Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
(e) Compensation of Executive Officers
2020 Short-Term Incentive Plan
On January 20, 2020, the Compensation Committee of the Company's Board of
Directors of IRIDEX Corporation (the "Company") approved the Company's 2020
Short-Term Incentive Plan (the "STI Plan"). David I. Bruce, the Company's
President and Chief Executive Officer, Patrick Mercer, the Company's Chief
Operating Officer, and Romeo R. Dizon, the Company's Vice President of Finance,
are eligible to participate in the STI Plan. Mr. Bruce's, Mr. Mercer's, and Mr.
Dizon's maximum amount payable under the STI Plan is $258,120, $148,180, and
$119,500, respectively.
Awards under the STI Plan are based upon the achievement of certain corporate
objectives that apply to all STI Plan participants and certain individual
objectives specific to each STI Plan participant. Mr. Bruce's, Mr. Mercer's, and
Mr. Dizon's awards under the STI Plan are subject to the Company's achievement
of certain sales targets, as well as certain other financial and
operations-related performance goals specific to Mr. Bruce, Mr. Mercer, and Mr.
Dizon, respectively.
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