Form 8-K

8-K — Ocean Power Technologies, Inc.

Accession: 0001493152-26-046028

Filed: 2026-10-07

Period: 2026-09-30

CIK: 0001378140

SIC: 4911 (ELECTRIC SERVICES)

Item: Entry into a Material Definitive Agreement

Item: Termination of a Material Definitive Agreement

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

Form

8-K

Current

Report Pursuant to Section 13 or 15(d) of

the

Securities Act of 1934

Date

of Report (Date of earliest event reported): September 30, 2026

Ocean

Power Technologies, Inc.

(Exact

name of registrant as specified in its charter)

Delaware

001-33417

22-2535818

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(I.R.S.

Employer

Identification

No.)

Engelhard Drive, Suite B

Monroe

Township, New Jersey

08831

(Address

of principal executive offices)

(Zip

Code)

(609)

730-0400

(Registrant’s

telephone number, including area code)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2. below):

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol (s)

Name

of each exchange on which registered

Common

Stock $0.001 Par Value

OPTT

NYSE

American

Series

A Preferred Stock Purchase Rights

N/A

NYSE

American

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405)

or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging

growth company ☐

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

1.01

Entry into a Material Definitive Agreement.

CFO

Agreement

described below under Item 5.02, effective September 30, 2026, Ocean Power Technologies, Inc. (the “Company”) entered into

an engagement agreement with Flexible Consulting, LLC (“Flexible Consulting”), a financial and accounting consulting firm,

for the services of Victoria Hay as interim Chief Financial Officer of the Company. The Board is also in the process of conducting a

search for a permanent Chief Financial Officer.

Powers

Separation Agreement

September 30, 2026, Robert Powers entered into a Severance Agreement and General Release (the “Powers Agreement”) with the

Company in connection with his departure from the Company described below under Item 5.02. Pursuant to the Powers Agreement, Mr. Powers

will receive six months of base salary and the balance of his agreed fiscal 2026 bonus. He also will receive continued Company health

benefits through October 31, 2026. In exchange, he provided the Company with a general release. He will remain employed by the Company

through October 14, 2026 to assist with the transition of his duties.

The

foregoing summary is qualified in its entirety by reference to the full and complete terms of the Powers Agreement which will be filed

with the Company’s next Quarterly Report on Form 10-Q.

Item

1.02

Termination of a Material Definitive Agreement.

described below under Item 5.02, the employment letter of Robert Powers with the Company dated as of December 13, 2021 was terminated

in connection with his departure from the Company as

Chief Financial Officer effective September 30, 2026.

Item

5.02

Departure of Directors or Certain Officers; Election of

Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

Change

in Principal Financial Officer and Principal Accounting Officer

September 30, 2026, Robert Powers departed from

his role as Chief Financial Officer of the

Company, upon mutual agreement with the Board. As described under Item 1.02 above, Mr. Power’s employment letter with the Company

dated as of December 13, 2021 was also terminated effective as of such date. Mr. Powers departed

the Company after helping establish the Company’s operational foundation. The Board thanks Mr. Powers for his leadership, contributions

and dedication to the Company.

connection with Mr. Power’s departure, effective September 30, 2026, the Company entered into an engagement agreement (the “CFO

Agreement”) with Flexible Consulting whereby Victoria Hay will serve as interim Chief Financial Officer, Principal Financial Officer

and Principal Accounting Officer of the Company. Mrs. Hay, 43, has

been the co-owner and President of Flexible Consulting since May 2021. In her capacity as President of Flexible Consulting, Mrs. Hay

has acted as a financial and accounting advisor for numerous companies, including acting as contracted Interim Chief Financial Officer

of Nauticus Robotics and Chief Financial Officer of ECD Automotive Design, Inc.. Prior to her time at Flexible Consulting,

LLC, Mrs. Hay was at Weatherford International plc from 2008 to May 2021 in accounting and finance roles of increasing seniority, most

recently as the Senior Director - Global Accounting and Reporting Services. Mrs. Hay began her career as a finance analyst with Morgan

Stanley. Mrs. Hay is a CIMA chartered accountant and has a BSC (Hon) in Biotechnology and Management from Edinburgh University.

Mrs.

Hay, through Flexible Consulting, will receive cash compensation of $30,000 per month and monthly expense reimbursement.

There

is no arrangement or understanding between Mrs. Hay and any other person pursuant to which she was to be selected as an officer, and

there is no family relationship between Mrs. Hay and any of the Company’s directors, executive officers, or any person nominated

or chosen by the Company to become a director or executive officer.

The

foregoing summary is qualified in its entirety by reference to the full and complete terms of the CFO Agreement which will be filed with

the Company’s next Quarterly Report on Form 10-Q.

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:

October 6, 2026

/s/

Tracy D. Pagliara

Tracy

D. Pagliara

Acting

President and Chief Executive Officer

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