Ocean Power Technologies, Inc.: Interim CFO engaged; Powers severance

What happened Ocean Power Technologies, Inc. filed an 8-K reporting that, effective Sep 30, 2026, it entered into an engagement agreement with Flexible Consulting, LLC for the services of Victoria Hay as interim chief financial officer. The filing also states that, on Sep 30, 2026, Robert Powers entered into a Severance Agreement and General Release (the "Powers Agreement") with the Company in connection with his departure. The Board is conducting a search for a permanent chief financial officer.

Key details

• Engagement agreement with Flexible Consulting, LLC for Victoria Hay to serve as interim chief financial officer, effective Sep 30, 2026.
• Board is conducting a search for a permanent chief financial officer.
• Robert Powers entered into a Severance Agreement and General Release (the "Powers Agreement") with the Company on Sep 30, 2026.

Why it may matter The filing reports Item 1.01 (entry into a material definitive agreement) for the interim CFO engagement, Item 1.02 (termination of a material definitive agreement) as described in the filing, and Item 5.02 (departure of directors or certain officers; election of directors) regarding the departure of Robert Powers and the Powers Agreement. This filing does not show why the insider traded or why the company acted.