Ocean Power Technologies has filed its annual report for fiscal year 2024, detailing its corporate governance and compensation structures. The company's Board consists of six directors, with five being independent. CEO Philipp Stratmann received total compensation of $858,889, including a base salary of $372,600 and performance-based bonuses.The company implemented several governance updates, including revised stock ownership guidelines requiring the CEO to own 5x base salary in company stock within 5 years, and other executives to own 3x base salary. A new compensation clawback policy was also adopted in 2023, allowing recovery of incentive compensation in the event of financial restatements.The Board's compensation structure emphasizes equity components over cash to align with shareholder interests. Non-employee directors receive $70,000 annually plus restricted stock units valued at $75,000, with additional committee service fees ranging from $8,000 to $30,000. The company's long-term incentive program now grants restricted stock units to all employees, with vesting tied to both time-based and performance-based criteria.

Ocean Power Technologies has filed its annual report for fiscal year 2024, detailing its corporate governance and compensation structures. The company's Board consists of six directors, with five being independent. CEO Philipp Stratmann received total compensation of $858,889, including a base salary of $372,600 and performance-based bonuses.The company implemented several governance updates, including revised stock ownership guidelines requiring the CEO to own 5x base salary in company stock within 5 years, and other executives to own 3x base salary. A new compensation clawback policy was also adopted in 2023, allowing recovery of incentive compensation in the event of financial restatements.The Board's compensation structure emphasizes equity components over cash to align with shareholder interests. Non-employee directors receive $70,000 annually plus restricted stock units valued at $75,000, with additional committee service fees ranging from $8,000 to $30,000. The company's long-term incentive program now grants restricted stock units to all employees, with vesting tied to both time-based and performance-based criteria.