Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Appointment of Principal Accounting Officer
On January 11, 2022, the Board of Directors (the "Board") of LENSAR, Inc. (the
"Company") appointed Kendra W. Wong, previously the Company's Director of
Financial Operations, to serve as the Company's Principal Accounting Officer,
effective immediately.
In connection with Ms. Wong's promotion, on January 11, 2022, the Board
approved: (i) an increase to her annual base salary to $225,000, effective
January 10, 2022; (ii) a target bonus opportunity for 2022 of 30%; and (iii) an
award of options to purchase 21,970 shares of the Company's common stock at a
price of $6.04 per share, the fair market value of the Company's common stock on
the grant date, which options vest as to 25% of the total amount of the award on
the one-year anniversary of the grant date and in thirty-six substantially equal
monthly installments thereafter.
Ms. Wong, 42, joined the Company as the director of financial operations in
March 2021. Before joining the Company, Ms. Wong served as the assistant
corporate controller, subsidiary operations for PDL BioPharma, Inc., the former
parent entity to the Company, from July 2018 to March 2021. Prior to PDL,
Ms. Wong served as a finance and accounting consultant for pharmaceutical
companies primarily based in Silicon Valley from January 2017 to July 2018.
Ms. Wong began her career at PricewaterhouseCoopers LLP providing audit and
business advisory services, primarily in the life science and venture capital
industries. She is a Certified Public Accountant and an Associate Professor
Emeritus at Sierra Nevada University, where she previously served in several
roles from January 2008 to May 2018, including most recently as Associate
Professor and Business Department Chair. Ms. Wong received a B.S. in Managerial
Economics from the University of California, Davis and an M.B.A. from Arizona
State University.
Ms. Wong has entered into the Company's standard indemnification agreement for
directors and officers.
Officer Compensation
On January 11, 2022, the Board approved annual cash bonuses for 2021 for each of
Nicholas T. Curtis, Alan B. Connaughton and Thomas R. Staab, II at 105% of their
annual target bonus. Additionally, on January 11, 2022, the Board approved the
grant of (i) options to purchase shares of common stock of the Company
("Options") and (ii) restricted stock units (the "RSUs") to Nicholas T. Curtis,
Alan B. Connaughton, Thomas R. Staab, II, in the amounts set forth below
opposite such officer's name. The Options were granted pursuant to the Company's
2020 Incentive Award Plan and grant each recipient the right to purchase shares
of Company common stock at a price of $6.04 per share, the fair market value of
the Company's common stock on the grant date. The Options vest as to 25% of the
total amount of the award on the one-year anniversary of the grant date and in
thirty-six substantially equal monthly installments thereafter. The RSUs, also
granted pursuant to the Company's 2020 Incentive Award Plan, vest as to 25% of
the total amount of the award on each anniversary of the grant date.
Name Number of Stock Options Number of RSUs
Nicholas T. Curtis 105,000 30,000
Alan B. Connaughton 52,500 15,000
Thomas R. Staab, II 52,500 15,000
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