Company: STAA
Filing Date: 2025-10-07
Form Type: PX14A6G
Source: 0001193125-25-232531
Chunk: 4

Company: STAAR SURGICAL CO
Filing Date: 2025-10-07
Form: PX14A6G
Chunk 4
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, STAAR’s largest global customer presented data, in a session titled “From Niche to Mainstream,” indicating that, from 2022 to 2024, ICL surgeries for -6 to -10 diopters increased from 24.2% to 27% of the market, while those for below -6 diopters rose from 3.1% to 4.1%, outpacing overall ICL growth and demonstrating penetration
into moderate myopia segments. While ICL’s share of the moderate myopia segments (below -6 diopters and from -6 to -10
diopters) is currently not as high as ICL’s approximately 94% market share for high myopia patients at above -10 diopters, the upward trend from 2022 to 2024 represents a growing confidence in ICL
surgeries for patients with moderate myopia. This is based on ICL’s faster recovery time, more stable refraction and better visual quality compared with other refractive surgery alternatives, such as LASIK and other laser vision procedures.

These trends underscore ICL’s growing traction relative to other refractive surgery options, especially in China. In STAAR’s Q1 2025 earnings
materials, management estimated that ICL holds over 70% of the refractive surgery market in Japan, a degree of dominance that underscores its relevance across a broad spectrum of refractive correction procedures.

Taking such factors into account, we believe the current offer price disregards the groundbreaking potential
of STAAR’s ICL technology, which boasts an unparalleled growth trajectory. Furthermore, the current offer discounts the tireless efforts of industry professionals who have poured their expertise into elevating STAAR’s ICL technology to
its current stature and value-creating potential.

Incentives for STAAR’s CEO Stephen Farrell Under the Proposed Merger Are Not Aligned with Shareholders and Signal a Significant Conflict of Interest

According to STAAR’s SEC filings, the Company’s named executive officers, stand
to make an estimated $55 million in compensation from the proposed merger with Alcon. This includes approximately $24 million for CEO Stephen Farrell, a staggering amount for just a few months of leadership since his appointment earlier
this year. We believe these payouts reveal a significant conflict of interest, providing blinding financial incentives for Mr. Farrell to push for a sale, both to the Board and shareholders, at a price far below the Company’s intrinsic
value, while bypassing a more robust and transparent process.