Ocean Power Technologies: Interim CFO engaged and severance agreement

What happened Ocean Power Technologies filed an 8-K on Oct 7, 2026 reporting that, effective Sep 30, 2026, the company 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.

Key details

• Filing date: Oct 7, 2026.
• Engagement agreement with Flexible Consulting, LLC for Victoria Hay as interim Chief Financial Officer, effective Sep 30, 2026.
• The board is conducting a search for a permanent Chief Financial Officer.
• On Sep 30, 2026 Robert Powers entered into the Severance Agreement and General Release (the "Powers Agreement") with the company.

Why it may matter The 8-K reports Item 1.01 (entry into a material definitive agreement) and Item 1.02 (termination of a material definitive agreement), which cover the CFO engagement agreement and the related termination matters, and Item 5.02 (departure of directors or certain officers), which covers the departure of Robert Powers and his severance agreement. A filing does not show why the insider traded or why the company acted.