---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-126507"
form_type: "8-K"
ticker: "IRIX"
cik: "0001006045"
company_name: "IRIDEX CORP"
filed_at: "2024-11-13T23:59:59+00:00"
generated_at: "2026-05-30T00:44:52.602120+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-126507
- form_type: 8-K
- ticker: IRIX
- cik: 0001006045
- company_name: IRIDEX CORP
- filed_at: 2024-11-13T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1006045/000095017024126507/0000950170-24-126507-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1006045/000095017024126507/irix-20241107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-126507
- JSON: https://secwatch.observer/filing/0000950170-24-126507.json
- Plain text: https://secwatch.observer/filing/0000950170-24-126507.txt

## Key facts
- Executive change
  David Bruce resigned as Director at IRIDEX CORP.
  - Action: resigned
  - Role: Director
  source text: on November 11, 2024, Mr. Bruce resigned from the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1006045/000095017024126507/0000950170-24-126507-index.htm
- Executive change
  David Bruce was terminated as Chief Executive Officer at IRIDEX CORP.
  - Action: terminated
  - Role: Chief Executive Officer
  source text: On October 1, 2024, Dave Bruce was terminated as the Company’s Chief Executive Officer (the “CEO”) and principal executive officer, effective immediately
  evidence_url: https://www.sec.gov/Archives/edgar/data/1006045/000095017024126507/0000950170-24-126507-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.