<HTML>
<HEAD>
   <TITLE>kjonesexecemploymentagreemen.htm - Prepared by EDGARX.com</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></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>
<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;">May
5, 2017</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>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="width:100%;">
 <tr>
  <td valign=bottom width="32%" 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=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:7.5pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=bottom width="32%" 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=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:7.5pt;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=bottom width="32%" 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="32%" 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=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;&nbsp;</font></p>
  </td>
 <td valign=top width="32%" 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=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;&nbsp;</font></p>
  </td>
 <td valign=top width="32%" 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=wingdings style="font-size:10.0pt;">o</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=wingdings style="font-size:10.0pt;">o</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=wingdings style="font-size:10.0pt;">o</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=wingdings style="font-size:10.0pt;">o</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>

</div>


<a name="_bclFooter1"></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_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader2"></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>
<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;letter-spacing:-.15pt;">Item&#160; 5.02 &#160;&#160;&#160; </font></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">On May 5, 2017, Mechanical Technology, Incorporated (&#8220;MTI&#8221;) entered into an employment agreement with Frederick Jones
to serve as its Chief Executive Officer and Chief Financial Officer. The agreement
provides for an initial term ending December 31, 2018, and, unless either party
provides written notice that the agreement will not be renewed, is renewed for
an additional year on December 31, 2018 and each subsequent December 31; such
non-renewal may be for any or for no stated reason.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The agreement
provides that Mr. Jones will receive an annual base salary of $182,310 or such
higher figure as may be agreed upon from time to time by the Board of
Directors. Mr. Jones is also eligible to receive an annual bonus in accordance
with MTI&#8217;s Executive Bonus Program, which is established annually by the Board
of Directors at its sole discretion, and may also receive, at MTI&#8217;s sole discretion, an additional, discretionary bonus in connection with his annual
evaluation by the Board of Directors. Mr. Jones is also eligible to receive
options to purchase MTI&#8217;s common stock or other equity awards under MTI&#8217;s equity incentive plans in such amounts as may be determined by the Board of Directors, and
is entitled to such employee benefits, if any, as are generally provided to MTI&#8217;s full-time employees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Under the
agreement, Mr. Jones&#8217; employment terminates immediately upon his death. In
addition, MTI may terminate Mr. Jones&#8217; employment for Cause or upon his
Disability, both as defined in the agreement, and Mr. Jones may terminate his
employment for Good Reason, as defined in the agreement. If Mr. Jones&#8217;
employment is terminated pursuant to his death or Disability, then he, his
beneficiary or his estate, as applicable, will receive a bonus in the amount
corresponding to the milestone targets achieved, if any, under MTI&#8217;s Executive Bonus Program in effect as of the date of his termination. If MTI terminates Mr. Jones&#8217; employment other than for Cause or Disability or Mr. Jones terminates
his employment for Good Reason, then, assuming Mr. Jones has, within 21 days of
termination, signed the release agreement attached as an exhibit to the
agreement and not revoked such release agreement within seven days thereafter,
then Mr. Jones will receive: (i) his then-current base salary for a period of
12 months from the date of termination, regardless of whether he obtains
alternative employment; (ii) a bonus in the amount corresponding to the
milestone targets achieved, if any, under MTI&#8217;s Executive Bonus Program in
effect as of the date of his termination; and (iii) if he elects continuation
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (&#8220;COBRA&#8221;), reimbursement of his COBRA premiums for health,
dental and optical coverage, for a period of 12 months from the earlier of his date
of termination or until he becomes eligible to obtain health insurance coverage
elsewhere. If Mr. Jones&#8217; employment is involuntarily terminated other than for
Cause or Disability, or he terminates his employment for Good Reason, in
anticipation of, in connection with, or during the 12 months following a Change
in Control, as defined in the Agreement, then Mr. Jones will receive the
payments provided for in (i) and (ii) of the prior sentence.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The agreement
also contains non-disparagement, non-solicitation and confidentiality
provisions.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The foregoing
description of Mr. Jones&#8217; employment agreement does not purport to be complete
and is qualified in its entirety by reference to the complete text of the
agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K.</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 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;"><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="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="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="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;">10.1</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;</font></p>
  </td>
 <td valign=top width=80% 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 style="font-size:10.0pt;">Executive Employment
  Agreement, dated May 5, 2017, by and between Mechanical Technology,
  Incorporated and Frederick Jones.</font></p>
  </td>
 </tr>
</table></div>





