Document:

EX-10.1

Exhibit 10.1

	 	 	 	 	 	 	 
	STATE OF NORTH CAROLINA

	 	 	)	 	 	SEPARATION AGREEMENT
	 

	 	 	)	 	 	AND RELEASE
	COUNTY OF MECKLENBURG

	 	 	)	 	 	 

     THIS AGREEMENT is made this 8 day of July, 2008, by and between Cogdell Spencer
Inc. and Cogdell Spencer LP (collectively the “Company”), with their principal office in Charlotte,
North Carolina, on the one hand, and Heidi Wilson (formerly Heidi Barringer), a resident of
Charlotte, North Carolina (the “Executive”) on the other.

     WHEREAS, Executive has been employed by Company as its Executive Vice President and has agreed
to the separation of her employment with Company effective May 28, 2008; and

     WHEREAS, Company and Executive agree that in exchange for the Release and other consideration
provided by Executive, as documented herein, Company will provide Executive with certain additional
consideration which it was not otherwise obligated to provide; and

     WHEREAS, Executive and Company desire to terminate their employment relationship in an
amicable and definitive manner, and to settle, compromise and resolve any and all claims they may
have against each other; and

     WHEREAS, Executive has been allowed at least 21 days within which to consider this Agreement.

     NOW, THEREFORE, for good and valuable consideration, receipt and sufficiency of which are
hereby acknowledged, Executive and Company hereby agree as follows:

     1. Separation from Employment and Payment of Compensation. Executive’s employment
with Company is terminated effective as of May 28, 2008 (the “Separation Date”). Executive
acknowledges that Company has paid to Executive all salary and other compensation due and payable
during the term of employment through and including the Separation Date.

     2. Special Separation Benefits. In consideration of the promises of Executive
contained in this Agreement and the performance thereof, Company agrees to provide Executive with
the following special separation benefits, each of which constitutes separate and sufficient
independent consideration for Executive’s promises in this Agreement.

     (a) Additional Salary Payment. Within its next payroll cycle after the Effective
Date, Company will pay to Executive her prorated salary for the final pay period in May 2008
through the Separation Date less deductions and withholdings. Executive understands and agrees
that this salary payment includes payment by the Company of Executive’s car allowance for May 2008
pro-rated through May 28, 2008.

     (b) Special Severance Payment. Company shall provide Executive with a special
severance payment in the amount of $400,000 less standard deductions and withholdings. This

 

 

special severance payment will be paid in a lump sum within thirty (30) days after the
Effective Date.

     (c) Job Reference. The Company agrees to provide Executive with the job reference in
the form attached hereto as Exhibit A, to be used by Executive in seeking employment outside of the
Company. The job reference will be signed by Frank Spencer. The Company will provide prospective
employers of Executive only with confirmation of Executive’s dates of employment, job title and
responsibilities, and also provide a copy of the job reference which is Exhibit A provided that
prospective employers direct their requests to Julia Houck, Vice President Human Resources,
Marshall Erdman & Associates, One Erdman Place, Madison, Wisconsin 53717, (608) 410-8024. or, if
applicable, her successor as Vice President of Human Resources.

     (d) Media Contact. The Company and Executive agree that neither shall issue a press
release specifying the reason for Executive’s separation from the Company. The Company will issue
an internal memorandum informing employees that if they receive any media inquiry about Executive’s
separation from employment with the Company, that such media are to be directed to the Company’s
Marketing Director, currently Dana Crothers. The Marketing Director will respond to such
inquiries, if any, with “no comment.” Correspondingly, if Executive receives any news media
inquiries about her separation from the Company, about the Company, or about any of the Company’s
affiliates or subsidiaries, Executive will respond with “no comment.”

     (e) Assistance with Transfer of Real Estate License. The Company agrees to send a
letter to the North Carolina Real Estate Commission notifying it that Executive is no longer
affiliated with the Company.

     (f) Personal Calls to Executive. The Company agrees that, through July 31, 2008, its
receptionist or operator will provide Executive’s home telephone number [Number] to any
person calling the Company’s main number and clearly identifying himself or herself as placing a
telephone call to Executive of a personal, nonbusiness, nature.

