Alan B. Connaughton
About Alan B. Connaughton
Alan B. Connaughton, age 54, is Chief Operating Officer of LENSAR, Inc. (COO since April 2015; previously VP of Operations from January 2008 to April 2015). He holds a B.S. from University College Galway, an M.S. from Queens University College, and an MBA from Rollins College . Bonus outcomes indicate above-target operational execution: 2024 annual bonus paid at 128% of target, and 2023 at 103% of target, based on financial, manufacturing, R&D and operational goals . LENSAR maintains an anti-hedging policy and a Dodd-Frank compliant clawback policy covering executive incentive compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LENSAR, Inc. | Chief Operating Officer | April 2015–present | Leads operations; bonus outcomes tied to multi-functional goals (financial, manufacturing, R&D, operations) |
| LENSAR, Inc. | Vice President of Operations | Jan 2008–Apr 2015 | Built operational foundation and scale in medical devices |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external board or public company roles disclosed for Connaughton in company filings |
Fixed Compensation
| Year | Base Salary Rate ($) | Target Bonus % of Salary | Annual Bonus Paid ($) | Bonus Achievement vs Target |
|---|---|---|---|---|
| 2024 | 422,800 (effective Jan 22, 2024) | 55% | 297,627 | 128% of target |
| 2023 | 406,500 (effective Jan 11, 2023) | 55% | 230,285 | 103% of target |
- All other compensation in 2024: $15,100 (401(k) match $13,800; HSA $1,300) . 2023: $14,500 (401(k) match $13,200; HSA $1,300) .
Performance Compensation
Annual Cash Bonus Program
| Year | Metric Theme | Target | Actual | Payout ($) | Vesting / Payment Timing |
|---|---|---|---|---|---|
| 2024 | Corporate objectives across financial, manufacturing, R&D, operational goals | 100% | 128% of target | 297,627 | Paid early 2025 |
| 2023 | Corporate objectives across financial, manufacturing, R&D, operational goals | 100% | 103% of target | 230,285 | Paid early 2024 |
Long-Term Equity Awards (2024 Grants)
| Award Type | Grant Date | Units | Vesting | Performance Target(s) | Notes |
|---|---|---|---|---|---|
| RSUs | May 6, 2024 | 45,000 | Time-based; 25% on each anniversary of grant (May 6, 2025/2026/2027/2028), subject to continued service | — | Granted under 2020 Plan |
| PSUs | May 6, 2024 | 45,000 | Performance-based; eligible to vest 50% if trailing 12-month revenues ≥ $75M by any quarter through Dec 31, 2026; remaining 50% if trailing 12-month revenues ≥ $100M by any quarter through Dec 31, 2027 | Revenue thresholds (binary, no partial credit) | Granted under 2020 Plan |
- Equity award timing: LENSAR does not time grants around MNPI; 2024 awards granted May 6, 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 419,460 shares; 3.5% of common outstanding; combined voting power ~1.4% (no Series A Preferred) |
| Vested but unexercised options | 135,784 shares; plus 4,453 shares exercisable within 60 days (as of Oct 24, 2025) |
| Unvested RSUs (as of Dec 31, 2024) | 45,000 RSUs outstanding; market value $402,300 at $8.94 per share |
| Unearned PSUs (as of Dec 31, 2024) | 45,000 PSUs outstanding; market value shown at max shares $402,300 at $8.94 per share |
| Option Grants Outstanding | 49,197 (Apr 12, 2021) at $6.91; 25,156/27,344 exercisable/unexercisable (Jan 11, 2022) at $6.04; 26,045/28,311 exercisable/unexercisable (Jan 11, 2023) at $2.65; all 10-year term, 25% after 1 year then monthly vest thereafter |
| Anti-hedging / pledging | Anti-hedging policy prohibits collars/swaps/exchange funds; no pledging disclosure in filings |
| Ownership guidelines | Not disclosed for executives in proxy |
- Recent insider forms exist (e.g., Form 4 filed Feb 20, 2025), useful for monitoring vesting-related sales or tax withholding events .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | July 2020 employment letter; COO reporting to CEO; eligible for annual bonus based on Board-set objectives |
| Severance (no CIC or >12 months post-CIC) | Lump sum: 10 months base salary + 85% of target bonus + 10 months COBRA; time-based equity accelerates to cover what would vest in 10 months |
| Severance (within 12 months post-CIC; “double trigger”) | Lump sum: 15 months base salary + 125% of target bonus + 15 months COBRA; all time-based equity accelerates |
| Equity acceleration on CIC | RSUs/PSUs and options accelerate and become fully vested on change in control per plan/award terms |
| Clawback policy | Nasdaq-compliant clawback effective Oct 2, 2023 for erroneously awarded incentive compensation |
| Definitions | “Cause” and “Good Reason” defined (including material diminution, pay/location changes, breaches) |
Investment Implications
- Pay-for-performance alignment: Cash bonuses tied to multi-dimensional operational KPIs paid above target (128% in 2024, 103% in 2023), indicating a track record of meeting or exceeding Board-set objectives . 2024 PSUs add explicit revenue growth hurdles ($75M/$100M trailing 12 months), directly aligning equity vesting with scale-up milestones .
- Vesting cadence and potential selling pressure: RSUs vest annually each May 6 (2025–2028), and options continue monthly vesting; monitor Form 4s around those dates for net share tax-withholding or discretionary sales .
- Alignment safeguards: Anti-hedging and clawback policies reduce misalignment risk; no pledging disclosed, and change-in-control economics are moderate (15 months salary; 125% of target bonus), with double-trigger equity acceleration typical for retention .
- Skin-in-the-game: Meaningful beneficial stake (3.5%) plus substantial vested options; as of Dec 31, 2024, unvested RSUs and max PSU shares carried material value at $8.94, reinforcing long-term alignment with revenue growth objectives .