Alex R. Thurman
GLAUKOSAbout Alex R. Thurman
Alex R. Thurman is Senior Vice President & Chief Financial Officer of Glaukos (GKOS) since April 2022. He joined Glaukos in July 2016, progressed from VP Global Tax & Administration to VP Finance, and is credited with building the finance organization, instituting SOX compliance, enabling financial infrastructure for 16 international direct sales markets, and leading ERP integration; he holds a B.S. in accounting and a Master of Accountancy in Tax from Brigham Young University and is a CPA (inactive) in California . As of April 4, 2025 he is 55 years old . Under his tenure, the company reported strong operational footing including retiring $287.5M of 2027 convertible notes, unwinding capped calls, ending 2024 with $324M cash and no debt, and continuing disciplined expense management .
Glaukos performance context:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $282,862,000 | $314,711,000 | $383,481,000 |
| EBITDA ($USD) | -$70,737,000* | -$90,046,000* | -$72,487,000* |
*Values retrieved from S&P Global
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Glaukos (GKOS) | SVP & CFO | Apr 2022–present | Leads finance; aligned compensation structure; cash preservation via equity bonus election; supports commercialization and pipeline financing |
| Glaukos (GKOS) | VP Finance | Dec 2016–Apr 2022 | Built finance team; SOX compliance; ERP integration; international finance infrastructure |
| Glaukos (GKOS) | VP Global Tax & Administration | Jul 2016–Dec 2016 | Established tax/admin frameworks; groundwork for finance scale-up |
| Allergan, Inc. | Financial & Tax leadership roles | ~20 years pre-2016 | Progressive leadership in finance/tax |
| Deloitte & Touche LLP | Financial/Tax roles | Pre-2016 | Professional services foundation |
| Arthur Andersen LLP | Financial/Tax roles | Pre-2016 | Professional services foundation |
External Roles
No external board or public company directorships disclosed for Mr. Thurman in the latest proxy .
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $365,000 | $401,500 | $442,000 |
| Target Bonus (% of Base) | 60% | 60% | 60% |
| Target Bonus ($) | — | — | $265,200 |
| Actual Annual Bonus Earned ($) | — | $207,336 | $405,587 (152.9% of target) |
Bonus election and payout mechanics (2024):
- Elected to receive 100% of target bonus in RSUs with a 15% premium, converting $265,200 into $304,980 and 3,276 target RSUs at $93.10 share price on 4/1/2024 .
- Actual 2024 bonus funded at 152.9%; equity payout delivered 5,010 RSUs on 4/1/2025 valued at $486,421 at $97.09 share price .
Performance Compensation
2024 long-term incentives (grant date: 3/14/2024):
- Time-based RSUs: 4,955 ($425,040 grant-date fair value)
- Time-based options: 8,700 at $85.78 strike, expiring 3/14/2034 ($424,995 grant-date fair value)
- PRSUs: 9,909 target ($849,994 grant-date fair value); PRSUs vest upon pre-determined operational goals over a 4-year performance period; max payout 250% of target
Vesting schedules and design:
- Time-based RSUs: 25% vest on each of first four anniversaries of grant
- Time-based options: 25% vest at first anniversary; remaining 75% vest in equal monthly installments over next three years
- PRSUs: vest based on achievement of pre-determined operational/financial objectives over a 4-year performance period; maximum 250% payout
2024 executive bonus metrics and outcomes (Thurman weighting is in “Other NEOs” column):
| Metric | Target | Actual | Weighting (Thurman) | Payout Range | Achievement |
|---|---|---|---|---|---|
| Net Sales | $364.2M | $383.5M | 50% | 0–300% | 205.9% |
| Adjusted non-GAAP OpEx ≤ Budget | $401.4M budget | $395.1M actual | 10% | 0–150% | 100% |
| NXL System Prototype by YE | 100% | 100% | 5% | 0–150% | 100% |
| iDose TREX Phase 2b/3 start by YE | 100% | 100% | 5% | 0–150% | 100% |
| ESG external goals achieved | 100% | 100% | 5% | 0–150% | 100% |
| Individual Objectives (Thurman) | As set | 100% (approved) | 25% | 0–150% | 100% |
| Total Bonus Achievement | — | — | — | Max 200% | 152.9% |
