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<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:18.0pt;">UNITED STATES </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Washington, D.C. 20549
</font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">___________________</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:18.0pt;">FORM
8-K </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">___________________</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">CURRENT
REPORT </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Pursuant
to Section</font></b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">13
OR 15(d) of The </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Securities Exchange Act of 1934 </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Date
of Report (Date of earliest event reported):</font></b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">October
17, 2016</font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">___________________</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:18.0pt;">MECHANICAL
TECHNOLOGY, INCORPORATED </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">(Exact name of registrant as specified
in charter) </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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  <td valign=bottom width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">New York</font></b></p>
  </td>
 <td valign=bottom width="5%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=bottom width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">000-06890</font></b></p>
  </td>
 <td valign=bottom width="5%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=bottom width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">14-1462255</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">(State or other jurisdiction</font></b></p>
  <p align=center style="line-height:normal;margin-bottom:.55pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">of
  incorporation)</font></b></p>
  </td>
 <td valign=bottom width="5%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">(Commission File Number)</font></b></p>
  </td>
 <td valign=bottom width="5%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width="30%" style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">(IRS Employer</font></b></p>
  <p align=center style="line-height:normal;margin-bottom:.55pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" style="font-size:10.0pt;">Identification
  No.)</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">325
  Washington Avenue Extension, Albany, New York 12205</font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">(Address of principal executive offices)
(Zip Code) </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;">&nbsp;</p>
<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.45pt;text-align:center;">
<b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">(518) 218-2550</font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">(Registrant&#8217;s telephone number,
including area code) </font></b></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">___________________</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">see</font></u><i><font face="times new roman" lang=EN-US style="font-size:10.0pt;"> </font></i><font face="times new roman" lang=EN-US style="font-size:10.0pt;">General Instruction A.2. below): </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=4% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
	<font face="times new roman" style="font-size:10.0pt;">&#9744;</font></p>
  </td>
 <td valign=top width=96% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&#9744;</font></p>
  </td>
 <td valign=top width=96% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&#9744;</font></p>
  </td>
 <td valign=top width=96% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&#9744;</font></p>
  </td>
 <td valign=top width=96% style="padding:3.2pt 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c)) </font></p>
  </td>
 </tr>
</table></div>

<div style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;"><font face="times new roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

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<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section
1 &#8211; Registrant&#8217;s Business and Operations</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Item&#160; 1.01 Entry into a Material Definitive Agreement.</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">On October 21,
2016, Mechanical Technology, Incorporated (the &#8220;Company&#8221;) entered into a
Securities Purchase Agreement (the &#8220;Securities Purchase Agreement&#8221;) with
Brookstone Partners Acquisition XXIV, LLC (&#8220;Brookstone&#8221;), pursuant to which on
such date the Company issued and sold 3,750,000 shares (the &#8220;Shares&#8221;) of its
common stock, par value $0.01 per share (&#8220;Common Stock&#8221;), to Brookstone for an
aggregate of $2,737,500.&#160; The Company also agreed to (i) appoint three persons
designated by Brookstone to its board of directors (the &#8220;Board), (ii) appoint
two director designees to the Board committees as set forth in Item 5.02 below,
(iii) maintain such committee appointments, (iv) appoint one of such designated
directors (or a successor named by Brookstone) to each Board committee created
after October 21, 2016 and maintain such appointments, and (v)&nbsp;include
