Ocean Power Corporation
0000 Xxxxxx X. Xxxxxxx Xxxx x Xx Xxxxxx Xxxxx, XX 00000
(916).000-0000 o Fax (916).000-0000
(LOGO OMITTED)
15 June, 2000
Xx Xxxxxxxxxxx, CEO
HyperTech
0000 Xxx Xxxxxx
Xxxxxxxx, XX 00000
Re: Memorandum of Understanding
---------------------------
Dear Xx. Xxxxxxxxxxx:
The terms of the initial relationship between HyPerTec (HT) and Ocean Power (OP)
is as follows:
1 OP agrees to develop and manufacture the prototypes and early
production units of HT's first generation product line of ambient
pressure fuel cells.
2 OP agrees to assist in identifying and establishing a relationship with
scientists, engineers, developers, manufacturers and suppliers
necessary to support the HT business plan.
3 HT to enter into an engineering contract with OP in the amount of $10M
over the next two years to support the above listed efforts.
4 The payment of these funds will be subject to mutually established
terms and conditions, i.e. budgets, schedules and milestones.
5 All new Intellectual Property (IP) developed under this contract will
be the sole property of HT.
6 Within the next week, OP and HT will develop a preliminary agreement
for a license of OP IP necessary to support the HT business plan.
If this is acceptable, please sign your acceptance below and we will start on
the preparation of definitive agreements.
Sincerely, ACCEPTED BY:
s/s Xxxxxx X Xxxxxx
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Xxxxxx X Xxxxxx s/s
President ---------------------------------
Xx Xxxxxxxxxxx, CEO
