Document:

Exhibit
      10.1

     

    WAIVER
      NO. 4

     

    WAIVER
      NO.
      4, dated as of December 17, 2007 (this “Agreement”), to the Credit
      Agreement, dated as of June 10, 2005 (as amended, supplemented or otherwise
      modified from time to time, the “Credit Agreement”), among Tekni-Plex,
      Inc. (the “Borrower”), Citicorp USA, Inc., as Administrative Agent (in
      such capacity, the “Administrative Agent”), General Electric Capital
      Corporation, as Syndication Agent (in such capacity, the “Syndication
      Agent”), and the Lenders and Issuers party thereto.

     

    W
      I T N E
      S S E T H :

     

    WHEREAS,
      an Event of Default may occur under the Credit Agreement on or after
      December 17, 2007; and

     

    WHEREAS,
      the Borrower has requested that the Lenders agree and, subject to the terms
      and
      conditions of this Agreement, the Lenders have agreed, to waive any Bond
      Interest Cross Default (as defined below) and any Default or Event of Default
      arising from a Deposit Account Non-Effectiveness (as defined below) for the
      duration of the Waiver Period (as defined below);

     

    NOW,
      THEREFORE, in consideration of the premises and the agreements hereinafter
      contained, the parties hereto agree as follows:

     

    1.           Defined
      Terms.  Unless otherwise defined herein, each term used herein
      which is defined in the Credit Agreement has the meaning assigned to such term
      in the Credit Agreement.  In addition, the following term shall have
      the following meaning:

     

    “Waiver
      Default” shall mean the failure of the Borrower to observe or perform any
      term, covenant or agreement binding on it contained in Section 6
      below.

     

    2.           Waiver.

     

    (a)           As
      of the date hereof, the Borrower acknowledges that an Event of Default may
      occur
      under the Credit Agreement as a result of any failure to make a scheduled
      interest payment due December 17, 2007 pursuant to the terms of the
      Subordinated Note Indenture (the “Bond Interest Cross
      Default”).

     

    (b)           During
      the period from the date hereof to February 14, 2008 (the “Waiver
      Period”), the Lenders hereby agree to waive the Bond Interest Cross Default
      and any Default or Event of Default arising out of the Deposit Account
      Non-Effectiveness (as defined below); provided, however, that
      the Waiver Period shall terminate (i) automatically and immediately, upon
      the occurrence of any Event of Default other than the Bond Interest Cross
      Default or an Event of Default arising from the Deposit Account
      Non-Effectiveness, (ii) automatically and immediately, on or after
      January 17, 2008, if (A) any Cash Flow Forecast delivered pursuant to
Section 6(b) shows the  total U.S. liquidity of the Borrower
      and its Domestic Subsidiaries falling below $5 million in either the week of
      or
      the subsequent two weeks immediately following delivery of such Cash Flow
      Forecast (disregarding, however, any impact on liquidity related to the
      cash

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    interest
      due February 15, 2008 pursuant to the terms of the New Senior Secured Note
      Indenture) or (B) Available Credit is less than $5 million at any time,
      (iii) upon one Business Day’s notice by the Administrative Agent, if an
      uncured Waiver Default exists or (iv) upon one Business Day’s notice by the
      Administrative Agent, on or after January 17, 2008, if the Borrower has not
      entered into a waiver or forbearance agreement in respect of the Subordinated
      Note Indenture acceptable to the Administrative Agent in its sole
      discretion.

