Business Context and Reporting Period
This Form 8-K Current Report was filed by Ormat Technologies, Inc. on March 10, 2005. The filing addresses a change in the Company's principal officers, specifically the appointment of a new Chief Financial Officer effective March 9, 2005.
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 changes and employment terms.
Material Changes
- Departure: Ms. Lisa Kidron has stepped down as Chief Financial Officer.
- Appointment: Mr. Joseph Tenne has been appointed as the new Chief Financial Officer, effective March 9, 2005.
- Role Transition: Ms. Kidron will remain with the Company as Vice President, Financial Control.
Management Commentary, Risks, and Unusual Items
Employment Terms for New CFO:
- Mr. Tenne has entered into a standard employment agreement with Ormat Systems Ltd., the Company's Israeli subsidiary.
- Compensation: Annual base salary of US $125,581.
- Benefits: Eligible for the company's standard management insurance plan and use of a company-leased car.
- Incentives: Eligible to participate in the 2004 Incentive Compensation Plan, though no specific awards have been determined.
- Termination: Employment may be terminated for any reason with 90 days' prior notice; termination for cause requires no prior notice.
Forward-Looking Statements: The filing includes a Safe Harbor Statement noting that any forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections. Investors are directed to the "Risk Factors" in the Company's Prospectus filed on November 12, 2004.
Investor Verification Checklist
- Verify the effective date of the CFO transition (March 9, 2005).
- Confirm Mr. Tenne's background, including his prior role at Treofan Germany GmbH & Co. KG and his status as a Certified Public Accountant in Israel.
- Review the Company's Prospectus filed on November 12, 2004, for detailed risk factors referenced in the Safe Harbor Statement.
- Monitor future filings for specific details regarding awards under the 2004 Incentive Compensation Plan for Mr. Tenne.