On August 23, 2016, Matthew T. Shafer was hired as the Chief Financial Officer, Vice President of Finance, and Treasurer of Ocean Power Technologies, Inc. effective September 7, 2016. In connection with his hiring, Mr. Shafer will also serve as principal financial officer of the Company. Mr. Shafer will replace Mark Featherstone, who currently serves as the Company's Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer.

Mr. Featherstone is resigning from the Company as of September 16, 2016 and will continue to work with the Company until such date, and will remain as the Company's principal accounting officer from September 7, 2016 (the start date for Mr. Shafer) through such date. After Mr. Featherstone's departure, Mr. Shafer will also assume the role of principal accounting officer. Mr. Shafer, age 45, previously served as a Vice President of Finance and Corporate Controller for CMF Associates since May 2015.

Prior to that, he served as Senior Director of Finance for Valeant Pharmaceuticals International. He held primary responsibility as the Business Unit Chief Financial Officer for the Valeant Dentistry, Generics and Neurology business units, and had worked closely with commercial operations and corporate level teams on numerous product launches, sales force expansions, mergers and acquisitions, financial systems integrations, and internal controls. Before joining Valeant in 2013, he served as Senior Director of Finance for Peak Resourcing providing finance and accounting solutions to small and middle market organizations since 2010.

Mr. Shafer has a foundation in Public Accounting working at Arthur Andersen LLP at the beginning of his career.