Staar Surgical Co PREM14A, filed Aug 29, 2025

Staar Surgical Co (STAA)

PREM14A 2025-08-29 For: 2025-08-29

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Added on October 18, 2026

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Stephen C. Farrell		Elizabeth Yeu, M.D.
Chief Executive Officer		Board Chair


SUMMARY			1
Parties Involved in the Merger			1
The Merger			2
Merger Consideration			2
Material U.S. Federal Income Tax Consequences of the Merger			3
Appraisal Rights			4
Regulatory Approvals Required for the Merger			5
Conditions to the Closing of the Merger			5
Financing of the Merger			6
Required Stockholder Approval			6
The Special Meeting			7
Recommendation of the Board and Reasons for the Merger			7
Opinion of STAAR’s Financial Advisor			8
Interests of STAAR’s Executive Officers and Directors in the Merger			8
Non Solicitation; Window Shop Period			8
Termination of the Merger Agreement			10
Effect on STAAR if the Merger Is Not Completed			11
QUESTIONS AND ANSWERS			12
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS			21
RISK FACTORS			23
THE SPECIAL MEETING			27
Date, Time and Place			27
Purpose of the Special Meeting			27
Attending the Special Meeting			27
Record Date; Shares Entitled to Vote; Quorum			27
Vote Required; Abstentions and Broker Non-Votes			28
Stock Ownership and Interests of Certain Persons			28
Voting at the Special Meeting			29
Revocability of Proxies			30
Recommendation of the Board			30
Solicitation of Proxies			30
Anticipated Completion Date of the Merger			30
Appraisal Rights			31
Delisting and Deregistration of STAAR Common Stock			32
Other Matters			32
Householding of Special Meeting Materials			32
Questions and Additional Information			32
PROPOSAL 1: ADOPTION OF THE MERGER AGREEMENT			33
Parties Involved in the Merger			33
Certain Effects of the Merger			34
Effect on STAAR if the Merger Is Not Completed			34
Merger Consideration			34
Background of the Merger			35
Recommendation of the Board and Reasons for the Merger			47
Opinion of STAAR’s Financial Advisor			53
Certain Unaudited Prospective Financial Information			58
Interests of STAAR’s Executive Officers and Directors in the Merger			62
Financing of the Merger			66
Closing and Effective Time			66
Accounting Treatment			66


Appraisal Rights			66
Material U.S. Federal Income Tax Consequences of the Merger			73
Regulatory Approvals Required for the Merger			75
THE MERGER AGREEMENT			77
Effects of the Merger; Certificate of Incorporation; Bylaws; Directors and Officers			77
Closing and Effective Time			78
Merger Consideration			78
Exchange and Payment Procedures			79
Representations and Warranties			80
Conduct of Business Pending the Merger			83
Non Solicitation; Window Shop Period			85
Recommendation of the Board; Recommendation Change			87
Indemnification and Insurance			89
Employee Matters			90
Efforts to Close the Merger			91
Stockholder Meeting			92
Stockholder Litigation			93
Other Covenants			93
Conditions to the Closing of the Merger			93
Termination of the Merger Agreement			95
Termination Fees			96
Specific Performance			97
Fees and Expenses			97
Amendment			97
Governing Law			97
PROPOSAL 2: THE COMPENSATION PROPOSAL			98
SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS AND MANAGEMENT			99
FUTURE STOCKHOLDER PROPOSALS			102
WHERE YOU CAN FIND MORE INFORMATION			103
MISCELLANEOUS			105

ANNEX A—AGREEMENT AND PLAN OF MERGER			A-1
ANNEX B—OPINION OF CITIGROUP GLOBAL MARKETS INC.			B-1


Announcement Date	Acquiror	Target
03/24/2025	Alcon Inc.	LENSAR, Inc.
06/18/2024	Boston Scientific Corporation	Silk Road Medical, Inc.
02/09/2023	Abbott Laboratories	Cardiovascular Systems, Inc.
01/12/2021	STERIS plc	Cantel Medical Corp.
12/18/2020	Koninklijke Philips N.V.	BioTelemetry, Inc.
11/04/2019	Stryker Corporation	Wright Medical Group N.V.
08/30/2018	Stryker Corporation	K2M Group Holdings, Inc.


