Business Context and Reporting Period
This Form 8-K filing by Ocean Power Technologies, Inc. (Delaware) was submitted on May 8, 2015, with the report signed on May 12, 2015. The filing addresses corporate governance changes, specifically the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel appointments and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of Robert J. Burger to the Board of Directors, effective May 8, 2015. The Board has determined that Mr. Burger qualifies as an independent director under applicable NASDAQ rules. No other material changes to operations or financial status are disclosed in this report.
Guidance, Outlook, and Management Commentary
There is no forward-looking guidance, outlook, or management commentary regarding business strategy or financial projections in this filing. The document details the compensatory arrangements for the new director:
- Annual retainer of $45,000, payable quarterly in arrears.
- An equity award consisting of either stock worth $50,000 or options worth $50,000 (valued using the Black-Scholes formula).
No risks, contingencies, or unusual items are disclosed in this specific report.
Investor Verification Checklist
- Verify the independence status of Robert J. Burger under current NASDAQ rules.
- Confirm the specific form of the equity award (stock vs. options) granted to Mr. Burger.
- Review the attached press release (Exhibit 99.1) for additional context on the appointment.
- Note that this filing contains no financial data; refer to recent 10-Q or 10-K filings for financial metrics.