Eric Weinberg
About Eric Weinberg
Eric Weinberg, age 64, is Co-President and Chief Commercial Officer of RxSight. He has served as Chief Commercial Officer since June 2015 and was promoted to Co-President on July 15, 2024, with a career focused on commercializing ophthalmic surgical technologies, including leadership roles at LenSx/Alcon, IntraLase, Bausch & Lomb, and Chiron Vision . Company performance during his tenure shows strong top-line growth: revenues rose from $49.0M in 2022 to $139.9M in 2024, while EBITDA losses narrowed from -$59.4M to -$33.3M; pay-versus-performance disclosures highlight revenue, LAL/LAL+ revenue, gross margin, and cash use as key measures, and present TSR trends vs an index without providing a single numeric TSR figure for Eric’s assessment * *.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LenSx Lasers (acquired by Alcon) | Co‑founder; Chief Commercial Officer | 2008–2010 | Scaled femtosecond laser platform; sale to Alcon accelerated market adoption |
| Alcon LenSx | Vice President, Surgical Development | 2010–2014 | Post‑acquisition commercial and clinical expansion of LenSx platform |
| IntraLase | VP Sales & Marketing; SVP Global Marketing | 1999–2007 | Drove refractive surgery laser adoption; company sold to AMO in 2007 |
| Bausch & Lomb | Global Director, Refractive Surgery | 1997–1999 | Led global refractive surgery commercialization |
| Chiron Vision | Global Director, Refractive Surgery | 1993–1997 | Built global refractive business pre‑sale to B&L |
External Roles
No current public company directorships or external board roles disclosed for Mr. Weinberg .
Fixed Compensation
| Component | 2023 | 2024 (pre‑promotion) | 2024 (post‑promotion) | Notes |
|---|---|---|---|---|
| Base Salary ($) | $460,000 | $485,000 effective Mar 1, 2024 | $535,000 effective Jul 15, 2024 | At‑will employment via confirmatory letter dated Jul 16, 2021 |
| Target Bonus (% of Salary) | 65% | 65% | 65% | Based on corporate objectives and individual performance set by Board |
| Actual Annual Bonus ($) | $295,208 | $366,730 for 2024 performance (paid Q1 2025) | — | Company achieved 112% of target under 2024 plan |
Performance Compensation
2024 Corporate Bonus Metrics and Payout
| Metric Category | Weighting | Target Framework | 2024 Actual | Payout |
|---|---|---|---|---|
| Delighted Customers | 30% | New product launch, submission readiness, international approvals/submissions; payout ranges: 25–150% | Not quantitatively disclosed | Included in overall 112% payout |
| Motivated Employees | 30% | Employee satisfaction; payout ranges: 25–150% | Not quantitatively disclosed | Included in overall 112% payout |
| Shareholder Satisfaction | 40% | LAL/LAL+ sales (40% of category); manufacturing initiatives (20%); financial metrics (40%): Revenue min $125M, target $135M, max ≥$150M; Gross margin min 64%, target 67%, max ≥68%; Cash expenditures min $25M, target $18M, max < $18M | Revenue $139.9M; gross margin 70.7%; cash use actual not disclosed | Overall plan paid 112% of target |
2024 Bonuses (Target vs Actual)
| Item | Target | Actual | Notes |
|---|---|---|---|
| Eric Weinberg 2024 Target Bonus ($) | $327,438 | $366,730 | Payout 112% of target; no discretionary adjustments |
2024 Equity Awards (Stock Options)
| Grant Type | Grant Date | Shares | Exercise Price | Grant Date Fair Value | Vesting | Expiration |
|---|---|---|---|---|---|---|
| Annual Time‑Based Options | Mar 4, 2024 | 92,200 | $56.07 | $3,426,797 | 1/48 monthly over 4 years | Mar 3, 2034 |
| Promotion Time‑Based Options | Aug 7, 2024 | 50,000 | $46.24 | $1,492,550 | 1/48 monthly over 4 years | Aug 6, 2034 |
Equity design: RxSight uses 100% options (no RSUs/PSUs) for executives; awards vest monthly over 4 years; 2024 option sizing used a fixed $35 share price to mitigate dilution amid a 93% stock price increase from Dec 2023 to Feb 2024; CEO voluntarily reallocated part of his award to Co‑Presidents to support retention .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 897,641 shares (2.21% of outstanding) as of Apr 8, 2025 |
| Ownership Breakdown | 299,978 shares via EJW Living Trust; 7,349 shares directly; 589,389 options exercisable within 60 days of Apr 8, 2025; 925 shares held by fiancé |
| Options – Outstanding (12/31/2024) | Exercisable across grants: 538,747 shares; Unexercisable: 192,988 shares |
| In‑the‑Money Value of Unvested Options (12/31/2024) | $1,386,330 (computed at $34.38 closing price; table value) |
| Option Exercises in 2024 | None for Mr. Weinberg (0 shares exercised), per proxy |