certain numbers of such designated directors (or successor named by Brookstone)
as nominees recommended by the Board for election as directors, as long as
Brookstone and its affiliates beneficially own outstanding shares of Common
Stock.&#160; At any time Brookstone and its affiliates beneficially own at least 25%
of the outstanding shares of Common Stock, the Company must include three such
Brookstone-designated directors on its Board and as Board-recommended director
nominees.&#160; At any time Brookstone and its affiliates beneficially own at least
10% but less than 25% of the outstanding shares of Common Stock, the Company
must include two such Brookstone-designated directors on its Board and as
Board-recommended director nominees.&#160; At any time Brookstone and its affiliates
beneficially own any shares of Common Stock but less than 10% of the
outstanding shares of Common Stock, the Company must include one such
Brookstone-designated director on its Board and as a Board-recommended director
nominee.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">The Company
further agreed pursuant to the Securities Purchase Agreement that it would not
effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisesable for its equity
securities, other than pursuant to a Demand Registration (as defined below)
during the 90-day period beginning on the effective date of any registration
statement in connection with a Demand Registration, except pursuant to a registration
statement covering (i) sales or distributions of the Company&#8217;s equity
securities or any securities convertible into or exchangeable or exercisable
for its equity securities pursuant to a registration statement on Form S-4 or
Form S-8 or any successor form, (ii) the issuance of shares of Common Stock
upon the conversion, exercise or exchange, by the holder thereof, of options,
warrants or other securities convertible into or exercisable or exchangeable
for shares of Common Stock pursuant to their terms, or (iii) the issuance of
shares of Common Stock in connection with transfers to dividend reinvestment
plans or to employee benefit plans in order to enable any such employee benefit
plan to fulfill its funding obligations in the ordinary course.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">A copy of the
Securities Purchase Agreement is filed as Exhibit 10.22 hereto and is
incorporated herein by reference.&#160; The representations, warranties and
covenants contained in the Securities Purchase Agreement were made solely for
the purposes of such agreement and as of specific dates, and were qualified and
subject to certain limitations and exceptions agreed to the Company and
Brookstone in connection with negotiating the terms of the Securities Purchase
Agreement.&#160; In particular, in your review of the representations and warranties
contained in the Securities Purchase Agreement, it is important to bear in mind
that the representations and warranties were made solely for the benefit of the
parties to the Securities Purchase Agreement and were negotiated for the
purpose of allocating contractual risk among them rather than to establish
matters as facts.&#160; The representations and warranties may also be subject to a
contractual standard of materiality or material adverse effect different from
those generally applicable to stockholders and reports and documents filed with
the Securities and Exchange Commission, and, in some cases, they may be
qualified by disclosures made by one party to the other, which are not
necessarily reflected in the Securities Purchase Agreement or other public
disclosures made the Company.&#160; </font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Also on October 21,
2016, the Company and Brookstone entered into a Registration Rights Agreement,
pursuant to which the Company agreed to, at any time after December 20, 2016
and upon the request of holders of at least 25% of the outstanding Shares, to
file a registration statement under the Securities Act to register the resale
of the Shares (a &#8220;Demand Registration&#8221;).&#160; The Company also agreed, subject to
certain conditions and exclusions, to include the resale of the Shares in any
registration statement that the Company files under the Securities Act (other
than a registration statement on Form S-4 or Form S-8) upon the request of any
holder of Shares.&#160; The Registration Rights Agreement terminates on the earlier
of October 21, 2021 or the date that Brookstone or any permitted assignee or
successor of Brookstone owns less than 10% of the outstanding shares of Common
Stock.</font></p>
<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
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<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">A
copy of the Registration Rights Agreement is filed as Exhibit 10.23 hereto and
is incorporated herein by reference.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section
3 &#8211; Securities and Trading Markets </font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item 3.02
Unregistered Sales of Equity Securities.</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">As discussed under Item 1.01 above, the Company sold </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;">3,750,000 shares
of its Common Stock to Brookstone on October 21, 2016, for an aggregate of
$2,737,500.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The offer and sale of the Common Stock was exempt from the registration
