Ocean Power Technologies Strengthens Leadership with Appointment of Jason Weed as SVP – Commercial Sales

Ocean Power Technologies, Inc. (NYSE American: OPTT), a pioneer in low-carbon and AI-driven maritime services, has announced the appointment of Jason Weed as Senior Vice President – Commercial Sales. This strategic hire underscores the company's commitment to expanding its footprint in the defense and security sectors, leveraging Weed's 15 years of executive-level experience in maritime and technology organizations, including a notable tenure at Leidos’ Maritime Systems Division.

Jason Weed's distinguished 34-year career in the U.S. Navy, where he held pivotal roles such as Commodore of the Navy’s first Uncrewed Undersea Vehicle Squadron and Commanding Officer of the USS New Hampshire, brings a wealth of operational leadership and innovation to OPT. His expertise in integrating AI and machine learning technologies into maritime operations is expected to drive the company's strategic objectives forward, particularly in enhancing operational capabilities and safety in ocean operations.

Philipp Stratmann, President and CEO of OPT, expressed enthusiasm about Weed's joining, highlighting his deep understanding of advanced maritime operations and defense leadership as key assets for the company's growth in the defense and security market. Weed's appointment follows the departure of Matt Burdyny, with OPT extending its best wishes for his future endeavors.

In alignment with his hiring, OPT has granted Weed an inducement award under the company's Employment Inducement Incentive Award Plan, comprising 500,000 restricted share units vesting over two years and an additional 150,000 performance-based restricted stock units. This move not only secures Weed's commitment to OPT but also aligns his interests with the company's long-term success and the broader objectives of its maritime solutions and services.