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Accuray Incorporated (ARAY) Message Board

  • greggjohn greggjohn Nov 28, 2012 5:37 PM Flag

    Form 8-K filing

    Form 8-K for ACCURAY INC



    Change in Directors or Principal Officers

    Item 5.02 Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers
    (e) Compensatory Arrangements of Certain Officers.

    In connection with Mr. Raanes' separation from the Company, which occurred on November 16, 2012, the Company and Mr. Raanes entered into a General Release and Separation Agreement (the "Separation Agreement") on November 26, 2012, the terms of which were specified in his employment letter agreement with the Company. Pursuant to the Separation Agreement, the Company agreed to pay a lump-sum cash severance to Mr. Raanes in the amount of $475,120.05 and agreed to provide Mr. Raanes outplacement services. In the Separation Agreement, Mr. Raanes provided the Company a general release and acknowledged his continuing obligations under certain restrictive covenants set forth in his employment letter agreement.

    The Company will file the Separation Agreement as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2012. The descriptions set forth in this Item 5.02 are a summary and are therefore qualified in their entirety by the complete text of the Separation Agreement when filed.

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