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.
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.
Public Relations Director, Accuray
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SOURCE Accuray Incorporated