secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Power Technologies, Inc. (OPTT)
CIK:        0001378140
Form:       8-K
Filed at:   2026-09-17T20:05:29+00:00
Accession:  0001493152-26-043115
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 5.02, 1.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1378140/000149315226043115/0001493152-26-043115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1378140/000149315226043115/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-043115

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer