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<p style="margin: 0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:center;"><b><font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">United States Securities And Exchange Commission</font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Washington, DC 20549</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">CURRENT REPORT</font><br>
<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;">Date of Report (Date of Earliest Event Reported):&nbsp; June 13, 2018</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 28pt; font-variant: small-caps; margin: 0pt; text-align: center;"><b><u>ISORAY, INC.</u></b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;">(Exact name of registrant as specified in its charter)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;"><b><u>Minnesota</u></b></font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">(State or other jurisdiction</font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">of incorporation)</font></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;"><b><u>001-33407</u></b></font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">(Commission</font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">File Number)</font></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;"><b><u>41-1458152</u></b></font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">(IRS Employer</font><br>
			<font style="font-family:'Times New Roman',Times,Serif;font-size:12pt;">Identification No.)</font></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;"><b><u>350 Hills Street, Suite 106, Richland, Washington 99354</u></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;">(Address of principal executive offices) (Zip Code)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;"><b><u>(509) 375-1202</u></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; margin: 0pt; text-align: center;">(Registrant&#39;s telephone number)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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:</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Written&nbsp;communications&nbsp;pursuant&nbsp;to&nbsp;Rule&nbsp;425&nbsp;under&nbsp;the&nbsp;Securities&nbsp;Act&nbsp;(17&nbsp;CFR&nbsp;230.425)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Soliciting&nbsp;material&nbsp;pursuant&nbsp;to&nbsp;Rule&nbsp;14a-12&nbsp;under&nbsp;the&nbsp;Exchange&nbsp;Act&nbsp;(17&nbsp;CFR&nbsp;240.14a-12)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement&nbsp;communications&nbsp;pursuant&nbsp;to&nbsp;Rule&nbsp;14d-2(b)&nbsp;under&nbsp;the&nbsp;Exchange&nbsp;Act&nbsp;(17&nbsp;CFR&nbsp;240.14d-2(b))</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement&nbsp;communications&nbsp;pursuant&nbsp;to&nbsp;Rule&nbsp;13e-4(c)&nbsp;under&nbsp;the&nbsp;Exchange&nbsp;Act&nbsp;(17&nbsp;CFR&nbsp;240.13e-4(c))</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company &#9744;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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. &#9744;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item&nbsp;1.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Entry into a Material Definitive Agreement</i></b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">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.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</i> </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i>&nbsp;</i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i>Entry Into Employment Agreement with Interim CEO</i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27.35pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27.35pt;">On June 18, 2018, IsoRay, Inc. (the &ldquo;Company&rdquo;) entered into an Employment Agreement effective as of June 13, 2018, with Lori A. Woods in her position as Interim CEO. The initial term of the Employment Agreement is one year, subject to successive one year renewals. Ms. Woods will receive an annual salary of $315,612.15 payable in accordance with the Company&rsquo;s standard payroll practices. She will be eligible to participate in the executive bonus plan established by the Company&rsquo;s Board of Directors based upon metrics that will be established by the Board in its sole discretion, whereby initially she will be eligible to receive a bonus of up to 25% of her annual salary. Also under the Employment Agreement, Ms. Woods is eligible to participate in and receive stock options under the Company&rsquo;s 2017 Equity Incentive Plan. Ms. Woods was issued 250,000 common stock options (the &ldquo;Options&rdquo;) as of June 13, 2018 (the &ldquo;Effective Date&rdquo;), which have an exercise price equal to the fair market value on the date of the grant, and which vest as follows: 25% six months after the Effective Date, 25% one year after the Effective Date, 25% two years after the Effective Date, and 25% three years after the Effective Date. In the event of a Change of Control, as defined in the Employment Agreement, all of Ms. Woods&rsquo; outstanding unvested Options will vest and become immediately exercisable and unrestricted.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27.35pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">Ms. Woods will be an &ldquo;at-will&rdquo; employee. Either she or the Company may terminate her employment with or without cause, for any reason or no reason, and at any time.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">Ms. Woods is subject to standard confidentiality provisions and a non-compete, non-solicitation covenant for a one-year period following termination of her employment.&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">Additionally, effective as of June 13, 2018, the Company and Ms. Woods entered into a Stock Option Agreement and Notice of Grant of Stock Option (collectively, the &ldquo;Option Agreement&rdquo;) with respect to the Options.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">The above descriptions are only a summary of the material terms of the Employment Agreement and the Option Agreement, do not purport to be complete descriptions of the Employment Agreement and Option Agreement, and are qualified in their entirety by reference to the Employment Agreement and Option Agreement, copies of which are filed as Exhibits 10.1 and 10.2 and incorporated herein by reference.