     

    3.           Conditions
      to Effectiveness.  This Agreement shall become effective (the
“Effective Date”) upon the satisfaction of the following conditions
      precedent:

     

    (a)           The
      Administrative Agent shall have received a duly executed counterpart of this
      Agreement, executed by the Borrower, the Administrative Agent and the Requisite
      Lenders, and acknowledged and agreed to by the Guarantors;

     

    (b)           The
      Administrative Agent shall have received from the Borrower a projected statement
      of cash flows for the thirteen week period commencing on December 17, 2007
      (the “Cash Flow Forecast”);

     

    (c)           The
      Administrative Agent shall have received from the Borrower a certificate of
      a
      Responsible Officer of the Borrower to the effect that all representations
      and
      warranties contained in this Agreement are true and correct as of the date
      hereof;

     

    (d)           There
      shall have been paid to the Administrative Agent for the account of each Lender
      a fee in an amount equal to 0.2% of such Lender’s Revolving Credit Commitment
      then in effect; and

     

    (e)           The
      Administrative Agent and the Lenders shall have received all other fees and
      expense (including reasonable fees and expenses of counsel) actually incurred
      in
      connection with the negotiation, preparation and execution of this Agreement,
      in
      each case to the extent set forth in an invoice delivered to the Borrower by
      7:00 p.m. (New York City time) on December 13, 2007.

     

    4.           Release.  In
      further consideration of the Lenders’ execution of this Agreement, the Borrower
      and each of the other Loan Parties hereby releases and forever discharges the
      Administrative Agent, the Syndication Agent and the Lenders and all persons
      controlling, controlled by, or under common control with any of the foregoing,
      and any of their trustees, agents, employees, directors, officers, counsel
      and
      advisors (collectively, the “Released Group”) of and from all damage,
      loss, claims, responsibilities, disputes, demands, liabilities, obligations,
      actions and causes of action (whether at law or equity) whatsoever which the
      Borrower or any other Loan Party may now have or claim to have against any
      such
      member of the Released Group as of the Effective Date, and whether presently
      known or unknown, matured or unmatured, fixed or contingent and of every nature
      and extent whatsoever on account of or in any way concerning, arising out of,
      founded upon or in any way relating to this Agreement, the Obligations, the
      Credit Agreement or the other Loan Documents, including, but not

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    limited
      to, all such loss or damage of any kind heretofore sustained, or that may arise
      as a consequence of the dealing between the parties.  For purposes of
      the release contained in this paragraph, the term “Borrower” shall mean
      and include the Borrower’s successors and assigns, including, without
      limitation, any trustees acting on behalf of such parties.

     

    5.           Representations
      and Warranties.

     

    (a)           All
      of the Borrower’s representations and warranties contained in this Agreement
      shall survive the execution, delivery and acceptance of this Agreement by the
      parties hereto.  The Borrower expressly reaffirms that each of the
      representations and warranties set forth in Article IV of the Credit Agreement,
      except with respect to any Default or Event of Default arising from the fact
      that no Deposit Account Control Agreement is effective with respect to a
      concentration account (the “Wachovia Account”) at Wachovia Bank,
      National Association (the “Deposit Account Non-Effectiveness”),
      continues to be true and correct, and hereby remakes and incorporates herein
      by
      reference each such representation and warranty as though made on the date
      of
      the execution of this Agreement, except to the extent such representations
      and
      warranties expressly relate to an earlier date, in which case such
      representations and warranties shall have been true and correct as of such
      earlier date.

     

    (b)           The
      Borrower has not assigned, conveyed or otherwise transferred, either directly
      or
      indirectly, in whole or in part, any of the claims purported to be released
      pursuant to Section 4 above.

     

    (c)           This
      Agreement and the other documents and statements furnished by or on behalf
      of
      the Borrower to the Administrative Agent or any Lender hereunder or in
      connection herewith, taken as a whole, do not and will not contain any material
      misstatement of fact or omit to state any material fact necessary to make the
      statements therein, in light of the circumstances under which they were, are
      or
      will be made, not misleading; provided, however, that to the extent any
      such document or statement was based upon or constitutes a forecast or
      projection, the Borrower represents only that it acted in good faith and
      utilized reasonable assumptions and due care in the preparation of such document
      or statement.

