Shelley Thunen
About Shelley Thunen
Shelley Thunen (age 72) is Co-President and Chief Financial Officer of RxSight. She joined RxSight in January 2016 as Chief Administrative Officer and has served as CFO since February 2017. She holds a B.A. in economics and an M.B.A. from the University of California, Irvine . Under her finance leadership, RxSight delivered 2024 revenue of $139.9 million (+57% YoY) and expanded gross margin to 70.7% from 60.4% in 2023; the company’s three-year pay-vs-performance disclosure shows cumulative TSR values of $112.62 (2022), $358.40 (2023), and $305.60 (2024) on a $100 initial investment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Endologix (NASDAQ: ELGX) | Chief Financial Officer | 2013–2015 | Public medtech CFO; capital markets and operating finance |
| Alcon LenSx (NYSE: ALC) | Associate General Manager | 2010–2012 | Post-acquisition leadership integrating LenSx into Alcon |
| LenSx, Inc. | Board member & Audit Chair; CFO & VP Operations | 2008–2010 | Pre-sale governance and operational finance prior to Alcon acquisition |
| IntraLase (NASDAQ: ILSE) | CFO; EVP & CFO | 2001–2007 | Grew refractive platform to sale to Advanced Medical Optics (AMO) |
| eyeonics, Inc. | Board Director | 2007–2008 | Oversight at premium IOL innovator |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Surface Ophthalmics | Board member & Audit Chair | Since Aug 2020 | Private ophthalmic therapeutics governance |
| Aeon Biopharma (NYSE: AEON) | Board member & Audit Chair | Since Jun 2023 | Public biotech board leadership |
| LENZ Therapeutics (NASDAQ: LENZ) | Board member, Audit Chair & Compensation Committee member | Since Nov 2023 | Public ophthalmology company governance |
| Restoration Robotics (NASDAQ: HAIR) | Board member & Audit Chair | 2015–2019 | Pre-merger oversight prior to VERO combination |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 416,667 | 454,167 | 503,750 |
| Actual Bonus ($) | 223,667 | 295,208 | 366,730 |
| All Other Compensation ($) | 11,021 | 12,848 | 6,900 |
| Total Compensation ($) | 651,355 | 1,886,419 | 5,796,727 |
Base salary changes in 2024:
- $485,000 effective March 1, 2024
- $535,000 effective July 15, 2024 (upon promotion to Co-President)
Bonus target:
- Target bonus opportunity = 65% of base salary (unchanged in 2024)
Benefits and perquisites:
- Standard 401(k) match up to 2% (vesting over 4 years) and broad-based health and welfare benefits; perquisites not a significant component .
Performance Compensation
Annual cash bonus plan (2024):
| Category | Weighting | Payout Range (Min/Target/Max) | Components |
|---|---|---|---|
| Delighted Customers | 30% | 25% / 100% / 150% | New product launch (50% of category), submission readiness (25%), international approvals/submissions (25%) |
| Motivated Employees | 30% | 25% / 100% / 150% | Employee satisfaction metrics |
| Shareholder Satisfaction | 40% | 25% / 100% / 150% | LAL/LAL+ sales (40% of category), LAL manufacturing initiatives (20%), financial metrics (40%) |
Financial metric thresholds (subset disclosed for 2024 plan):
| Financial Metric | Minimum | Target | Maximum | Actual 2024 |
|---|---|---|---|---|
| Revenue ($ millions) | 125 | 135 | 150+ | 139.9 |
| Gross Margin (%) | 64% | 67% | 68%+ | 70.7% |
| Cash Expenditures ($ millions) | 25 | 18 | <18 | Not disclosed |
Outcome:
- Board approved 112% of target bonus payout for NEOs for 2024; no discretion or target changes applied .
- Ms. Thunen’s 2024 actual bonus: $366,730 .
Equity awards (time-based options; vest monthly over 48 months):
| Grant | Shares | Exercise Price ($/share) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Annual option (3/4/2024) | 92,200 | 56.07 | 3,426,797 | Monthly over 48 months |
| Promotion option (8/7/2024) | 50,000 | 46.24 | 1,492,550 | Monthly over 48 months |
Note: RxSight’s 2024 executive long-term incentive program consisted of stock options (no PSUs disclosed) .