<a name="_bclFooter2"></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>
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader3"></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>
<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="39%" 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="61%" 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="39%" 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:
  May 5, 2017</font></p>
  </td>
 <td valign=bottom width="1%" 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=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;</font></p>
  </td>
 <td valign=bottom width=55% 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/
  Frederick W. Jones</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width="39%" 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="6%" 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=55% 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;">Frederick
  W. Jones</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width="39%" 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="6%" 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=55% 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;">Chief
  Executive Officer and Chief Financial Officer</font></p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>
	<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</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;">

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

</div>

<p style="line-height:normal;margin-bottom:12.0pt;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>
<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>

</BODY>

</HTML>
[{"type": "8-K", "sequence": "1", "filename": "mkty8k5-5.htm", "secsgml_size_bytes": 32373}]
{"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": "17819291"}, "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"}}
kjonesexecemploymentagreemen.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):
May
5, 2017
___________________
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):
o
Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
o
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
Section
5 – Corporate Governance and Management
Item  5.02
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On May 5, 2017, Mechanical Technology, Incorporated ("MTI") entered into an employment agreement with Frederick Jones
to serve as its Chief Executive Officer and Chief Financial Officer. The agreement
provides for an initial term ending December 31, 2018, and, unless either party
provides written notice that the agreement will not be renewed, is renewed for
an additional year on December 31, 2018 and each subsequent December 31; such
non-renewal may be for any or for no stated reason.
The agreement
provides that Mr. Jones will receive an annual base salary of $182,310 or such
higher figure as may be agreed upon from time to time by the Board of
Directors. Mr. Jones is also eligible to receive an annual bonus in accordance
with MTI's Executive Bonus Program, which is established annually by the Board
of Directors at its sole discretion, and may also receive, at MTI's sole discretion, an additional, discretionary bonus in connection with his annual
evaluation by the Board of Directors. Mr. Jones is also eligible to receive
options to purchase MTI's common stock or other equity awards under MTI's equity incentive plans in such amounts as may be determined by the Board of Directors, and
is entitled to such employee benefits, if any, as are generally provided to MTI's full-time employees.
Under the
agreement, Mr. Jones' employment terminates immediately upon his death. In
addition, MTI may terminate Mr. Jones' employment for Cause or upon his
Disability, both as defined in the agreement, and Mr. Jones may terminate his
employment for Good Reason, as defined in the agreement. If Mr. Jones'
employment is terminated pursuant to his death or Disability, then he, his
beneficiary or his estate, as applicable, will receive a bonus in the amount
corresponding to the milestone targets achieved, if any, under MTI's Executive Bonus Program in effect as of the date of his termination. If MTI terminates Mr. Jones' employment other than for Cause or Disability or Mr. Jones terminates
his employment for Good Reason, then, assuming Mr. Jones has, within 21 days of
termination, signed the release agreement attached as an exhibit to the
agreement and not revoked such release agreement within seven days thereafter,
then Mr. Jones will receive: (i) his then-current base salary for a period of
12 months from the date of termination, regardless of whether he obtains
alternative employment; (ii) a bonus in the amount corresponding to the
milestone targets achieved, if any, under MTI's Executive Bonus Program in
effect as of the date of his termination; and (iii) if he elects continuation
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended ("COBRA"), reimbursement of his COBRA premiums for health,
dental and optical coverage, for a period of 12 months from the earlier of his date
of termination or until he becomes eligible to obtain health insurance coverage
elsewhere. If Mr. Jones' employment is involuntarily terminated other than for
Cause or Disability, or he terminates his employment for Good Reason, in
anticipation of, in connection with, or during the 12 months following a Change
in Control, as defined in the Agreement, then Mr. Jones will receive the
payments provided for in (i) and (ii) of the prior sentence.
The agreement
also contains non-disparagement, non-solicitation and confidentiality
provisions.
The foregoing
description of Mr. Jones' employment agreement does not purport to be complete
and is qualified in its entirety by reference to the complete text of the
agreement, a copy of which is filed as Exhibit 10.1 to this Form 8-K.
Section 9 – Financial
Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit Number
Description
10.1
Executive Employment
  Agreement, dated May 5, 2017, by and between Mechanical Technology,
  Incorporated and Frederick Jones.
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:
  May 5, 2017
By:
/s/
  Frederick W. Jones
Name:
Frederick
  W. Jones
Title:
Chief
  Executive Officer and Chief Financial Officer