Powers Robert Patrick 4

What Happened Robert Patrick Powers, CFO of Ocean Power Technologies (OPTT), received a package of restricted stock units (RSUs) and had a tranche of performance RSUs convert to shares on January 16, 2026. Total RSU grants reported that day equal 561,828 units (31,458 + 278,255 + 252,115). The 252,115 performance-based RSUs were deemed to have vested and were converted into 252,115 shares (reported as an exercise/conversion of a derivative at $0.00). Separately, 103,983 shares were surrendered back to the issuer at $0.00, consistent with shares retained/surrendered to cover tax withholding obligations. Grant amounts are reported as N/A for price/value; the cash impact shown for the surrendered shares is $0.

Key Details

• Transaction date: January 16, 2026 (reported on Form 4 filed Jan 21, 2026).
• Actions reported: Grants/awards of 31,458; 278,255; and 252,115 RSUs (codes A), conversion/exercise of 252,115 RSUs to shares (code M), and disposition to issuer of 103,983 shares (code D). Prices reported as $0.00 or N/A.
• Footnotes: F1-F4 indicate these are restricted stock units (each RSU equals one share), some subject to time-based vesting in 2026–2027, some are time-based vesting of prior grants, and the 252,115 performance RSUs (granted Jan 16, 2025) were deemed to vest on Jan 16, 2026.
• Shares owned after the transaction: not specified in the provided filing details.
• Filing timeliness: Form 4 was filed Jan 21 for a Jan 16 transaction. Form 4s are generally due within two business days, so this filing appears to have been submitted after that window.

Context These entries reflect equity compensation (time- and performance-based RSUs) rather than an open-market purchase or sale. The 103,983-share disposition to the issuer is consistent with shares withheld/surrendered to cover tax withholding on the vested RSUs (a routine administrative step), not an indicative open-market sale. Performance RSUs being "deemed to vest" and converted means the company determined performance criteria were met and the contingent units became actual shares. Such award/vesting events are common executive compensation actions and are informational but do not necessarily signal the insider's buying or selling preference in the market.