     (g) Forfeiture of Severance Benefits in the Event of Violation of Restrictive
Covenants. Notwithstanding the foregoing, if Executive breaches the provisions of Section 8 of
this Agreement, she shall forfeit and not be entitled to the severance benefits set forth in
subparagraphs 2(a) and 2(b) of this Agreement. This subsection 2(g) is in addition to any other
rights or remedies that the Company may have as a result of such breach and does not limit the
rights and remedies of the Company in connection with any other breach of this Agreement by
Executive.

     3. Employee Benefits. The Company will direct the trustee or administrator to
distribute the Employee’s vested accrued benefits, if any, in the Company’s 401k plan in accordance
with the provisions of said plan. The Company will provide Employee the right to elect whatever
group health plan continuation coverage to which the Employee and her dependents are entitled
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986, 26 U.S.C. § 4980B
et seq., (“COBRA”), and to provide assistance with respect to exercising any
conversion rights provided under the Company’s group health plan(s). Executive

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recognizes and agrees that Executive only participated in the dental portion of said group health
plan. Executive’s “qualifying event” for COBRA purposes shall be the Separation Date. The Company
and Executive recognize that Executive is vested in 1,881 LTIP units of Cogdell Spencer LP.
Executive understands and agrees that as of the Separation Date, she has forfeited and has no
rights to any other LTIP units.

     4. Return of Property. Executive represents and covenants that she has returned, or
will return no later than the Effective Date, to the Company all property of Cogdell Spencer Inc.
and all property of any affiliate or direct or indirect subsidiary of the Cogdell Spencer Inc.
(including but not limited Cogdell Spencer LP), (such property including but not limited to, all
keys to offices, all equipment, documents, tenant or customer lists, written information, forms,
formulae, plans, prospect information, vendor lists and information, documents or other written or
computer material or data, software or firmware, records, or copies of the same, belonging to
Cogdell Spencer Inc. and all property of any affiliate or direct or indirect subsidiary of Cogdell
Spencer Inc. (including but not limited Cogdell Spencer LP) which are in Executive’s possession or
control, including but not limited to all originals, copies and summaries of any of confidential or
proprietary information. Executive further agrees to delete all such property and information
contained on any personal electronic device.

     5. Releases.

     (a) Release by Executive. In consideration for the release by Company set forth in
Section 5.b. of this Agreement and for the special separation benefits described above in
Subsections 2.a, 2.b, 2.c, 2.d, 2.e and 2.f of this Agreement, any of which provides separate and
independent sufficient consideration for this Release, Executive, for herself, her heirs,
executors, administrators, and assigns, hereby releases, waives, and forever discharges Cogdell
Spencer Inc., Cogdell Spencer LP, their direct and indirect subsidiaries and affiliates, and their
owners, health and welfare benefits plans, predecessors, successors, and assigns, and their
respective officers, directors, trustees, employees, representatives and agents, from any and all
contractual obligations, claims, or liabilities of whatever kind or nature which she has ever had
or which she now has, at the time of or prior to her execution of this Agreement, known or unknown,
including, but not limited to, any and all claims or counterclaims for breach of contract, breach
of fiduciary duty, unfair competition, defamation, wrongful or unlawful discharge, constructive
discharge, other torts, for past or future wages, salary, bonuses, earnings, restricted stock,
deferred compensation or other forms of compensation, punitive damages, attorneys fees, claims or
counterclaims for violations of Title VII of the Civil Rights Act of 1964 as amended, 42 U.S.C.
§ 2000(e) et seq., the Americans with Disabilities Act, the Age Discrimination in
Employment Act (ADEA), 29 U.S.C. § 621 et seq., or the Employee Retirement Income
Security Act of 1974, and all amendments thereto, violations of any state and/or municipality
whistle-blowing statutes or laws or fair employment statutes or laws, or violations of any other
law, rule, regulation, or ordinance pertaining to employment, wages, hours, ownership, or any other
terms and conditions of employment and termination of employment, and any other claims,
counterclaims and/or third-party claims, which have been, or could have been, asserted by Executive
in any court, arbitration, or other forum arising out of or in any way related to Executive’s
employment with Cogdell Spencer Inc., Cogdell Spencer LP, or their predecessors or affiliated
companies, the relationship between Executive and Cogdell Spencer Inc., Cogdell

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Spencer LP, or their predecessors or affiliated companies, or the termination thereof, to the
fullest extent permitted by law. (This release and waiver does not apply to claims that may arise
after the date this Agreement is executed, including but not limited to claims for breach of this
Agreement.)

