Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Approval of 2020 Bonuses Payable to Executive Officers
On December 7, 2020, the Board of Directors (the Board) and the Compensation Committee (the Committee) of the
Board of LENSAR, Inc. (the Company) approved cash bonus payments for the 2020 fiscal year to be paid to the Companys executive officers. Bonus payments were based on the Boards and the Committees evaluation of
previously-established performance goals for 2020, which the Board and the Committee determined had been achieved at 100% of targeted levels.
The 2020 cash bonuses to be paid to each executive officer are as follows: Nicholas Curtis, Chief Executive Officer, $288,000; Thomas Staab,
II, Chief Financial Officer, $68,340 (which bonus was prorated for his partial year of employment); and Alan Connaughton, Chief Operating Officer, $144,000. Mr. Staab will also receive an additional $50,000 cash bonus, which represents the
payment of an additional bonus in lieu of a sign-on bonus that Mr. Staab did not receive in connection with his commencement of employment.
The executive officers have indicated that they intend to use the net after-tax amount of their annual
bonuses to pay any tax withholding arising from the vesting of their restricted stock awards, as described below, during the remainder of 2020 and the first quarter of 2021.
Approval of Restricted Stock Awards to Executive Officers
On December 7, 2020, the Board and the Committee also approved awards of restricted stock to each of the Companys executive officers
in connection with an amendment to the restricted stock awards granted to the executive officers on July 22, 2020 (the July 2020 Awards). The Board and the Committee approved amendments to each executive officers July 2020
Award to amend and extend the vesting schedule applicable to such July 2020 Award. In order to comply with tax laws and to recognize the executives agreement to an extension of the vesting schedule of the July 2020 Awards, each executive
officer was issued an additional restricted stock award, which represents 20% of the total number of shares subject to his July 2020 Award, as follows: Mr. Curtis, 116,622 shares of restricted stock; Mr. Staab, 19,276 shares of restricted
stock; and Mr. Connaughton, 39,195 shares of restricted stock. The newly-awarded restricted stock will vest on the same amended vesting schedules applicable to the amended July 2020 Award, which amended vesting schedules provide for vesting in
quarterly installments over the three-year period following the amendment date, subject to continued employment or service through the vesting date. In addition, consistent with the terms of the July 2020 Awards, the restricted stock will vest on an
accelerated basis in the event of a change in control of the Company, an executive officers death or disability, or his termination of employment by the Company other than for cause (with each such term defined in his employment agreement).
The new restricted stock awards were granted pursuant to the Companys 2020 Incentive Award Plan.