Document:

exv10w28

EXHIBIT 10.28

1590 Reed Road

Pennington, NJ 08534 USA

Tel: 609-730-0400 — Fax: 609-730-0404

May 19, 2010

Mr. Brian M. Posner

Dear Brian:

Ocean Power Technologies, Inc. (“OPT” or the “Company”) hereby offers to you the position of Chief
Financial Officer, Secretary and Treasurer of Ocean Power Technologies, Inc., reporting to me. As
such, 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
financial, accounting, reporting and regulatory 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
$22,083.33 per monthly pay period (the “Base Salary”), which is equivalent to $265,000.00 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 35% 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
share-based 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 10,000 shares of restricted stock (“restricted stock grant”) and
options to purchase 30,000 shares (“option grant”) of the common stock of OPT under and subject to
the terms of the Company’s 2006 Stock Incentive Plan (the “2006 Plan”) and the Company’s standard
restricted stock and stock option agreements. Of the option grant, the 30,000 shares will be
vested over five years, i.e. 6,000 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

1

 

of the 30,000 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. Of the restricted stock grant, the 10,000 shares will be vested over three years, based on
your attainment of performance goals to be agreed upon with me, assuming you remain employed by the
Company on such vesting dates. 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 10,000 restricted stock grant shall vest immediately upon such termination. Except
as otherwise set forth herein, restricted stock granted to you shall cease to vest on the actual
date of termination for any reason.

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 after 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 24 months of employment, for a period
of 6 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

2

 

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.

3

 

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/ CHARLES F. DUNLEAVY
	 	 
	 

Charles F. Dunleavy

	 	 
	Chief Executive Officer
	 	 

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

	 	 	 

	/S/ BRIAN M. POSNER

	 	DATE: May 21, 2010

4

 

Ocean Power Technologies, Inc.

PROPRIETARY INFORMATION, RESTRICTIVE COVENANT AND

INVENTIONS AGREEMENT (“Agreement”)

As an employee of OCEAN POWER TECHNOLOGIES, INC., or any of its subsidiaries or affiliates
(together, the “Company”), and as a condition of my employment by the Company and in consideration
of the compensation now and hereafter paid to me, I agree to the following:

1. MAINTAINING CONFIDENTIAL INFORMATION

(a) Company Information - I agree at all times during the term of my employment and
thereafter to hold in strictest confidence, and not to use, except for the benefit of the
Company, or to disclose to any person, firm or corporation, without the written authorization
of the Board of Directors of the Company, any trade secrets, confidential knowledge, data or
other proprietary information of the Company. By way of illustration and not limitation, such
Company information shall include information relating to products, processes, know-how,
designs, formulas, methods, samples, media and/or cell lines, developmental or experimental
work, improvements, discoveries, plans for research, new products, marketing and selling,
business plans, budgets and unpublished financial statements, licenses, prices and costs,
suppliers and customers, and information regarding the skills and compensation of other
employees of the Company.

(b) Former Employer Information - I agree that I will not, during my employment with the
Company, improperly use or disclose any proprietary information or trade secrets of my former
or concurrent employers or companies, if any, and that I will not bring onto the premises of
the Company any unpublished documents or any property belonging to my former or concurrent
employers or companies unless previously and specifically consented to in writing by said
employers or companies.

(c) Third Party Information - I recognize that the Company has received and in the future
will receive confidential or proprietary information from third parties subject to a duty on
the Company’s part to maintain the confidentiality of such information and, in some cases, to
use it only for certain limited purposes. I agree that I owe the Company and such third
parties, both during the term of my employment and thereafter, a duty to hold all such
confidential and proprietary information in the strictest confidence and not to disclose it to
any person, firm or corporation (except in a manner that is consistent with the Company’s
agreement with the third party) or use it for the benefit of anyone other than the Company or
such third party (consistent with the Company’s agreement with the third party), unless
expressly authorized to act otherwise by an officer of the Company.

2. ASSIGNMENT OF INVENTIONS AND ORIGINAL WORKS

(a) Inventions and Original Works Assigned to the Company - I agree that I will make prompt
written disclosure to the Company, will hold in trust for the sole right and benefit of the
Company, and hereby assign to the Company all my right, title and interest in and to any
ideas, inventions, original works or authorship, developments, improvements or trade secrets
which I may solely or jointly conceive or reduce to practice, or cause to be conceived or
reduced to practice, during the period of my employment with the Company.

I acknowledge that all original works of authorship which are made by me (solely or jointly
with others) within the scope of my employment and which are protectable by copyright are
“works made for hire,” as that term is defined in the United Stations Copyright Act
(17 U.S.C., Section 101).

5

 

(b) Inventions and Original Works Assigned to the United States - I hereby assign to the
United States government all my right, title and interest in and to any and all inventions,
original works of authorship, developments, improvements or trade secrets whenever full title
to same is required to be in the United States by a contract between the Company and the
United States or any of its agencies.