Equity Ownership & Alignment
Beneficial ownership:
| As of Date | Common Shares | Options Exercisable within 60 Days | Total Beneficial Ownership | % of Shares Outstanding |
|---|---|---|---|---|
| April 8, 2024 | 22,093 (8,402 trust + 13,691 direct) | 179,534 | 201,627 | * (<1%) |
| April 8, 2025 | 30,562 | 242,054 | 272,616 | * (<1%) |
Outstanding options (12/31/2024):
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 10/27/2016 | 6,405 | — | 4.34 | 10/26/2026 |
| 3/14/2017 | 1,387 | — | 4.34 | 3/13/2027 |
| 7/26/2018 | 14,520 | — | 18.90 | 7/25/2028 |
| 4/23/2020 | 16,629 | — | 15.08 | 4/22/2030 |
| 3/22/2021 | 30,754 | 6,051 | 15.60 | 3/21/2031 |
| 7/30/2021 | 69,021 | 14,346 | 16.00 | 7/29/2031 |
| 3/9/2023 | 27,500 | 67,500 | 14.95 | 3/8/2033 |
| 3/4/2024 | 17,287 | 74,913 | 56.07 | 3/3/2034 |
| 8/7/2024 | 4,166 | 45,834 | 46.24 | 8/6/2034 |
Option exercise activity (2024):
| Metric | 2024 |
|---|---|
| Shares acquired on exercise (#) | 139,677 |
| Value realized on exercise ($) | 4,987,291 |
Policies impacting alignment:
- Hedging and pledging of company stock prohibited for directors and employees (including NEOs) .
- Company-wide clawback (Compensation Recovery Policy) adopted Nov 1, 2023; mandatory recoupment of incentive-based compensation in event of accounting restatement .
Form 4 activity:
- No Form 4 filings were found for RXST in 2024–2025 via our tool (search returned none) — monitoring recommended for future filings.
Employment Terms
| Term | Detail |
|---|---|
| Employment status | Confirmatory employment letter effective July 16, 2021; at-will |
| Base salary | $485,000 effective Mar 1, 2024 ; increased to $535,000 effective Jul 15, 2024 (promotion to Co-President) |
| Target bonus | 65% of base salary; annual plan with committee discretion; 2024 bonus payout methodology disclosed |
| Severance (no CIC) | Cash severance $882,750; continued health coverage est. $11,000 |
| Severance (with CIC) | Cash severance $882,750; continued health coverage est. $11,000; single-trigger accelerated vesting value $1,688,853 (based on $34.38 stock price at 12/31/2024 and option strike differentials) |
| Equity vesting | Monthly vesting of options over 48 months from grant; standard post-termination exercise windows apply |
| Clawback | Compensation Recovery Policy (SEC/Nasdaq compliant) — mandatory recovery of incentive-based compensation upon accounting restatement |
| Hedging/pledging | Prohibited under Insider Trading Policy |
Performance & Track Record
- 2024 business outcomes: 98,055 LALs sold (+79% YoY), 305 LDDs sold (+15% YoY), installed base 971 (+46% YoY), revenue $139.9M (+57% YoY), gross margin 70.7% (+10.3 pts), reduced operating loss vs 2023; cash and investments $237.2M at year-end .
- Q3 2025 results: Revenue $30.3M (-14% YoY), gross margin 80% (+844 bps YoY), net loss $(9.8)M; LAL volumes +6% YoY, LDD placements -68% YoY; installed LDD base 1,109; cash, cash equivalents, and short-term investments $227.5M at 9/30/2025 .
- CFO certifications: SOX 302 and 906 certifications signed on the Q3 2025 Form 10-Q and related filing .
- Strategic commentary: Ms. Thunen emphasized focus on growing LAL sales volumes, prudent OpEx investments (sales/marketing and R&D), and international expansion paced by KOL validation; guidance contemplated reacceleration in 2H25 .
Compensation Committee Analysis
- Committee composition: Robert J. Palmisano (Chair), J. Andy Corley, Robert Warner; charter includes administering compensation philosophy, equity plans, and clawback policy .
- Process and advisors: Committee leverages competitive market analysis prepared by Aon and management recommendations; noted CEO’s request to reallocate some options to other NEOs to moderate gaps and promote team-based approach .
- 2024 pay mix: Base salary, annual bonus, and time-based stock options; no disclosed PSUs for NEOs; broad-based benefits .
Investment Implications
- Pay-for-performance: Annual bonus metrics explicitly tied to revenue, gross margin, and cash use—with 2024 actuals above target on revenue and above max on gross margin; the 112% payout signals compensation responsiveness to operating performance .
- Equity alignment: Heavy use of time-based options (monthly vesting) increases sensitivity to stock price and creates ongoing vesting supply; beneficial ownership remains <1% for Ms. Thunen, but sizable outstanding options and 2024 exercises indicate meaningful exposure to equity value .
- Retention and CIC: Single-trigger equity acceleration upon change-in-control plus cash severance could reduce retention risk in a sale scenario; however cash severance is modest relative to CEO, aligning incentives without excessive parachute risk .
- Governance safeguards: Prohibitions on hedging/pledging and a mandatory clawback policy mitigate misalignment and enforcement risk; committee oversight and external benchmarking support disciplined pay practices .