Exhibit 10.18
AGREEMENT
FOR
RENEWABLE ENERGY ECONOMIC DEVELOPMENT GRANTS
BETWEEN
STATE OF NEW JERSEY
NEW JERSEY BOARD OF PUBLIC UTILITIES
AND
OCEAN POWER TECHNOLOGIES, INC.
0000 XXXX XXXX
XXXXXXXXXX, XX 00000
AWARD NUMBER
2
TABLE OF CONTENTS
I. AGREEMENT COVER SHEET................................................. 1
II. GENERAL TERMS AND CONDITIONS.......................................... 4
A. PARTIES............................................................ 4
B. ELIGIBILITY........................................................ 4
C. CORPORATE AUTHORITY................................................ 4
D. ENTITLEMENT TO FUNDS............................................... 4
E. PAYMENT OF FUNDS BY BPU............................................ 5
F. AVAILABILITY OF FUNDS.............................................. 5
G. INTELLECTUAL PROPERTY.............................................. 5
H. PUBLICITY POLICY................................................... 5
I. COMPLIANCE WITH EXISTING LAWS...................................... 5
J. CONFLICT OF INTEREST............................................... 6
K. REMEDIES........................................................... 6
L. HEARINGS, APPEALS.................................................. 8
M. CHANGES TO SCOPE................................................... 8
N. ASSIGNABILITY...................................................... 8
O. INDEMNIFICATION.................................................... 8
P. ENTIRE AGREEMENT................................................... 8
Q. JURISDICTION AND CHOICE OF LAW..................................... 9
R. CONSTRUCTION....................................................... 9
S. NOTICES............................................................ 9
III. POST AWARD REQUIREMENTS............................................... 9
A. IDENTIFICATION OF KEY PERSONNEL.................................... 9
B. FINANCIAL MANAGEMENT SYSTEM........................................ 10
C. USE OF FUNDS....................................................... 11
D. MATCHING AND COST SHARING.......................................... 11
E. BUDGET REVISIONS AND MODIFICATIONS................................. 11
F. MONITORING OF PROGRAM PERFORMANCE.................................. 12
G. ACCOUNTING PRINCIPLES.............................................. 13
H. ACCESS TO RECORDS.................................................. 13
I. INSURANCE.......................................................... 13
J. TAXES, ASSESSMENTS AND GOVERNMENTAL CHARGES........................ 13
IV. AWARD CLOSEOUT........................................................ 14
A. PROCEDURES......................................................... 14
B. FINANCIAL AND PERFORMANCE REPORTING................................ 14
C. RECORD RETENTION................................................... 15
II. GENERAL TERMS AND CONDITIONS
A. PARTIES
Whereas, Ocean Power Technologies, Inc. (hereinafter "award
recipient"), with its principal place of business located at 0000 Xxxx
Xxxx, Xxxxxxxxxx, Xxx Xxxxxx, has been selected by the New Jersey
Board of Public Utilities (hereinafter "BPU") to receive a grant award
under the Renewable Energy Economic Development Program (hereinafter
"XXXX Program").
Award recipient and the BPU, intending to be legally bound hereto,
accept and agree to abide by the following terms and conditions set
forth in this Agreement and the proposal submitted by award recipient
under the competitive solicitation entitled Ocean Demonstration of
Next Generation Powerbuoy (hereinafter referred to as the "proposal").
B. ELIGIBILITY
Award recipient represents and warrants that it is an incorporated
organization, with its principal place of business located and
registered to do business in the State of New Jersey on the date of
execution of this Agreement. Award recipient represents and warrants
that it is duly organized, validly existing, and in good standing
under the laws of the State of New Jersey as of the time of execution
of this agreement. Award recipient agrees that any product development
or process improvement activities that result from this funding, will
occur in its majority within New Jersey as outlined in the proposal.
Award recipient agrees that it will maintain its primary place of
business and principal operations in New Jersey, during the funding
period and until all obligations under this agreement have been
satisfied, unless otherwise agreed by the BPU. Violation of this
provision without express written approval of the BPU constitutes
default under this Agreement and may result in penalties pursuant to
section I.K. herein.
