Form 4: Ocean Power Technologies Executive Exercises Stock Options, Then Disposes of Shares to Cover Tax Obligations

Matthew Burdyny, Chief Commercial Officer of Ocean Power Technologies, exercised restricted stock units and subsequently disposed of shares to satisfy tax withholding obligations.

Summary

• On January 31, 2025, Matthew Burdyny, the Chief Commercial Officer of Ocean Power Technologies, exercised 24,505 restricted stock units, each representing one share of common stock.
• These units were granted on February 1, 2024, and vested upon achievement of certain performance criteria, which were met on January 31, 2025.
• Following the exercise, Burdyny disposed of 37,698 shares on January 16, 2025, at a price of $0.99 per share, 13,354 shares on January 21, 2025, at $0.92 per share, and 5,967 shares on January 31, 2025, at $0.66 per share to cover tax obligations.
• After these transactions, Burdyny directly owns 203,047 shares of Ocean Power Technologies common stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.

Industry Context

This Form 4 filing is a routine disclosure related to insider transactions and provides transparency to investors regarding the actions of company executives. It is common for executives to exercise stock options or restricted stock units and then sell a portion of the shares to cover tax liabilities.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the increase in the number of shares in the market.

Key Dates

Keywords

Ocean Power Technologies, Matthew Burdyny, restricted stock units, stock options, Form 4, insider trading, OPTT, Chief Commercial Officer, tax obligations, share disposal