Business Context and Reporting Period
This Form 8-K Current Report was filed by Gold Resource Corporation on October 6, 2013. The filing addresses a material change in executive management, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensatory arrangements.
Material Changes
- Departure: Brad Blacketor resigned as Chief Financial Officer (CFO) effective immediately on October 6, 2013, for personal reasons.
- Appointment: Joe Rodriguez, previously the Corporate Controller since July 2010, was appointed as the new CFO.
- Transition: Mr. Blacketor is expected to remain with the company through the third-quarter SEC filing to assist with the transition.
Management Commentary and Compensatory Arrangements
The Board of Directors amended Mr. Rodriguez's employment agreement upon his appointment as CFO. Key terms include:
- Term: Three years with automatic annual renewal unless terminated.
- Base Salary: $225,000 annually.
- Incentives: Discretionary cash bonuses determined by the Board.
- Severance: Up to 35 months of base salary if terminated without cause or in the event of a change in control.
- Equity: Mr. Rodriguez holds stock options to purchase 225,000 shares of common stock, awarded when he joined as Corporate Controller.
Investor Verification Checklist
- Verify the effective date of the CFO transition and the status of the Q3 filing.
- Review the full Employment Agreement (Exhibit 10.1) for specific termination clauses and change of control definitions.
- Confirm the vesting schedule and current value of the 225,000 stock options held by the new CFO.
- Monitor future filings for any additional executive departures or changes in financial reporting oversight.