requirements of the Securities Act pursuant to Section 4(a)(2) of, and Rule 506
of Regulation D under, the Securities Act.&#160; Brookstone represented to the
Company that it was an &#8220;accredited investor&#8221; as defined in Rule 501 of
Regulation D under the Securities Act.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Item&#160; 3.03 &#160;&#160;&#160; Material Modification to Rights of Security Holders</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">On October 20, 2016, the Company and American Stock Transfer &amp;
Trust Company, LLC, as Rights Agent (the &#8220;Rights Agent&#8221;) entered into an
amendment (the &#8220;Amendment&#8221;) to the Rights Agreement, dated as of October 6,
2016, between the Company and the Rights Agent, as described in the Company&#8217;s
Current Report on Form 8-K filed with the Securities and Exchange Commission on
October 6, 2016.&#160; The Rights Agreement is intended to act as a deterrent to any
person (together with all affiliates and associates of such person) acquiring
&#8220;beneficial ownership&#8221; (as defined in the Rights Agreement) of 4.99% or more of
the outstanding shares of Common Stock without the approval of the Board (an
&#8220;Acquiring Person&#8221;), in an effort to protect against a possible limitation on
the Company&#8217;s ability to use its net operating loss carryforwards, which
totaled over $51 million as of June 30, 2016.&#160; The Amendment exempts Brookstone
and its affiliates and associates from the definition of an Acquiring Person.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section 5 &#8211; Corporate
Governance and Management </font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item 5.01 Changes
in Control of Registrant.</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">The information
provided in Item 1.01 above and Item 5.02 below is hereby incorporated herein
by reference.&#160; Subsequent to the issuance of the Shares, Brookstone owns 41.7%
of the outstanding shares of Common Stock.&#160; Brookstone&#8217;s source of funds for its
purchase of the Shares was funds raised from the investors in Brookstone. </font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Pursuant to the Securities Purchase Agreement, effective October 21,
2016, E. Dennis O&#8217;Connor and Dr. Walter Robb resigned from the Board and the
Board appointed Matthew E. Lipman, Michael Toporek and Edward R. Hirshfield to
the Board.&#160; On October 21, 2016, Thomas J. Marusak also resigned from his
position as a member of the Audit Committee of the Board.&#160; At the time of his
resignation, Mr. O&#8217;Connor was a member of the Compensation and Governance and
Nominating Committees of the Board.&#160; Mr. Hirshfield was appointed to the Compensation
Committee of the Board and Matthew E. Lipman was appointed to the Audit
Committee and Governance and Nominating Committee of the Board.&#160; Messrs.
Lipman, Toporek and Hirshfield will receive the same compensation as currently
paid to the Company&#8217;s other non-employee Board members, who receive cash
compensation of $10,000 per year and are eligible to receive grants of options
to purchase common stock as the Compensation Committee of the Board may
approve.&#160; </font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Also, in connection with the sale of the Shares, the Company entered
into an Option Exercise and Stock Transfer Restriction Agreement (collectively,
the &#8220;Option and Transfer Agreements&#8221;) with its Chief Executive Officer, its
Chief Financial Officer and each of its non-employee directors as of immediately
before the issuance of the Shares (collectively, the &#8220;Insiders&#8221;).&#160; The Option
and Transfer Agreements amend the stock option grant agreements between the
Company and each Insider with respect to an option granted under, and modify
the terms of any option to purchase Common Stock held by each such Insider
(collectively, &#8220;Options&#8221;) granted under, (i) the Mechanical Technology,
Incorporated Amended and Restated 2006 Equity Incentive Plan, (ii) the Mechanical
Technology, Incorporated Amended and Restated 2012 Equity Incentive Plan and
(iii) Mechanical Technology, Incorporated 2014 Equity </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Incentive
Plan (collectively, the &#8220;Plans&#8221;).&#160; The Option and Transfer Agreements restrict
the aggregate amount of shares of Common Stock for which the Insiders may
exercise Options during calendar years 2016, 2017, 2018 and 2019, and provide
for a modified procedure for exercising Options in order to ensure the limit on
the aggregate amount of Options that may be exercised in any such year is not
exceeded.&#160; Such amendments and modifications also operate to, except with
respect to the termination of Options in connection with an Insider&#8217;s
termination of employment or service in connection with misconduct as described
in the Option and Transfer Agreements, (i) remove all references to an
expiration of the exercisability of such Options within a special, delineated
time period following the termination of service to or employment by the
Company, and (ii) provide that all vested Options are exercisable by the
Insider until default expiration under the applicable Plan (i.e., ten years
from the date of grant).&#160;</font></p>
<a name="_bclFooter3"></a><DIV>


<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">If an Option and Transfer Agreement is terminated, the limitations on Option
exercises described above will terminate, but the exercisability of the