     

    6.           Covenants.

     

    (a)           The
      Borrower shall either (i) deliver an executed Deposit Account Control Agreement
      among the Borrower, the Administrative Agent and Wachovia Bank, National
      Association in form and substance reasonably satisfactory to the Administrative
      Agent within 15 Business Days after the Effective Date (or such later date
      as
      the Administrative Agent may, in its sole discretion, agree) (the “Control
      Agreement Deadline”) or (ii) not, at any time after the Control Agreement
      Deadline, permit the balance of the Wachovia Account to exceed the minimum
      balance necessary to cover checks that have been issued in the ordinary course
      of business before the Control Agreement Deadline but have not yet cleared;
      provided that if, on and after January 4, 2008, there is not yet an
      effective Deposit Account Control Agreement in form and substance reasonably
      satisfactory to the Administrative Agent, the Borrower shall not

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    issue
      any
      checks drawable upon the Wachovia Account unless and until a Deposit Account
      Control Agreement in form and substance reasonably satisfactory to the
      Administrative Agent becomes effective.

     

    (b)           The
      Borrower shall deliver weekly updated Cash Flow Forecasts (similar in form
      to
      those previously delivered) to the Administrative Agent during the Waiver
      Period.

     

    (c)           The
      Borrower shall deliver weekly updated Borrowing Base Certificates to the
      Administrative Agent on Wednesday of each week (or, if such day is not a
      Business Day, on the next succeeding Business Day) with respect to the last
      Business Day of the prior week pursuant to Section 5.01(n)(i) of the
      Credit Agreement.

     

    7.           No
      Implied Waiver.

     

    The
      Lenders’ failure, at any time or times hereafter, to require strict performance
      by the Borrower of any provision or term of this Agreement shall not waive,
      affect or diminish any right of the Lenders thereafter to demand strict
      compliance and performance therewith.

     

    8.           Miscellaneous.

     

    (a)           On
      and after the Effective Date, each reference in the Credit Agreement to “this
      Agreement”, “hereunder”, “hereof” or words of like import shall mean and be a
      reference to the Credit Agreement as modified hereby.

     

    (b)           Except
      as expressly provided herein, the Credit Agreement shall remain unchanged and
      continue in full force and effect.  This Agreement is not a novation
      nor is it to be construed as a release, waiver or modification of any of the
      terms, conditions, representations, warranties, covenants, rights or remedies
      set forth in the Credit Agreement or any of the other Loan Documents except
      as
      specifically set forth herein.  Except as expressly provided herein,
      the Lenders reserve all rights, claims and remedies that they have or may have
      against the Borrower.

     

    (c)           This
      Agreement is solely for the benefit of the parties hereto and their respective
      successors and assigns, and no other Person shall have any right, benefit or
      interest under or because of the existence of this Agreement.  This
      Agreement shall not be assignable by the Borrower without the written consent
      of
      the Lenders.  The Lenders may assign to one or more Persons all or any
      part of, or any participation interest in, the Lenders’ rights and benefits
      hereunder.

     

    (d)           This
      Agreement may be executed in any number of counterparts and by different parties
      on separate counterparts, all of which when so executed and delivered, shall
      be
      deemed an original, and which, when taken together, shall constitute one and
      the
      same instrument.  Delivery of an executed counterpart of a signature
      page to this Agreement by facsimile or email shall be effective as delivery
      of a
      manually executed counterpart of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)           This
      Agreement and the rights and obligations of the parties hereto shall be governed
      by, and construed and interpreted in accordance with, the laws of the State
      of
      New York.

     

    (f)           Section
      headings in this Agreement are included for convenience of reference only and
      shall not constitute a part of this Agreement for any other
      purpose.

     

    (g)           This
      Agreement is a Loan Document.

     

    (h)           EACH
      OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR
      PROCEEDING WITH RESPECT TO THIS AGREEMENT AND ANY OTHER LOAN
      DOCUMENT.

     

    

     

    [SIGNATURES
      ON FOLLOWING PAGE]

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS
      WHEREOF, the parties hereto have executed this Agreement as of the date first
      written above.

