MOUNTAIN VIEW, Calif., Feb. 15 /PRNewswire-FirstCall/ -- IRIDEX Corporation today announced that in accordance with NASDAQ Marketplace Rule 4350, as amended, it granted a non-qualified stock option to Meryl A. Rains, the Company's new Chief Financial Officer, exercisable for 50,000 shares of common stock at an exercise price of $9.42 per share as an inducement material to Ms. Rains entering into employment with IRIDEX Corporation. The exercise price is equal to the last closing sale price of IRIDEX Corporation's Common Stock on the NASDAQ Global Market on February 13, 2007, the date of grant. This option was approved by a majority of the independent members of the Board of Directors of IRIDEX Corporation and was granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv). The option granted to Ms. Rains vests over a four year period, with 1/4th of the total number of shares subject to the option vesting one year following the commencement of Ms. Rains employment and 1/48th of the total number of shares subject to such option vesting each full month thereafter, provided that Ms. Rains continues to be an employee with IRIDEX Corporation on each such date.
About IRIDEX
IRIDEX Corporation 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 http://www.iridex.com/
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