (b) with such bonus amount determined as a percentage of the average aggregate collected revenue during such quarter from all installed laser machines (pro-rated for machines installed during a quarter) (“Average Revenue per Machine”) based upon the following schedule:
Up to $8,100
| | | 0.50%
|
$8,101 to $9,600
| | | 0.80%
|
$9,601 to $11,000
| | | 1.20%
|
Above $11,001
| | | 1.50%
|
The Average Revenue per Machine and positive adjusted EBITDA quarters resulted in a payout of $157,930.
Mr. Hill had a target bonus of $95,000 in 2019, with 75% of such bonus based on achieving certain revenue goals. The balance of the bonus was based on achieving personal goals, as agreed with the Chief Executive OfficerCEO and approved by the Compensation/Nominating and Governance Committee of the Board. He is eligible to participate in the MIP and is scheduled to receive a bonus payment for fiscal 2022 performance of One Hundred and Six Thousand Two Hundred Fifty Dollars ($106,250).
Mr. Gov’s salary in 2022 was Two Hundred Ninety-Four Thousand dollars ($294,000) which resultedwill increase by 4.7% in May 2023 to Three Hundred and Seven Thousand Eight Hundred dollars ($307,800). He is eligible to participate in the MIP and is scheduled to receive a total bonus payoutpayment for fiscal 2022 performance of $49,287.One Hundred Thirty-Five Thousand Two Hundred Forty Dollars ($135,240).
Also, during 2019,On March 30, 2022, the Compensation/Nominating and Governance Committee granted the following options to each of Dr. RafaeliMessrs. Moccia and Lesovitz:
VWAP Vesting Options. Mr. HillMoccia received awardoptions to purchase 60,000 shares of cash bonusescommon stock under the Company’s 2016 Amended and Restated Omnibus Incentive Plan (the “Plan”), with an exercise price of $1.45 per share, which would vest upon the Company achieving a five trading day volume weighted average per share price ending on December 31, 2022 of $2.00. As this target was not achieved, these options were forfeited for no consideration.
Performance Options. Mr. Moccia received options to purchase shares of common stock optionsunder the Plan, with an exercise price of $1.45 per share, which would vest upon the Company achieving a specified net revenue target in recognitionrelation to the Company’s budget over a 12-month period from January 1, 2022 through December 31, 2022, with a “target” of 100,000 shares. Possible payout ranges from 0% of the efforts made by the executives in successfully managing the restatementTarget, to 105% of the Company’s 2017Target if the goal were exceeded. The Target was met and 2018 financial statements, successfully managing the Company’s efforts to become compliant and current with all of the Company’s reporting obligations with the SEC and regaining compliance with the Nasdaq Listing Rules, all of which compliance matters have been previously disclosed in the Company’s filings. The cash awards were as follows: (a) Dr. Rafaeli - $120,000; and (b) Mr. Hill - $100,000.100,000 shares vested.