| Hedging/Pledging | Prohibited by company Insider Trading Policy (hedging and pledging not allowed) |
| Clawback | Compensation Recovery Policy adopted Nov 2023; applies to incentive comp in event of accounting restatement |
| Executive Stock Ownership Guidelines | Not disclosed; guidelines apply to non‑employee directors (3× annual cash retainer) |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Confirmatory employment letter dated Jul 16, 2021; at‑will |
| Base Salary | $485,000 effective Mar 1, 2024; increased to $535,000 effective Jul 15, 2024 upon promotion to Co‑President |
| Target Bonus | 65% of base salary |
| Change‑in‑Control & Severance | If terminated without cause or resigns for good reason outside CIC period: lump sum = 12 months base + 12 months target bonus; up to 12 months COBRA . If termination occurs within CIC period: same lump sum and COBRA; 100% acceleration of unvested equity; performance awards deemed at target unless award terms specify otherwise . Single‑trigger (upon CIC w/o termination): 100% equity acceleration; proxy table shows accelerated value and lists severance for Eric under single‑trigger, although policy states no single‑trigger severance payments (note potential inconsistency between policy and tabular presentation) . |
| Tax Gross‑Up | No excise tax gross‑ups; “best net” cut‑back method to avoid 4999 excise tax |
Potential Payments (Illustrative, as of 12/31/2024)
| Scenario | Severance Payment ($) | COBRA ($) | Accelerated Vesting ($) |
|---|---|---|---|
| Change in Control (Single Trigger) | $882,750 | — | $1,386,330 |
| Termination without Cause/Good Reason (No CIC) | $882,750 | $11,000 | — |
| Termination without Cause/Good Reason (With CIC) | $882,750 | $11,000 | $1,386,320 |
Policy note: Textual policy indicates no single‑trigger severance payments; table above is reproduced from the proxy and may reflect modeling assumptions or presentation differences. The definitional section describes severance only upon qualifying termination (double trigger), and single‑trigger equity acceleration upon CIC .
Performance & Track Record
Pay‑Versus‑Performance Emphasis
- Most important financial performance measures used in executive pay linkage: Revenue, LAL/LAL+ revenue, Gross Margin, Cash Use .
- 2024 Say‑on‑Pay approval: ~95.3% support (excluding abstentions/broker non‑votes) .
Company Financial Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $49,005,000* | $89,077,000* | $139,927,000* |
| EBITDA ($) | -$59,434,000* | -$46,007,000* | -$33,283,000* |
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($) | $40,214,000* | $37,895,000* | $33,637,000* | $30,340,000* |
| EBITDA ($) | -$8,113,000* | -$9,898,000* | -$13,218,000* | -$11,324,000* |
Values retrieved from S&P Global.*
Compensation Committee Analysis
- Structure emphasizes long‑term alignment via 100% stock options for executives; monthly vesting supports retention but creates steady vesting supply .
- Independent compensation advisor (Aon) and peer benchmarking (17 health care equipment/supplies peers) guide pay levels (targets: base/bonus ~65th percentile; LTI targeted around 50th–75th) .
- No single‑trigger severance per policy; equity fully accelerates on change‑in‑control; no excise tax gross‑ups; hedging/pledging prohibited; clawback adopted in 2023 .
Insider Activity and Selling Pressure
- Form 4 fetch attempt for Eric Weinberg (2024–2025) was not authorized; we relied on proxy data showing no option exercises by Mr. Weinberg in 2024 . Monthly vesting across multiple 2021–2024 grants implies regular vesting that can create ongoing potential selling windows; 10b5‑1 plan usage not disclosed .
Investment Implications
- Alignment: Material personal stake (2.21%) and large option holdings align incentives with shareholders; hedging/pledging prohibitions and clawback strengthen governance .
- Retention: Monthly vesting and significant unvested options (value $1.39M at 12/31/2024) support retention; promotion‑linked option grants further anchor tenure .
- Deal Dynamics: Single‑trigger equity acceleration on CIC may motivate deal acceptance; policy states no single‑trigger severance, but proxy table presentation for Eric shows severance under single‑trigger—investors should clarify treatment before a transaction .
- Pay‑for‑Performance: Bonus metrics are tightly tied to revenue, gross margin, and cash use; strong 2024 execution (70.7% GM; revenue $139.9M) drove a 112% bonus payout, consistent with disclosed framework .