ViewRay, Inc. (NASDAQ:VRAY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective October 1, 2019, Brian Knaley, ViewRay, Inc.’s (the “Company”) Senior Vice President, Finance, has been appointed as Interim Chief Financial Officer of the Company. The Company has initiated a search process to identify a permanent Chief Financial Officer.
Mr. Knaley, 49, has served as the Company’s Senior Vice President of Finance since joining the Company in September 2018. As Interim Chief Financial Officer, Mr. Knaley’s base salary will increase to $325,000 per year. Mr. Knaley formerly served as Chief Financial Officer at ARC Group Worldwide, Inc. (Nasdaq: ARCW), a global manufacturer of precision metallurgic products and advanced 3D printing company, from November 2017 to September 2018. Prior to ARC Group Worldwide, Inc., Mr. Knaley served as Vice President and Corporate Controller at The Spectranetics Corporation, a developer and manufacturer of minimally-invasive cardiovascular devices, from June 2016 to November 2017. Prior to The Spectranetics Corporation, Mr. Knaley served as Corporate Controller at Arcelormittal USA, a steel and mining company, from May 2012 to June 2016. Mr. Knaley holds a BA in Accounting from Thomas More College and a CPA license in the State of Ohio.
There are no arrangements or understandings between Mr. Knaley and any other persons to which he was appointed as an officer, and Mr. Knaley has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K. Mr. Knaley does not have a family relationship with any member of the Board or any executive officer of the Company.
Ajay Bansal ceased serving as Chief Financial Officer of the Company effective September 30, 2019. Mr. Bansal’s departure from the Company is not the result of any issue, concern or disagreement regarding the Company’s accounting, financial reporting or internal control over financial reporting.
In connection with Mr. Bansal’s resignation and in consideration of his release of claims against the Company, on September 30, 2019, the Company entered into separation and consulting agreements with Mr. Bansal (the “Agreements”). Mr. Bansal will provide consulting and advisory services to the Company for a period of six months from the separation date (the “Consulting Period”). Under the Agreements, Mr. Bansal will receive, among other benefits, cash payments equal to $174,250 and reimbursement for continued medical insurance coverage to COBRA for the six-month period following the separation date.
While serving as a consultant to the Company, Mr. Bansal’s unvested stock options and restricted stock units will continue to vest to their terms during the Consulting Period.
Mr. Bansal will remain subject to the Company’s Confidentiality, Inventions and Non-Interference Agreement and will be subject to a confidentiality obligation, non-disparagement and non-solicitation of employees, agents or consultants of the Company during the Consulting Period and for twelve months thereafter.
About ViewRay, Inc. (NASDAQ:VRAY)
ViewRay, Inc. designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company’s software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered. MRIdian delivers radiation to the tumor accurately while delivering less radiation to healthy tissue. MRIdian provides real-time imaging that defines the targeted tumor from the surrounding soft tissue and other critical organs during radiation treatment. MRIdian allows physicians to record the level of radiation exposure that the tumor has received and adapt the prescription between fractions as needed.