     (b) Release by Company. In consideration for Executive’s promises contained in this
Agreement and the release set forth in Section 5(a), Company, for itself, its administrators and
assigns, hereby releases, waives, and forever discharges Executive from any and all claims or
liabilities of whatever kind or nature which it has ever had or which it now has, known or unknown,
including, but not limited to, contract claims; tort claims; and claims based on any state or
federal common laws or statutes to the fullest extent permitted by law. (This release and waiver
does not apply to claims that may arise after the date this Agreement is executed, including but
not limited to claims for breach of this Agreement.)

*NOTE: You, Heidi Wilson, have the right to consider this Agreement for at least twenty-one days
before accepting it. Before executing this Agreement and Release, Executive is advised to consult
with an attorney of her choice, at her expense.

*Further, you, Heidi Wilson, have the right to revoke this Agreement at any time within the
seven-day period following the date you sign this Agreement. This Agreement shall not become
effective or enforceable until the seven-day revocation period expires.

     6. Compliance with Older Workers Benefit Protection Act: By signing this Agreement,
Executive specifically acknowledges and represents that:

     (a) Executive has been given a period of twenty-one days to consider the terms of this
Agreement;

     (b) The terms of this Agreement are clear and understandable to Executive;

     (c) The benefits the Company will provide to Executive under this Agreement exceed the
benefits that Executive was otherwise entitled to receive as an employee of the Company;

     (d) Executive has been advised to consult with an attorney (at Executive’s expense) prior to
signing this Agreement and has been represented by counsel in the review and negotiation of the
terms of this Agreement; and

     (e) Executive has been advised that she has the right to revoke this Agreement at any time
within the seven-day period following her signature of this Agreement.

     7. Nondisparagement.

     (a) Executive. As further consideration of the promises and benefits of Company set
forth in this Agreement, any of which constitutes separate and independent sufficient
consideration, Executive also agrees that she will, at all times hereafter, refrain from making any
untrue, misleading, or defamatory statements or representations, either orally or in writing,

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regarding Cogdell Spencer Inc., Cogdell Spencer LP, their affiliates, direct and indirect and
subsidiaries, and their respective officers, directors, shareholders, employees, agents,
predecessors and related entities, and will not disclose or communicate to any person, firm or
entity any information the disclosure of which is or is likely to be harmful or damaging to Cogdell
Spencer Inc., Cogdell Spencer LP, their affiliates, their direct and indirect subsidiaries, and/or
their respective officers, directors, shareholders, employees, agents, predecessors and related
entities, which she learned or which came to her attention during the course of her employment with
Company. Without limiting the foregoing, Executive agrees that she will not make any
communications, whether orally or in writing, speculating as to the reasons for her separation from
the Company or any other action or inaction by Cogdell Spencer Inc., Cogdell Spencer LP, their
affiliates, their direct and indirect subsidiaries.

     (b) Company. Company agrees to use reasonable efforts to prevent its directors,
officers, and senior management employees from making any untrue, misleading, or defamatory
statements or representations, either orally or in writing, regarding Executive, including in
communications to other Company employees.

     8. Confidentiality. Executive acknowledges that during her employment with Company
she acquired valuable knowledge and contacts pertaining to the business, customers, employees and
operations of Cogdell Spencer Inc. and its affiliates and direct and indirect subsidiaries,
including but not limited to, Cogdell Spencer LP. Executive agrees that in further consideration
for the release by Company set forth in Section 5.b of this Agreement and in further consideration
for the special separation benefits described above in 2.a, 2.b, 2.c, 2.d, 2.e and 2.f of this
Agreement, any of which provides separate and independent sufficient consideration for her promises
in this Section 8, she will not use, reveal, disclose, or allow to be revealed or disclosed any
Trade Secrets or Confidential Information (as defined below) in whatever form or manner they are
maintained. Executive agrees that her obligations contained in this Section 8 of this Agreement
shall apply regardless of whether the Confidential Information or Trade Secrets were developed or
created prior to the date of this Agreement. The foregoing obligations shall survive until the
information is no longer Confidential or a Trade Secret, as defined herein. Northing in this
Agreement shall alter or limit the Company’s rights to protect its Confidential Information and/or
Trade Secrets pursuant to any applicable law.

