MOUNTAIN VIEW, Calif., July 8 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that in accordance with NASDAQ Marketplace Rule 4350(i)(1)(A)(iv), as amended, it granted a non-qualified stock option to Barry G. Caldwell, the Company's new Chief Executive Officer, as an inducement material to Mr. Caldwell entering into employment with IRIDEX. The option is exercisable for 234,104 shares of common stock at an exercise price of $6.07 per share. In addition, Mr. Caldwell was granted an Incentive Stock Option exercisable for 65,896 shares of common stock at an exercise price of $6.07 per share under its stockholder approved 1998 Stock Plan. These two option grants were approved by a majority of the independent members of the Board of Directors of IRIDEX. The options granted to Mr. Caldwell vest over a four year period, with 1/4 of the total number of shares subject to each option vesting one year following the grant date of such option and 1/48 of the total number of shares subject to such option vesting each full month thereafter, provided that Mr. Caldwell continues to be a service provider to IRIDEX on each of these dates.
About IRIDEX
IRIDEX Corporation is a leading worldwide provider of semiconductor-based laser systems for the ophthalmology and dermatology markets. IRIDEX products are sold in the United States through a direct sales force and internationally through a network of independent distributors into more than 100 countries. For further information, visit the Company's website at www.iridex.com.
SOURCE IRIDEX Corporation
-0- 07/08/2005
/CONTACT: Larry Tannenbaum, Chief Financial Officer of IRIDEX,
+1-650-940-4700/
/Web site: http://www.iridex.com /
(IRIX)
CO: IRIDEX Corporation
ST: California
IN: SEM MTC BIO CPR
SU: PER
TH-UC
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2204 07/08/2005 17:00 EDT http://www.prnewswire.com
