Orion Marine Group, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Orion Marine Group, Inc. on April 14, 2008, reporting events that occurred on April 11, 2008. The filing addresses corporate governance matters specifically related to executive compensation and employment terms.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding officer employment arrangements and does not contain financial performance data.
Material Changes
The primary material change reported is the amendment to the Employment Agreement of J. Michael Pearson, President and CEO. The Compensation Committee approved and the Board ratified an extension of the agreement's initial term by one year, moving the expiration date from May 17, 2009, to May 17, 2010. Additionally, the agreement was updated to formally reflect Mr. Pearson's current base salary of $400,000.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, market outlook, or discussion of risks and contingencies. The document notes that all other terms of the Employment Agreement remain in effect, including the option for mutual extension upon expiration.
Key Facts for Investor Verification
- CEO J. Michael Pearson's employment term has been extended to May 17, 2010.
- Mr. Pearson's base salary is confirmed at $400,000.
- The amendment was approved by the Compensation Committee and ratified by the Board on April 11, 2008.
- The full text of Amendment No. 1 to the Employment Agreement is listed as an exhibit to be filed by amendment.