Photo: OPT's PB3 Operating in the North Sea for Premier Oil (Courtesy of OPT)

OPT expands directorate

US-based marine energy company Ocean Power Technologies (OPT) has welcomed three new members to its board of directors.

Photo of OPT's PB3 Operating in the North Sea for Premier Oil (Courtesy of OPT)
OPT’s PB3 Operating in the North Sea for Premier Oil (Courtesy of OPT)

Clyde W. Hewlett, Diana G. Purcel, and Peter E. Slaiby were elected to join OPT’s board of directors by the company stockholders at the 2020 Annual General Meeting effective December 23, 2020.

At the meeting, the stockholders also approved the use of the company’s new financing facility with Aspire Capital in excess of 19.99% of the common stock available on the date that the agreement was executed.

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Terence J. Cryan, Chairman of the Board of OPT, said: “We are excited to welcome Clyde, Diana, and Pete as new independent directors to the OPT board. These new directors bring valuable expertise in offshore energy, safety, and finance and governance, and join OPT at an exciting time. We have proven products and solutions ready for commercialization, a receptive marketplace, access to capital, and a dedicated and experienced team to continue innovations towards providing ocean energy solutions.

“The Board carefully considered the qualifications and abilities of each new director this past fall to ensure that we have the right balance of skills and experience to grow and govern the company effectively. We are pleased that the stockholders agreed with our recommendations to elect them to the Board and look forward to their contributions”.

In addition, at the annual meeting the stakeholders approved an increase in the company’s stock incentive plan used to make equity grants to directors, officers, and employees, ratified the selection of EisnerAmper as OPT’s independent auditor for Fiscal Year 2021, and approved the company’s executive compensation plan.