MOUNTAIN VIEW, Calif., Feb. 28 /PRNewswire-FirstCall/ -- IRIDEX Corporation today announced that in accordance with NASDAQ Marketplace Rule 4350, as amended, the Compensation Committee of IRIDEX’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 235,000 shares of common stock (collectively, the “New Hire Options”) to a total of 54 new employees, both domestic and international, hired in connection with IRIDEX’s recently completed acquisition of the assets of the aesthetics business of Laserscope (the “New Employees”). The Compensation Committee approval provides that the New Hire Options will be granted effective as of February 28, 2007 (the “Grant Date”). The New Hire Options were an inducement material to each of the New Employees entering into employment with IRIDEX. The exercise price of each of the New Hire Options will be equal to $10.06, the closing price of IRIDEX’s Common Stock on the NASDAQ Global Market on the Grant Date, which was February 28, 2007. The New Hire Options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv). Each of the New Hire Options will vest over a four year period, with 1/4th of the total number of shares subject to each option vesting one year following the commencement of the respective optionee’s employment with IRIDEX and 1/48th of the total number of shares subject to each option vesting each full month thereafter, provided that respective optionee continues to be a service provider to IRIDEX on each such date.
About IRIDEX Corporation
IRIDEX is a leading worldwide provider of therapeutic based laser systems, disposable laser probes and delivery devices to treat eye diseases in ophthalmology and skin disorders in the aesthetics market. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 97 independent distributors into 107 countries. For further information, visit the Company’s website at www.iridex.com
IRIDEX Corporation
CONTACT: Larry Tannenbaum, Chief Business Officer of IRIDEX Corporation,+1-650-940-4700
Web site: http://www.iridex.com//