     

    
      
        	 	
                TEKNI-PLEX,
                  INC.,

              	 
	 	
                as
                  Borrower

              	 
	 	 	 
	 	 	 
	 	
                By:
                  /s/ James E. Condon

              	 
	 	
                Name:
                  James E. Condon

              	 
	 	
                Title:
                  Chief Financial Officer

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                CITICORP
                  USA, INC.,

              	 
	 	
                as
                  Administrative Agent and Lender

              	 
	 	 	 
	 	 	 
	 	
                By:
                  /s/ David Jaffe

              	 
	 	
                Name:
                  David Jaffe

              	 
	 	
                Title:
                  Director/Vice President

              	 
	 	 	 
	 	 	 
	 	
                GENERAL
                  ELECTRIC CAPITAL

              	 
	 	
                CORPORATION,
                  as Lender

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                By:
                  /s/ James DeSantis

              	 
	 	
                Name:
                  James DeSantis

              	 
	 	
                Title:
                  Duly Authorized Signatory

              	 
	 	 	 
	 	 	 
	 	
                WELLS
                  FARGO FOOTHILL, LLC.,

              	 
	 	
                as
                  Lender

              	 
	 	 	 
	 	 	 
	 	
                By:
                  /s/ Juan Barrera

              	 
	 	
                Name:
                  Juan Barrera

              	 
	 	
                Title:
                  Vice President

              	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Acknowledged
      and Consented to by:

    

    

    PURETEC
      CORPORATION

    NATVAR
      HOLDINGS, INC.

    TRI-SEAL
      HOLDINGS, INC.

    PLASTIC
      SPECIALTIES AND TECHNOLOGIES, INC.

    BURLINGTON
      RESINS, INC.

    PLASTIC
      SPECIALTIES AND TECHNOLOGIES INVESTMENTS, INC.

    DISTRIBUTORS
      RECYCLING, INC.

    TPI
      ACQUISITION SUBSIDIARY, INC.

    TP/ELM
      ACQUISITION SUBSIDIARY, INC.,

    as
      Guarantors

    

    

    

    

    By:  /s/
      James E.
      Condon                                                                                     

    Name:  James
      E. Condon

    Title:  Chief
      Financial OfficerEX-10.1

 

	 	 	 	 	 	 	 	 	 	 	 
	 
	AMENDMENT OF SOLICITATION/MODIFICATION OF CONTRACT	 	CONTRACT ID CODE	 	PAGE OF PAGES
	 	D0-C9(U)
	 	 	1	 	 	3	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2. AMENDMENT/MODIFICATION NO.	 	 	3. EFFECTIVE DATE	 	 	4. REQUISITION/PURCHASE REG. NO	 	 	5. PROJECT NO. (if applicable)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P00011	 	 	 	 	SEE BLOCK 16C	 	 	07PR06944-01	 	 	N.A.
	 	 	 	 	 	 	 	 	 	 	 	 	 
	6. ISSUED BY

	 	CODE
	 	 	N00014
	 	 	7. ADMINISTERED BY (if other than item 6)
	 	 	
SCD-C
	 	CODE
	 	 S3915A
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 
	OFFICE OF NAVAL RESEARCH

	 	 	DCM PHILADELPHIA
	ONR
254: WADE WARGO (703) 696-0719

	 	 	PO BOX 11427
	875 NORTH RANDOLPH ST

	 	 	700 ROBBINS AVENUE BLDG 4A
	ARLINGTON VA 22203-1995

	 	 	PHILADELPHIA, PA 19111-0427
 
	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 
	8. NAME AND ADDRESS OF CONTRACTOR (No., street, county, State and ZIP Code)

OCEAN POWER TECHNOLOGIES, INC.
1590 REED ROAD 
PENNINGTON, NJ 08534
	 	 	(3)	 	 	9.A. AMENDMENT OF SOLICITATION NO.
N.A.
	 	 	 	 	 
