NanoVibronix, Inc. (NASDAQ:NAOV), a medical device company, has announced the renewal of employment agreements with its Chief Executive Officer Brian Murphy and Chief Financial Officer Stephen Brown, as detailed in a recent SEC filing.
The new agreements, effective September 20, 2024, extend the tenure of both executives through August 31, 2025. The previous contracts, dated January 1, 2022, were superseded by these latest agreements.
Under the terms of the new contract, CEO Brian Murphy will receive an annual base salary of $321,000 and may be eligible for a bonus of up to $100,000, subject to performance criteria set by the company. Additionally, Murphy is entitled to reimbursement for reasonable expenses incurred in the performance of his duties and may be granted incentive stock options.
CFO Stephen Brown's updated agreement stipulates an annual base salary of $267,500 with the possibility of a bonus up to $50,000, also contingent on performance. Brown is similarly eligible for expense reimbursement and potential stock option grants.
Both executives may terminate their contracts with a 90-day written notice. In case of termination, the company is obligated to pay accrued salary, unpaid vacation or similar pay, and unreimbursed expenses. If termination occurs for cause, the company's obligation is limited to these accrued obligations.
In other recent news, NanoVibronix, Inc. has announced plans to expand the distribution of its UroShield device in Israel. The medical device company has expressed its intent through a letter of intent with Medici Medical LTD, a key distributor in the Israeli healthcare market. The UroShield device, a product of NanoVibronix, is a Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Device designed for medical applications such as disrupting biofilms and bacterial colonization.
Brian Murphy, CEO of NanoVibronix, has shown optimism about the potential partnership enhancing the company's global distribution network. Medici Medical LTD, known for its specialization in importing, marketing, and distributing disposable medical devices and biological products, has also expressed interest in the UroShield's reported benefits. It's important to note that this development signifies the preliminary stage of discussions and does not guarantee a finalized agreement.
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