OPT appoints Tracy Pagliara as Acting CEO; Jason Weed as COO; Dr. Stratmann steps down

Ocean Power Technologies, Inc.

Tracy Pagliara becomes Acting President & CEO and director, effective Sept 14, 2026; salary up to $400k, 75% bonus target, 75k RSUs.
Jason Weed appointed COO; salary up to $400k, 75% bonus target, 50k RSUs; previously SVP Commercial Sales.
Dr. Philipp Stratmann steps down as CEO/President and director by mutual agreement; gets 6 months salary + FY2026 bonus balance + health benefits through Sept 30, 2026.
New employment agreements replace prior letters; Stratmann's June 2021 letter terminated; Pagliara's Jan 2025 letter terminated.
Leadership changes aim to accelerate commercial execution and backlog conversion; company stays focused on maritime autonomy and MDA strategy.

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