IRIDEX Corp. Watch

from 10-Q 5 pages Fifth Amendment to Loan and Security Agreement

from 10-Q 5 pages Fourth Amendment to Loan and Security Agreement

from 10-K 4 pages Third Amendment to Loan and Security Agreement

from 10-K 4 pages Second Amendment to Loan and Security Agreement

from 10-K 17 pages First Amendment to Loan and Security Agreement

from 8-K 50 pages Loan and Security Agreement

from 8-K 50 pages Loan and Security Agreement

from 8-K 5 pages First Amendment to Credit and Security Agreements and Waiver of Default

from 8-K 68 pages Credit and Security Agreement

from 8-K 69 pages Wells Fargo Business Credit Credit and Security Agreement

from 8-K 3 pages April 23, 2007 Mr. Barry G. Caldwell President and Chief Executive Office Ms. Meryl Rains Vice President and Chief Financial Officer IRIDEX Corporation 1212 Terra Bella Mountain View, Ca 94043-1824 Re: Business Loan and Security Agreement (The “Domestic Agreement”) Dated as of January 16, 2007, and Export-Import Bank Loan and Security Agreement (The “Exim Agreement”) Dated as of January 16, 2007 Dear Barry and Meryl: As Required by the Terms of Each of the Domestic Agreement and the Exim Agreement Between IRIDEX Corporation (“Borrower”) and Mid-Peninsula Bank, Part of Greater Bay Bank N.A. (“Bank”), the Following Covenants Had Not Been Met as of March 31, 2007

from 8-K 4 pages First Amendment to Export-Import Bank Loan and Security Agreement

from 8-K 4 pages First Amendment to Business Loan and Security Agreement

from 10-K405 ~10 pages Business Loan Agreement