---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-22-031915"
form_type: "8-K"
ticker: null
cik: "0001391127"
company_name: "Edgio, Inc."
filed_at: "2022-12-14T23:59:59+00:00"
generated_at: "2026-06-21T04:39:36.562581+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Edgio approves restructuring plan cutting 10% of workforce; Chief Growth Officer Armstrong to depart Dec 31

## Summary
- Board approves restructuring plan to cut ~95 employees (~10% of global workforce) through Q2 2023.
- Estimated restructuring charges of $2.6M; expects $14.0M in net annual savings.
- Chief Growth Officer Eric Armstrong to leave Dec 31, 2022; CEO Bob Lyons to assume duties.
- Armstrong gets 12-month base salary severance, 2022 bonus, health benefits; equity unvested forfeited.

## SEC filing metadata
- accession: 0001628280-22-031915
- form_type: 8-K
- cik: 0001391127
- company_name: Edgio, Inc.
- filed_at: 2022-12-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.05, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1391127/000162828022031915/0001628280-22-031915-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1391127/000162828022031915/llnw-20221213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-22-031915
- JSON: https://secwatch.observer/filing/0001628280-22-031915.json
- Plain text: https://secwatch.observer/filing/0001628280-22-031915.txt

## Key facts
- Executive change
  Eric Armstrong departed as Chief Growth Officer at Edgio, Inc..
  - Action: leave
  - Role: Chief Growth Officer
  source text: On December 14, 2022, Eric Armstrong and the Company entered into a Separation and Release Agreement (the “ Agreement ”), whereby Mr. Armstrong will leave his position as the Company’s Growth Officer on December 31, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1391127/000162828022031915/0001628280-22-031915-index.htm
- Restructurings & Charges
  Edgio, Inc. announced a restructuring with charges of approximately $2.6 million (approximately 95 employees, or approximately 10% of the Company’s global workforce).
  - Type: restructuring
  - Charge: approximately $2.6 million
  - Headcount: approximately 95 employees, or approximately 10% of the Company’s global workforce
  source text: On December 13, 2022, the Board of Directors (the "Board") of Edgio, Inc. (the "Company") approved a restructuring plan (the “Restructuring Plan”) in order to reduce its operating costs as part of its transformational initiative to optimize its business model and increase efficiencies. The Restructuring Plan is anticipated to entail a reduction in force of approximately 95 employees, or approximately 10% of the Company’s global workforce, to be implemented through the second quarter of 2023 (the “Reduction in Force”). The Company estimates that Restructuring Plan charges will be approximately $2.6 million and will be recorded as restructuring expenses which consist of one-time severance charges and continuation of health benefits.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1391127/000162828022031915/0001628280-22-031915-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.