	 	 	o	 	 	9B. DATED (SEE ITEM 11) 	 	 
	 	 	 	 	 	 	 
	 	 	þ	 	 	10A. MODIFICATION OF CONTRACT/ORDER
NO.
N00014-02-C-0053
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	10B. DATED (SEE ITEM
13) 
11 FEB 2002	 	 
	 	 	 	 	 	 	 	 	 	 	 
	CODE 
04EP7
	 	 	FACILITY CODE	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

11. THIS ITEM ONLY APPLIES TO AMENDMENTS OF SOLICITATIONS

 

o The above numbered solicitation is amended as set forth in item 14. The hour and date
specified for receipt of Offers o is extended o is not extended.

 

Offers must acknowledge receipt of this amendment prior to the hour
and data specified in the
solicitation or as amended, by on of the following methods: (a) By completing items 8 and 15, and
returning copies of the amendment; (b) By acknowledging receipt of the amendment on each copy
of the offer submitted; or (c) By separate letter or telegram which includes a reference to the
solicitation and amendment numbers. FAILURE OF YOUR ACKNOWLEDGMENT TO BE RECEIVED AT THE PLACE
DESIGNATED FOR THE RECEIPT OF OFFERS PRIOR TO THE HOUR AND DATE SPECIFIED MAY RESULT IN REJECTION
OF YOUR OFFER. If by virtue of this amendment you desire to change an offer already submitted, such
change may be made by telegram or letter, provided each telegram or letter makes reference to the solicitation and this amendment, and is received
prior to the opening hour and data specified. 

12. ACCOUNTING AND APPROPRIATION DATA (if required)

SEE THE ATTACHED FINANCIAL ACCOUNTING DATA (FAD) SHEET(S)

 
13.
THIS ITEM APPLIES ONLY TO MODIFICATIONS OF CONTRTACTS/ORDERS

IT MODIFIES THE CONTRACT/ORDER NO. AS DESCRIBED ITEM 14. 

	 	 	 	 
	(3)

	 	 	A. THIS CHANGE ORDER IS ISSUED PURSUANT TO (Specify Authority) THE CHANGES SET FORTH IN ITEM
14 ARE MADE IN THE CONTRACT ORDER NO. IN ITEM 10A.
	o
	 	 	 
	 	 	 	 
	o

	 	 	B. THE ABOVE NUMBERED CONTRACT/ORDER IS MODIFIED TO REFLECT THE ADMINISTRATIVE CHANGES (such as
changes in paying office, appropriation data, etc.) SET FORTH IN ITEM 14, PURSUANT TO THE AUTHORITY
OF FAR 43.103(b).
 
	 	 	 	 
	o

	 	 	C. SUPPLEMENTAL AGREEMENT IS ENTERED INTO PURSUANT TO AUTHORITY OF:

AUTHORITY FOR OTHER THAN FULL AND OPEN COMPETITION:
	 	 	 	 
	þ

	 	 	D. OTHER (Specify type of modification and authority)

Mutual Agreement of Parties in accordance with FAR 43.103(a)

 
E.
IMPORTANT: Contractor
o is not, þ is required to sign this document and return 1 copies to the Issuing office.
 
14.
DESCRIPTION OF AMENDMENT/MODIFICATION (Organized by UCF section
headings, including solicitation/contract
subject matter where feasible.)

The purpose of this modification is to provide for additional costs for a cost growth and to
increase the costs and fixed fee for expansion items under Contract
Number N00014-02-C-0053.

See Page 2

Except as
provided herein, all terms and conditions of the document referenced in item 9A or 10A,
as heretofore changed, remains unchanged and in full force and effect.

