Research Reports

Key takeaways

Amendment dated April 1, 2026 to October 18, 2025 Consulting Agreement with Dedication Capital, LLC (affiliate of director Steven F. Mayer).

Base Consulting Fee for April 1 to October 31, 2026 reduced to $175,000 aggregate ($25,000/month), a 50% cut.

Cash incentive minimums reduced 50%: FY2026 year-end from $265,625 to $132,812.50; Q1 FY2027 mid-year from $109,375 to $54,687.50.

Time-based vesting satisfied for 916,336 Initial Restricted Shares and 100% PSAs as of April 1, 2026.

Remaining 333,004 Initial Restricted Shares vest October 31, 2026; End Date extended to October 31, 2026.

Expected cash savings of at least $362,500 to the Company.

Full analysis

The amendment significantly reduces near-term cash outflows under the consulting arrangement with Dedication Capital, an affiliate of board member Steven F. Mayer, by halving base fees and incentive minimums through October 2026. This supports cash preservation amid the company's fiscal year ending June 30, 2026 and into the next quarter. Equity modifications accelerate vesting for the majority of Initial Restricted Shares (916,336 shares across 2016 and 2026 plans) and all PSAs—though PSAs remain tied to stock price targets—providing immediate value to the counterparty while deferring the final 333,004 shares to the extended End Date. The $362,500 minimum cash savings quantifies the direct financial benefit, potentially improving liquidity without altering core consulting services.

ARAY · Accuray Incorporated

Summary

Key takeaways

Full analysis