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Ocean Power Technologies, Inc. Message Board

  • georgepiggytaylor georgepiggytaylor Nov 16, 2012 8:32 PM Flag

    HAPPY little piggies!

    Dr. George W. Taylor — Executive Vice Chairman

    Under an amended and restated employment agreement entered into in April 2009, Dr. Taylor is entitled to an annual base salary of $475,000 subject to adjustment upon annual review by our Board of Directors. Dr. Taylor is also eligible to earn discretionary incentive bonuses and incentive compensation.

    Upon the termination of his employment other than for cause, or if he terminates his employment for good reason, Dr. Taylor has the right to receive severance payments equal to one year of his base salary then in effect. Dr. Taylor is not entitled to severance if we terminate his employment for cause or if he resigns without good reason. Pursuant to this agreement, Dr. Taylor is prohibited from competing with us and soliciting our customers, prospective customers or employees during the term of his employment and for a period of one year after the termination or expiration of his employment.


    Charles F. Dunleavy — Chief Executive Officer

    Under an amended and restated employment agreement entered into in April 2009, Mr. Dunleavy is entitled to an annual base salary of $300,000 subject to adjustment upon annual review by our Board of Directors. Mr. Dunleavy’s annual base salary was adjusted by our Board of Directors upon his assumption of the chief executive officer position and effective January 15, 2010, was increased to $425,000. Mr. Dunleavy is also eligible to earn discretionary incentive bonuses and incentive compensation.

    Upon the termination of his employment other than for cause, or if he terminates his employment for good reason, Mr. Dunleavy has the right to receive severance payments equal to one year of his base salary then in effect. Mr. Dunleavy is not entitled to severance if we terminate his employment for cause or if he resigns without good reason. Pursuant to this agreement, Mr. Dunleavy is prohibited from competing with us and soliciting our customers, prospective customers or employees during the term of his employment and for a period of one year after the termination or expiration of his employment.

    Brian M. Posner — Chief Financial Officer, Secretary and Treasurer

    Under an agreement entered into in May 2010, Mr. Posner is entitled to an annual base salary of $265,000 subject to adjustment upon annual review by our Board of Directors. Mr. Posner’s base salary has been adjusted by our Board of Directors and was increased to $282,000 effective May 1, 2011 and increased to $298,000 effective May 1, 2012. Mr. Posner is also eligible to earn discretionary incentive bonuses and incentive compensation.

    Upon the termination of his employment other than for cause, or if he terminates his employment for good reason, Mr. Posner has the right to receive severance payments equal to six months of his base salary then in effect. Pursuant to this agreement, Mr. Posner is prohibited from competing with us and soliciting our customers, prospective customers or employees during the term of his employment and for a period of one year after the termination or expiration of his employment.

    AND DON'T FORGET all the little PIGLETS.
    .....
    So many snouts to feed, please give generously.
    (Big OINKS to all of you)

    Sentiment: Strong Sell

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    • OINK!
      I've got a bellyache, I think I shovelled too much swill down my snout.


      George Taylor

      Chief Pig of the Board/Director/Founder, Ocean Power Technologies
      Age: 77
      Profile

      Dr. George W. Taylor has served as our executive chairman since January 2009. Prior to January 2009, Dr. Taylor had served as our chief executive officer since 1993 and as a director since 1984, when he co-founded our company. From 1990 to 2004, Dr. Taylor was our president, and from 1984 to 1990, he was our vice president. In 1979, he co-founded and served as president of Princeton Research Associates, Inc., a consulting engineering, technical marketing and product development company. In 1970, Dr. Taylor co-founded Princeton Materials Science, Inc., a manufacturer of liquid crystal displays and digital watches. Dr. Taylor received a Bachelor of Engineering degree with First Class Honours in Electrical Engineering and a Doctor of Engineering degree from the University of Western Australia (HORSE PLOP)and a Ph.D. in Electrical Engineering degree from the University of London.(DOUBLE HORSE PLOP) He is a Fellow of the Institute of Engineers, Australia (TRIPLE HORSE PLOP) and the Institute of Electrical Engineers, London.(OH NO HE ISN'T)

      Ocean Power Technologies

      Compensation for 2011
      Salary $492,879
      Bonus $120,000
      Restricted stock awards $15,870
      All other compensation $11,000
      Option awards $119,637
      Total Compensation $759,386
      Options Exercised for 2011
      Number of securities underlying options exercisable 60,000
      Stock Ownership for 2012
      Number of shares owned 461,198

      OOOH! WHAT A CLEVER OLD PIG I ARE!!!!

      Sentiment: Strong Sell

 
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