IRIDEX CORPORATION (NASDAQ:IRIX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement.
IRIDEX CORPORATION (NASDAQ:IRIX) Files An 8-K Entry into a Material Definitive Agreement
Offer Letter with George Marcellino
On October 2, 2017, George Marcellino, a member of the board of directors (the “Board”) of IRIDEX Corporation (the “Company”), was hired as V.P., Clinical Affairs. In connection with his hiring, the Company issued an offer letter to Mr. Marcellino dated September 6, 2017 which provides for the following compensation to Mr. Marcellino:
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an annual salary of $300,000; |
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an award ofup to $30,000 to the Company’s 2017 Management by Objectives Planbased upon the achievement of certain objectives specific to Mr. Marcellino and subject to the Company's achievement of certain revenue and earnings targets, as well as certain other financial and operations-related performance goals; |
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an option to purchase 30,000 shares of the Company’s common stock, one quarter of the shares subject to the option vest on the one year anniversary and the remainder of the shares subject to the option vests inequal monthly installments over three years thereafter; and |
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a grant of restricted stock units (“RSUs”) for 25,000 shares of the Company’s common stock, one quarter of which vests on the one-year anniversary and the remainder of the RSUs vests inequal monthly installments over three years thereafter. |
Mr. Marcellino will continue to serve as a member of our Board for an interim period until a suitable replacement has been identified and appointed.
The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the complete text of such Offer Letter attached here to as Exhibit 10.1.
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Item 9.01. |
Financial Statements and Exhibits. |
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10.1 |
Offer Letter between the Company and George Marcellino dated as of September 6, 2017 |
EXHIBIT INDEX
IRIDEX CORP ExhibitEX-10.1 2 irix-ex101_6.htm EX-10.1 irix-ex101_6.htm Exhibit 10.1 1212 Terra Bella Avenue Mountain View,…To view the full exhibit click here
About IRIDEX CORPORATION (NASDAQ:IRIX)
IRIDEX Corporation is a provider of therapeutic based laser consoles, delivery devices and consumable instrumentation used to treat sight-threatening eye diseases in ophthalmology. The Company operates through ophthalmology segment. Its ophthalmology products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes, and are used in the treatment of serious eye diseases, including the over three causes of irreversible blindness, such as diabetic retinopathy, glaucoma and age-related macular degeneration (AMD). In addition, the Company’s ophthalmology products are often used in vitrectomy procedures (used to treat proliferative diabetic retinopathy, macular holes, retinal tears and detachments), which are generally performed in the operating room and require a consumable single use intraocular laser probe (EndoProbe) to deliver light to the back of the eye together with other instrumentation.