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27.35pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item&nbsp;8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Other Events</i></b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:27pt;">On June 19, 2018, the Company issued a press release announcing the entry into the Employment Agreement, the text of which is attached hereto as Exhibit 99.1.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 9.01&nbsp; &nbsp; &nbsp; &nbsp;<i>Financial Statements and Exhibits.</i></b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -9pt;">&nbsp;(d)&nbsp; &nbsp; &nbsp; &nbsp;<u>Exhibits</u></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">10.1</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><a href="ex_116581.htm" style="-sec-extract:exhibit;">Employment Agreement, dated effective June 13, 2018, between Lori A. Woods and IsoRay, Inc.</a></p>
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			<td style="width: 7%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">10.2</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><a href="ex_116584.htm" style="-sec-extract:exhibit;">IsoRay, Inc. Stock Option Agreement and Notice of Grant of Stock Option to Lori A. Woods, dated June 13, 2018.</a></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">99.1</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><a href="ex_116583.htm" style="-sec-extract:exhibit;">Press release issued by IsoRay, Inc., dated June 19, 2018.</a></p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>SIGNATURES</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In accordance with 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 hereunto duly authorized.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Dated: June 19, 2018</p>

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			<p style="margin-top: 0; margin-bottom: 0;">IsoRay, Inc., a Minnesota corporation</p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Mark Austin</p>
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			<p style="margin-top: 0; margin-bottom: 0;">Mark Austin, Controller</p>
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isr20180618_8k.htm
United States Securities And Exchange Commission
Washington, DC 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):  June 13, 2018
ISORAY, INC.
(Exact name of registrant as specified in its charter)
Minnesota
(State or other jurisdiction
of incorporation)
001-33407
(Commission
File Number)
41-1458152
(IRS Employer
Identification No.)
350 Hills Street, Suite 106, Richland, Washington 99354
(Address of principal executive offices) (Zip Code)
(509) 375-1202
(Registrant's telephone number)
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 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.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Entry Into Employment Agreement with Interim CEO
On June 18, 2018, IsoRay, Inc. (the "Company") entered into an Employment Agreement effective as of June 13, 2018, with Lori A. Woods in her position as Interim CEO. The initial term of the Employment Agreement is one year, subject to successive one year renewals. Ms. Woods will receive an annual salary of $315,612.15 payable in accordance with the Company's standard payroll practices. She will be eligible to participate in the executive bonus plan established by the Company's Board of Directors based upon metrics that will be established by the Board in its sole discretion, whereby initially she will be eligible to receive a bonus of up to 25% of her annual salary. Also under the Employment Agreement, Ms. Woods is eligible to participate in and receive stock options under the Company's 2017 Equity Incentive Plan. Ms. Woods was issued 250,000 common stock options (the "Options") as of June 13, 2018 (the "Effective Date"), which have an exercise price equal to the fair market value on the date of the grant, and which vest as follows: 25% six months after the Effective Date, 25% one year after the Effective Date, 25% two years after the Effective Date, and 25% three years after the Effective Date. In the event of a Change of Control, as defined in the Employment Agreement, all of Ms. Woods' outstanding unvested Options will vest and become immediately exercisable and unrestricted.
Ms. Woods will be an "at-will" employee. Either she or the Company may terminate her employment with or without cause, for any reason or no reason, and at any time.
Ms. Woods is subject to standard confidentiality provisions and a non-compete, non-solicitation covenant for a one-year period following termination of her employment.
Additionally, effective as of June 13, 2018, the Company and Ms. Woods entered into a Stock Option Agreement and Notice of Grant of Stock Option (collectively, the "Option Agreement") with respect to the Options.
The above descriptions are only a summary of the material terms of the Employment Agreement and the Option Agreement, do not purport to be complete descriptions of the Employment Agreement and Option Agreement, and are qualified in their entirety by reference to the Employment Agreement and Option Agreement, copies of which are filed as Exhibits 10.1 and 10.2 and incorporated herein by reference.
Item 8.01
Other Events
On June 19, 2018, the Company issued a press release announcing the entry into the Employment Agreement, the text of which is attached hereto as Exhibit 99.1.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
10.1
Employment Agreement, dated effective June 13, 2018, between Lori A. Woods and IsoRay, Inc.
10.2
IsoRay, Inc. Stock Option Agreement and Notice of Grant of Stock Option to Lori A. Woods, dated June 13, 2018.
99.1
Press release issued by IsoRay, Inc., dated June 19, 2018.
SIGNATURES
In accordance with 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 hereunto duly authorized.
Dated: June 19, 2018
IsoRay, Inc., a Minnesota corporation
By:
/s/
Mark Austin
Mark Austin, Controller