STAAR SURGICAL CO DEF 14A Filing

Ticker: STAA · Form: DEF 14A · Filed: Apr 24, 2024 · CIK: 718937

Staar Surgical Co DEF 14A Filing Summary
FieldDetail
CompanyStaar Surgical Co (STAA)
Form TypeDEF 14A
Filed DateApr 24, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$322.4M, $21.3M, $232.4M, $322.4 million, $21.3 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, STAAR SURGICAL CO, SEC Filing, Corporate Governance, Executive Compensation

TL;DR

<b>STAAR SURGICAL CO filed its DEF 14A with the SEC on April 24, 2024.</b>

AI Summary

STAAR SURGICAL CO (STAA) filed a Proxy Statement (DEF 14A) with the SEC on April 24, 2024. STAAR SURGICAL CO filed a DEF 14A on 2024-04-24. The filing is for the period ending 2024-06-20. The company's Central Index Key is 0000718937. The Standard Industrial Classification is OPHTHALMIC GOODS [3851]. The company's IRS number is 953797439.

Why It Matters

For investors and stakeholders tracking STAAR SURGICAL CO, this filing contains several important signals. This DEF 14A filing provides updated information on executive compensation, board of directors, and other corporate governance matters for STAAR SURGICAL CO. Investors and stakeholders can use this filing to understand the company's executive pay structure and any proposed changes to corporate governance policies.

Risk Assessment

Risk Level: low — STAAR SURGICAL CO shows low risk based on this filing. The filing is a routine DEF 14A, which typically contains standard corporate governance and executive compensation information, posing no immediate material risk.

Analyst Insight

Review the executive compensation details and any proposed shareholder resolutions in the DEF 14A filing to assess potential impacts on corporate governance and shareholder value.

Key Numbers

  • 2024-04-24 — Filing Date (20240424)
  • 2024-06-20 — Period of Report (20240620)
  • 0000950170-24-047635 — Accession Number (ACCESSION NUMBER)
  • 000-11634 — SEC File Number (SEC FILE NUMBER)
  • 24871050 — Film Number (FILM NUMBER)

Key Players & Entities

  • STAAR SURGICAL CO (company) — FILER
  • 0000718937 (company) — CENTRAL INDEX KEY
  • 3851 (company) — STANDARD INDUSTRIAL CLASSIFICATION
  • 953797439 (company) — IRS NUMBER
  • DE (company) — STATE OF INCORPORATION
  • 1911 WALKER AVE (company) — BUSINESS ADDRESS STREET 1
  • MONROVIA (company) — BUSINESS ADDRESS CITY
  • CA (company) — BUSINESS ADDRESS STATE

FAQ

When did STAAR SURGICAL CO file this DEF 14A?

STAAR SURGICAL CO filed this Proxy Statement (DEF 14A) with the SEC on April 24, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by STAAR SURGICAL CO (STAA).

Where can I read the original DEF 14A filing from STAAR SURGICAL CO?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by STAAR SURGICAL CO.

What are the key takeaways from STAAR SURGICAL CO's DEF 14A?

STAAR SURGICAL CO filed this DEF 14A on April 24, 2024. Key takeaways: STAAR SURGICAL CO filed a DEF 14A on 2024-04-24.. The filing is for the period ending 2024-06-20.. The company's Central Index Key is 0000718937..

Is STAAR SURGICAL CO a risky investment based on this filing?

Based on this DEF 14A, STAAR SURGICAL CO presents a relatively low-risk profile. The filing is a routine DEF 14A, which typically contains standard corporate governance and executive compensation information, posing no immediate material risk.

What should investors do after reading STAAR SURGICAL CO's DEF 14A?

Review the executive compensation details and any proposed shareholder resolutions in the DEF 14A filing to assess potential impacts on corporate governance and shareholder value. The overall sentiment from this filing is neutral.

How does STAAR SURGICAL CO compare to its industry peers?

STAAR SURGICAL CO operates in the ophthalmic goods industry, specializing in products for vision correction.

Are there regulatory concerns for STAAR SURGICAL CO?

The DEF 14A filing is a requirement under the Securities Exchange Act of 1934, mandating public companies to disclose information about their annual meetings, including director nominations and executive compensation.

Industry Context

STAAR SURGICAL CO operates in the ophthalmic goods industry, specializing in products for vision correction.

Regulatory Implications

The DEF 14A filing is a requirement under the Securities Exchange Act of 1934, mandating public companies to disclose information about their annual meetings, including director nominations and executive compensation.

What Investors Should Do

  1. Review the proxy statement for details on director nominees and their qualifications.
  2. Analyze the executive compensation packages, including base salary, bonuses, and equity awards.
  3. Examine any shareholder proposals and the company's recommendations.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure. No prior filing data is available in this extract for comparison.

