Ocean Power Technologies Inc.

05/28/2021 | Press release | Distributed by Public on 05/28/2021 15:01

Material Event (Form 8-K)

Other Events.

On May 19, 2021, Ocean Power Technologies, Inc. ('OPT') entered into a Stipulation (the 'Stipulation') with Charles F. Dunleavy, both litigants in the matter captioned as American Arbitration Association, Employment Arbitration Tribunal, Case No. 01-18-0003-2374 (the 'Action') and the AAA panel approved the Stipulation on May 24, 2021. The Stipulation recounts that the panel of arbitrators in the Action issued two interim awards finding, among other things, that the termination for cause of Mr. Dunleavy was in breach of his employment contract and awarding him compensatory damages in the amount of $438,254.54. The panel denied Mr. Dunleavy's claims for defamation and injunctive and declaratory relief. The panel also awarded Mr. Dunleavy attorneys' fees, costs and pre-judgment interest. Under the Stipulation, OPT agreed to pay Mr. Dunleavy $1,223,963.14, representing the total compensatory damages, attorneys' fees, costs and pre-judgment interest, which is the full amount awarded by the panel.