SUNNYVALE, Calif., March 5, 2020 /PRNewswire/ -- Accuray
Incorporated (NASDAQ: ARAY) today reported, as required by NASDAQ
Stock Market Rules, equity inducement awards to Michael Hoge, the company's new Senior Vice
President, Global Operations. As a material inducement to Mr.
Hoge joining the company, and in accordance with NASDAQ Listing
Rule 5635(c)(4), the Compensation Committee of the company
unanimously approved granting Mr. Hoge (i) an award of 126,475
restricted stock units covering shares of the company's common
stock, and (ii) a stock option to purchase 277,305 shares of the
company's common stock, in each case effective as of February 28
(collectively, the "Inducement Awards"). The Inducement Awards were
made outside of the company's current equity plan, but are subject
to terms and conditions generally consistent with those in the
company's 2016 Equity Incentive Plan.
Twenty-five percent of the restricted stock units subject to the
restricted stock unit award will vest on each anniversary of the
restricted stock unit award's grant date, subject to Mr. Hoge's
continued service through each applicable vesting date.
The stock option award has a ten-year term and a per share
exercise price of $2.965,
representing the closing price of the company's common stock as
quoted on the NASDAQ Global Select Market on the stock option
award's date of grant. Twenty-five percent of the shares
subject to the option will vest on the first anniversary of the
option's grant date and an additional 1/48th of the aggregate
number of shares subject to the option will vest each month
thereafter, subject to Mr. Hoge's continued service through each
applicable vesting date.
About Accuray
Accuray Incorporated (Nasdaq: ARAY) develops, manufactures and
sells radiotherapy systems that are intended to make cancer
treatments shorter, safer, personalized and more effective,
ultimately enabling patients to live longer, better lives. Our
radiation treatment delivery systems in combination with
fully-integrated software solutions set the industry standard for
precision and cover the full range of radiation therapy and
radiosurgery procedures. For more information, please visit
www.accuray.com or follow us on Facebook, LinkedIn, Twitter and
YouTube.
Media Contact
Beth
Kaplan
Public Relations Director, Accuray
+1 (408) 789-4426
bkaplan@accuray.com
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SOURCE Accuray Incorporated