(c) Obtaining Letters Patent, Copyright Registrations and Other Protections - I will assist
the Company in every proper way to obtain and enforce United States and foreign proprietary
rights relating to any and all inventions, original works of authorship, developments,
improvements or trade secrets of the Company in any and all countries. To that end I will
execute, verify and deliver such documents and perform such other acts (including appearing as
a witness) that the Company may reasonable request for use in applying for, obtaining,
perfecting, evidencing, sustaining and enforcing such proprietary rights and the assignment
thereof. In addition, I will execute, verify and deliver assignments of such proprietary
rights to the Company or its designee. My obligation to assist the Company with respect to
proprietary rights in any and all countries shall continue beyond the termination of my
employment, but the Company shall compensate me at a reasonable rate after my termination for
the time actually spent by me at the Company’s request on such assistance.

In the event the Company is unable for any reason, after reasonable effort, to secure my
signature on any document needed in connection with the actions specified in the preceding
paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized
officers and agents as my agent and attorney-in-fact, to act for and in my behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of the preceding paragraph with the same legal force and effect as if executed by me.
I hereby waive and quitclaim to the Company any and all claims of any nature whatsoever which
I now or may hereafter have for infringement of any proprietary rights assigned to the
Company.

(d) Obligation to Keep the Company Informed - In addition to my obligations under paragraph
2(a) above, during the period of my employment I will promptly disclose to the Company fully
and in writing all patent applications filed by me or on my behalf. I agree to keep and
maintain adequate and current records (in the form of notes, sketches, drawings and in any
other form that may be required by the Company) of all proprietary information developed by me
and all inventions made by me during the period of my employment by the Company, which records
shall be available to and remain the sole property of the Company at all times.

3. NON-COMPETITION

I agree that, during my employment with the Company and for a period of one (1) year after
termination of my employment with the Company, I will not, without the Company’s express
written consent, engage in any consulting, employment or business that is directly or
indirectly competitive with the Company or assist others in any business that is competitive
with the Company. A company shall be considered “competitive” with the Company if such
company engages in ocean energy conversion in competition with the ocean energy converter
services and/or products with which I was, directly or indirectly, engaged while an employee
of the Company. However, this non-competition provision will not be interpreted to preclude
me from consulting for, or being employed by, a company that could be considered competitive
with the Company if my position or work with that company will be with a division, affiliate,
operational area, or business/product lines(s) that is/are unrelated to the product and/or
service lines with which I worked while employed by OPT. In such case, the provisions of
section 1 of this agreement will apply.

6

 

4. NON-SOLICITATION/NON-INTERFERENCE

(a) Employees and Independent Contractors — During my employment and for a period of one (1)
year after termination of my employment with the Company, I will not recruit, solicit, or
hire, or assist others in recruiting, soliciting or hiring, any past or present employee,
director, contractor or other business associate (collectively each a “Business Relation”) or
otherwise induce any Business Relation to terminate or cease his/her employment or other
business relationship with the Company. The term Business Relation shall include those
individuals or entities who were employed, engaged or associated with the Company during my
employment or, if after the termination of my employment, within the twelve (12) month period
prior to the termination of my employment.

(b) Clients, Customers and Business Contacts — During my employment and for the period of one
(1) year after termination of my employment with the Company, I will not solicit, divert, or
take away, or attempt to solicit, divert or take away the ocean energy conversion business or
ocean energy conversion patronage of any of the clients, customers, business contacts or
accounts of the Company which were contacted, solicited or served by me at any time during my
employment with the Company or regarding which I had access to substantive confidential
information.

5. NO CONFLICTING OBLIGATIONS

I represent that my performance of all the terms of this Agreement and as an employee of the
Company does not and will not breach any agreement or obligation of mine relating to any time
prior to my employment by the Company. I have not entered into, and I agree I will not enter
into, any agreement either written or oral in conflict herewith.

6. RETURN OF COMPANY PROPERTY

When I leave the employ of the Company or upon any request from the Company, I will deliver to
the Company (and will not keep in my possession, recreate or deliver to anyone else) any and
all devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, materials, equipment, other documents or property, together
with all copies thereof (in whatever medium recorded) belonging to the Company, its successors
or assigns whether kept at the Company, home or elsewhere. I further agree that all Company
property, including disks and other storage media and filing cabinets or other work areas, is
subject to inspection by Company personnel at any time with or without notice.

7. NOTIFICATION OF NEW EMPLOYER

In the event that I leave the employ of the Company, I hereby consent to the notification of
my new employer of my rights and obligations under this Agreement.