     (a) Definition of Trade Secrets. As used in this Agreement, the term Trade Secrets
shall mean all formulas, techniques, and methods of doing business used by Cogdell Spencer Inc.
and/or its affiliates and direct and indirect subsidiaries (including but not limited to Cogdell
Spencer LP, Cogdell Spencer Advisors LLC, Cogdell Spencer Advisors Management LLC, CS Business
Trust I, General Partnership, CS Business Trust II, Limited Partnership, each individually an
“Owner” with respect to its confidential, proprietary and trade secret information), in its
business that are not generally known or used in the industry and from which Cogdell Spencer Inc.
or any other Owner derive economic or business value from the fact that such are not generally
known; lists of current and prospective clients and associated client information (including client
names, contacts, addresses, habits, preferences, and requirements); computer programs developed by
Cogdell Spencer Inc., an Owner, or any agent thereof for use solely by Cogdell Spencer Inc. and/or
one or more Cogdell Spencer Inc. affiliate or subsidiary (including but not limited to RC15,
annual general ledger, project expense listing, loan amortization programs, time

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management systems, and accounts payable, accounts receivable, and lease analysis programs); and
any other information or data which meets the definition of trade secrets under the Uniform Trade
Secrets Protection Act. The term “Trade Secrets” includes compilations of information where the
compilation otherwise meets the definition herein, even if portions of the information compiled are
generally known or used in the industry.

     (b) Definition of Confidential Information. As used in this Section 8, “Confidential
Information” means data or information, whether constituting a trade secret or not, which is of
value to Cogdell Spencer Inc. or the Owner and not generally known to persons or entities outside
of Cogdell Spencer Inc. and its affiliates and subsidiaries, including but not limited to the
following: (a) historical business information about clients, business procedures or processes of
clients, and any other information which Executive learns about current and potential clients
through Executive’s employment with the Company; (b) supplier and distributor lists, data, and
information; (c) vendor lists and associated vendor information (including but not limited to
contacts, buying requirements, vendor numbers, preferences, requirements, and deals with Cogdell
Spencer Inc., Cogdell Spencer LP or any Owner,); (d) purchasing and materials information; (e)
training manuals; (f) information about Cogdell Spencer Inc.’s, Cogdell Spencer LP’s or any other
Owner’s methods of doing business or information regarding the financial aspects of its or their
business such as costs, financial statements, profit and loss statements, cash flows, fees and
prices, pricing policies, quoting procedures, sales, financial projections, and other financial
information; (g) information regarding business opportunities for new or developing businesses for,
and business and marketing plans, techniques, and strategies of, Cogdell Spencer Inc., Cogdell
Spencer LP or any other Owner (including but not limited to plans for new acquisitions or new
services); (h) confidential personnel information (such as compensation plans or strategies and
hiring plans and strategies); (i) any information received by Cogdell Spencer Inc., Cogdell Spencer
LP or any other Owner from third parties in confidence (or subject to non-disclosure or similar
covenants); (j) the terms and conditions of negotiations or confidential contracts between Cogdell
Spencer Inc., Cogdell Spencer LP or any other Cogdell Spencer Inc. affiliate or direct or indirect
subsidiary and third parties; and (k) any documents, designs, files or other information marked
“Confidential.” Confidential Information shall not include, however, information that (i) is
within, or later falls within, the public domain without breach of this Agreement or any other
contractual obligation by Executive; (ii) is publicly disclosed with written approval of Cogdell
Spencer Inc. or the Owner; or (iii) becomes lawfully known or available to Executive without
restriction from a source having the lawful right to disclose the information without breach of
this Agreement or any other contractual obligation by Executive.

     (c) Remedies for Breach of Section 8 Covenants. Executive agrees and recognizes that
because the breach or threatened breach of the covenants, or any of them, contained in Section 8 of
this Agreement will result in immediate and irreparable injury to Company and the Owner (as
applicable), Company and/or the Owner shall be entitled, in addition to any other remedy permitted
in this Agreement or at law or in equity, to an injunction restraining Executive from any violation
of Section 8 to the fullest extent allowed by law.

     9. Scope of Agreement; Modification. This Agreement discharges and cancels all
previous agreements between the parties and contains the entire agreement between the parties

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on this matter; no agreements, representations, or statements of either party not contained herein
shall be binding on such party, This Agreement shall not be modified, amended, altered or waived
except by separate written agreement signed by Company and Executive.