Insider&#8217;s vested Options until default expiration under the applicable Plan and
stock option agreement (i.e., ten years from the date of grant) will survive
indefinitely.&#160; </font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Option and Transfer Agreements also require the Insiders to obtain
the written consent of the Company prior to purchasing any equity securities of
the Company outside of the exercise of Options and provides a procedure for
requesting such consent.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">A form of the Option and Transfer Agreement is filed as </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Exhibit 10.24
hereto and is incorporated herein by reference.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item 5.03 Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">On October 17, 2016, the Company filed five certificates of correction
pursuant to Section 105 of the New York Business Corporation Law with the
Department of State of the State of New York (the &#8220;Certificates of
Correction&#8221;).&#160; The Certificates of Correction were filed in order to correct
the Company&#8217;s (i) Restated Certificate of Incorporation filed October 13, 1999;
(ii) two Certificates of Amendment of its Certificate of Incorporation, each
filed August 13, 2001; (iii) Certificate of Amendment of its Certificate of
Incorporation filed July 11, 2005; and (iv) Certificate of Amendment of its
Certificate of Incorporation filed May 19, 2008 (collectively, the &#8220;Prior Filings&#8221;).&#160;
The Certificates of Correction correct a number of errors within the Prior
Filings and set forth provisions that were included in the Company&#8217;s
Certificate of Incorporation, both as originally filed and later amended prior
to October 13, 1999, but inadvertently omitted from the Prior Filings (the
&#8220;Preexisting Provisions&#8221;).&#160; In accordance with the New York Business
Corporation Law and corresponding practice of applicable New York governmental
authorities, the Prior Filings had not removed the Preexisting Provisions from
the Company&#8217;s Certificate of Incorporation despite the Preexisting Provisions
not being included in the Prior Filings.&#160; Therefore, the Certificates of
Correction correct the Prior Filings to include currently existing provisions
of the Company&#8217;s Certificate of Incorporation, as opposed to amending the
same.&#160; The Certificates of Correction make the following material corrections
to the Prior Filings:</font></p>

<ul>
	<li>
	<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
	<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Restated Certificate of Incorporation filed October 13,
1999 (&#8220;Restated Certificate&#8221;):</font></p>
	<ul>
		<li>
		<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
		<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Correct certain typographical errors and update paragraph references to
conform with the corrected version of the Restated Certificate and the
Company&#8217;s original Certificate of Incorporation filed October 4, 1961.</font></p>
		</li>
		<li>
		<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
		<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Set forth a preexisting statement that the duration of the Company
shall be perpetual, as contained in the Company&#8217;s original Certificate of
Incorporation filed October 4, 1961.</font></p></li>
		<li>
		<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
		<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Set forth a preexisting statement that the Company may be entitled to
issue Company stock without par value, as contained in the Company&#8217;s
Certificate of Amendment of Certificate of Incorporation filed July 16, 1963.</font></p>
		</li>
		<li>
		<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
		<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Set forth a preexisting statement with regard to waiver of shareholder
pre-emptive rights, as contained in the Company&#8217;s Certificate of Amendment of
Certificate of Incorporation filed December 27, 1966.</font></p></li>
	</ul>
	</li>
	<li>
	<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
	<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Certificates of Amendment of its Certificate of
Incorporation, filed August 13, 2001, July 11, 2005 and May 19, 2008:</font></p>
	<ul>
		<li>
		<p style="line-height:normal;margin-bottom:12.0pt;margin-right:0in;margin-top:0in;">
		<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Correct certain paragraph references to conform with the corrected
version of the Restated Certificate and the Company&#8217;s original Certificate of
Incorporation filed October 4, 1961.</font></p></li>
	</ul>
	</li>
</ul>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.5in;">&nbsp;</p>
<p style="line-height:normal;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-.5in;">&nbsp;</p>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">A copy of the Company&#8217;s current Certificate of Incorporation, as
restated and corrected, is filed as Exhibit 3.1 hereto.</font></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section
9 &#8211; Financial Statements and Exhibits</font></b></p>

<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item
