5th Oct 2009 17:13
GRANT OF STOCK OPTIONS AND DIRECTOR'S DEALING
Pennington, NJ - October 5, 2009 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company") announces in compliance with AIM Rules that on October 2, 2009, options to purchase shares of common stock under the Company's 2006 Stock Incentive Plan were granted to certain Directors of the Company. The option grants 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. The options were granted to the Directors as follows:
Dr. George W. Taylor (Executive Chairman): options to purchase 30,000 shares
exercisable until October 1, 2019 at US $4.85 per share. Following this award, 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 October 1, 2019 at US $4.85 per share. Following this award, Mr. Draper holds options for 238,499 shares and 31,000 shares of common stock, which are all restricted shares.
Charles F. Dunleavy (Chief Financial Officer): options to purchase 30,000 shares exercisable until October 1, 2019 at US $4.85 per share. 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 $4.85 per share is the closing market price on the Nasdaq market on October 2, 2009.
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 the advancement of 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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