C. CORPORATE AUTHORITY
Award recipient represents and warrants that it has the corporate
power and authority and legal right to execute and perform its
obligations under this Agreement and that it has taken all necessary
corporate action to authorize its execution and performance of
obligations under this Agreement.
D. ENTITLEMENT TO FUNDS
Upon execution of this Agreement, award recipient shall be entitled to
receive a total of $499,486 in funding (hereinafter "award") from the
BPU, subject to the terms and conditions stated herein, for the
purposes set forth in the proposal, Attachment "A".
E. PAYMENT OF FUNDS BY BPU
Payment of funds for this award shall be made to award recipient upon
receipt by the BPU of a properly executed copy of this Agreement,
signed by an authorized officer of the award recipient. The BPU will
advance funds to award recipient in an amount equal to fifty percent
(50%) of this award, within thirty (30) days of receipt of a properly
executed agreement. The remaining fifty percent (50%) of the award to
be provided in equal payments during the next 6 quarters providing
that award recipient continues to perform the work specified in the
proposal to the satisfaction of the BPU.
The period of funding shall be from the start date of December 1,
2003, to the projected date of conclusion of the award supported
activities (the "ending date"), which shall be May 31, 2005.
F. AVAILABILITY OF FUNDS
The parties recognize and agree that initial and continued funding for
this award is expressly dependent upon the availability to BPU of
funds appropriated by or through the New Jersey Clean Energy Program
or other such funding sources as may be applicable for the XXXX
program. The BPU shall not be held liable for any breach of this
agreement because of the absence of available funding appropriations.
G. INTELLECTUAL PROPERTY
Award recipient warrants and represents that it owns or holds licenses
for the use of all patents, trademarks, trade names, service marks,
copyrights, and franchise and marketing rights or rights in any of the
foregoing, as is necessary to engage in the award related activities.
Any such patents trademarks, trade names, service marks, copyrights,
and franchise and marketing rights or rights in any of the foregoing
which result from the award supported activities shall be the property
of award recipient.
H. PUBLICITY POLICY
All publications resulting from publicity releases concerning award
related activities shall acknowledge the support of the BPU and the
New Jersey Clean Energy Program and award recipient shall coordinate
all publicity for award related activities through the BPU project
manager.
I. COMPLIANCE WITH EXISTING LAWS
Award recipient agrees to comply with and require all contractors and
consultants used by it in relation to the award supported activities
to comply with all federal, state and municipal laws, rules and
regulations applicable to all activities performed by award recipient
in pursuit of and in relation to award supported activities.
Specifically, and without limitation, award recipient agrees to comply
with and require all contractors and consultants used by it in pursuit
of and in relation to the award supported activities to comply with
the requirements of N.J.A.C. 17:27 et. seq. (Affirmative Action
Rules), where applicable, P.L. 1975, c.127 (N.J.S.A 10:5-31 et. seq.)
(Equal Opportunity in Public Works Contracts), where applicable, and
all implementing regulations, and the Americans With Disabilities Act
and implementing regulations and guidelines, where applicable. Failure
to comply with these or any other applicable laws, rules or
regulations shall be grounds for termination of this Agreement.
J. CONFLICT OF INTEREST
Award recipient agrees to abide by the provisions of N.J.S.A 52:13D et
seq.(the New Jersey State Employees Conflict of Interest Law)
governing activities between award recipient and state officials,
employees, special state officers and members of the Legislature. The
provisions of N.J.S.A 52:13D et seq. are incorporated herein in their
entirety, by reference thereto. Award recipient represents and
warrants that it has not and will not at any time in the future act in
violation of said statutory provisions. Any violation of said
prohibitions shall render award recipient liable to debarment in the
public interest.
K. REMEDIES
The following definitions shall apply for the purposes of this section:
Termination -- the termination of an award means the cancellation
of an award, in whole or in part, at any time prior to the date
of completion.
Suspension -- the suspension of an award is an action by the BPU,
which temporarily suspends funding under the award, pending
corrective action by award recipient or pending a decision to
terminate the award by the BPU.