9.01 Financial Statements and Exhibits.</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td nowrap valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="font-size:10.0pt;">(d)&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="font-size:10.0pt;">Exhibits</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=80% style="padding:0in 0in 0in 0in;">
  <p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Exhibit Number</font></p>
  </td>
 <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=80% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Description                                             </font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
 <td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face style="font-size:10.0pt;">Certificate of
  Correction of Restated Certificate of Incorporation of Mechanical Technology,
  Incorporated as of October 17, 2016 and Certificate of Correction of
  Certificate of Amendment of the Certificate of Incorporation of Mechanical
  Technology Incorporated, as of October 17, 2016.</font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
 <td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Amendment No. 1
  dated as of October 20, 2016, to the </font><font face style="font-size:10.0pt;">Rights Agreement, dated as of October 6, 2016,
  between Mechanical Technology, Incorporated and American Stock Transfer &amp;
  Trust Company, LLC, as Rights Agent.</font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">10.22</font></p>
  </td>
 <td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Securities
  Purchase Agreement dated as of October 21, 2016, by and between Mechanical
  Technology, Incorporated and Brookstone Partners Acquisition XXIV, LLC.</font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">10.23</font></p>
  </td>
 <td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Registration
  Rights Agreement dated as of October 21, 2016, by and between Mechanical
  Technology, Incorporated and Brookstone Partners Acquisition XXIV, LLC.</font></p>
  </td>
 </tr>
<tr>
  <td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">10.24</font></p>
  </td>
 <td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Form of Option
  Exercise and Stock Transfer Restriction Agreement between the Company and its
  Chief Executive Officer, Chief Financial Officer and Non-Employee Directors.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">

<hr align=center noshade size=3 width="100%">

&nbsp;</div>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SIGNATURES </font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Pursuant
to the requirement of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=49% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=bottom width=51% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">MECHANICAL
  TECHNOLOGY, INCORPORATED</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=bottom width=49% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;"><br>
  </font><font face="times new roman" style="font-size:10.0pt;">Date:
  October 21, 2016</font></p>
  </td>
 <td valign=bottom width="5%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">By:</font><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width="2%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width="44%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:12.0pt;"><br>
  </font><font face="times new roman" style="font-size:10.0pt;">/s/
  KEVIN G. LYNCH</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width="7%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 <td valign=top width="44%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Kevin
  G. Lynch</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width="7%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 <td valign=top width="44%" style="padding:0in 0in 0in 0in;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:10.0pt;">Chairman
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

</div>

<div align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">

<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>

<hr align=center noshade size=3 width="100%">

&nbsp;</div>

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{"company-data": {"conformed-name": "MECHANICAL TECHNOLOGY INC", "cik": "0000064463", "assigned-sic": "3829", "irs-number": "141462255", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06890", "film-number": "161946509"}, "business-address": {"street1": "325 WASHINGTON AVENUE EXTENSION", "city": "ALBANY", "state": "NY", "zip": "12205", "phone": "518-218-2500"}, "mail-address": {"street1": "325 WASHINGTON AVENUE EXTENSION", "city": "ALBANY", "state": "NY", "zip": "12205"}}
9form_8kbrook.htm - Prepared by EDGARX.com
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM
8-K
___________________
CURRENT
REPORT
Pursuant
to Section
13
OR 15(d) of The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
October
17, 2016
___________________
MECHANICAL
TECHNOLOGY, INCORPORATED
(Exact name of registrant as specified
in charter)
New York
000-06890
14-1462255
(State or other jurisdiction
of
  incorporation)
(Commission File Number)
(IRS Employer
Identification
  No.)
325
  Washington Avenue Extension, Albany, New York 12205
(Address of principal executive offices)
(Zip Code)
(518) 218-2550
(Registrant's telephone number,
including area code)
___________________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
☐
Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
☐
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
Section
1 – Registrant's Business and Operations
Item  1.01 Entry into a Material Definitive Agreement.