Thurman’s individual objectives (selected) included cash flow management, working capital optimization, automation and analytics, cybersecurity compliance, streamlined quarterly close, and clean audit opinion; achievement approved at 100% .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (shares) | 168,283 (less than 1% of class) |
| Options exercisable within 60 days (included in above) | 133,924 |
| RSUs vesting within 60 days | Not separately disclosed for Thurman in footnotes; CEO/Gilliam footnotes provided; Thurman footnote emphasizes options only |
| 2024 Option Exercises | None (0 shares exercised) |
| 2024 Stock Awards Vested | 9,800 shares; value realized $877,138 |
| Hedging/Pledging | Prohibited by policy; executive officers may not pledge or hedge Glaukos securities |
| Stock Ownership Guidelines | 3× base salary for NEOs; compliance achieved by each NEO as of 1/1/2025 |
Ownership alignment signals:
- 100% equity bonus election and PRSU-heavy LTI mix increase alignment with shareholders; other NEO equity split increased PRSU proportion to 50% in 2024 .
- Anti-hedging/pledging policy removes misalignment risk .
Employment Terms
Severance and Change-in-Control (CoC) framework (executive severance & CoC agreements):
- Involuntary termination without cause/for good reason: Lump-sum severance equal to 12 months of base salary; continued medical/dental up to 12 months; vesting of equity awards scheduled to vest in the 12 months following termination (subject to release) .
- Double-trigger CoC (within 3 months prior/12 months post CoC): Lump-sum severance equal to 18 months of base salary plus 1.5× target annual bonus; continued medical/dental up to 18 months; full vesting of all equity awards (subject to release) .
- Definitions of “Cause,” “Good Reason,” and “Change in Control” set forth in agreements .
- Section 280G/4999: Cut-back to avoid excise tax if more favorable after-tax outcome; no tax gross-ups .
Potential payments (assuming event on 12/31/2024):
| Scenario | Salary Severance ($) | Bonus Severance ($) | Option Acceleration Value ($) | RSU/PRSU Acceleration Value ($) | Healthcare Continuation ($) | Total ($) |
|---|---|---|---|---|---|---|
| Death or Disability | — | — | 3,666,220 | 5,410,285 | — | 9,076,505 |
| Involuntary Termination | 442,000 | — | 636,800 | 1,862,555 | 24,779 | 2,966,134 |
| Involuntary Termination in Connection with CoC | 663,000 | 397,800 | 3,666,220 | 5,410,285 | 37,169 | 10,174,474 |
Other governance and compensation policies:
- Clawback policy adopted in 2023 per SEC/NYSE requirements (recoupment of incentive comp based on restated financials in prior 3 years) .
- Limited perquisites; no employment contracts; double-trigger CoC severance; no option repricing; no excise tax gross-ups .
Investment Implications
- Pay-for-performance alignment is strong: 2024 bonuses funded formulaically at 152.9% with a 50% PRSU mix in LTI for NEOs; net sales overachieved (205.9% of target) and budget discipline met, signaling execution on commercialization and pipeline objectives that drive value creation .
- Retention risk appears moderated by robust equity mix, ownership guidelines (3× salary, in compliance), and double-trigger CoC with substantial equity acceleration; policy prohibitions on hedging/pledging reinforce alignment, while lack of option exercises (2024) suggests limited mechanical selling pressure, though RSU deliveries may be sold to cover taxes .
- Governance quality indicators are favorable: 95% say-on-pay approval in 2024, independent CNG Committee, use of an independent compensation consultant, and a credible compensation peer group spanning medtech and biopharma growth names .
- Financial context shows strong revenue growth through 2024 and ongoing EBITDA losses, consistent with continued investment in pipeline and commercialization; capital structure actions in 2024 (debt retirement, capped call unwind) strengthen liquidity and reduce refinancing risk, supporting execution under Thurman’s finance leadership .