STAAR Surgical Corrects Its Disclosure Of David Bailey's $850,000 Grant: Half Stock Options, Not All Stock Units
An amended 8-K says the dollar values were right but the original filing listed the wrong mix of stock units and options in the returning executive's package.
STAAR Surgical has now disclosed, in an amended 8-K, that its original filing listed the wrong mix of restricted stock units and stock options in David Bailey's equity awards. The dollar value of the awards was correct; the company calls the error administrative.
What the amended filing says
The 8-K/A, filed Monday, says it exists solely to correct that error. The original report, filed September 10, described the $850,000 initial grant as all restricted stock units, which the company says did not match the terms of Bailey's offer letter. A corrected offer letter is now Exhibit 10.1, and the company says the rest of the original text is reproduced as previously filed.
Bailey, a former STAAR chief executive, was appointed Chief Commercial Officer on September 8. The corrected disclosure lists:
- An initial equity grant valued at $850,000, issued 50% as restricted stock units (RSUs) and 50% as stock options.
- The RSUs vest in thirds on the first, second and third anniversaries of the grant date; the options also vest over three years.
- A 2026 annual long-term incentive award valued at $1,400,000, prorated to his start date, split 50% options and 50% RSUs.
The rest of the package
Cash pay is unchanged by the amendment. Bailey's base salary is CHF 462,825, which the filing puts at about $575,000, prorated for 2026. His 2026 target bonus is 60% of base salary, also prorated.
The filing adds that he takes part in the company's other executive pay and benefit plans, including standard severance and change-in-control terms.
Who Bailey is
Per the filing, Bailey was STAAR's chief executive and president from 2001 to 2008, then president of international operations until 2011. Since 2010 he has run DB Consulting, a Switzerland-based advisory firm whose clients have included the company.
In the company's press release, CEO Warren Foust said Bailey's return "significantly strengthens our ability to execute" on the Revenue Growth pillar of the company's strategy. Bailey reports to Foust.
The filing was signed October 5 by Executive Vice President and Chief Financial Officer Deborah Andrews; the RSUs begin vesting on the first anniversary of the grant date.
Correction, October 6, 2026: An earlier version of this story's headline said STAAR fixed Bailey's pay terms and that the grant "was split wrongly." The amendment corrects the filing's description of the award mix; the original filing described the grant as all restricted stock units.