Disallowed costs -- are those charges to the program which the
BPU or its representatives determine to be beyond the scope of
the purpose of the award supported activities or are excessive or
incurred during a period of suspension or after termination or
are otherwise unallowable.
Award recipient warrants and represents that all statements,
representations and warranties made by award recipient in its
application and proposal package to the BPU, and any other materials
furnished in support of the request for funding are true. It is
specifically understood by award recipient that all such statements,
representations and warranties shall be deemed to have been relied
upon by the BPU in its decision to make the award, and that if any
such statements, representations or warranties were materially false
at the time they were made or are breached during the term hereof, the
BPU may, in its sole discretion, consider any such misrepresentation
or breach an event of default and the BPU may take one or more of the
following actions, as appropriate in the circumstances.
(1) The BPU may suspend the award, withhold further funding and prohibit
the award recipient from incurring additional obligations pending
corrective action by the award recipient and disallow costs incurred
during suspension.
(2) The BPU may terminate the award in whole or in part. The BPU shall
promptly notify the award recipient, in writing, of the termination
and the reasons for the termination, together with the effective date
and, in case of partial termination, the portion to be terminated and
the recoverable portion, if any. When an award is terminated pursuant
to this paragraph, payments made to the award recipient shall be
terminated and any funds already distributed that are determined by
the BPU to be recoverable shall be returned within thirty (30) days of
demand thereof by the BPU. Costs incurred after termination shall be
disallowed.
(3) The BPU may disallow any costs.
(4) The BPU may demand immediate return of some or all of the award,
excepting those funds rightfully disbursed by award recipient to third
party entities.
(5) The BPU may pursue other remedies at law or in equity as may be within
legal right.
The BPU may also terminate the award at any time, in whole or in part,
when the BPU determines that the continuation of the project would not
produce beneficial results commensurate with the further expenditure
of funds. The BPU shall promptly notify award recipient in writing, of
the determination to terminate the award, together with the effective
date and, in case of partial termination, the portion to be
terminated. Award recipient shall cancel as many outstanding
obligations as possible. Costs incurred after termination pursuant to
this paragraph shall be disallowed.
The costs of award recipient resulting from obligations incurred by it
during a suspension, or after termination of an award, are not
allowable unless the BPU expressly authorizes them in the notice of
suspension or termination or subsequently. Such costs may be allowed
if they are: (l) necessary and (2) not reasonably avoidable and (3)
were properly incurred by the award recipient before the effective
date of suspension or termination and (4) are not in anticipation of
it and (5) in the case of a termination are non-cancelable and (6) the
costs would be allowable if the award were not suspended or expired
normally at the end of the funding period.
No remedy herein conferred or reserved to the BPU is intended to be
exclusive of any other available remedy or remedies, but each and
every such remedy shall be cumulative and shall be in addition to
every other remedy given under this Agreement or now or hereafter
existing at law or in equity or by statute. No delay or omission to
exercise any right or power accruing upon any default shall impair any
such right or power or shall be construed to be a waiver thereof.
Section III of this agreement, award closeout procedures, shall apply
in all cases of termination.
L. HEARINGS, APPEALS
Upon taking an enforcement action pursuant to section I.K. above, the
BPU will provide award recipient an opportunity for such hearing,
appeal, or other administrative proceeding to which award recipient is
entitled under any statute or regulation applicable to the action
involved.
M. CHANGES TO SCOPE
The BPU may request changes in the scope of the services to be
performed hereunder. Such changes, including any increase or decrease
in the amount of the funds provided herein, shall be mutually agreed
upon by and between the BPU and award recipient, and must be
incorporated in written amendments to this Agreement.
N. ASSIGNABILITY
Award recipient shall not subcontract or assign any of the work or
services to be performed by it in relation to award supported
activities except as already stated in Attachment "A," without the
express written approval of the BPU. All terms and provisions herein
shall apply to all subcontractors or assignees.
