Exhibit
10.1 


 





	
	 
	THURSDAY,
    JULY 22, 2021


 







 


 


 


28
Engelhard Drive Monroe Township, NJ 08831


Tel:
609-730-0400 - Fax: 609-730-0404


 


Dear
Joseph


 


Congratulations,
Ocean Power Technologies, Inc. (“OPT” or the “Company”) is very pleased to offer you a position as a Full-Time
employee,


 


OPT
hereby offers to you the full-time position of Principle Accounting Officer and Treasurer reporting to Philipp Stratmann. As part of
our employment process, we require the completion of a pre- employment background check and drug screenings. This offer is contingent
on verification of the information you provided. Employment as a result of your acceptance of this offer will commence on the successful
completion of the preceding and you’re reporting to assume your new duties on the agreed upon start date.


 


Please
note that the company reserves the right to withdraw this offer of employment if we have not received your formal acceptance within 5
days.


 


Compensation
for your services, subject to the terms of this letter, shall be an annual salary of$ 190,000 to be paid twice monthly in accordance
with OPT’s payroll practices, for as long as you are employed or until a change is made by OPT. Your first day of work will
be September 23, 2021 (“Start Date”). You will be eligible for consideration of an annual bonus award of 25% (target)
of your annualized pay, based on your performance and that of the Company, which will be prorated in the first year based on your
Start Date.


 




    	 



     


    

 


In
addition to the compensation stated in this offer, during your employment you may be entitled to participate in all employee benefit
plans and programs now or in the future maintained by OPT, so long as you meet any applicable eligibility requirements. Your eligible
start date for Medical, Dental and Vision will start on your first day of employment. The 401k plan will begin 30 days after hire date
and company match (3% of annual salary) will begin after one year of employment. You also will receive vacation time to be accrued in
accordance with OPT’s policies. During your first and subsequent years, you will be eligible to accrue up to 4 weeks of vacation
time per year. Under OPT’s current policy, after every 4 years of consecutive eligible service, the vacation entitlement will
be increased by one week until a maximum of four weeks’ vacation is earned. In addition, you will be permitted to use up to five
paid sick days. You will also receive a total of ten holidays with pay, each year. (7 company holidays and 3 floating holidays).


 


You
shall be expected to work during OPT’s normal operating hours. Payments to you shall be less all amounts required to be withheld
by Federal, State and all applicable income tax laws, regulations and rulings.


 


By
accepting this offer, you recognize and acknowledge that you may have access to certain ideas, processes, strategies, trade secrets,
methods of operation or other non-public information (“Confidential Information”) of OPT and that all such information constitutes
valuable, special and unique property of OPT. You agree that you will not, without the prior written consent of OPT, disclose or authorize
or permit anyone under your direction to disclose to anyone not properly entitled thereto any such Confidential Information relative
to the business, technology, operations, financial condition or services of OPT or any subsidiary. Accordingly, as part of your acceptance
of this offer, you agree to execute and be bound by the attached Proprietary Information, Restrictive Covenant and Inventions Agreement
(Agreement).


 


By
accepting this offer, you further represent that you are not bound by any employment contract, restrictive covenant or other restriction
preventing you from entering into employment with OPT and carrying out your responsibilities to the Company or which in any way otherwise
interferes with or is in conflict with such employment.


 


This
letter and the Agreement attached constitute the entire offer to you and, if you accept, they shall constitute the entire agreement and
shall be governed by the laws of the state of New Jersey. This letter shall not be construed as an agreement, either express or implied,
to employ you for any stated term, and shall in no way alter OPT’s policy of employment at-will, under which both you and OPT remain
free to terminate the employment relationship at any time, with or without notice and with or without cause.


 




    	 



     


    

 


If
you agree to the terms of this offer, please sign and date below, as well as on the attached Agreement and return the originals to me.
This offer is valid through 5pm ET, September 21, 2021 Should you have any questions concerning this offer, or any other question
about the Company and this position, please contact me. We are very excited to have you join the team at OPT!


 


Sincerely,




 


Michele
Burke


HR
Manager


 


I
have read and understand this letter. The foregoing correctly sets forth the terms of my employment with OPT Signed: /s/ Joseph
DiPietro  





 


Dated:
September 21, 2021


 




 


Offer
Letter Acceptance


 


I
have read and accept this offer of employment:


 


	/s/
    Joseph DiPietro	 	September
    21, 2021
	Joseph
    Dipietro	 	Date