EX-10.1
from 8-K
10 pages
The Purpose of This Letter Agreement (“Agreement and Release”) Is to Confirm That by Mutual Agreement, Your Employment With Ocean Power Technologies, Inc. (“Opt” or the “Company”) Ceased in All Capacities at 4:00 Pm Eastern Daylight Time on Friday June 18, 2021. This Agreement and Release Sets Forth the Terms of Your Separation From Employment in Accordance With the Separation Provisions Contained in Your Employment Agreement Dated December 29, 2014, (As Amended on July 12, 2018) (Collectively “The Employment Agreement”) (Attached as Exhibit “A”), and the Special Separation Provisions Being Offered to You in This Letter. This Agreement and Release Shall Serve as the “Notice of Termination” Discussed in Paragraph 6(e) of the Employment Agreement. Your Termination Will Be Considered a Resignation Pursuant to Paragraph 6(c)(2) of the Employment Agreement. 1. Standard Separation Provisions1
12/34/56