Ocean Power Technologies(US:OPTT) Globenewswire·2025-06-04 20:15Core Insights - Ocean Power Technologies, Inc. has appointed Jason Weed as Senior Vice President – Commercial Sales, bringing over 15 years of executive-level experience in maritime and technology sectors [1][2] - Jason Weed's background includes a distinguished 34-year career in the U.S. Navy, where he held multiple leadership roles, including Commodore of the Navy's first Uncrewed Undersea Vehicle Squadron [2] - The company aims to leverage Weed's expertise to enhance its presence in the defense and security market, aligning with its strategic objectives [3] Compensation and Inducement - As part of his hiring, the company granted Jason Weed an inducement award consisting of 500,000 restricted share units vesting over two years and an additional 150,000 performance-based restricted stock units [4] - The inducement award is designed to attract and retain talent, aligning with the company's compensation strategy for its executives [4] Company Overview - Ocean Power Technologies provides innovative maritime solutions, including AI-driven systems for maritime domain awareness, clean power generation, and autonomous surface vessels [5] - The company operates in various markets, including defense and security, oil and gas, science and research, and offshore wind [5] - Headquarters are located in Monroe Township, New Jersey, with an additional office in Richmond, California [5]