On October 21,
2016, Mechanical Technology, Incorporated (the "Company") entered into a
Securities Purchase Agreement (the "Securities Purchase Agreement") with
Brookstone Partners Acquisition XXIV, LLC ("Brookstone"), pursuant to which on
such date the Company issued and sold 3,750,000 shares (the "Shares") of its
common stock, par value $0.01 per share ("Common Stock"), to Brookstone for an
aggregate of $2,737,500.  The Company also agreed to (i) appoint three persons
designated by Brookstone to its board of directors (the "Board), (ii) appoint
two director designees to the Board committees as set forth in Item 5.02 below,
(iii) maintain such committee appointments, (iv) appoint one of such designated
directors (or a successor named by Brookstone) to each Board committee created
after October 21, 2016 and maintain such appointments, and (v) include
certain numbers of such designated directors (or successor named by Brookstone)
as nominees recommended by the Board for election as directors, as long as
Brookstone and its affiliates beneficially own outstanding shares of Common
Stock.  At any time Brookstone and its affiliates beneficially own at least 25%
of the outstanding shares of Common Stock, the Company must include three such
Brookstone-designated directors on its Board and as Board-recommended director
nominees.  At any time Brookstone and its affiliates beneficially own at least
10% but less than 25% of the outstanding shares of Common Stock, the Company
must include two such Brookstone-designated directors on its Board and as
Board-recommended director nominees.  At any time Brookstone and its affiliates
beneficially own any shares of Common Stock but less than 10% of the
outstanding shares of Common Stock, the Company must include one such
Brookstone-designated director on its Board and as a Board-recommended director
nominee.
The Company
further agreed pursuant to the Securities Purchase Agreement that it would not
effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisesable for its equity
securities, other than pursuant to a Demand Registration (as defined below)
during the 90-day period beginning on the effective date of any registration
statement in connection with a Demand Registration, except pursuant to a registration
statement covering (i) sales or distributions of the Company's equity
securities or any securities convertible into or exchangeable or exercisable
for its equity securities pursuant to a registration statement on Form S-4 or
Form S-8 or any successor form, (ii) the issuance of shares of Common Stock
upon the conversion, exercise or exchange, by the holder thereof, of options,
warrants or other securities convertible into or exercisable or exchangeable
for shares of Common Stock pursuant to their terms, or (iii) the issuance of
shares of Common Stock in connection with transfers to dividend reinvestment
plans or to employee benefit plans in order to enable any such employee benefit
plan to fulfill its funding obligations in the ordinary course.
A copy of the
Securities Purchase Agreement is filed as Exhibit 10.22 hereto and is
incorporated herein by reference.  The representations, warranties and
covenants contained in the Securities Purchase Agreement were made solely for
the purposes of such agreement and as of specific dates, and were qualified and
subject to certain limitations and exceptions agreed to the Company and
Brookstone in connection with negotiating the terms of the Securities Purchase
Agreement.  In particular, in your review of the representations and warranties
contained in the Securities Purchase Agreement, it is important to bear in mind
that the representations and warranties were made solely for the benefit of the
parties to the Securities Purchase Agreement and were negotiated for the
purpose of allocating contractual risk among them rather than to establish
matters as facts.  The representations and warranties may also be subject to a
contractual standard of materiality or material adverse effect different from
those generally applicable to stockholders and reports and documents filed with
the Securities and Exchange Commission, and, in some cases, they may be
qualified by disclosures made by one party to the other, which are not
necessarily reflected in the Securities Purchase Agreement or other public
disclosures made the Company.
Also on October 21,
2016, the Company and Brookstone entered into a Registration Rights Agreement,
pursuant to which the Company agreed to, at any time after December 20, 2016
and upon the request of holders of at least 25% of the outstanding Shares, to
file a registration statement under the Securities Act to register the resale
of the Shares (a "Demand Registration").  The Company also agreed, subject to
certain conditions and exclusions, to include the resale of the Shares in any
registration statement that the Company files under the Securities Act (other
than a registration statement on Form S-4 or Form S-8) upon the request of any
holder of Shares.  The Registration Rights Agreement terminates on the earlier
of October 21, 2021 or the date that Brookstone or any permitted assignee or
successor of Brookstone owns less than 10% of the outstanding shares of Common
Stock.
A
copy of the Registration Rights Agreement is filed as Exhibit 10.23 hereto and
is incorporated herein by reference.
Section
3 – Securities and Trading Markets
Item 3.02
Unregistered Sales of Equity Securities.
As discussed under Item 1.01 above, the Company sold
3,750,000 shares
of its Common Stock to Brookstone on October 21, 2016, for an aggregate of
$2,737,500.
The offer and sale of the Common Stock was exempt from the registration
requirements of the Securities Act pursuant to Section 4(a)(2) of, and Rule 506
of Regulation D under, the Securities Act.  Brookstone represented to the
Company that it was an "accredited investor" as defined in Rule 501 of
Regulation D under the Securities Act.
