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ARAY > SEC Filings for ARAY > Form 8-K on 27-Sep-2013All Recent SEC Filings

Show all filings for ACCURAY INC

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.

Derek Bertocci, the Company's former Chief Financial Officer, resigned from the Company on September 2, 2013. In connection with Mr. Bertocci's separation from the Company, the Company and Mr. Bertocci entered into a General Release and Separation Agreement (the "Separation Agreement") on September 25, 2013, the terms of which were specified by his Employment Agreement with the Company. Pursuant to the Separation Agreement, the Company agreed to pay a lump-sum cash severance to Mr. Bertocci in the amount of $255,247. In the Separation Agreement, Mr. Bertocci provided the Company a general release and acknowledged his continuing obligations under certain restrictive covenants set forth in his Employment Agreement. In addition, the Company and Mr. Bertocci also entered into a Consulting Services Agreement ("Consulting Agreement") on September 25, 2013 whereby Mr. Bertocci agreed to provide the Company with consulting services in exchange for a monthly consulting fee of $27,716.67 for a period of up to three months, effective beginning September 3, 2013.

The Company will file the Separation Agreement and the Consulting Agreement as exhibits to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. 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 and the Consulting Agreement when filed.

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