Business Context and Reporting Period
This Form 8-K filing by Energy Recovery, Inc. reports a corporate governance event occurring on April 9, 2015, with the report filed on April 15, 2015. The filing addresses the departure of a senior executive officer.
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 performance data.
Material Changes
The material change reported is the resignation of Ms. Audrey Bold as Chief Marketing Officer, effective April 9, 2015.
Management Commentary and Contingencies
As part of the separation agreement, the Company has agreed to provide the following benefits contingent upon Ms. Bold providing a general release:
- Salary continuation and health benefits for a period of six months.
- Continued vesting of granted options during the six-month period, exercisable consistent with the Company's Amended and Restated 2008 Equity Incentive Plan.
Investor Verification Checklist
- Confirm the effective date of the Chief Marketing Officer resignation (April 9, 2015).
- Verify the terms of the separation agreement, specifically the six-month salary continuation and option vesting schedule.
- Review the attached Exhibit 99.1 for the full text of the Resignation, Transition, and Separation Agreement.