Item 8.01 Other Events.

On March 20, 2020, Ocean Power Technologies, Inc. ("OPT") was notified by its customer currently leasing a PB3 PowerBuoy®in the Adriatic Sea that its plan with respect to the lease had changed. Under the existing contract, the lease of the PB3 PowerBuoy® is to occur over two separate trial periods, each 18 months in duration. On February 28, 2020, as previously disclosed by OPT, the contract was amended to exercise the option for a second trial period - extending the term of the lease for an additional 18 months through November 2021. At the time, OPT planned to relocate the PB3 PowerBuoy® to another location in the Adriatic Sea. On March 20, 2020, a decision was made by the customer to continue the second trial period at the existing deployment site in the Adriatic Sea instead of relocating the PB3 to another location. To effectuate their decision, the customer withdrew from specific sections of the contract, as amended on February 28, 2020, associated with the relocation while leaving the remaining terms and conditions of the contract itself in place for the second trial period. Also remaining in place is the customer's option, at the end of the second trial period, to purchase the PB3 or return the unit to OPT.

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