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CRAY > SEC Filings for CRAY > Form 8-K on 15-Jul-2014All Recent SEC Filings

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Form 8-K for CRAY INC


Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibi

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On July 9, 2014, Arvind Parthasarathi, Senior Vice President and General Manager, YarcData agreed to separate from Cray Inc. ("Cray"), effective as of August 15, 2014. On July 10, 2014, William C. Blake, Senior Vice President and Chief Technology Officer agreed to separate from Cray, effective as of August 1, 2014. Both Mr. Parthasarathi and Mr. Blake plan to pursue entrepreneurial opportunities after their respective transition periods.


On July 8, 2014, the Board of Directors of Cray elected Max Schireson as a director of Cray. At the time of his election to the Board of Directors, Mr. Schireson was also appointed as a member of Cray's Strategic Technology Assessment Committee and Compensation Committee.

As an independent director of Cray, Mr. Schireson receives compensation as a non-employee director in accordance with Cray's non-employee director compensation practices. This compensation consists of annual retainers for his service on the Board of Directors, the Strategic Technology Assessment Committee and the Compensation Committee in the amounts of $40,000, $5,000, and $5,000, respectively. Additionally, upon his appointment, Mr. Schireson was granted a fully vested option to purchase 20,000 shares of Cray's common stock, with an exercise price equal to the fair market value of Cray's common stock on the date of the grant. In addition, Cray will enter into an indemnification agreement with Mr. Schireson in the same form as previously entered into by Cray with its other non-employee directors.

Item 8.01. Other Event

On July 14, 2014, Cray issued a press release announcing the election of Max Schireson as a director of Cray and its organizational restructuring. The press release is attached to this report as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.
99.1 Press Release of Cray Inc., dated July 14, 2014

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