8. LEGAL AND EQUITABLE REMEDIES

Because my services are personal and unique and because I may have access to and become
acquainted with the proprietary information of the Company, the Company shall have the right
to enforce this Agreement and any of its provisions by injunction, specific performance or
other equitable relief, without bond and without prejudice to any other rights and remedies
that the Company may have for a breach of this Agreement.

9. GENERAL PROVISIONS

(a) Not an Employment Contract - I agree and understand that other than as specified herein,
nothing in this Agreement shall confer any right with respect to continuation of my employment
by the Company, nor shall it interfere in any way with my right or the Company’s right to
terminate my employment at any time, with or without cause.

7

 

(b) Governing Law; Consent to Personal Jurisdiction - This Agreement will be governed by and
construed according to the laws of the State of New Jersey, excluding conflicts of laws
principles. I hereby expressly consent to the personal jurisdiction of the state and federal
courts located in New Jersey for any lawsuit filed there against me by the Company arising
from or relating to this Agreement.

(c) Entire Agreement - This Agreement sets forth the final, complete and exclusive agreement
and understanding between the Company and me relating to the subject matter hereof and
supersedes all prior and contemporaneous understandings and agreements relating to its subject
matter. No modification of or amendment to this Agreement, nor any waiver of any rights under
this Agreement, will be effective unless in writing and signed by both the Company and me.
Any subsequent change or changes in my duties, salary or compensation will not affect the
validity or scope of this Agreement.

(d) Severability - If one or more of the provisions in this Agreement are deemed
unenforceable by law, then the remaining provisions will continue in full force and effect.

(e) Successors and Assigns - This Agreement will be binding upon my heirs, executors,
administrators and other legal representatives and will be for the benefit of the Company, its
successors and its assigns.

(f) Survival - The provisions of this Agreement shall survive the termination of my
employment and the assignment of this Agreement by the Company to any successor in interest of
other assignee.

(g) Waiver - No waiver by the Company of any breach of this Agreement shall be waiver of any
preceding or succeeding breach. No waiver by the Company of any right under this Agreement
shall be construed as a waiver of any other right. The Company shall not be required to give
notice to enforce strict adherence to all terms of this Agreement.

(h) Notice - Any notices required or permitted hereunder shall be given to the appropriate
party at the address specified below or at such other address as the party shall specify in
writing. Such notice shall be deemed given upon personal delivery, or sent by certified or
registered mail, postage prepaid, three (3) days after the date of mailing.

This Agreement shall be effective as of the first day of my employment with the Company, namely:
June 1 , 2010.

I UNDERSTAND THAT THIS AGREEMENT AFFECTS MY RIGHTS TO INVENTIONS I MAKE DURING MY EMPLOYMENT, AND
RESTRICTS MY RIGHT TO DISCLOSE OR USE THE COMPANY’S PROPRIETARY INFORMATION DURING OR SUBSEQUENT TO
MY EMPLOYMENT.

I HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS.

	 	 	 	 	 

	Dated: May 21, 2010

	 	/s/ BRIAN M. POSNER	 	 
	 

	 	 

Signature
	 	 
	 
	 	 	 	 
	 

	 	Brian M. Posner	 	 
	 

	 	 

Printed Name of Employee
	 	 

8exh101.htm

Exhibit 10.1

	
Attn: David Kalenuik/Heidi Kalenuik

	
January 4, 2010

	
Lake Victoria Mining Company

	  
	
West Vancouver

	  
	
T: 604-307-9951

	  

Finder’s Fee Agreement

Between Lake Victoria Mining Company And

Robert A. Young/The RAYA Group

Dear David and Heidi:

Further to our previous meeting and subsequent discussions over the phone, we wish to register for a finder’s fee, if any of our prospects invests in a private placement/joint venture etc. with Lake Victoria Mining Company or spin off companies managed by the present management team.

Our fee is to be paid in full at the time of the closing and paid to the RAYA Group in shares and/or cash (our choice).  This registration for a finder’s fee is for a five-year period from the date of this document.  The first group we wish to register is Sheikh Mohammed Hussein Ali Al-Amoudi/his advisor Haile Assegide or their assigns.  The Sheikh normally does business through Corral Petroleum or MIDROC (Mohammed International Development Research and Organization Companies.  For further information on the Sheikh, just Google in his name.

The fee we charge re this introduction will be 10% for the first $10 million US and 5% commission for amounts larger than $10 million USD for the gross proceeds. The fee would be due and payable upon closing of the financing.

	
As Agreed By

	
As Agreed By

	
Date: January 4, 2010

	
Date: January 4, 2010

	  	  
	  	  
	
ROBERT A. YOUNG

	
HEIDI KALENUIK

	
Robert A. Young

	
Heidi Kalenuik, Director

	
The RAYA Group

	
Lake Victoria Mining Company

	  	  
	
cc: Benjamin Gulilat

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]