     10. Binding Effect. This Agreement is not assignable by Executive. This Agreement
shall be binding upon, and inure to the benefit of, Executive and Company and their respective
heirs, successors, and legal representatives, and as to the Company, its assigns.

     11. No Admission. Executive understands and agrees that Company and its affiliates
and subsidiaries admit no liability with respect to any claim related to, or arising out of, their
relationship or the termination thereof.

     12. Discovery of Additional Facts. Executive agrees that should she hereafter
discover facts different from, or in addition to, those now known or believed to be true, that this
Agreement and Release shall, nevertheless, be and remain in full force and effect in all respects.

     13. Severability. In the event any portion of this Agreement is determined to be
invalid under any applicable law by a court of competent jurisdiction, such provision shall be
deemed void and the remainder of this Agreement shall continue in full force and effect.

     14. Notices. With the exception of the notice of revocation set forth in Section 17
of this Agreement (which notice shall be made in accordance with the terms of Section 17), any
notice or other communication required or permitted under this Agreement shall be in writing and
shall be deemed to have been duly given (i) upon hand delivery, (ii) on the third day following
delivery to the U.S. Postal Service as certified mail, return receipt requested and postage
prepaid, or (iii) on the first day following delivery to a nationally recognized United States
overnight courier service, fee prepaid, return receipt or other confirmation of delivery requested.
Any such notice or communication shall be delivered or directed to a party at its address set
forth below or at such other address as may be designated by a party in a notice given to the other
party in accordance with the provisions of this Subsection.

Notice to Executive shall be sent to:

Heidi Wilson

[Address]

Notice to Company shall be sent to:

Cogdell Spencer Inc.

Attn: Frank C. Spencer, CEO

4401 Barclay Downs Drive

Suite 300

Charlotte, NC 28209-4670

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     15. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of North Carolina pertaining to contracts made and to be wholly
performed within such state, without taking into account conflicts of laws principles.

     16. Jurisdiction and Venue. In the event that any legal proceedings are commenced in
any court with respect to any matter arising under this Agreement, the parties hereto specifically
consent and agree that:

     (i) the courts of the State of North Carolina and/or the United States Federal
Courts located in the State of North Carolina shall have exclusive jurisdiction over
each of the parties hereto and over the subject matter of any such proceedings; and

     (ii) the venue of any such action shall be in Mecklenburg County, North
Carolina and/or the United States District Court for the Western District of North
Carolina, Charlotte, North Carolina.

     17. Effective Date. This Agreement shall not become effective and enforceable until
after seven (7) days following its execution by Executive (the “Effective Date”) and may be revoked
by Executive at any time within the seven day period. Executive shall provide notice to the
Company no later than midnight on the last day of the seven-day revocation period. Notice shall be
given by submitting a written statement of revocation via hand delivery or mail to Julia Houck,
Vice President Human Resources, Marshall Erdman & Associates, One Erdman Place, Madison, WI 53717,
or via e-mail to Ms. Houck at JHouck@erdman.com. Notice may also be given by calling or leaving a
voice mail message for Ms. Houck at (608) 410-8024 before midnight on the last day of the seven-day
revocation period, then immediately confirming the call or message with written notice as stated
above. Executive’s revocation must be in writing to be effective. No attempted revocation after
the expiration of such seven (7) day period shall have any effect on the terms of this Agreement.

     18. Headings. The headings contained in this Agreement are inserted for convenience
only and do not constitute a part of this Agreement.

     IN WITNESS WHEREOF, Company and Executive have executed this Agreement on the day and year
first written above.

EXECUTIVE:

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Heidi Wilson	(SEAL)	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Heidi Wilson	 	 

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	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Frank C. Spencer	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Chief Executive Officer and President	 	 

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EXHIBIT A

10EX-10.26

Exhibit 10.26

O.P.T.

Ocean Power Technologies, Inc.

1590 Reed Road

Pennington, NJ 08534 USA

609-730-0400, Fax: 609 730-0404

December 21,
2007

Mr. Herbert T. Nock

Dear Herb:

Ocean Power Technologies, Inc. (“OPT” or the “Company”) hereby offers to you the position of Vice
President, Business Development and Marketing of Ocean Power Technologies, Inc., reporting to me.
As such, you will be an Executive Officer of the Company, and your duties and responsibilities will
be those duties and responsibilities consistent with your position as may from time to time be
assigned by me, including your focus on the Company’s business development, sales and marketing
activities.

