Ocean Power Technologies Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement, Leadership Update, Other Events, Financial Statements and Exhibits
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| Item 1.02 | Termination of a Material Definitive Agreement. |
In connection with the resignation of Matthew Burdyny described in Item 5.02 below, his Employment Agreement with Ocean Power Technologies, Inc. (the “Company”) dated November 9, 2023 will terminate subject to Mr. Burdyny’s continuing obligations of non-competition, non-solicitation and confidentiality.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Inducement Plan Amendment
On June 3, 2025, the Board of Directors of the Company adopted an amendment to the Ocean Power Technologies, Inc. Employment Inducement Incentive Award Plan (the “Inducement Plan”) to increase the number of shares of the Company’s common stock available for issuance pursuant to equity awards granted under the Inducement Plan from 275,000 to 990,000 shares.
In accordance with the applicable rules of the NYSE American, awards under the Inducement Plan may only be made to individuals not previously employees of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company.
A copy of the amendment to the Inducement Plan is attached as Exhibit 10.1 hereto and incorporated by reference herein.
Officer Resignation
On May 29, 2025, Matthew Burdyny notified the Company of his intent to resign from the office of Chief Commercial Officer of the Company, which resignation will be effective June 13, 2025. Mr. Burdyny’s resignation is not as a result of any disagreement with the Company or its Board of Directors, on any matter relating to the Company’s operations, policies or practices.
| Item 8.01 | Other Events. |
On June 4, 2025, the Company issued a press release announcing the appointment of Jason Weed as Senior Vice President – Commercial Sales and the related inducement grant to Mr. Weed, as required by the applicable rules of the NYSE American.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| 10.1 | Second Amendment to Ocean Power Technologies, Inc. Employment Inducement Incentive Award Plan dated June 3, 2025. | |
| 99.1 | Press release issued on June 4, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Ocean Power Technologies, Inc. | |
| Dated: June 4, 2025 | /s/ Philipp Stratmann |
| Philipp Stratmann | |
| President and Chief Executive Officer |