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	15A. NAME AND TITLE OF SIGNER (Type or print)
Charles F. Dunleavy

Chief Financial Officer	 	 	16A. NAME AND TITLE OF CONTRACTING OFFICER (Type or print)

Wade Wargo
Contracting Officer
	 	 	 	 	 	 	 	 	 	 
	15B. CONTRACTOR/OFFEROR

	 	 	15C. DATE SIGNED
	 	 	16B. UNITED STATES OF AMERICA
	 	 16C. DATE SIGNED
	 
	 	 	 	 	 	 	 	 	 
	/s/ Charles F. Dunleavy 

	 	 	9/13/2007 	 	 	BY /s/ Wade Wargo 	 	 9/13/2007 
	 
(Signature
of person authorized to sign)

	 
 	 	 	 	 
 	 
(Signature
of Contracting Officer)	 
 	 	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 
	SN 7540-01-152-8070

PREVIOUS EDITION UNUSABLE

NAVOCNR OVERPRINT (3-88)

	30-105 	STANDARD FORM 30 (REV. 10-83)

Prescribed by GSA

FAR (48 CFR) 53.243

 

Effective as of the date of this modification:

	1)	 	The funds available for performance of this contract are increased by the amount
set forth in the
attached Financial Accounting Data sheet(s).
	 
	2)	 	Revise SECTION B — SUPPLIES OR SERVICES AND PRICES/COSTS to incorporate the
expansion effort for CLIN 0001. the cost growth for CLIN 0005, and to provide funding
for both under ACRN AG as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL ESTIMATED
	ITEM NO.	 	SUPPLIES/SERVICES	 	ESTIMATED COST	 	FIXED FEE	 	COST & FIXED FEE
	0001

	 	The Contractor shall furnish the
necessary personnel and
facilities to conduct the
research effort as described in
Section C.
	 	$	7,377,883	 	 	$	299,552	 	 	$	7,677,435	 
	 

	 	000101 ACRN:AA $2,400,000	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000102 ACRN: AC $1,285,129	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000103 ACRN: AD $1,598,937	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000104 ACRN: AE $1,100,114	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000105 ACRN: AF $899,976	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000106 ACRN: AG $393,279	 	 	 	 	 	 	 	 	 	 	 	 
	0002

	 	Reports and Data in accordance
with Exhibit A(DD Form 1423)
	 	 	 	 	 	 	 	 	 	NSP

	0003

	 	OPTION 1 — Wave Tank Test 2;
Validate Numerical Models
	 	$	99,850	 	 	$	5,991	 	 	$	105,841	 
	0004

	 	OPTION 2 — On-going Ocean Test
-Continue Monitoring
	 	$	107,979	 	 	$	6,479	 	 	$	114,458	 
	 

	 	000401 ACRN: AC $77,220	 	 	 	 	 	 	 	 	 	 	 	 
	0005

	 	OPTION 3 — Complete System Removal
	 	$	391,710	 	 	$	15,599	 	 	$	407,309	 
	 

	 	000501 ACRN: AA $91,800	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000502 ACRN: AB $116,146	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000503 ACRN: AC $37,238	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	000504 ACRN: AG $162,125	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL ESTIMATED CONTRACT CONSIDERATION:	 	$	7,877,572	 	 	$	321,630	 	 	$	8,199,202	 

	3)	 	This modification adds additional tasks via Attachment 5, entitled “Statement of Work
P00011” and associated with CLIN 0001 and 0005.
	 
	4)	 	SECTION F- DELIVERIES OR PERFORMANCE is hereby revised to read as follows:

1. The research effort to be performed under this contract shall be conducted during the
period from 11 Feb 2002 through 31 December 2007

     Item No. 0002 of Section B (Reports and Data) shall be delivered within the time
periods stated in Exhibits A &B. F.O.B. Destination.

     5) SECTION G — CONTRACT ADMINISTRATION DATA, paragraph 1.5, entitled “Allotment of
Funds”, is revised to read as follows:

			
	 	 	 
	Contract Number N00014-02-C-0053

Modification Number P00011
	 	PAGE 2

 

 

“1.5 ALLOTMENT OF FUNDS

     (a) It is hereby understood and agreed that this contract will not exceed a total amount of
$8,199,202; including an estimated cost of $7,877,572 and a fixed fee of $321,630.

