ISORAY, INC. (NYSEMKT:ISR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
As previously disclosed in the Current Report on Form 8-K filed
by IsoRay, Inc. (the Company) on January 17, 2017, on January 16,
2017, Brien Ragle, CFO of the Company, informed the Board of his
resignation from all positions held with the Company and its
subsidiaries, effective immediately. In connection with his
resignation, on February 28, 2017, Mr. Ragle entered into a
Separation Agreement (the Agreement) with the Company.
to the Agreement, Mr. Ragle will receive a severance payment of
$86,019.30 and a payment for health benefits totaling $12,973.95,
each paid over the next 15 regular payroll dates following
effectiveness of the Agreement and subject to all required
withholdings, and Mr. Ragle has agreed to a waiver and release of
claims. In addition, a nominal number of Mr. Ragles vested stock
options have had their exercise period extended to January 16,
2018.
In accordance with federal law, Mr. Ragle is entitled to revoke
his acceptance of the Agreement within seven (7) days of its
execution. If he revokes his acceptance, the Agreement will be of
no further force or effect and Mr. Ragle will not be entitled to
the benefits described above. If he does not revoke his
acceptance, the Agreement will be effective as of the eighth day
after signing.
The above description is only a summary of the material terms of
the Separation Agreement, does not purport to be a complete
description of the Separation Agreement, and is qualified in its
entirety by reference to the Separation Agreement, a copy of
which is filed as Exhibit 10.1, and incorporated herein by
reference.
| Item 9.01 | Financial Statements and Exhibits |
| (c) | Exhibits |
| 10.1 |
Separation Agreement, dated February 28, 2017, between Brien Ragle and IsoRay, Inc. |
About ISORAY, INC. (NYSEMKT:ISR)
IsoRay, Inc. is a medical technology company. The Company, through its subsidiary, IsoRay Medical, Inc., develops, manufactures and sells isotope-based medical products and devices for the treatment of cancer and other malignant diseases. The Company is engaged in the production and sales of Cesium-131 (Cs-131) brachytherapy seeds. Brachytherapy seeds are small devices containing a therapeutic dose of radiation used in an interstitial radiation procedure. The brachytherapy procedure places radioactive seeds as close as possible to (in or near) the cancerous tumor. The Cs-131 includes radioisotope in the treatment of all malignant tumors, such as prostate cancer, brain cancer, breast cancer, colorectal cancer, gynecological cancer, lung cancer, liver cancer, ocular melanoma and pancreatic cancer. The Company’s Proxcelan Cesium-131 seed is classified as a Class II device. ISORAY, INC. (NYSEMKT:ISR) Recent Trading Information
ISORAY, INC. (NYSEMKT:ISR) closed its last trading session up +0.010 at 0.560 with 149,897 shares trading hands.
