Ocean Power Technologies Inc (NYSE-A:OPTT) has announced the appointment of three new advisory board members that support its focus on advancing US government projects.
It has appointed Natalie Lorenz-Anderson, Rear Admiral Joseph A "Digger" DiGuardo, and Rear Admiral Victorino "Vic" Mercado to its advisory board.
Lorenz-Anderson is an experienced leader in cybersecurity and government contracting and brings decades of expertise, including senior roles at Booz Allen Hamilton and involvement with MIT's Board of Trustees.
Rear Admiral Joseph A. DiGuardo, a retired US Navy leader, has significant experience in national security, unmanned systems, and counter-proliferation strategies.
Meanwhile, Rear Admiral Victorino Mercado, a former US Assistant Secretary of Defense, has extensive strategic planning and defense capabilities expertise from his military and civilian roles.
The advisory board members will provide the company with strategic guidance and attend select board and committee meetings. They will be compensated via equity grants, the amount and timing of which is to be determined by the board.
“We are excited to have Natalie Lorenz-Anderson, Joseph “Digger” DiGuardo and Vic Mercado serve as Advisory Board Members,” OPT board chairman Terence J Cryan said in a statement.
“Their deep experience with US government contracting, naval operations, cyber, and compliance will provide immeasurable benefits to our board as the company continues to drive the implementation of its strategic plan, including the pursuit of government projects with the US Department of Defense and the Department of Homeland Security.”
Lorenz-Anderson was previously a member of OPT’s board but chose not to stand for re-election at the 2024 Annual Meeting due to other professional commitments. DiGuardo and Mercado both previously served as consultants to the board.
Additionally, OPT granted an equity-based inducement award to its new Senior Vice President, General Counsel & Corporate Secretary, Tracy Pagliara, under its Employment Inducement Incentive Award Plan. The award consists of 75,000 restricted shares vesting over two years.