Accuray (NASDAQ: ARAY) sets separation terms for chief commercial officer

Rhea-AI Filing Summary

Accuray Incorporated entered into a separation agreement with Senior Vice President and Chief Commercial Officer Sandeep Chalke on March 13, 2026, ahead of his previously disclosed departure effective March 31, 2026. The agreement grants vesting of equity awards scheduled to vest on May 31, 2026, with all later equity forfeited. Mr. Chalke will receive a lump-sum cash payment of $459,000, equal to 12 months of base salary, plus a pro‑rated fiscal 2026 bonus paid on the same schedule as other executives. These benefits replace any prior severance or noncompetition payments, and the agreement, which includes a general release of claims, becomes effective after a seven‑business‑day revocation period.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 13, 2026

ACCURAY INCORPORATED

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-33301	20-8370041
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1240 Deming Way
Madison, Wisconsin		53717-1954
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 608 824-2800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		ARAY		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, Sandeep Chalke, the Senior Vice President, Chief Commercial Officer of Accuray Incorporated (the “Company”), will depart from the company effective March 31, 2026. In connection with Mr. Chalke’s departure, on March 13, 2026, the Company entered into a separation agreement and general release (the “Separation Agreement”) with Mr. Chalke. The Separation Agreement provides for (i) the vesting of Mr. Chalke’s equity grants that were due to vest on May 31, 2026 under the Company’s Equity Incentive Plan, with all equity due to vest after that date forfeited, (ii) a lump sum payment of $459,000, equal to twelve (12) months of Mr. Chalke’s annual base salary; and (iii) a pro-rated portion of the bonus Mr. Chalke would have received for the Company’s fiscal year 2026 under the Company’s bonus plan, payable at the same time as bonuses are paid to other Company executives. These benefits are provided in lieu of any other severance payments or noncompetition consideration under prior agreements, and the Separation Agreement, which includes a general release of claims, becomes effective upon expiration of a seven-business-day revocation period following execution.

The foregoing summary of the terms of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, a copy of which is filed as an Exhibit 10.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Separation Agreement and General Release by and between Registrant and Sandeep Chalke, dated March 13, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ACCURAY INCORPORATED
Date:	March 19, 2026	By:	/s/ Ali Pervaiz
			Ali Pervaiz Senior Vice President & Chief Financial Officer

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FAQ

What executive change does Accuray (ARAY) describe in this 8-K?

Accuray details the planned departure of Sandeep Chalke, its Senior Vice President and Chief Commercial Officer, effective March 31, 2026. The filing focuses on the terms of his separation agreement, including equity vesting, cash severance, and a pro‑rated fiscal 2026 bonus.

What cash severance will Sandeep Chalke receive from Accuray (ARAY)?

Under the separation agreement, Sandeep Chalke will receive a lump‑sum cash payment of $459,000. This amount equals 12 months of his annual base salary and is provided in lieu of any other severance or noncompetition consideration under his prior agreements with the company.

How are Accuray (ARAY) equity awards treated in Sandeep Chalke’s separation?

Accuray will allow Mr. Chalke’s equity grants scheduled to vest on May 31, 2026 to continue vesting. Any equity awards that were due to vest after that date will be forfeited, limiting ongoing equity benefits to the near‑term vesting tranche only.

Will Sandeep Chalke receive a bonus from Accuray (ARAY) after his departure?

Yes. The agreement provides a pro‑rated bonus for Accuray’s fiscal year 2026. That bonus amount will be calculated under the company’s bonus plan and paid at the same time as bonuses are paid to other Accuray executives for that fiscal year.

When does Sandeep Chalke’s separation agreement with Accuray (ARAY) become effective?

The separation agreement, signed on March 13, 2026, becomes effective after a seven‑business‑day revocation period following execution. It also includes a general release of claims by Mr. Chalke in exchange for the severance and equity benefits described.

What does Accuray (ARAY) file as an exhibit related to this executive departure?

Accuray files the full Separation Agreement and General Release with Sandeep Chalke as Exhibit 10.1. This exhibit contains the complete legal terms and conditions governing his departure, compensation, equity treatment, and release of claims against the company.

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

• EX-10.1 EXHIBIT 10.1 58.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB