Document:

EX-10.1

 

Exhibit 10.1

AMENDMENT TO THE CONTRACT FOR THE DEVELOPMENT AND

APPLICATION OF A SEA WAVE ENERGY GENERATION SYSTEM IN FRANCE

This Agreement is made in Madrid,
on April 2, 2007.

BETWEEN

IBERDROLA ENERGIES RENOUVELABLES
S.A.S., a company existing and organized under French law, domiciled at 9, rue Kerautret
Botmel, 35000 Rennes, France, (hereinafter “IBERENOVA S.A.S.”), duly represented by Mr.
Alberto Seisdedos Fernandez del Pino and Mr. Rafael De Icaza de La Sota, acting in their
capacity as President and General Manager respectively.

And

TOTAL ENERGIE DEVELOPPEMENT, S.A.
(hereinafter “TED”), a company existing and organized under French law, having its registered
office at 92078 Paris la Defense Cedex 2, Place de la Coupole, La Defense 6, France,
represented by Giles Cochevelou acting in his capacity as President.

And

OCEAN POWER TECHNOLOGIES Ltd.
(hereinafter “OPT”) a company wholly owned by OPT Inc. existing and organized under the
laws of England and Wales having its registered office located at Warwick Innovation Centre,
Gallows Hill, CV34 6UW Warwick, England, United Kingdom, duly represented by Mr. Mark Draper,
acting in his capacity as Chief Executive.

And

OCEAN POWER TECHNOLOGIES Inc.
(hereinafter “OPT Inc.”) a company existing and organized under the laws of United States of
America, having its registered office located at Pennington, New Jersey, United States of
America, represented by Dr. George Taylor, acting in his capacity as Chief Executive officer
of the company.

WHEREAS:

 

	 	 	 
	I.-	 	The Parties are the parties to a Contract
entered into on June 17, 2005 for the development and application of
a Sea Wave Energy Generation System in France (the “Contract”).
IBERDROLA ENERGIES RENOUVELABLES SAS became a party to the Contract
by substituting on July 18, 2006 its parent company IBERDROLA
ENERGÍAS RENOVABLES, S.A. as party thereof.
	 
	II.-	 	The Parties are willing to modify clause 3 of
the Contract in order to extend the period during which the Parties
agreed to jointly conduct Feasibility Studies (as defined in the
Contract).

Now, therefore, the Parties agree the following:

	 	 	 
	1.	 	To modify the first paragraph of clause 3 of the
Contract referred to in Recital I above, and therefore as from the
date hereof it shall read as follows:
	 
	 	 	“During an initial period of 36 months from
the execution date of this Agreement, the Parties will jointly
conduct studies (the “Feasibility Studies”) in respect of the
following aspects of the Project”
	 
	 	 	And to modify the fourth paragraph of Clause 3
of the Contract as from the date hereof so it shall read as
follows:
	 
	 	 	“The Parties shall use reasonable efforts to
complete the Feasibility Studies in accordance with the work program.
If the Parties do not have sufficient information thirty six (36)
months after signing this Agreement to make the decision contemplated
in this section regarding the development of the Project, the
Parties, through the Steering Committee, may agree to extend the
initial phase up to a maximum of an additional six-month period.”
	 
	2.	 	Capitalized terms used in this Amendment and not
otherwise defined herein shall have the same meaning given to them in
the Contract.
	 
	3.	 	This Amendment shall be incorporated as part of
the Contract.
	 
	4.	 	Except as otherwise provided for in this
Amendment, all the terms and conditions of the Contract shall
continue being applicable.
	 
	5.	 	Any disputes related to this Amendment shall be
settled in accordance with Clause 11 of the Contract.

 

 

In witness whereof, the Parties execute four original counterparts hereof in all its pages to one sole effect, on the date and at the place indicated above.

IBERDROLA ENERGIES RENOUVELABLES S.A.S.

Duly authorized by

	 	 	 	 
	/s/ Alberto Seisdedos	 	/s/ Rafael De Icaza de La Sota	 
	 	 	 	 
	Alberto Seisdedos	 	Rafael De Icaza de La Sota

TOTAL ENERGIE DEVELOPMENT, S.A.

Duly authorised by

	 	 	 	 
	/s/ Giles Cochevelou
	 	 	 	 

OCEAN POWER TECHNOLOGIES Ltd.

Duly authorised by Mr. Mark Draper

	 	 	 	 
	/s/ Mr. Mark Draper
	 	 	 	 

OCEAN POWER TECHNOLOGIES Inc.

Duly authorised by Dr. George Taylor

	 	 	 	 
	/s/ Dr. George TaylorEX-10.4

 

Exhibit 10.4

FULLERTON SUBSCRIPTION AGREEMENT AMENDMENT LETTER

Barclays PLC

1 Churchill Place

London

E14 5HP

Registered in England no 48839. Registered office as above

	 	 	 
	To:

	 	CLOVER INVESTMENTS (MAURITIUS) PTE LTD

Les Cascades Building

Edith Cavell Street

Port Louis

Mauritius
	 
	 	 
	 

	 	CENTAURA INVESTMENTS (MAURITIUS) PTE LTD

Les Cascades Building

Edith Cavell Street

Port Louis

Mauritius
	 
	 	 
	 

	 	BAYTREE INVESTMENTS (MAURITIUS) PTE LTD

Les Cascades Building

Edith Cavell Street

Port Louis

Mauritius
	 
	 	 
	 

	 	FULLERTON MANAGEMENT PTE LTD

60b Orchard Road

#06-18 Tower 2 The Atrium@Orchard

Singapore

238891
	 
	 	 
	 

	 	JPMORGAN CAZENOVE LIMITED

20 Moorgate

London

EC2R 6DA

13 August 2007

Dear Sirs

Fullerton Subscription Agreement — Amendments

We refer to the Fullerton Subscription Agreement dated 23 July 2007 entered into by Barclays
PLC, Clover Investments (Mauritius) Pte Ltd, Centaura Investments (Mauritius) Pte Ltd,

 

 

Baytree Investments (Mauritius) Pte Ltd, Fullerton Management Pte Ltd and JPMorgan
Cazenove Limited (the “Fullerton Subscription
Agreement”). Terms used in the Fullerton
Subscription Agreement shall have the same meaning in this letter.

The parties hereto wish to vary the Fullerton Subscription Agreement as follows:

	1.	 	Clause 3 of the Fullerton Subscription Agreement shall be deleted and replaced in
its entirety with the following new Clause 3:
	 
	 	 	“The Third Investor hereby agrees to subscribe for a warrant in respect of 60,897,436
new Barclays Ordinary Shares at the Warrant Subscription Price on the date hereof and
pay the Warrant Subscription Price to Barclays on such date.”
	 
	2.	 	The definition of First JerseyCo Ordinary Shares shall be deleted and replaced in
its entirety with the following new definition:
	 
	 	 	““First JerseyCo Ordinary Shares” means the 11 fully paid no par value ordinary shares in the capital of JerseyCo issued to JPMC in connection with the First
Subscription;”
	 
	3.	 	The definition of Second JerseyCo Ordinary Shares shall be deleted and replaced in
its entirety with the following new definition:
	 
	 	 	““Second JerseyCo Ordinary Shares” means the 5 fully paid no par value ordinary shares in the capital of JerseyCo issued to JPMC in connection with the Second
Subscription;”
	 
	4.	 	Clause 4(b) of the Fullerton Subscription Agreement shall be deleted and replaced
in its entirety with the following new Clause 4(b):

	 	“(b)	 	pay an amount equal to the product of the Share Subscription Price in respect
of the First Subscription Shares and the applicable number of First
Subscription Shares to JPMC as early as practicable on the First Subscription
Date with the intention that such payment be made not later than 10.00 a.m.”

	5.	 	Clause 5.6 of the Fullerton Subscription Agreement shall be deleted and replaced in
its entirety with the following new Clause 5.6:

	 	“5.6	 	As early as practicable on the Second Subscription Date (with the intention
that the following shall take place not later than 10.00 a.m.):

	 	5.6.1	 	the Second Investor will pay, or cause to be paid, to JPMC an
amount equal to the product of the Subscription Price and the
Second Subscription Shares; and
	 
	 	5.6.2	 	JPMC will transfer, or cause to be transferred, to the extent it and
the Bookrunners receive such amounts from Placees from its
account and the Bookrunners’ accounts for the benefit of Placees
to JPMC’s own account an amount equal to the product of the

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	 	 	 	Placing Price and the number of Placing Shares less the amounts
which are payable to JPMC by Barclays in connection with the
Placing,

in both cases in pounds sterling in immediately available funds.”

	6.	 	Clause 9.2 of the Fullerton Subscription Agreement shall be deleted and replaced in
its entirety with the following new Clause 9.2:

	 	“9.2	 	Barclays undertakes to and agrees with the First Investor, the Second Investor
and JPMC that, subject to the conditions set out in Clause 2:

	 	9.2.1	 	on the First Subscription Date, it will allot and issue the First
Subscription Shares to Cazenove Nominees Limited who will hold
such shares as nominee for the First Investor pending delivery of
legal title to the First Investor, Nortrust Nominees Ltd., or such
other nominee as may be notified to JPMC in writing (including
through CREST), in accordance with the directions of the First
Investor, pursuant to this Agreement; and
	 
	 	9.2.2	 	on the Second Subscription Date, it will allot and issue:

	 	(a)	 	the Second Subscription Shares to Cazenove Nominees
Limited who will hold such shares as nominee for the
Second Investor pending delivery of legal title to the
Second Investor, Nortrust Nominees Ltd., or such other
nominee as may be notified to JPMC in writing (including
through CREST), in accordance with the directions of the
Second Investor, pursuant to this Agreement; and
	 
	 	(b)	 	the Placing Shares in accordance with the directions of
JPMC,

in each case on terms that upon such allotment becoming unconditional the
relevant new Barclays Ordinary Shares shall be credited as fully paid and shall
rank pari passu in all respects with, and be identical to, the existing Barclays
Ordinary Shares then in issue including the right to receive all dividends and
distributions declared, made or paid in respect of such Barclays Ordinary
Shares after the date of allotment of the relevant new Barclays Ordinary
Shares.”

	7.	 	The following new Clause 9.3 shall be inserted into the Fullerton Subscription
Agreement and the existing Clause 9.3 shall be renumbered as Clause 9.4:

	 	“9.3	 	JPMC undertakes to and agrees with the First Investor and the Second
Investor that:

	 	9.3.1	 	on the First Subscription Date and immediately after allotment and
issue by Barclays of the First Subscription Shares in accordance

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	 	 	 	with Clause 9.2.1, against payment in accordance with Clause
4(b) it will procure that Cazenove Nominees Limited transfers the
First Subscription Shares to Nortrust Nominees Ltd., or such
other nominee as may be notified to JPMC in writing, who will
hold such shares as nominee for the First Investor pending
delivery of legal title to the First Investor (including through
CREST), in accordance with the directions of the First Investor,
pursuant to this Agreement; and

	 	9.3.2	 	on the Second Subscription Date and immediately after allotment
and issue by Barclays of the Second Subscription Shares in
accordance with Clause 9.2.2, against payment in accordance with
Clause 5.6.1 it will procure that Cazenove Nominees Limited
transfers the Second Subscription Shares to Nortrust Nominees
Ltd., or such other nominee as may be notified to JPMC in
writing, who will hold such shares as nominee for the Second
Investor pending delivery of legal title to the Second Investor
(including through CREST), in accordance with the directions of
the Second Investor, pursuant to this Agreement.”

	8.	 	The following new Clause 9.5 shall be inserted into the Fullerton Subscription
Agreement:

	 	“9.5	 	In the case of the relevant Subscription Shares in accordance with Clause 9.2,
following registration, without registration fee, of the nominee referred to in
Clause 9.2 in accordance with Clause 9.4, Barclays shall procure that the
Registrar will, without delay on each day of Admission, effect the registration,
without registration fee, of the nominee referred to in Clause 9.3 and shall
procure that such relevant Subscription Shares are credited to the account or
accounts in the CREST System (without charging any administration fee).”

	9.	 	Clauses 17.1.2, 17.1.3 and 17.1.4 specify a facsimile number for service of notices
under the Fullerton Subscription Agreement to the First Investor, the Second Investor
and the Third Investor. The facsimile number that appears in each of these clauses
should be amended such that the correct facsimile number for service of notices to each
of the First Investor, the Second Investor and the Third Investor will be +230 212
9833.

This letter may be executed in any number of counterparts and by the parties hereto on
separate counterparts, each of which when executed shall constitute an original, but all of
which shall together constitute one and the same instrument. The provisions of the Fullerton
Subscription Agreement will, except as amended by this letter, continue in full force and
effect.

This letter shall be governed by and construed in all respects in accordance with English law.

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Yours faithfully,

	 	 	 
	 
	 	 
	 

for and on behalf of

Barclays PLC

	 	 

We, Clover Investments (Mauritius) Pte Ltd, hereby acknowledge and agree the changes to
the Fullerton Subscription Agreement set out in this letter:

	 	 	 
	 
	 	 
	 

for and on behalf of

Clover Investments (Mauritius) Pte Ltd

	 	 
	 
	 	 
	Date:                                         
	 	 

We, Centaura Investments (Mauritius) Pte Ltd, hereby acknowledge and agree the changes
to the Fullerton Subscription Agreement set out in this letter:

	 	 	 
	 
	 	 
	 

for and on behalf of

Centaura Investments (Mauritius) Pte Ltd

	 	 
	 
	 	 
	Date:                                         
	 	 

We, Baytree Investments (Mauritius) Pte Ltd, hereby acknowledge and agree the changes
to the Fullerton Subscription Agreement set out in this letter:

	 	 	 
	 
	 	 
	 

for and on behalf of

Baytree Investments (Mauritius) Pte Ltd

	 	 
	 
	 	 
	Date:                                         
	 	 

-5-

 

We, Fullerton Management Pte Ltd, hereby acknowledge and agree the changes to the
Fullerton Subscription Agreement set out in this letter:

	 	 	 
	 
	 	 
	 

for and on behalf of

Fullerton Management Pte Ltd

	 	 
	 
	 	 
	Date:                                         
	 	 

We, JPMorgan Cazenove Limited, hereby acknowledge and agree the changes to the
Fullerton Subscription Agreement set out in this letter:

	 	 	 
	 
	 	 
	 

for and on behalf of

JPMorgan Cazenove Limited

	 	 
	 
	 	 
	Date:                                         
	 	 

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