Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. on November 2, 2007. The filing reports a corporate governance event: the expansion of the Board of Directors and the appointment of a new director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial statement data.
Material Changes
- Board Expansion: The Board of Directors increased its size from five to six members.
- New Appointment: Paul F. Lozier was elected to the Board and appointed to the Audit Committee.
- Compensation Structure: Mr. Lozier will participate in the standard non-employee director compensation program, which includes an annual cash retainer of $15,000 and a choice between fully vested stock options for 2,000 shares or $10,000 worth of common stock (vesting 50% at grant and 50% one year later).
Guidance, Outlook, and Risks
The filing contains no management commentary regarding business outlook, guidance, risks, contingencies, or unusual items. It confirms there are no undisclosed arrangements or transactions involving Mr. Lozier requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the biographical background and qualifications of the newly appointed director, Paul F. Lozier.
- Confirm the total number of directors on the Board is now six.
- Review the company's proxy statement or other filings to understand the full composition of the Audit Committee following this appointment.