Item  3.03     Material Modification to Rights of Security Holders
On October 20, 2016, the Company and American Stock Transfer &
Trust Company, LLC, as Rights Agent (the "Rights Agent") entered into an
amendment (the "Amendment") to the Rights Agreement, dated as of October 6,
2016, between the Company and the Rights Agent, as described in the Company's
Current Report on Form 8-K filed with the Securities and Exchange Commission on
October 6, 2016.  The Rights Agreement is intended to act as a deterrent to any
person (together with all affiliates and associates of such person) acquiring
"beneficial ownership" (as defined in the Rights Agreement) of 4.99% or more of
the outstanding shares of Common Stock without the approval of the Board (an
"Acquiring Person"), in an effort to protect against a possible limitation on
the Company's ability to use its net operating loss carryforwards, which
totaled over $51 million as of June 30, 2016.  The Amendment exempts Brookstone
and its affiliates and associates from the definition of an Acquiring Person.
Section 5 – Corporate
Governance and Management
Item 5.01 Changes
in Control of Registrant.
The information
provided in Item 1.01 above and Item 5.02 below is hereby incorporated herein
by reference.  Subsequent to the issuance of the Shares, Brookstone owns 41.7%
of the outstanding shares of Common Stock.  Brookstone's source of funds for its
purchase of the Shares was funds raised from the investors in Brookstone.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
Pursuant to the Securities Purchase Agreement, effective October 21,
2016, E. Dennis O'Connor and Dr. Walter Robb resigned from the Board and the
Board appointed Matthew E. Lipman, Michael Toporek and Edward R. Hirshfield to
the Board.  On October 21, 2016, Thomas J. Marusak also resigned from his
position as a member of the Audit Committee of the Board.  At the time of his
resignation, Mr. O'Connor was a member of the Compensation and Governance and
Nominating Committees of the Board.  Mr. Hirshfield was appointed to the Compensation
Committee of the Board and Matthew E. Lipman was appointed to the Audit
Committee and Governance and Nominating Committee of the Board.  Messrs.
Lipman, Toporek and Hirshfield will receive the same compensation as currently
paid to the Company's other non-employee Board members, who receive cash
compensation of $10,000 per year and are eligible to receive grants of options
to purchase common stock as the Compensation Committee of the Board may
approve.
Also, in connection with the sale of the Shares, the Company entered
into an Option Exercise and Stock Transfer Restriction Agreement (collectively,
the "Option and Transfer Agreements") with its Chief Executive Officer, its
Chief Financial Officer and each of its non-employee directors as of immediately
before the issuance of the Shares (collectively, the "Insiders").  The Option
and Transfer Agreements amend the stock option grant agreements between the
Company and each Insider with respect to an option granted under, and modify
the terms of any option to purchase Common Stock held by each such Insider
(collectively, "Options") granted under, (i) the Mechanical Technology,
Incorporated Amended and Restated 2006 Equity Incentive Plan, (ii) the Mechanical
Technology, Incorporated Amended and Restated 2012 Equity Incentive Plan and
(iii) Mechanical Technology, Incorporated 2014 Equity
Incentive
Plan (collectively, the "Plans").  The Option and Transfer Agreements restrict
the aggregate amount of shares of Common Stock for which the Insiders may
exercise Options during calendar years 2016, 2017, 2018 and 2019, and provide
for a modified procedure for exercising Options in order to ensure the limit on
the aggregate amount of Options that may be exercised in any such year is not
exceeded.  Such amendments and modifications also operate to, except with
respect to the termination of Options in connection with an Insider's
termination of employment or service in connection with misconduct as described
in the Option and Transfer Agreements, (i) remove all references to an
expiration of the exercisability of such Options within a special, delineated
time period following the termination of service to or employment by the
Company, and (ii) provide that all vested Options are exercisable by the
Insider until default expiration under the applicable Plan (i.e., ten years
from the date of grant).
If an Option and Transfer Agreement is terminated, the limitations on Option
exercises described above will terminate, but the exercisability of the
Insider's vested Options until default expiration under the applicable Plan and
stock option agreement (i.e., ten years from the date of grant) will survive
indefinitely.
