Richard L. Lindstrom
About Richard L. Lindstrom, M.D.
Independent director of LENSAR, Inc. since February 2018; age 77. Founder of Minnesota Eye Consultants (1989; attending surgeon emeritus) and long-time ophthalmology leader; currently Chair of Surface Ophthalmics’ Board and Medical Advisory Board, and director at Ocular Therapeutix (Nasdaq: OCUL); prior director at Harrow Health (Nasdaq: HROW) 2015–2023. Education: B.A. in Pre-Medical Studies, B.S. in Medicine, and M.D. from the University of Minnesota; former professor of ophthalmology at the University of Minnesota (1980–1989), now Senior Lecturer and University of Minnesota Foundation Trustee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Minnesota Eye Consultants, P.A. | Founder; Attending Surgeon Emeritus | Founded 1989; current emeritus | Established leading ophthalmology practice; industry influence |
| Lindstrom Restoration | CEO & Chairman | Since 1995; current | Operates private restoration/mitigation company (non-healthcare) |
| University of Minnesota | Professor of Ophthalmology; Senior Lecturer; Foundation Trustee | Professor 1980–1989; current Senior Lecturer/Trustee | Academic leadership; philanthropy governance |
| Minnesota Lions Eye Bank | Associate Director | 1987–2017 | Tissue banking and transplant ecosystem leadership |
External Roles
| Organization | Role | Public/Private | Tenure |
|---|---|---|---|
| Surface Ophthalmics, Inc. | Chairman; Medical Advisory Board member | Private | Since 2018 |
| Ocular Therapeutix, Inc. (Nasdaq: OCUL) | Director | Public | Since 2012 |
| Harrow Health, Inc. (Nasdaq: HROW) | Director (former) | Public | 2015–2023 |
Board Governance
- Committee assignments (current): Audit Committee member; Compensation Committee Chair; Nominating & Corporate Governance Committee member .
- Independence: Board determined Lindstrom is independent under Nasdaq rules; also qualifies as an “audit committee financial expert” .
- Attendance: In 2024, each director attended ≥75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Non-management and independent directors meet regularly; independent directors meet privately at least twice per year .
Fixed Compensation
| Year | Cash Fees ($) | Equity Awards ($) | Options ($) | Total ($) |
|---|---|---|---|---|
| 2023 | 72,000 | 30,000 | 69,913 | 171,913 |
| 2024 | 103,288 | 71,720 | — | 175,008 |
- Director pay program changes:
- 2024 program: Annual retainer $50,000; Chair retainers: Audit $15,000, Compensation $10,000, Nominating $9,000; committee member retainers: Audit $7,500, Compensation $5,000, Nominating $4,500; annual option award $70,000 and RSU $30,000 at the annual meeting .
- 2025 updates: Annual director RSU grant on May 23, 2025 valued $100,000 (7,374 RSUs), vesting at 1 year; annual retainer $50,000; Chair retainers: Audit $20,000, Compensation $15,000, Nominating $9,000; committee member retainers: Audit $10,000, Compensation $7,000, Nominating $4,500; no additional 2025 awards beyond May RSUs .
Performance Compensation
| Grant Date | Instrument | Units / Value | Vesting Schedule | Notes |
|---|---|---|---|---|
| May 23, 2025 | RSU | 7,374 ($100,000 value) | Vests on 1st anniversary | Annual director grant advanced to May 2025; no further 2025 grants |
| 2023 annual meeting | Stock Options | $70,000 Black-Scholes value | 12 months, equal monthly vesting | Part of annual director package |
| 2023 annual meeting | RSU | $30,000 fair value | 1-year cliff vest | Part of annual director package |
| As of Dec 31, 2024 | RSUs Outstanding | 22,000 | As granted (director program schedules) | Aggregate RSUs outstanding |
| As of Dec 31, 2024 | Options Outstanding | 69,638 | Standard director option terms | Aggregate options outstanding |
| As of Dec 31, 2023 | RSUs Outstanding | 9,288 | As granted | Aggregate RSUs outstanding |
| As of Dec 31, 2023 | Options Outstanding | 69,638 | Standard director option terms | Aggregate options outstanding |
- Anti-hedging: Company policy prohibits hedging transactions in LENSAR equity by directors, officers, and employees .
Other Directorships & Interlocks
| Company | Industry Linkage to LNSR | Role | Tenure |
|---|---|---|---|
| Ocular Therapeutix (OCUL) | Ophthalmology biopharma; sector adjacency | Director | Since 2012 |
| Harrow Health (HROW) | Ophthalmology pharmaceuticals; sector adjacency | Director (former) | 2015–2023 |
| Surface Ophthalmics | Ophthalmology drug development; sector adjacency | Chairman; MAB member | Since 2018 |
No related-party transactions involving Lindstrom are disclosed; “related person transactions” policy requires Audit Committee approval and prohibits director participation in approving transactions where they are a related person .
Expertise & Qualifications
- Recognized ophthalmology leader with clinical, academic, and industry governance experience; prior presidencies at major ophthalmology societies (International Society of Refractive Surgery; International Intraocular Implant Society; International Refractive Surgery Club; ASCRS) .
- Audit committee financial expert; extensive board experience across ophthalmology companies .
- Education and clinical training at University of Minnesota (BA, BS in Medicine, MD) .
Equity Ownership
| Date (Record) | Beneficial Shares (Common) | % Outstanding | Vested Options Included | RSUs Outstanding | Combined Voting Power |
|---|---|---|---|---|---|
| Oct 24, 2025 | 308,674 | 2.6% | 69,638 | 22,000 (as of 12/31/24) | 1.1% |
| Mar 11, 2024 | 274,621 | 2.4% | 61,344 vested; 5,529 exercisable within 60 days | 9,288 (as of 12/31/23) | 1.1% |
- Anti-hedging policy in place; pledging not disclosed; stock ownership guideline details for directors not disclosed in proxy .
Governance Assessment
- Strengths:
- Independent director; audit committee financial expert; deep sector expertise strengthens board oversight and Compensation Committee leadership .
- Attendance and engagement standards met; all directors attended 2024 annual meeting; executive sessions regularly held to reinforce independent oversight .
- Director pay structure moved from options-heavy in 2023 to RSU focus in 2025, simplifying alignment and reducing option-related risk; clear, modest committee fees relative to small-cap med-tech norms .
- Anti-hedging policy reinforces alignment; clawback policy adopted for executives (context for broader governance culture) .
- Watch items / potential red flags:
- Board includes two designees of a controlling shareholder (North Run), which holds ~55% of common and 100% of Series A Convertible Preferred; designee rights and pro rata participation covenants may influence governance dynamics; Lindstrom chairs Compensation within this context .
- Multiple external ophthalmology roles create sector interlocks; no related-party transactions disclosed, but ongoing vigilance warranted given advisory roles to manufacturers .
No Section 16(a) delinquencies noted for Lindstrom; 2023 proxy notes late filings for North Run designees upon appointment, not for Lindstrom .