Charles F. Dunleavy December 11, 2013Temporary Executive Salary Reduction • March 14th, 2014 • Ocean Power Technologies, Inc. • Electric services
This letter confirms our discussion regarding our agreement to have my base salary compensation temporarily reduced in order to help reduce the monthly cash expenditures of Ocean Power Technologies, Inc. (the “Company”) as we collectively work toward achieving improved cash flow. This letter outlines our agreement with respect to the foregoing, and amends the Amended and Restated Employment Agreement dated April 8, 2009 between myself and the Company (the “Employment Agreement”) and supersedes the letter agreement of July 11, 2013.
George W. Taylor December 11, 2013Temporary Executive Salary Reduction • March 14th, 2014 • Ocean Power Technologies, Inc. • Electric services
This letter confirms our discussion regarding our agreement to have my base salary compensation temporarily reduced in order to help reduce the monthly cash expenditures of Ocean Power Technologies, Inc. (the “Company”) as we collectively work toward achieving improved cash flow. This letter outlines our agreement with respect to the foregoing, and amends the Amended and Restated Employment Agreement dated April 8, 2009 between myself and the Company (the “Employment Agreement”) and supersedes the letter agreement of July 11, 2013.