Filing Stats: 4,580 words · 18 min read · ~15 pages · Grade level 12 · Accepted 2024-04-24 16:31:54

Key Financial Figures

  • $322.4M — rrection with EVO ICL TM 2023 Net Sales $322.4M 2023 Net Income $21.3M Cash, cash equiv
  • $21.3M — 2023 Net Sales $322.4M 2023 Net Income $21.3M Cash, cash equivalents and investments
  • $232.4M — ents and investments available for sale $232.4M as of December 29, 2023 TOTAL ICLS SOLD
  • $322.4 million — we grew our net sales in 2023 by 13% to $322.4 million. Our ICL sales were up 18% compared to
  • $21.3 million — apabilities, we generated net income of $21.3 million in 2023, and we ended the year with cas
  • $232.4 million — s and investments available for sale of $232.4 million. We believe this positions us well for
  • $322.4 m — 23, STAAR reported worldwide revenue of $322.4 million, an increase of 13% from the prio

Filing Documents

Security Ownership of Principal Shareholders and Management

Security Ownership of Principal Shareholders and Management 48 Audit Committee Report 50 Proposal No. 2: Approval of Amendment to Amended and Restated Omnibus Equity Incentive Plan 51 Proposal No. 3: Ratification of Independent Registered Public Accounting Firm 59 Proposal No. 4: Advisory Vote to Approve Executive Compensation 61 Annual Report on Form 10-K 62 Questions and Answers about the Annual Meeting and Voting 63 Appendix 1—Amendment No. 1 to Amended and Restated Omnibus Equity Incentive Plan Appendix 2—Amended and Restated Omnibus Equity Incentive Plan Appendix 3—Non-GAAP Financial Measures

Forward-Looking Statements and Website References

Forward-Looking Statements and Website References This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact, including statements regarding our environmental and other sustainability plans and goals. We caution you that these statements are not guarantees of future performance, nor promises that goals or targets will be met. Although we believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations and assumptions will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, including but not limited to, the risk factors that we identify in our filings made with the Securities and Exchange Commission (the "SEC"), and actual results may differ materially from the results anticipated in such forward-looking statements. Our forward-looking statements speak only as of the date of this proxy statement, and we undertake no duty to update or revise any forward-looking statement that we may make, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document. PROXY STATEMENT SUMMARY STAAR Surgical Company STAAR Surgical Company (the "Company," "STAAR," "we," "us," or "our") designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems

Executive Compensation Highlights

Executive Compensation Highlights Our "say-on-pay" vote received over 95% support from shareholders at the 2023 Annual Meeting Compensation Best Practices 2023 long-term incentive awards for our executives were granted in a combination of stock options, restricted stock units, and performance stock units. In connection with the hiring of new executives in 2023, including Mr. Frinzi as President and Chief Executive Officer, the Compensation Committee conducted benchmarking and used the services of its independent compensation consultant, Aon Human Capital Solutions (formerly Radford Consulting) to structure market-based compensation packages to attract and retain each executive. Pay for Performance Given macroeconomic and other factors that impacted our business and industry in 2023, our performance fell short of goals that we set at the beginning of 2023. As a result, our annual bonus plan was funded at 50% of target, and performance stock units granted to members of our management team in 2023 did not vest and were forfeited. Equity Incentive Plan Highlights We are seeking shareholder approval of a 2.6 million increase in the shares available for grant Equity Plan and Amendment Our shareholders last approved the Amended and Restated Omnibus Equity Incentive Plan (the "Plan") at the 2023 Annual Meeting. The Plan includes governance best practices, including prohibitions on option repricing and cash buyouts of underwater options, limitations on share recycling, and award amount limits, including for director awards. The Plan amendment would increase the shares available for grant by 2.6 million shares, to an aggregate total of 22,805,000 shares. Responsible Share Usage The Company has thoughtfully managed its equity award burn rate, with a three-year average unadjusted burn rate of 1.6%. The Company's 2023 unadjusted burn rate was 2.6%, driven primarily by equity awards for new executives, including Mr. Frinzi as President and Chief Exec

: Gender Identity

Part I: Gender Identity Directors 3 4

: Demographic Background

Part II: Demographic Background Asian 2 1 White 1 3 *As of April 22, 2024. The chart only includes information for directors nominated for re-election at the Annual Meeting. 2024 Proxy Statement – 5 – –– Information Regarding Director Nominees –– Director Nominee Profiles Arthur C. Butcher Director since March 2024 Age 53 Qualifications. The Board of Directors concluded that Mr. Butcher should serve on the Board of Directors because he brings to the Board extensive medical device marketing, strategy and product development experience, including significant business experience in Asia. In addition, the Board believes that it can benefit from Mr. Butcher's experience and perspective from serving on the board of Acotec Scientific, a public company listed on the Hong Kong Stock Exchange. Experience . Mr. Butcher currently serves as Executive Vice President and Group President, MedSurg and Asia Pacific for Boston Scientific, a medical device company, a position he has held since May 2022. Prior to his current role, Mr. Butcher served as Boston Scientific's Executive Vice President and President, Asia Pacific, from February 2020 to May 2022, and was responsible for commercialization of the company's full portfolio of products across all divisions in the Asia Pacific region. Mr. Butcher joined Boston Scientific in 1997, and he has held management roles with increasing responsibility and has deep experience across the company's divisions. He serves as a member of the Board of Directors of Acotec Scientific Holdings Limited, listed publicly on the Hong Kong Stock Exchange. Education . Mr. Butcher earned a B.A. in International Relations from the University of Pennsylvania and an M.B.A. from Columbia University. Stephen C. Farrell Director since January 2016 Age 59 Qualifications . The Board of Directors concluded that Mr. Farrell should serve on the Board of Directors because he brings to the Board significant operating, financial an

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