O. INDEMNIFICATION
Award recipient shall be solely responsible for and shall keep, save,
hold harmless and indemnify the BPU and the State of New Jersey from
and against any and all actions, costs, damages, disbursements,
expenses including, but not limited to, attorney's fees, judgments,
liabilities, losses, obligations, penalties, suits, proceedings,
claims and matters of any kind whatsoever which may at any time be
imposed on, incurred by, agreed to or asserted against the BPU and the
State of New Jersey, arising out of any and all activities, acts,
omissions, services performed and products provided by award
recipient, including the award supported activities. The BPU and the
State of New Jersey shall bear no liability in any form to any third
party for any acts or omissions on the part of award recipient. Award
recipient's liability under this paragraph shall continue for a
five-year period after the closeout or termination of this agreement.
P. ENTIRE AGREEMENT
This agreement and the attachments hereto embody the entire agreement
and understanding between award recipient and the BPU, representing
the State of New Jersey and supersede all prior agreements and
understandings, both written and oral, between the parties relating to
the subject matter herein. All modifications, waivers, and amendments
hereto must be made in writing by mutual agreement of the parties,
except as otherwise stated herein.
Q. JURISDICTION AND CHOICE OF LAW
Jurisdiction of any action hereunder shall lie in a court of competent
jurisdiction in the State of New Jersey and shall be construed in
accordance with the laws of the State of New Jersey applicable to
contracts made and performed in the State of New Jersey.
R. CONSTRUCTION
Whenever possible, each provision of the Agreement shall be
interpreted in such a manner as to be effective and valid under the
applicable law, but, if any provision of this Agreement shall be held
to be prohibited or invalid under such applicable law, such provision
shall be ineffective only to the extent of such prohibition or
invalidity without invalidating the remainder of such provision or the
remaining provisions of the Agreement.
S. NOTICES
Upon request by the BPU, any notices, demands, and communications
hereunder shall be given by certified or overnight mail and shall be
addressed to:
For Award Recipient:
Xxxxxxx X. Xxxxxxxx
Ocean Power Technologies, Inc.
0000 Xxxx Xxxx
Xxxxxxxxxx, XX 00000
For The State:
New Jersey Board of Public Utilities
00 X. Xxxxxxx Xxxxxx, X.X. Xxx 000
Xxxxxxx, XX 00000-0000
Any changes or additions to the notice provisions above shall be
made in writing provided as stated above.
III. POST AWARD REQUIREMENTS
A. IDENTIFICATION OF KEY PERSONNEL
Award recipient shall identify and maintain an individual with the
principal responsibility for the management of all award related
activities. This individual, designated the project manager, shall be
Xxxxxxx X. Xxxxxx.
Award recipient shall identify and maintain an individual with the
principal responsibility for maintaining an adequate financial
management system as
described below. This individual, designated the financial manager,
shall be Xxxxxxx X. Xxxxxxxx.
B. FINANCIAL MANAGEMENT SYSTEM
The financial manager shall be responsible for maintaining a financial
management system in compliance with this agreement. The financial
manager shall notify the BPU immediately if award recipient cannot
comply with the requirements established herein.
The financial management system shall provide for:
(1) accurate, current and complete records of the financial results of
this program, in conformity with generally accepted principles of
accounting, capable of being reported in a format in accordance with
the financial reporting requirements as described herein; and
(2) records that adequately identify the source and application of funds
for BPU supported activities, containing information pertaining to
awards and authorizations, obligations, unobligated balances, assets,
liabilities, outlays or expenditures and income, and be maintained in
conformity with generally accepted principles of accounting; and
(3) effective internal and accounting controls over all funds, property,
and other assets; and
(4) comparison of actual expenditures or outlays with budgeted amounts for
the award, which shall be related to performance or productivity data;
and
(5) procedures for determining reasonableness, allowableness, and
allocability of costs, consistent with the provisions of federal and
state requirements; and
(6) source documentation.
The BPU may review the adequacy of the award recipient's financial
management system at any time during the period of the award. If the
BPU determines that the award recipient's system does not meet the
standards described in this section, additional information may be
required by the BPU upon written notice to the award recipient. This
information shall be provided to the BPU until such time as the BPU
determines that the system meets with BPU approval. If award recipient
fails to provide such information to the satisfaction of the BPU, or
if the BPU determines that the award recipient has consistently failed
to maintain the proper financial management system, the BPU may take
action pursuant to section I.K, herein.
