ISORAY, INC. (NYSEMKT:ISR) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
| Entry into a Material Definitive Agreement |
The information set forth under Item 5.02 of this Current Report
on Form 8-K is incorporated into this Item 1.01 by reference.
| ITEM5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On April 13, 2017, Matthew P. Branson, Controller, Principal
Financial and Accounting Officer of IsoRay, Inc. (the Company),
informed the Board that he had accepted a position with another
company. The Company and the Companys subsidiaries entered into a
Separation Agreement with Mr. Branson, dated May 1, 2017. to the
Separation Agreement, Mr. Branson agreed to terminate his
employment with the Company on the last date on which he performs
any work for the Company and its subsidiaries, or June 30, 2017,
whichever occurs first. It is anticipated Mr. Branson will
continue his service until June 30, 2017. Until his separation
from employment, Mr. Branson will continue to receive his base
salary payable in biweekly payments of $4,615.38, minus required
withholdings, and immediately following the final payment, Mr.
Branson will receive a lump sum payment of $30,000, minus
required withholdings. As part of the Separation Agreement, Mr.
Branson has agreed to a waiver and release of claims. Mr.
Bransons decision to leave was not the result of any disagreement
with management or the Board of Directors.
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.
The Company is in active negotiations with various CFO and/or
Controller candidates and hopes to fill this position as soon as
possible, but there is no assurance as to when or if this
position will be filled.
| ITEM9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit | Description |
| 10.1 |
Separation Agreement, dated May 1, 2017, between Matthew Branson and IsoRay, Inc. |
IsoRay, Inc. ExhibitEX-10.1 2 v469558_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 Separation Agreement 1.People and organizations covered by this Agreement. In this Agreement,…To view the full exhibit click here 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 down -0.002 at 0.586 with 74,208 shares trading hands.