Company: STAA
Filing Date: 2025-10-09
Form Type: DFAN14A
Source: 0001213900-25-097833
Chunk: 7

Company: STAAR SURGICAL CO
Filing Date: 2025-10-09
Form: DFAN14A
Chunk 7
---
 to keep doing
their day jobs.

In this model, the goal of the managers is to
get the buyer and the shareholder to agree on a price. But of course the buyer generally wants to pay a low price, and the shareholders
generally want to get a high price. How can the managers bridge that gap? There are all sorts of possibilities. They can find a buyer
who has an idiosyncratically high valuation of the company and is careless with money, or a buyer whose own business combines nicely with
the target to create valuable synergies. They can run an auction to find the buyer with the highest valuation. They can look for a mutually
beneficial trade where the buyer and the shareholders value different things: “This company has tons of upside for the right private
equity buyer but is too risky for public shareholders,” or “this social media company does not really make money
for its shareholders but could be a way for the right billionaire to influence politics.”

| 3. | This is not the only model — often the managers *want*                                                                     
 to keep doing their day jobs, don’t want to be acquired, and have to be paid to even consider a deal — but it is sometimes 
 a useful one.                                                                                                              |

<div align='center'>Exhibit 2-2</div>

But perhaps the most general approach is to persuade
the buyer that the company will make a lot of money and persuade the shareholders that it won’t. You go to a meeting with the buyer
and you talk about how good the company is, you bring in the most satisfied customers and employees to talk about the business, you share
wildly optimistic projections for next year’s sales. And then you go to a meeting with the shareholders and you talk about how bad
the company is, you mention the most dissatisfied customers, you share extremely pessimistic projections for next year. The buyers are
like “this company is great I’ll pay $40,” the shareholders are like “this company is garbage I’d sell for
$25,” and there’s plenty of room to get a deal done.

Obviously that is too schematic. For one thing,
the managers have a fiduciary duty to maximize value for the shareholders, and they can’t really trick the buyer either; they are
supposed to be honestbrokers, and generally they are. For another thing, the managers don’t really have private
meetings with the shareholders: They communicate with the shareholders through public proxy statements,