Grant and additional listing of shares

 

TIDMOPT 
 
RNS Number : 2084U 
Ocean Power Technologies Inc 
11 October 2010 
 

                  OCEAN POWER TECHNOLOGIES announces GRANT AND 
                          ADDITIONAL LISTING OF SHARES 
 
Pennington, NJ - October 11, 2010 - Ocean Power Technologies, Inc. (Nasdaq: OPTT 
and London Stock Exchange AIM: OPT) ("OPT"' or the "Company") announces, in 
compliance with the Rules of the AIM Market of the London Stock Exchange 
("AIM"), that on October 7, 2010, shares of OPT's $0.001 Common Stock ("Common 
Stock") were granted to non-executive Directors of the Company under the 
Company's 2006 Stock Incentive Plan. The Common Stock grants to non-executive 
Directors are in connection with their annual fee for service on OPT's Board of 
Directors. In accordance with the Board compensation program, the non-executive 
Directors each received the number of shares worth $10,000 based on the closing 
market price of $5.25 on the Nasdaq market on the date of grant. The shares were 
granted to the Directors as follows: 
Seymour S. Preston III (non-executive Director): 1,905 shares which vest over 
three years starting on the first anniversary of the grant in an equal annual 
number of shares. Following this award, Mr. Preston holds options for 10,000 
shares, and owns 13,151 shares of OPT's Common Stock, representing approximately 
0.13% of the shares in issue. 
J. Victory Chatigny (non-executive Director): 1,905 shares which vest over three 
years starting on the first anniversary of the grant in an equal annual number 
of shares. Following this award, Mr. Chatigny owns 12,935 shares of OPT's Common 
Stock, representing approximately 0.12% of the shares in issue. 
Thomas J. Meaney (non-executive Director): 1,905 shares which vest over three 
years starting on the first anniversary of the grant in an equal annual number 
of shares. Following this award, Mr. Meaney holds options for 5,000 shares, and 
owns 10,663 shares of OPT's Common Stock, representing approximately 0.10% of 
the shares in issue. 
Paul F. Lozier (non-executive Director): 1,905 shares which vest over three 
years starting on the first anniversary of the grant in an equal annual number 
of shares. Following this award, Mr. Lozier holds options for 3,000 shares, and 
owns 14,088 shares of OPT's Common Stock, representing approximately 0.14% of 
the shares in issue. 
With respect to these Common Stock grants, the Company has allotted 7,620 shares 
of Common Stock and application has been made to AIM for the admission to 
trading of these 7,620 shares of Common Stock. These shares rank pari passu with 
the Company's existing shares of Common Stock and dealings on AIM are expected 
to commence on October 15, 2010. 
Following this listing the Company will have 10,419,183 Common shares in issue. 
 
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 and clean and environmentally-beneficial electricity. OPT has 
a strong track record in the advancement of wave energy. The Company 
participates in a $150 billion annual power generation equipment market. OPT's 
proprietary PowerBuoy  system is based on modular, ocean-going buoys that 
capture and convert predictable wave energy into 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 systems are insured by Lloyds Underwriters of London. OPT is 
headquartered in Pennington, New Jersey with an office 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                |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: [phone]     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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