Matthew Burdyny - 23 Jan 2023 Form 4 Insider Report for Ocean Power Technologies, Inc. (OPTT)

Role: Chief Commercial Officer
Signature: /s/ Matthew Burdyny
Issuer symbol: OPTT
Transactions as of: 23 Jan 2023
Net transactions value: $0
Form type: 4
Filing time: 17 Nov 2023, 16:06:14 UTC
Next filing: 17 Nov 2023
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	OPTT	Restricted Stock Unit	Award	$0	+25,000		$0.000000	25,000	09 Nov 2023	Common Stock	25,000		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of the Issuer's restricted stock.
F2	Restricted stock units granted by the Board of Directors of the Issuer as compensation for service as an officer of the Company. The restricted stock units will vest (i) 1/3 equally on the first anniversary of the date of grant, and the second anniversary of the date of grant; (ii) 1/3 will vest based on a positive Total Shareholder Return year over year; and (iii) 1/3 will vest on a positive relative Total Shareholder Return year over year.

Content

Each restricted stock unit represents a contingent right to receive one share of the Issuer's restricted stock.

Restricted stock units granted by the Board of Directors of the Issuer as compensation for service as an officer of the Company. The restricted stock units will vest (i) 1/3 equally on the first anniversary of the date of grant, and the second anniversary of the date of grant; (ii) 1/3 will vest based on a positive Total Shareholder Return year over year; and (iii) 1/3 will vest on a positive relative Total Shareholder Return year over year.