Item 1.02. Termination of a Material Definitive Agreement
In connection with the resignation of Mark Robert Draper as the chief executive
officer of Ocean Power Technologies, Inc. ("OPT" or the "Company"), as described
below under Item 5.02(b), the employment agreement dated September 9, 2004 with
Mr. Draper (the "Employment Agreement") was terminated effective January 15,
2010. Mr. Draper will be paid severance benefits according to the provisions of
the Employment Agreement.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On January 15, 2010, Mr. Draper resigned as the chief executive officer of
the Company. In addition Mr. Draper has resigned from the Board of Directors of
the Company.
(c) On January 15, 2010, effective immediately, the Board of Directors of the
Company elected Charles F. Dunleavy, age 60, as the Company's Chief Executive
Officer. Mr. Dunleavy will also continue his current position as chief financial
officer until a successor is appointed. Mr. Dunleavy has served as our chief
financial officer and our senior vice president since 2001 and as our treasurer,
secretary and director since 1990. From 1993 to 2001, Mr. Dunleavy served as our
vice president, finance.
Item 8.01 Other Events.
On January 18, 2010, OPT issued a press release announcing the resignation of
Mr. Draper and the appointment of Mr. Dunleavy. The full text of the press
release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release issued by the Company dated January 18, 2010.
