Jason Weed
Ocean Power TechnologiesAbout Jason Weed
Jason Weed is Senior Vice President, Commercial Sales at Ocean Power Technologies (OPTT), appointed June 4, 2025, following a 34-year U.S. Navy career and prior role as Senior Business Developer and Capture Manager at Leidos’ Maritime Systems Division . His defense leadership included commands such as Commodore of UUVRON ONE, Director of Maritime Operations for Commander Submarine Group TWO, and Commanding Officer of USS New Hampshire (SSN 778), with a focus on advancing AI/ML-enabled maritime operations . Company operating context during his tenure included 1Q26 revenue of $1.2M (down 9% YoY) and backlog of $15.0M (up 184% YoY), reflecting accelerating opportunity conversion and pipeline expansion to $133.5M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Leidos – Maritime Systems Division | Senior Business Developer & Capture Manager | — | Led growth initiatives in advanced maritime systems for defense customers . |
| U.S. Navy | Commodore, UUVRON ONE | — | Pioneered uncrewed undersea vehicle squadron operations; advanced AI/ML technologies and planning . |
| U.S. Navy | Director of Maritime Operations, Commander Submarine Group TWO | — | Senior operational leadership with focus on operational capabilities and strategy . |
| U.S. Navy | Commanding Officer, USS New Hampshire (SSN 778) | — | Command of nuclear attack submarine; transformed operational capabilities . |
External Roles
No current external board roles disclosed in OPTT filings for Mr. Weed .
Fixed Compensation
| Component | FY/Grant | Amount/Terms |
|---|---|---|
| Base Salary | — | Not disclosed in hiring 8-K or subsequent filings . |
| Target Bonus % | — | Not disclosed . |
| Actual Bonus Paid | — | Not disclosed . |
Performance Compensation
Inducement and Long-Term Equity Awards
| Award Type | Grant Date | Quantity | Vesting Schedule | Performance Metrics | Notes |
|---|---|---|---|---|---|
| RSUs (Service-Based) | 06-04-2025 | 500,000 | Vesting equally over 2 years | N/A (service-based) | Granted under the Employment Inducement Incentive Award Plan; subject to 2015 Omnibus Plan terms . |
| RSUs/PSUs (Performance-Based) | 06-04-2025 | 150,000 | Performance-based over 2 years | Metrics not disclosed | Award subject to same terms as other officer RSU agreements . |
| Company PSUs Granted (Q1 FY26) | 05-01-2025 to 07-31-2025 | 150,000 | Unvested at 07-31-2025 | — | Company-level PSU grant of 150,000 at $0.56; consistent in size with Mr. Weed’s performance RSU grant, though not individually attributed in the filing . |
Equity policy context: OPTT requires minimum one-year vesting for all equity awards and prohibits repricing without shareholder approval . The RSU agreement provides for accelerated vesting upon a change in control under the Company’s compensation framework , and Mr. Weed’s inducement awards are subject to the 2015 Plan’s terms .
Company Compensation Design (for metric alignment context)
- Pay-for-performance: STI/LTI linked to pre-established financial and operating measures; awards are capped and subject to clawback .
- Metrics considered include product sales/revenue, technology advancement, commercial milestones, strategic relationships, financing strategies, and financial/operating performance .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership (direct/indirect) | Not disclosed for Mr. Weed in available filings . |
| Vested vs. unvested | Inducement awards initially unvested; service-based RSUs vest equally over two years; performance RSUs vest over two years subject to performance; detailed vesting dates not disclosed . |
| Options (exercisable/unexercisable) | None disclosed for Mr. Weed; company granted no stock options in FY25 . |
| Hedging/Pledging | Company prohibits pledging, hedging, and short sales by directors and executive officers . |
| Ownership Guidelines | FY2024 update: CEO 5x salary; CFO/CCO 3x salary over 5 years; guidelines defined for NEOs/directors—no specific guideline disclosed for SVP roles . |
| Dilution backdrop | Company granted ~21.08M RSUs in FY25; 22.46M RSUs unvested at 04-30-2025—indicating broad-based equity usage and potential dilution . |
Employment Terms
| Term | Detail |
|---|---|
| Start date & role | Announced June 4, 2025 as Senior Vice President – Commercial Sales; replaces departing Chief Commercial Officer . |
| Plan governance | Inducement Plan share pool increased from 275,000 to 990,000 (06-03-2025) to facilitate new hire awards . |
| Change-of-control mechanics | RSU agreements provide for accelerated vesting on change in control per Company framework; Mr. Weed’s inducement RSUs subject to same terms . |
| Clawback | Compensation Recovery Policy allows recoupment/forfeiture of incentive compensation in defined circumstances (e.g., financial restatement) . |
| Insider trading controls | Pre-trade approvals required; blackout periods and prohibitions on speculative transactions apply . |
| Severance, non-compete, non-solicit | Not disclosed for Mr. Weed; employment agreement terms for other executives vary (e.g., CEO/CFO severance, double-trigger CIC), but his specific agreement terms are not in filings . |
Performance & Track Record
| Period | Company Context/Initiatives Involving Mr. Weed |
|---|---|
| 2025–2026 | Public statements leading commercial expansion, UAE shipments of WAM-Vs, and AUVSI Trusted UMS Operator certification to support recurring training revenue . |
| Strategic partnerships | Led messaging on partnerships enhancing digital twin/simulation capabilities (Gradient Marine), aiming to accelerate development cycles and reduce operational risk for customers . |
| Market execution | CEO commentary highlighted retooling of commercial team and onboarding of the new SVP Commercial to accelerate conversion rates from pipeline to revenue . |
Investment Implications
- Near-term vesting cadence: Two-year equal vesting on 500k service RSUs plus two-year performance RSUs creates a meaningful vesting schedule over 2026–2027, which may increase insider selling windows at vest dates subject to blackout policies; performance tranche aligns pay with execution milestones .
- Alignment vs. retention: Performance-based component and potential change-of-control acceleration strengthen alignment, but absence of transparent cash compensation/bonus targets limits full pay-for-performance assessment and complicates retention risk analysis .
- Policy protections: Prohibitions on pledging/hedging and clawback provisions reduce misalignment risk and encourage long-term focus .
- Dilution backdrop: Company-wide RSU issuance and significant unvested RSU balance underscore potential dilution; monitoring vesting schedules and any incremental inducement grants is prudent for trading signals .
- Commercial impact: Mr. Weed’s defense pedigree and partnership initiatives correlate with expanding backlog and pipeline; investors should watch conversion rates and recurring revenue from training/reseller partnerships for signal strength .