UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current
Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.02 | Termination of a Material Definitive Agreement. |
In connection with the departure from Ocean Power Technologies, Inc. (the “Company”) described in Item 5.02 below, the employment letter of Joseph DiPietro dated effective September 23, 2021 was also terminated.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
Effective April 26, 2024, Joseph DiPietro, the Company’s Corporate Controller, Treasurer and principal accounting officer, departed from the Company. Robert Powers, the Company’s Chief Financial Officer, will now also serve as principal accounting officer. There are no changes to Mr. Powers employment terms or compensation in connection with this change. Mr. Dipietro’s departure from the Company was not because of a disagreement with the Company or its independent audit firm, known to an executive officer of the Company, on any matter relating to the Company’s financial statements, operations, policies or practices.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Ocean Power Technologies, Inc. | |
| Dated: April 26, 2024 | /s/ J. Philipp Stratmann |
| J. Philipp Stratmann | |
| President and Chief Executive Officer |