Director/PDMR Shareholding

 

TIDMOPT 
 
RNS Number : 5173P 
Ocean Power Technologies Inc 
19 July 2010 
 

        STOCK PURCHASE AND GRANT OF STOCK OPTIONS AND RESTRICTED SHARES 
 
Pennington, NJ - July 19, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT 
and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces that on 
July 16, 2010 the Company received notification that on July 16, 2010, Mr. Brian 
M. Posner, Chief Financial Officer of the Company, purchased a total of 2,000 
shares of common stock of the Company on the open market at a price of US $5.44 
per share. 
 
The Company also announces in compliance with the AIM Rules that on July 16, 
2010, options to purchase shares of common stock, and restricted shares, under 
the Company's 2006 Stock Incentive Plan were granted to certain Directors and 
Officers of the Company. The option grants and awards of restricted shares to 
the following executive Directors are in connection with their annual employee 
performance reviews, as recommended by the Compensation Committee of the Board 
of Directors, and approved by the Board of Directors. In addition, options and 
awards of restricted shares were granted as recommended by the Compensation 
Committee and approved by the Board of Directors in connection with the hire of 
Mr. Posner as the Company's Chief Financial Officer. The options and restricted 
shares were granted to the Directors and Officers as follows: 
 
Dr. George W. Taylor (Director and Executive Chairman):  options to purchase 
30,000 shares exercisable until July 15, 2020 at US $5.29 per share and 3,000 
restricted shares of common. The restricted shares vest over two years based on 
performance. Following this award, Dr. Taylor holds options for 356,000 shares 
and 705,801 shares of common stock, including 4,500 restricted shares. 
 
Charles F. Dunleavy (Director and Chief Executive Officer):  options to purchase 
30,000 shares exercisable until July 15, 2020 at US $ 5.29 per share and 3,000 
restricted shares of common stock. The restricted shares vest over two years 
based on performance. Following this award, Mr. Dunleavy holds options for 
376,250 shares and 201,976 shares of common stock, including 124,500 restricted 
shares. 
 
Brian M. Posner (Chief Financial Officer):  options to purchase 30,000 shares 
exercisable until July 15, 2020 at US $ 5.29 per share and 10,000 restricted 
shares of common stock. The restricted shares vest over three years based on 
performance. Following this award and his purchase of shares, Mr. Posner holds 
options for 30,000 shares and 12,000 shares of common stock, including 10,000 
restricted shares. 
 
The exercise price of US $5.29 per share is equivalent to the closing market 
price of the Company's Common stock on the Nasdaq market on July 16, 2010. 
 
 
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: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| Charles F. Dunleavy, Chief Executive   | Telephone: [phone]      | 
| Officer                                |                                 | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: [phone]     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Public Relations                | Telephone: [phone]     | 
| Neil Thapar, Claire Norbury            |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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