Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. on June 15, 2007. The filing addresses corporate governance changes, specifically the appointment of a new executive officer and the approval of discretionary bonuses for existing leadership.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to specific executive compensation awards approved on the reporting date.
Material Changes
- Executive Appointment: Mark R. Draper was elected Chief Operating Officer (COO) effective June 15, 2007. He previously served as the CEO and director of the Company's UK subsidiary since September 2004.
- Compensation Awards: The Board approved discretionary bonuses for executive officers as part of the annual performance review. The specific awards were:
- George W. Taylor (CEO): $375,000
- Charles F. Dunleavy (CFO): $300,000
- Mark R. Draper (CEO of UK Subsidiary): £90,000
- John A. Baylouny (SVP, Engineering): $40,000
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on future operations, risks, contingencies, or unusual items. The report is strictly limited to the disclosure of the officer appointment and bonus approvals.
Investor Verification Checklist
- Verify the impact of Mark R. Draper's promotion to COO on the Company's operational strategy.
- Confirm the total cash outflow associated with the approved executive bonuses ($715,000 USD + £90,000 GBP).
- Review the Company's most recent 10-Q or 10-K for comprehensive financial performance data, as this 8-K does not contain such figures.