The Option and Transfer Agreements also require the Insiders to obtain
the written consent of the Company prior to purchasing any equity securities of
the Company outside of the exercise of Options and provides a procedure for
requesting such consent.
A form of the Option and Transfer Agreement is filed as
Exhibit 10.24
hereto and is incorporated herein by reference.
Item 5.03 Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On October 17, 2016, the Company filed five certificates of correction
pursuant to Section 105 of the New York Business Corporation Law with the
Department of State of the State of New York (the "Certificates of
Correction").  The Certificates of Correction were filed in order to correct
the Company's (i) Restated Certificate of Incorporation filed October 13, 1999;
(ii) two Certificates of Amendment of its Certificate of Incorporation, each
filed August 13, 2001; (iii) Certificate of Amendment of its Certificate of
Incorporation filed July 11, 2005; and (iv) Certificate of Amendment of its
Certificate of Incorporation filed May 19, 2008 (collectively, the "Prior Filings"). 
The Certificates of Correction correct a number of errors within the Prior
Filings and set forth provisions that were included in the Company's
Certificate of Incorporation, both as originally filed and later amended prior
to October 13, 1999, but inadvertently omitted from the Prior Filings (the
"Preexisting Provisions").  In accordance with the New York Business
Corporation Law and corresponding practice of applicable New York governmental
authorities, the Prior Filings had not removed the Preexisting Provisions from
the Company's Certificate of Incorporation despite the Preexisting Provisions
not being included in the Prior Filings.  Therefore, the Certificates of
Correction correct the Prior Filings to include currently existing provisions
of the Company's Certificate of Incorporation, as opposed to amending the
same.  The Certificates of Correction make the following material corrections
to the Prior Filings:
Restated Certificate of Incorporation filed October 13,
1999 ("Restated Certificate"):
Correct certain typographical errors and update paragraph references to
conform with the corrected version of the Restated Certificate and the
Company's original Certificate of Incorporation filed October 4, 1961.
Set forth a preexisting statement that the duration of the Company
shall be perpetual, as contained in the Company's original Certificate of
Incorporation filed October 4, 1961.
Set forth a preexisting statement that the Company may be entitled to
issue Company stock without par value, as contained in the Company's
Certificate of Amendment of Certificate of Incorporation filed July 16, 1963.
Set forth a preexisting statement with regard to waiver of shareholder
pre-emptive rights, as contained in the Company's Certificate of Amendment of
Certificate of Incorporation filed December 27, 1966.
Certificates of Amendment of its Certificate of
Incorporation, filed August 13, 2001, July 11, 2005 and May 19, 2008:
Correct certain paragraph references to conform with the corrected
version of the Restated Certificate and the Company's original Certificate of
Incorporation filed October 4, 1961.
A copy of the Company's current Certificate of Incorporation, as
restated and corrected, is filed as Exhibit 3.1 hereto.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit Number
Description
3.1
Certificate of
  Correction of Restated Certificate of Incorporation of Mechanical Technology,
  Incorporated as of October 17, 2016 and Certificate of Correction of
  Certificate of Amendment of the Certificate of Incorporation of Mechanical
  Technology Incorporated, as of October 17, 2016.
4.2
Amendment No. 1
  dated as of October 20, 2016, to the
Rights Agreement, dated as of October 6, 2016,
  between Mechanical Technology, Incorporated and American Stock Transfer &
  Trust Company, LLC, as Rights Agent.
10.22
Securities
  Purchase Agreement dated as of October 21, 2016, by and between Mechanical
  Technology, Incorporated and Brookstone Partners Acquisition XXIV, LLC.
10.23
Registration
  Rights Agreement dated as of October 21, 2016, by and between Mechanical
  Technology, Incorporated and Brookstone Partners Acquisition XXIV, LLC.
10.24
Form of Option
  Exercise and Stock Transfer Restriction Agreement between the Company and its
  Chief Executive Officer, Chief Financial Officer and Non-Employee Directors.
SIGNATURES
Pursuant
to the requirement of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
MECHANICAL
  TECHNOLOGY, INCORPORATED
Date:
  October 21, 2016
By:
/s/
  KEVIN G. LYNCH
Name:
Kevin
  G. Lynch
Title:
Chairman
  and Chief Executive Officer