Three months after announcing that one of its longtime board members would be stepping into the top spot, officials at NMT Medical Inc. revealed the terms of Francis Martin’s deal.
The Boston-based cardiac implant maker will pay Martin an annual base salary of $260,000, with the possibility of a $25,000 cash bonus, full benefits and a $750 monthly car allowance.
He’ll also earn 60,000 shares of stock, vesting in equal monthly installments over the next two years, and the option to purchase an additional 120,000 shares in a “performance grant.” The purchase options have a set price of $4.50 – $9 per share.
Shares of NMT were trading at $2 at the close of the market yesterday.
Martin replaced former CEO John Ahern in February on an interim basis, but NMT removed the “interim” in April. For now, Martin, 71, will work off of a one-year deal, with the option to renew unless the company provides 180 day’s notice that they will be replacing him.
Martin has been a board member since 2001.