Business context and reporting period
Ocean Power Technologies, Inc. (NYSE American: OPTT) filed this Form 8-K regarding executive changes and related agreements. The events occurred on September 30, 2026; the report was signed on October 6, 2026.
Financial and operating information
This filing does not report revenue, profit, cash flow, margins, debt, liquidity, or other operating results. It provides no comparable-period financial data.
- Interim CFO compensation: Victoria Hay, through Flexible Consulting, will receive $30,000 per month plus monthly expense reimbursement.
- Departure payments: Robert Powers is to receive six months of base salary and the balance of his agreed fiscal 2026 bonus, plus continued company health benefits through October 31, 2026. The filing does not state the dollar amounts.
Material changes
- Robert Powers departed as CFO by mutual agreement with the Board, effective September 30, 2026. His employment letter dated December 13, 2021 was terminated.
- Effective September 30, Victoria Hay was appointed interim CFO, Principal Financial Officer, and Principal Accounting Officer through an engagement with Flexible Consulting.
- The Board is conducting a search for a permanent CFO. Powers will remain employed through October 14, 2026 to assist with transition.
Outlook, risks, and unusual items
The filing provides no business or financial guidance, outlook, or discussion of operating risks or contingencies. The CFO transition and departure-related payments are the principal disclosed developments. Powers provided a general release in connection with his separation.
Important facts for investors to verify
- Review the full CFO engagement agreement and Powers separation agreement when filed with the company’s next Form 10-Q; the 8-K says both summaries are qualified by those agreements.
- Confirm the total cost of Powers’s severance and fiscal 2026 bonus, which is not quantified in this filing.
- Monitor the search for a permanent CFO and any subsequent changes to the interim arrangement.