Second Amendment to Ocean Power Technologies, Inc. Employment Inducement Incentive Award Plan

Summary

Ocean Power Technologies, Inc. has amended its Employment Inducement Incentive Award Plan to increase the number of shares available for awards from 275,000 to 990,000. This amendment, approved by the company's Board of Directors, takes effect on June 3, 2025. The amendment is executed by the company's Chief Executive Officer, Philipp Stratmann.

EX-10.1 2 ex10-1.htm EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO THE

OCEAN POWER TECHNOLOGIES, INC.

EMPLOYMENT INDUCEMENT INCENTIVE AWARD PLAN

WHEREAS, Ocean Power Technologies, Inc. (the “Company”) previously adopted the Ocean Power Technologies, Inc. Employment Inducement Incentive Award Plan effective January 18, 2018, and amended it effective February 9, 2022 (the “Plan”); and

WHEREAS, the Board of Directors of the Company (the “Board”) has authorized an amendment of the Plan to increase the number of shares authorized for Awards thereunder from 275,000 shares to 990,000 shares.

NOW, THEREFORE, effective as of June 3, 2025, Section 3.1(a) of the Plan is amended to replace the number 275,000 with the number 990,000.

IN WITNESS WHEREOF, the Company has caused this Amendment to the Plan to be duly executed in its name and on its behalf by its duly authorized officer.

	OCEAN POWER TECHNOLOGIES, INC.

	By:	/s/ Philipp Stratmann
	Name:	Philipp Stratmann
	Title:	Chief Executive Officer