C. USE OF FUNDS
The funds provided herein may be used only for allowable costs. Award
funds may be used for salaries, supplies, travel, purchase of
services, equipment, and other direct project expenses, plus properly
allocable indirect costs as set forth in the Proposal, and
incorporated in the Award Budget. Funds may only be used for costs
that are directly applicable to the project, not for general and
administrative costs to the company.
Award recipient may charge to the award only the costs resulting from
obligations incurred during the funding period, unless carryover of
unobligated balances is permitted, in which case the carryover
balances may be charged for costs resulting from obligations of the
subsequent program period.
The award recipient must liquidate all obligations incurred under this
award not later than ninety (90) days after the end of the funding
period, unless specific authority to extend this deadline is granted,
in writing, by the BPU.
D. MATCHING AND COST SHARING
Award recipient shall be required to account for, to the satisfaction
of the BPU, the matching and cost-sharing requirements as stated
herein. The BPU requires that any funds it commits to support award
related activities shall be matched as outlined in the proposal with
non-state support. Non-state support may include cash and/or in kind
support. In kind support includes the salary costs of the research
team, use of company equipment, materials, and other resources devoted
to the project by the company, its consultants, subcontractors,
vendors, or other participating partners. Cash support includes third
party equity investments or loans, funding from federal grants,
foundations, and universities, cash commitments from distributors to
support marketing, sales promotion, and/or customer service,
investments by company principals, payments to outside vendors,
consultants, or contractors for work performed related to the project.
The matching support may include contributions by the sponsoring
company for the expenses of the project, and contributions by
individuals and/or organizations collaborating with the company. To
qualify as cost sharing, all support must be available for expenditure
during the funding period.
E. BUDGET REVISIONS AND MODIFICATIONS
The "award budget" as used in this section means the agreed financial
plan approved by the BPU that will be utilized to implement
award-related activities. The award budget is appended as Attachment
"A" hereto. Line item variances in the award budget, in amounts up to
twenty five thousand dollars ($25,000) or ten percent (10%) of the
total amount of the award, whichever is less, do not require the prior
approval of the BPU but may be initiated by award recipient and
reported in the financial reports. In the event that the financial
reports indicate line item variances in excess of this amount (either
under or over expenditure) and have not received
BPU pre-approval, the BPU may require that the amount of the variance
over twenty five thousand dollars ($25,000) or ten percent (10%) of
the total award be refunded to the State of New Jersey.
All other budget revisions and modifications to the award budget in
amounts in excess of twenty five thousand dollars or ten percent (10%)
of the total amount of the award, must be approved in advance, in
writing, by the BPU. Before any obligation is incurred which would
result in any line item variance in excess of the variances permitted
above, the award recipient must obtain an award budget amendment, in
writing, from the BPU. The award recipient must also obtain prior
written approval when a revision or modification will be necessary for
any of the following reasons:
(1) changes in the scope, objective, or timing of the project or program;
(2) the need for additional funding, or to extend the period of
availability of funds;
(3) the award recipient plans to transfer funds that would cause part of
the award, or part thereof, to be used for purposes other than those
originally indicated.
If the award recipient is making program expenditures or providing
grant services at a rate, which in the judgment of the BPU, will
result in substantial failure to expend the award amount or provide
services, the BPU shall so notify the award recipient. If, within
fifteen (15) days of such notice, the award recipient is unable to
develop, to the satisfaction of the BPU, a plan to rectify its low
level of program expenditures or services, the BPU may, upon a thirty
(30) day notice, reduce the award amount so that the revised award
amount fairly projects program expenditures over the award period.
This reduction shall take into account the award recipient's fixed
costs and shall establish the committed level of activity for each
program element of activity at the reduced amount.
F. MONITORING OF PROGRAM PERFORMANCE
The award recipient, shall continually monitor the performance of
award supported activities to assure that time schedules are being
met, projected work units by time periods are being accomplished, and
other performance goals are being achieved, as applicable, and as
defined by the proposal, Attachment "A" hereto.
