IRIDEX CEO David Bruce terminated; Patrick Mercer takes over as CEO effective Nov 7, 2024

IRIDEX CORP

David Bruce terminated as CEO Oct 1, 2024, resigned from Board Nov 11, 2024; receives $45K cash and acceleration of 19,913 RSUs and 40,431 options.
Patrick Mercer appointed CEO; retains base salary of $360K, target bonus 65% of base, and new change-in-control severance at 150% of salary.
Kenneth E. Ludlum appointed to Compensation Committee; committee composition updated.
Bruce's separation agreement includes non-disparagement, confidentiality, and release of claims.

item 5.02 item 8.01 item 9.01

Executive movements

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Departed

David Bruce

Director

IRIX · IRIDEX CORP

Effective: 2024-11-11
Filed: November 13, 2024, 6:59 PM ET

on November 11, 2024, Mr. Bruce resigned from the Board.

Departed

David Bruce

Chief Executive Officer

IRIX · IRIDEX CORP

Effective: 2024-10-01
Successor: Patrick Mercer
Filed: November 13, 2024, 6:59 PM ET

On October 1, 2024, Dave Bruce was terminated as the Company’s Chief Executive Officer (the “CEO”) and principal executive officer, effective immediately

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

David Bruce resigned as Director at IRIDEX CORP.

Action: resigned
Role: Director

Exact text from the filing

on November 11, 2024, Mr. Bruce resigned from the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

David Bruce was terminated as Chief Executive Officer at IRIDEX CORP.

Action: terminated
Role: Chief Executive Officer

Exact text from the filing

On October 1, 2024, Dave Bruce was terminated as the Company’s Chief Executive Officer (the “CEO”) and principal executive officer, effective immediately

View on SEC.gov

IRIDEX CORP filing history →

Source: SEC EDGAR

accession 0000950170-24-126507

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