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Accuray Incorporated (ARAY) Message Board

  • tmoore9361 tmoore9361 Nov 7, 2012 8:42 PM Flag

    How much money did ET walk away with

    In the second quarter of fiscal 2013, we expect operating expenses to increase substantially due to a peak in R&D program activity, significant marketing activity related to the launch of the two new products introduced in October as ASTRO, and costs related to the departure of Accuray's former CEO. Once these activities are completed, we expect operating expenses to trend back towards the level incurred in the first quarter of fiscal 2013.

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    • In connection with Dr. Thomson's separation from the Company, which occurred on October 11, 2012, the Company and Dr. Thomson entered into a General Release and Separation Agreement (the "Separation Agreement") on October 27, 2012, the terms of which were specified by his employment letter agreement with the Company. Pursuant to the Separation Agreement, the Company agreed to pay a lump-sum cash severance to Dr. Thomson in the amount of $1,159,666 and agreed to provide Dr. Thomson outplacement services. In the Separation Agreement, Dr. Thomson provided the Company a general release and acknowledged his continuing obligations under certain restrictive covenants set forth in his employment letter agreement. The Separation Agreement provides for the acceleration of the vesting of stock options and RSUs previously granted to Dr. Thomson that would have vested within 12 months of the termination of Dr. Thomson's employment with the Company. In connection with Dr. Thomson's separation, the Company and Dr. Thomson also entered into a Consulting Services Agreement ("Consulting Agreement") on October 27, 2012 whereby Dr. Thomson agreed to provide the Company with consulting services in exchange for a monthly consulting fee of $20,500 for a period of up to six months.

 
ARAY
8.14+0.21(+2.65%)Aug 29 3:59 PMEDT

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