The award recipient shall inform the BPU of the following types of
conditions, which affect program objectives and performance as soon as
they become known:
(1) problems, delays or adverse conditions which will materially impair
the ability to attain program objectives, prevent the meeting of time
schedules and goals, or preclude the attainment of project work units
by established time periods, accompanied by a statement of the action
taken, or contemplated, and any BPU assistance needed to resolve the
situation; and
(2) favorable developments or events which enable meeting time schedules
and goals sooner than anticipated or at less cost, or producing more
beneficial results than originally planned.
The BPU may at its discretion make site visits to review program
accomplishments and management control systems and to provide
technical assistance as the BPU determines may be required.
G. ACCOUNTING PRINCIPLES
Compliance with any provision of this Agreement relating to financial
or accounting computation or reporting shall be determined in
accordance with generally accepted principles of accounting.
H. ACCESS TO RECORDS
The award recipient agrees to make available to the BPU, and any state
or federal agency whose funds are expended in the course of this
program, or any of their duly authorized representatives, pertinent
accounting records, books, documents, electronic files, and other
items as may be necessary to monitor and audit operations and
finances. All visitations, inspections and audits, including visits
and requests for documentation in discharge of the BPU's
responsibilities, shall as a general rule provide for prior notice
when reasonable and practical to do so. However, the BPU retains the
right to make unannounced visitations, inspections, and audits as
deemed necessary. The BPU reserves the right to have access to all
work papers available to the award recipient in connection with audits
made by the award recipient or by independent certified public
accountants, registered municipal accountants, or licensed public
accountants hired by the award recipient to perform such audits.
I. INSURANCE
Award recipient agrees to carry general liability insurance and other
such insurance against loss, damage and liability as is customary
within its industry, to be held with insurance companies licensed to
do business in New Jersey.
J. TAXES, ASSESSMENTS AND GOVERNMENTAL CHARGES
Award recipient warrants and represents that all tax returns and
reports of award recipient required by law to be filed have been duly
filed and all taxes, assessments, fees and other governmental charges
upon the award recipient or upon any of its respective properties,
assets, income or franchises which are due and payable pursuant to
such returns and reports, or pursuant to any assessment received by
the award recipient have been paid other than those which may be
presently payable without penalty or interest.
Award recipient agrees to pay as they become due, all taxes,
assessments and governmental charges, which may be required by law or
contract to be paid by the
award recipient. Award recipient may in good faith contest such taxes
and governmental charges and such taxes and charges may remain unpaid
during the period of such contest.
IV. AWARD CLOSEOUT
A. PROCEDURES
The BPU shall close out the award provided herein when it determines
that all applicable administrative action and all required work
pertaining to the award have been completed by the award recipient.
The date of completion of this program shall be when all activities
related to the award are completed, the funding period has expired, or
the BPU terminates the award, whichever occurs earliest.
The award recipient shall submit a final report pursuant to section
IV.B below upon the date of completion or termination of the award.
The BPU may permit extensions when requested in advance, in writing,
by the award recipient.
Upon the date of completion, or termination of the award by the BPU,
the award recipient will, together with the submission of the final
report, refund to the BPU any unexpended funds or unobligated
(unencumbered) cash advanced, except such sums that have been
otherwise authorized in writing by the BPU to be retained.
Award recipient must liquidate all obligations incurred under this
award not later than ninety (90) days after date of completion or
termination of the award, unless specific authority to extend this
deadline is granted, in writing, by the BPU.
Within the limits of the award amount, the BPU may make a settlement
for any upward or downward adjustment of costs after these reports are
received.
In the event a final audit has not been performed prior to the
closeout of the award, the BPU retains the right to recover any
appropriate amount after fully considering the recommendations on
disallowed costs resulting from the final audit.
The award recipient shall account for any property acquired with award
funds or received from the BPU.
B. FINANCIAL AND PERFORMANCE REPORTING
(1) Monthly reports will be sent to the BPU program manager with updates
on each of the tasks outlined in the proposal and an expenditures for
that month and cumulative to the project. A final report will also be
provided to the BPU program manager.
(2) If applicable, the award recipient shall provide to the BPU,
concurrently with the furnishings thereof, copies of all reports sent
to award recipient's shareholders, the Securities and Exchange
Commission, or any securities exchange.
