STAA STAAR Surgical Company

On July 6, 2020, STAAR Surgical Company announced that its Board of Directors appointed Patrick F. Williams to serve as Chief Financial Officer.  From 2016 to 2019, Mr. Williams, age 47, served as the Chief Financial Officer of Sientra, Inc. before transitioning to General Manager for its miraDry® business unit. Prior to that, from 2012 to 2016, Mr. Williams served as Chief Financial Officer of ZELTIQ Aesthetics, Inc. Previously, Mr. Williams served as Vice President in finance, strategy and investor relations roles from 2007 to 2012 at NuVasive, Inc., a San-Diego based medical device company. He has also held finance roles with Callaway Golf and Kyocera Wireless. Mr. Williams received an MBA in Finance and Management from San Diego State University and a Bachelor of Arts in Economics from the University of California, San Diego.

There are no family relationships between Mr. Williams and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

In connection with the appointment of Mr. Williams as its Chief Financial Officer, STAAR entered into an offer letter agreement with Mr. Williams.  The letter agreement provides for “at will” employment with an annual salary of $395,000, with eligibility to receive an annual incentive target bonus equal to up to 50% of his base salary, at the discretion of the Compensation Committee of the Board of Directors based on meeting financial and non-financial goals.  Mr. Williams will also be eligible for entry into a change of control agreement in the form used by STAAR for its executive officers and severance arrangements in the event of a termination without cause providing for payments of then-current base salary at a level depending upon the length of service.  Mr. Williams received an equity grant of restricted stock units of STAAR’s common stock with a value of $1,580,000, pursuant to the Company’s Amended and Restated Omnibus Equity Incentive Plan. Half of the equity grant is time-based, and will vest annually in equal amounts over a three-year period. The other half of the equity grant is performance-based, and will vest according to company-based financial performance metrics

A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated by reference. This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Exhibit 99.1 is not incorporated by reference into any filings of STAAR made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.