OPT may add to or alter your position and responsibilities as deemed appropriate in the future. The
following responsibilities are part of your duties: (a) devote attention, labor, skill and energy
to the business of OPT and diligently, and to the best of your ability, perform all duties incident
to your employment as described in this letter, and (b) use your best efforts to promote the
interests, goodwill and welfare of OPT.

Compensation for your services, subject to the terms of this letter, shall be a salary of
$17,500.00 per monthly pay period (the “Base Salary”), which is equivalent to $210,000.00 on an
annual basis, for as long as you are employed or until a change is made by OPT to your Base Salary.
In addition to this Base Salary, you will be eligible to receive a bonus of up to 40% of your Base
Salary. To be eligible to receive the bonus, you must be employed by the Company as of the day that
the Company pays the bonus. You shall be expected to work during OPT’s normal operating hours, as
well as any additional hours needed in order to complete your assigned tasks. Payments to you shall
be less all amounts required to be withheld by Federal, State and all applicable income tax laws,
regulations and rulings. You will receive reviews of your job performance in accordance with OPT’s
policies. Adjustments to your compensation, as well consideration for bonus and stock option
awards, if any, will be considered on an annual basis. In addition, subject to approval by the
Board of Directors, subsequent to the commencement of your employment with the Company you will be
granted options to purchase 25,000 shares of the common stock of OPT(the “Option Grant”) under and
subject to the terms of the Company’s 2006 Stock Incentive Plan (the “2006 Plan”) and the Company’s
standard option agreement. Of the option grant, 10,000 shares will be immediately vested at the
time of the grant, and 15,000 shares will be vested over five years, i.e. 3,000 shares vested at
each anniversary of the date of grant, assuming you remain employed by the Company on such dates.
The term of these options will be for a period of ten (10) years from the date of grant, in accord
with the Company’s standard form of stock option agreement. If OPT terminates your employment
without “Cause” (as defined below) or if you terminate your employment for “Good Reason” (as
defined below), all the unvested portions of the 15,000 share grant shall vest immediately upon
such termination and shall thereafter expire in accordance with the Option Grant and the terms of
the 2006 Plan. Except as otherwise set forth herein, options granted to you shall cease to vest on
the actual date of termination for any reason.

 

 

Your position with the Company requires you to relocate to New Jersey. In recognition of such
relocation, the Company will, during 2008, reimburse you for up to (i) $45,000 for costs incurred
by you in 2008 in purchasing a house in New Jersey, selling your house in Connecticut, and moving
from Connecticut to New Jersey; and (ii) $6,600 for costs incurred by you in 2008 in temporarily
residing in New Jersey. All reimbursement requests must be supported by documentation evidencing
the costs incurred by you. If you resign without Good Reason or the Company terminates your
employment for Cause:

(a) prior to the one-year anniversary of your start date, you shall repay to the Company
any amount received by you pursuant to (i) above;

(b) after the one-year anniversary of your start date but before the two-year anniversary
of your start date, you shall repay to the Company two-thirds (2/3) of any amount
received by you pursuant to (i) above;

(c) after the two-year anniversary of your start date but prior to the three-year
anniversary of your start date, you shall repay to the Company one-third (1/3) of any
amount received by you pursuant to (i) above;

(d) following the three-year anniversary of your start date, you shall not be required to
repay to the Company any amount received by you pursuant to (i) above.

In addition to the compensation stated in this offer, during your employment you will be entitled
to participate in all employee benefit plans and programs now or in the future maintained by OPT
and offered to all employees of the Company, as well as those offered to key employees of the
Company, so long as you meet any applicable eligibility requirements. You also will receive
vacation time to be accrued and administered in accordance with OPT’s policies, of four weeks’
annual paid vacation. 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.

