Business Context and Reporting Period
This Form 8-K Current Report was filed by Ocean Power Technologies, Inc. on September 21, 2021, regarding events effective September 23, 2021. The filing addresses significant changes in the company's executive leadership, specifically the resignation of the Chief Financial Officer and the appointment of an acting replacement.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on personnel changes and employment agreements rather than financial performance data.
Material Changes
- Resignation: Matthew T. Shafer resigned as Senior Vice President, Chief Financial Officer, Treasurer, principal financial officer, and principal accounting officer, effective September 23, 2021. His employment agreement dated August 23, 2016, was terminated.
- Appointment: Joseph DiPietro, previously the Company's Controller since August 2021, was appointed to the additional roles of Treasurer, principal accounting officer, and acting principal financial officer, effective September 23, 2021.
- Compensation Adjustment: In connection with his promotion, Mr. DiPietro's annual salary was increased to $190,000. He is eligible for an annual bonus with a target of 25% of his annual salary.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, forward-looking outlook statements, or specific risk factors beyond the operational impact of the leadership transition. The primary contingency noted is the execution of a new employment letter for Mr. DiPietro, which is filed as Exhibit 10.1.
Investor Verification Checklist
- Verify the full terms of the new employment agreement for Joseph DiPietro (Exhibit 10.1) to understand severance or retention clauses.
- Confirm the timeline for the appointment of a permanent Chief Financial Officer, as Mr. DiPietro is currently serving in an "acting" capacity.
- Review subsequent filings for any impact on the company's financial reporting schedule or internal controls resulting from the CFO transition.