*($ in millions)*	2025E			2026E			2027E			2028E			2029E			2030E
Net Sales	$	260		$	340		$	375		$	408		$	448		$	495
Adjusted EBITDA (unburdened by SBC)⁽¹⁾	$	9		$	86		$	113		$	130		$	155		$	187
Adjusted EBITDA Margin⁽²⁾		3.5	%		25.4	%		30.2	%		32.0	%		34.6	%		37.7	%
Adjusted EBITDA (burdened by SBC)⁽³⁾	$	(26	)	$	48		$	71		$	86		$	108		$	136
Unlevered Free Cash Flows⁽⁴⁾	$	(40	)	$	5		$	28		$	39		$	50		$	65


Name	Cash ($)⁽¹⁾		Equity ($)⁽²⁾		Perquisites/ Benefits ($)⁽³⁾		Tax Reimbursement ($)⁽⁴⁾		Total ($)
*Named Executive Officers*
Stephen C. Farrell Chief Executive Officer		2,175,000		14,560,000		118,257		6,839,000		23,692,257
Deborah Andrews Chief Financial Officer		945,518		3,047,873		51,253		1,385,000		5,429,644
Warren Foust President and Chief Operating Officer		1,295,014		7,052,282		76,644		3,045,000		11,468,940
Magda Michna, PhD Chief Development Officer		955,729		4,319,986		21,305		1,805,000		7,102,020
Nathaniel B. Sisitsky, Esq. Chief Legal Officer and Corporate Secretary		945,518		4,578,678		71,629		1,925,000		7,520,825
Thomas G. Frinzi⁽⁵⁾ Former President and Chief Executive Officer		—		819,532		—		—		819,532
Patrick F. Williams⁽⁵⁾ Former Chief Financial Officer		—		—		—		—		—


Name	Base Salary Severance ($)		Target Bonus ($)		Earned Bonus ($)
*Named Executive Officers*
Stephen C. Farrell		1,450,000		725,000		—
Deborah Andrews		495,000		272,250		178,268
Warren Foust		600,000		420,000		275,014
Magda Michna, PhD		523,000		261,500		171,229
Nathaniel B. Sisitsky, Esq.		495,000		272,250		178,268
Thomas G. Frinzi		—		—		—
Patrick F. Williams		—		—		—


Name	RSUs ($)		PSUs ($)
*Named Executive Officers*
Stephen C. Farrell		5,600,000		8,960,000
Deborah Andrews		1,172,276		1,875,597
Warren Foust		3,110,912		3,941,370
Magda Michna, PhD		1,955,128		2,364,858
Nathaniel B. Sisitsky, Esq.		2,213,820		2,364,858
Thomas G. Frinzi		819,532		—
Patrick F. Williams		—		—


Name and Address	Shares Beneficially Owned		Percent of Class⁽¹⁾
Broadwood Partners, L.P.⁽²⁾ C/O Broadwood Capital, Inc. 156 W 56th Street, 3rd Floor New York, NY 10019		13,545,391		27.3	%

BlackRock, Inc.⁽³⁾ 50 Hudson Yards New York, NY 10001		7,401,395		14.9	%

The Vanguard Group⁽⁴⁾ 100 Vanguard Boulevard Malvern, PA 19355		4,390,767		8.8	%

Armistice Capital, LLC⁽⁶⁾ 510 Madison Avenue, 7th Floor New York, NY 10022		2,812,000		5.7	%

Soleus Capital Master Fund, L.P.⁽⁵⁾ 104 Field Point Road, 2nd Floor Greenwich, CT 06830		2,562,893		5.2	%


	Shares Beneficially Owned
Name⁽¹⁾	Shares of Common Stock Owned⁽²⁾⁽⁴⁾ (#)		Shares Subject to Options Exercisable on or Before October 24, 2025⁽³⁾ (#)		RSUs Vesting on or Before October 24, 2025⁽³⁾ (#)		Total (#)		Percent of Class⁽⁵⁾
Deborah Andrews		8,586		—		—		8,586		*
Arthur C. Butcher		4,208		5,173		—		9,381		*
Stephen C. Farrell		35,156		43,335		—		78,491		*
Wei Jiang		25,571		4,010		—		29,581		*
Louis E. Silverman		475		2,440		—		2,915		*
Elizabeth Yeu		5,099		19,101		—		24,200		*
Lilian Y. Zhou		4,571		7,786		—		12,357		*
Thomas G. Frinzi		55,803		—		—		55,803		*
Patrick F. Williams		—		—		—		—		*
Warren Foust		19,311		41,855		—		61,166		*
Magda Michna		9,761		29,668		—		39,429		*
Nathaniel Sisitsky		10,804		32,621		—		43,425		*
All current directors and executive officers as a group (10 individuals)		123,542		185,989		—		309,531		*


		Page
SECTION 1 THE MERGER

1.1	The Closing	A-1
1.2	The Merger	A-2
1.3	Conversion of Shares	A-2
1.4	Surrender of Certificates; Stock Transfer Books	A-3
1.5	Dissenters’ Rights	A-5
1.6	Treatment of Company Long-Term Incentive Compensation	A-6
1.7	Further Action	A-7
SECTION 2 THE SURVIVING CORPORATION

2.1	Certificate of Incorporation and Bylaws; Directors and Officers	A-7
	SECTION 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY

3.1	Due Organization; Subsidiaries, Etc.	A-8
3.2	Certificate of Incorporation and Bylaws	A-8
3.3	Capitalization, Etc.	A-9
3.4	SEC Filings; Financial Statements	A-10
3.5	Absence of Changes; No Material Adverse Effect	A-11
3.6	Title to Assets	A-12
3.7	Real Property	A-12
3.8	Intellectual Property; Data Privacy	A-12
3.9	Contracts	A-15
3.10	Liabilities	A-17
3.11	Compliance with Legal Requirements	A-17
3.12	Regulatory Matters	A-17
3.13	Compliance with Anti-Corruption Laws, Sanctions and Customs & Trade Control Laws; Certain Business Practices	A-19
3.14	No TID U.S. Business	A-20
3.15	Governmental Authorizations	A-20
3.16	Tax Matters	A-20
3.17	Employee Matters; Benefit Plans	A-22
3.18	Environmental Matters	A-24
3.19	Insurance	A-25
3.20	Legal Proceedings; Orders	A-25
3.21	Authority; Binding Nature of Agreement	A-25
3.22	Non-Contravention; Consents	A-26
3.23	Takeover Laws	A-26
3.24	Opinion of Financial Advisors	A-26
3.25	Brokers and Other Advisors	A-26
3.26	Acknowledgement by Company	A-27



SECTION 4 REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

4.1	Due Organization	A-27
4.2	Merger Sub	A-27
4.3	Authority; Binding Nature of Agreement	A-27
4.4	Non-Contravention; Consents	A-28
4.5	Disclosure	A-28
4.6	Absence of Litigation	A-28
4.7	Funds	A-28
4.8	Ownership of Shares	A-29
4.9	Acknowledgement by Parent and Merger Sub	A-29
4.10	Brokers and Other Advisors	A-30
4.11	Solvency	A-30
4.12	Research and Development	A-30
4.13	Tax Residency of Ultimate Parent	A-30

SECTION 5 CERTAIN COVENANTS OF THE COMPANY

5.1	Access and Investigation	A-30
5.2	Operation of the Acquired Corporations’ Business	A-31
5.3	Stockholder Meeting; Proxy Statement	A-35
5.4	No Solicitation	A-36

SECTION 6 ADDITIONAL COVENANTS OF THE PARTIES

6.1	Company Board Recommendation	A-38
6.2	Filings, Consents and Approvals	A-39
6.3	Employee Matters	A-42
6.4	Company 401(k)	A-42
6.5	Indemnification of Officers and Directors	A-43
6.6	Stockholder Litigation	A-45
6.7	Additional Agreements	A-45
6.8	Disclosure	A-45
6.9	Takeover Laws	A-46
6.10	Section 16 Matters	A-46
6.11	Stock Exchange Delisting; Deregistration	A-46
6.12	Notification of Certain Events	A-46
6.13	Merger Sub	A-46

SECTION 7 CONDITIONS PRECEDENT TO THE MERGER

7.1	Condition to the Obligations of Each Party	A-46
7.2	Conditions to the Obligations of Parent and Merger Sub	A-47
7.3	Conditions to the Obligations of the Company	A-48



SECTION 8 TERMINATION

8.1	Termination	A-48
8.2	Effect of Termination	A-50
8.3	Expenses; Termination Fees	A-50

SECTION 9 MISCELLANEOUS PROVISIONS

9.1	Amendment	A-52
9.2	Waiver	A-53
9.3	No Survival of Representations and Warranties	A-53
9.4	Entire Agreement; Counterparts	A-53
9.5	Applicable Legal Requirements; Jurisdiction; Specific Performance; Remedies	A-53
9.6	Assignability	A-54
9.7	Transfer Tax	A-54
9.8	No Third Party Beneficiaries	A-54
9.9	Notices	A-55
9.10	Severability	A-55
9.11	Obligation of Parent	A-56
9.12	Construction	A-56


Alcon Research, LLC

By:		/s/ David Endicott
		Name: David Endicott
		Title: Chief Executive Officer and President

Rascasse Merger Sub, Inc.

By:		/s/ David Endicott
		Name: David Endicott
		Title: Chief Executive Officer and President

STAAR Surgical Company

By:		/s/ Stephen C. Farrell
		Name: Stephen C. Farrell
		Title: Chief Executive Officer


The Board of Directors recommends you vote FOR Proposals 1 and 2.		For	Against	Abstain

1.	A proposal to adopt the Agreement and Plan of Merger, dated as of August 4, 2025, as may be amended from time to time (the “Merger Agreement”), by and among STAAR Surgical Company (“STAAR”), Alcon Research, LLC, a Delaware limited liability company (“Alcon”), and Rascasse Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Alcon.	☐	☐	☐

2.	A proposal to approve, on an advisory (nonbinding) basis, the compensation that may be paid or become payable to STAAR’s named executive officers that is based on or otherwise relates to the Merger Agreement and the transactions contemplated by the Merger Agreement.	☐	☐	☐


Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor,
administrator, or other fiduciary, please give full title as such. Joint owners should each sign
personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.



Signature [PLEASE SIGN WITHIN BOX]	Date	Signature (Joint Owners)	Date