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 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 (as defined below). Notwithstanding the above, the Company shall
provide you with two (2) weeks’ notice prior to terminating your employment; provided, however,
that the Company may, in its sole discretion, pay to you in lieu of such notice an amount equal to
the Base Salary that would otherwise be payable to you for such two-week

 

 

period, in which case the termination of your employment shall occur effective immediately
upon the date of such payment

In the event you terminate your employment with the Company for Good Reason or the Company
terminates your employment for any reason other than (i) for Cause or (ii) because you cannot
perform your services as a result of physical or mental incapacitation, you will receive the
following severance: (a) if such termination occurs within the first 12 months of employment,
for a period of 3 months following your date of termination the Company will continue to pay
to you your Base Salary; (b) if such termination occurs after the first 12 months of
employment but before the three-year anniversary of your start date, for a period of 6 months
following your date of termination the Company will continue to pay to you your Base Salary;
(c) if such termination occurs after the three-year anniversary of your start date, for a
period of 12 months following your date of termination the Company will continue to pay to you
your Base Salary. Any such severance will be paid by the Company as salary continuation in
accordance with its regular payroll practices, and will be conditioned upon the execution and
nonrevocation by you of a severance and release agreement provided by the Company and
releasing all claims against it and its affiliates (to the extent permitted by applicable
law). All payments to you hereunder shall be less taxes and any other deductions required by
law.

For purposes of this Agreement:

“Cause” means a termination of your employment by the Company because you have done any of the
following: (a) materially breached or materially failed to perform your duties under
applicable law, (b) failed to follow lawful and reasonable directives of the Board, or any
executive officer to whom you report, (c) failed to follow the Company’s policies and
procedures in effect from time to time, (d) committed an act of dishonesty in the performance
of your duties or engaged in willful misconduct detrimental to the business of the Company,
(e) been indicted on felony charges, (f) been convicted of misdemeanor charges involving any
crime of moral turpitude, (g) breached in any material respect or failed to perform in any
material respect your obligations and duties or any Agreement between you and the Company, or
(h) violated your restrictive covenants with the Company (including, without limit, your
noncompete, nonsolicit, nonhire, confidentiality obligations, and intellectual property
transfer obligations regarding the ownership of intellectual property created or developed, in
whole or in part, by you while an employee of the Company.

“Good Reason” means a material diminution of your duties or responsibilities or a
material change in the position to which you report. A termination by you for Good Reason
can only occur if (i) within sixty (60) days after the initial occurrence of the
condition giving rise to Good Reason, you have given a written notice of such to the
Company, (ii) the Company has not cured the condition within thirty (30) days after
receipt of such notice, and (iii) you actually cease employment within thirty (30) days
after the period set forth in clause (ii).

This letter agreement is intended to comply with the provisions of Section 409A of the U.S.
Internal Revenue Code of 1986 and shall, to the extent practicable, be construed in accordance
therewith. Terms defined in this letter agreement shall have the meanings given such terms under
Section 409A if and to the extent required to comply with Section 409A. If and to the extent any
portion of any payment, compensation or other benefit provided to you in connection with your
separation from service (as defined in Section 409A) is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and you are a specified employee as
defined in Section 409A(a)(2)(B)(i), as determined by the Company in accordance with its
procedures, by which determination you hereby agree that you are bound, such portion of the
payment, compensation or other benefit shall not be paid before the day that is six months plus one
day after the date of separation from service (as determined under Section 409A (the “New Payment
Date”), except as Section 409A may then permit. The

 

 

aggregate of any payments that otherwise would have been paid to you during the period between
the date of separation from service and the New Payment Date shall be paid to you in a lump sum
on such New Payment Date, and any remaining payments will be paid on their original schedule.
Neither the Company nor you shall have the right to accelerate or defer the delivery of any
such payments or benefits except to the extent specifically permitted or required by Section
409A. Notwithstanding the foregoing, to the extent that this letter agreement or any payment or
benefit hereunder shall be deemed not to comply with Section 409A, then neither the Company,
the Board of Directors of the Company, nor its or their designees or agents shall be liable to
you or any other person for any actions, decisions or determinations made in good faith.

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. If you agree to the terms of this offer, please sign and date below, as well as on
the attached Agreement, on both the originals provided, returning one of each original to me.

Should you have any questions concerning this offer, or any other question about the Company
and this position, please contact me. I look forward to hearing from you.

Sincerely,

	 	 	 
	/s/ George W. Taylor
	 	 
	 
	 	 
	Dr. George W. Taylor

	 	 
	Chief Executive Officer
	 	 

I have read and understand this letter. The foregoing correctly sets forth the terms of my
employment with OPT

	 	 	 	 	 	 	 
	/s/ Herbert T. Nock

	 	 	 	DATE:
	 	December 22, 2007
	 

	 	 	 	 	 	 
	 Herbert T. Nock

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