C. RECORD RETENTION
Except as otherwise noted below, financial and program records,
supporting documents, statistical records, and all other records
pertinent to this award shall be retained for a period of three years,
starring from the date of "submission of the final expenditure report,
unless federal or state funding statutes require a longer period.
If any litigation, claim, negotiation, action or audit involving the
records is started before the expiration of the three year period, the
records must be retained until completion of the action and resolution
of all issues which arise from it, or until the end of the regular
three year period, whichever is later.
Records for nonexpendable property acquired with BPU funds shall be
retained for three years after final disposition of the property.
The retention period for real property and equipment records starts
from the date of the disposition, replacement or transfer of the real
property or equipment.
The BPU may request transfer of certain records to its custody from
the award recipient when it determines that the records possess
long-term retention value and will make arrangements with the award
recipient to retain any records that are continuously needed for joint
use.
IN WITNESS WHEREOF, the parties, duly authorized and intending to be legally
bound hereto, execute this agreement, as of the date last written below.
(Xxxxxxxxx Xxxxx)
Witness
Ocean Power Technologies, Inc.
Xxxxxxx X. Xxxxxxxx
Chief Financial Officer
Date 3 November 2003
/s/ Xxxxxxx X. Xxxxxxxx
----------------------------------------
New Jersey Board of Public Utilities
/s/ Xxxxxx X. Xxx
------------------------------------- ----------------------------------------
Witness Xxxxxx X. Xxx
President
Date
-----------------------------------
APPROVED AS TO FORM:
ATTORNEY GENERAL OF NEW JERSEY
11-03-03 By: Xxxxx Xxxxxx
Date Deputy Attorney General
/s/ Xxxxx Xxxxxx
----------------------------------------
ATTACHMENT A
AGREEMENT
between
STATE OF NEW JERSEY
NEW JERSEY BOARD OF PUBLIC UTILITIES
and
Ocean Power Technologies, Inc.
(2)
Proposal "Ocean Demonstration of Next Generation Powerbuoy," dated
March 31, 2003
ATTACHMENT B
AGREEMENT
between
STATE OF NEW JERSEY
NEW JERSEY BOARD OF PUBLIC UTILITIES
and
Ocean Power Technologies, Inc.
(2)
FINAL PERFORMANCE REPORT GUIDELINES
The Final Performance Report, which is required under terms of the BPU's
award agreements with Renewable Energy Economic Development Program award
recipients, is intended to provide recipients with a consistent means of
reporting their achievements resulting from BPU support. The Final Report should
be concise, yet sufficiently detailed to provide a comprehensive overview of the
activities, results and achievements of the funded project, relative to the
proposal. Variances from the proposal should be identified and explained.
The Final Performance Report should be provided in the following format:
I. Executive Summary (one page)
II. Technical Report
A. Technical achievements of the grant period (compared explicitly
against outcomes projected in grant proposal).
B. Unanticipated technical stumbling blocks.
C. Additional technical work likely to be required prior to commercial
exploitation of the research by the New Jersey industrial partner.
III. Partnership Report
A. Nature of the matching contribution actually received from the New
Jersey industrial partner.
B. Nature of the substantive collaboration evidenced by or accompanying
the match.
C. Nature of the arrangements made for ownership/disposition of
intellectual property (i.e., was there a research agreement
executed?).
D. Assessment by the industrial partner of the commercial or strategic
importance of the project outcomes (cite an individual by name who can
be contacted for verification by the BPU).
E. The industrial partner's future plans for knowledge developed during
the project, whether owned by the university or the partner (e.g., any
licensing and/or manufacturing plans). Be specific as to geographic
locus of these activities.
IV. Institutional Report (as applicable)
A. Assessment by the principal investigator of the impact which the
project has had on the future research capacity of the sponsoring
academic institution.
B. Plans for further development funding of the research, assuming that
full commercialization has not been achieved during the grant period.
C. Publications resulting (include reprints with credit to BPU).
D. Patent applications/awards resulting (specify stage reached as of
final report).
E. Licenses issued/issuing (specify stage reached as of final report).
F. Jobs created (direct and indirect)
G. Additional funding leveraged by BPU award.
