20th Jul 2009 07:00
GRANT OF STOCK OPTIONS AND RESTRICTED SHARES TO DIRECTORS
AND DIRECTOR'S DEALING
Pennington, NJ - July 20, 2009 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces in compliance with the AIM Rules that on July 17, 2009, options to purchase shares of common stock, and restricted shares, under the Company's 2006 Stock Incentive Plan were granted to certain Directors of the Company. The option grants and awards of restricted shares to the following executive Directors are in connection with their annual performance reviews, as recommended by the Compensation Committee of the Board of Directors, and approved by the Board of Directors.
In addition, on July 17, 2009, the Company received notification that Dr. George W. Taylor, Executive Chairman of OPT, sold on July 17, 2009 a total of 15,000 shares of common stock at prices ranging from US $5.20 to US $5.31 per share.
The options and restricted shares were granted to the Directors as follows:
Dr. George W. Taylor (Executive Chairman): options to purchase 30,000 shares exercisable until July 16, 2019 at US $5.30 per share and 3,000 restricted shares of common stock. Following this award and his sale of shares, Dr. Taylor holds options for 436,000 shares and 752,801 shares of common stock, including 3,000 restricted shares.
Mark R. Draper (Chief Executive Officer): options to purchase 35,000 shares exercisable until July 16, 2019 at US $5.30 per share and 4,000 restricted shares of common stock. Following this award, Mr. Draper holds options for 238,499 shares and 34,000 shares of common stock, including 34,000 restricted shares.
Charles F. Dunleavy (Chief Financial Officer): options to purchase 30,000 shares exercisable until July 16, 2019 at US $ 5.30 per share and 3,000 restricted shares of common stock. Following this award, Mr. Dunleavy holds options for 347,500 shares and 78,976 shares of common stock, including 3,000 restricted shares.
The exercise price of US $5.30 per share is equivalent to the closing market price of the Company's Common stock on the Nasdaq market on July 17, 2009. The stock options issued to Dr. Taylor, Mr. Draper and Mr. Dunleavy are contingent on the approval by the Company's shareholders at their next annual meeting later this year for an increase in stock-based compensation authorized for issuance under the Company's 2006 Stock Incentive Plan.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in harnessing wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT's technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
Contact information:
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Ocean Power Technologies, Inc. Mark R. Draper, Chief Executive Officer Charles F. Dunleavy, Chief Financial Officer |
Telephone: +1 609 730 0400 Telephone: +1 609 730 0400 |
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Nomura Code Securities Limited Juliet Thompson, Richard Potts |
Telephone: +44 20 7776 1200 |
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Media Contact: Corfin Communications Neil Thapar, Martin Sutton, Claire Norbury |
Telephone: +44 20 7977 0020 |
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