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<SEC-DOCUMENT>0000891618-08-000053.txt : 20080128
<SEC-HEADER>0000891618-08-000053.hdr.sgml : 20080128
<ACCEPTANCE-DATETIME>20080128172222
ACCESSION NUMBER:		0000891618-08-000053
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080122
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE:		20080128
DATE AS OF CHANGE:		20080128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRIDEX CORP
		CENTRAL INDEX KEY:			0001006045
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				770210467
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27598
		FILM NUMBER:		08555154

	BUSINESS ADDRESS:	
		STREET 1:		1212 TERRA BELLA AVE
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
		BUSINESS PHONE:		6509404700

	MAIL ADDRESS:	
		STREET 1:		1212 TERRA BELLA AVENUE
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f37440e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 18pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>January&nbsp;22, 2008</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>IRIDEX CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-27598</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77-0210467</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1212 Terra Bella Avenue<BR>
Mountain View, California 94043</B><BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(650)&nbsp;940-4700</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;22, 2008, IRIDEX Corporation (the &#147;Company&#148;) entered into a Change of Control and
Severance Agreement (the &#147;Change of Control Agreement&#148;) with James Mackaness, the Company&#146;s Chief
Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Change of Control Agreement provides Mr.&nbsp;Mackaness with certain severance benefits in the event
that his employment with the Company is terminated under certain circumstances described therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Termination within the Change of Control Context</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If in the event that: (a)&nbsp;within twelve months following a Change of Control (as defined in the
Change of Control Agreement), or (b)&nbsp;at any time prior to a Change of Control if such termination
is effected at the request of an Acquiror (as defined in the Change of Control Agreement), (x)&nbsp;Mr.
Mackaness terminates his employment with the Company for Good Reason (as defined in the Change of
Control Agreement), or (y)&nbsp;the Company terminates Mr.&nbsp;Mackaness&#146;s employment without Cause (as
defined in the Change of Control Agreement), and, in each case, Mr.&nbsp;Mackaness signs and does not
revoke a standard release of claims with the Company, then Mr.&nbsp;Mackaness will receive the following
severance from the Company:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;<U>Cash Severance Payment</U>. Mr.&nbsp;Mackaness would be paid a lump sum payment equal to six
months of his base salary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii) <U>Vesting Acceleration</U>. Fifty percent of the shares underlying the then-outstanding and
unvested stock options in Company common stock held by Mr.&nbsp;Mackaness, if any, would immediately
vest and become exercisable, and fifty percent of any shares of restricted stock in the Company
then-held by Mr.&nbsp;Mackaness, if any, would immediately vest and the applicable Company right of
repurchase or reacquisition with respect to such shares will lapse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;<U>Continued Employee Benefits</U>. Mr.&nbsp;Mackaness would receive reimbursement from the
Company for a period of up to six months for the costs and expenses incurred by himself and/or his
eligible dependents for coverage under the Company&#146;s benefit plans, provided that such coverage is
timely elected under COBRA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Termination outside the Change of Control Context</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Mr.&nbsp;Mackaness&#146;s employment with the Company terminates: (i)&nbsp;voluntarily by Mr.&nbsp;Mackaness (except
upon a termination for Good Reason (a)&nbsp;within twelve (12)&nbsp;months following a Change of Control, or
(b)&nbsp;at any time prior to a Change of Control if such termination is at the request of an Acquiror),
(ii)&nbsp;for Cause by the Company or (iii)&nbsp;without Cause by the Company if not (a)&nbsp;within twelve months
following a Change of Control, or (b)&nbsp;at any time prior to a Change of Control if such termination
is at the request of an Acquiror, then Mr.&nbsp;Mackaness would not be entitled to receive any severance
from the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.02 Termination of a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;22, 2008, the Company and Larry Tannenbaum entered into a Separation Agreement and
Release (the &#147;Separation Agreement&#148;) pursuant to Mr.&nbsp;Tannenbaum&#146;s resignation, described more fully
in Item&nbsp;5.02 below. The Separation Agreement effectively terminates the Amended and Restated
Severance and Change of Control Agreement between Mr.&nbsp;Tannenbaum and the Company dated April&nbsp;29,
2005, described more fully in the Company&#146;s Current Report on Form 8-K filed with the Securities
and Exchange Commission on May&nbsp;4, 2005 and incorporated herein by reference.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(b)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Resignation of Larry Tannenbaum</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;22, 2008, Larry Tannenbaum resigned as the Company&#146;s Chief Business Officer, effective
as of the earlier of the date he finds alternative employment or March&nbsp;15, 2008 (the &#147;Termination
Date&#148;). On January&nbsp;22, 2008, Mr.&nbsp;Tannenbaum also resigned as the Company&#146;s Corporate Secretary, as
a board member of IRIDEX FRANCE S.A. and IRIDEX (U.K.) Ltd., and from all other offices of such
entities as he may have held at such time, effective on such date or as soon as permissible under
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to his resignation, Mr.&nbsp;Tannenbaum entered into the Separation Agreement. The Separation
Agreement releases the Company from any and all claims relating to or arising from Mr.&nbsp;Tannenbaum&#146;s
employment relationship with the Company and the termination of such relationship. The Separation
Agreement extends the vesting period of Mr.&nbsp;Tannenbaum&#146;s options under his stock option agreements
pursuant to the Company&#146;s 1998 Stock Option Plan, dated June&nbsp;4, 2003, June&nbsp;28, 2005 and September
15, 2006 (together the &#147;Option Agreements&#148;) until the Termination Date, at which time Mr.
Tannenbaum will have vested in at most an additional 1,000 shares underlying such options, for a
total of 74,304 shares underlying such options. The Separation Agreement also extends the exercise
period during which Mr.&nbsp;Tannenbaum can exercise the stock options governed by the Option Agreements
until eighteen months from the Termination Date. Mr.&nbsp;Tannenbaum also entered into a consulting
agreement with the Company, pursuant to which he may continue to provide services to the Company
for a period of three months following the Termination Date (the &#147;Consulting Term&#148;), and for such
service Mr.&nbsp;Tannenbaum will be compensated at a rate of $18,333 per month during the Consulting
Term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(e)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agreements with Larry Tannenbaum</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to discussion in Item 5(b) above.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>IRIDEX CORPORATION</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Theodore A. Boutacoff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Name: </B>Theodore A. Boutacoff</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP><B>Title: President and Chief Executive Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: January&nbsp;28, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>



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