     (b) CLIN 0001 is fully funded.

     (c) CLIN 0003 is not funded.

     (d) It is hereby understood and agreed that CLIN 0004 will not exceed a total amount of
$114,458: including an estimated cost of $107,979 and a fixed fee of $6,479. The total
amount presently available for payment and allotted to CLIN 0004 is $77,220: including an
estimated cost of $72,849 and a fixed fee of $4,371.

     (e) CLIN 0005 is fully funded.

     (f)
It is estimated that the amount allotted of $8,199,202 will cover the remaining period
of performance. No additional funding is anticipated to be provided under this effort.”

	6)	 	SECTION H — SPECIAL CONTRACT REQUIREMENTS, paragraph 6.0 is hereby added:

Disposition of Buoy 2

Pursuant to 15 U.S.C. 638 as implemented by the U.S. Small Business Administration Small
Business
Innovation Research Program Policy Directive, title to Buoy 2 shall vest in the Contractor. The
Contractor agrees that no charge will be made to the Government for any depreciation,
amortization,
or use of the Buoy 2 equipment under any existing or future Government contract or subcontract
there under.

	7)	 	This modification increases the Estimated Cost of the contract by $502,744. the Fixed Fee by
$22,261. and the Total Estimated Cost & Fixed Fee by $525,005. All other terms and conditions
remain unchanged.

			
	 	 	 
	Contract Number N00014-02-C-0053

Modification Number P00011
	 	PAGE 3

 

 

Attachment 5. “Statement of Work — P00011”

Statement of Work (SoW) for Contract N00014-02-C-0053

Modification P00011

September 7, 2007

Buoy 1 Tasks (CLIN 0005)

Task B I -T6.0a. Remove hydraulic accumulator and other hydraulic equipment. — Ocean Power
Technologies (OPT) will remove the hydraulic equipment not planned for further use from the seabed.
This includes removal of the accumulator rack, hydraulic hoses. hydraulic cylinder-manifold
assembly and fluid. This equipment will be transported to Honolulu. OPT will also dispose of system
components that are no longer necessary for continuing system testing.

Task B1 -T6.0b. Remove all pods. OPT will retrieve the pods from the seabed, tow them to MCBH.
remove them from the water and transport them to Honolulu. OPT will dispose of system components
that are no longer necessary for continuing system testing. At the conclusion of this contract, the
Government will transfer Government owned system components required for continuing tests from this
contract to the applicable OPT contract.

Buoy 2 Tasks (CLIN 0001)

Task B2-T3.2. Inspection. Maintenance and Minor Repair for Buoy 2 for one month period

OPT will inspect, maintain & provide minor repairs for Buoy 2 for the one month period of
deployment during June 2007.

A minor repair is defined as an activity that at most requires a small vessel with two scuba divers
and an engineer for a repair accessible either near the buoy’s mast or a land-based equipment
replacement. Typical buoy minor repair items may include replacement of the RF antenna or GPS,
hydraulic rod joint connection, mast box, radar reflector, or navaid light. Typical land based
equipment repairs would consist of replacement of a receiver antenna, control circuit board, data
acquisition system components or other bunker equipment.

OPT will contract as required with an experienced offshore contractor to make routine visual
inspections of the buoy, cable and anchor components to check for corrosion, marine growth and
wear, and perform minor repairs or maintenance on the sea-based equipment.

Task B2-T4.0. Program and Technical Management

OPT will continue to provide program and technical management through the period of performance and
close-out of the contract. The OPT technical manager will provide the overall technical direction
for this effort in coordination with the program manager. OPT will continue to provide reports in
accordance with the Contract Data Requirements List (CDRL) Items.

Task B2-T5.1. Buoy 2 Recovery & Disposition

At the end of the ocean test, OPT will recover Buoy 2 from the ocean test site for temporary
storage at Marine Corps Base Hawaii (MCBH). An experienced contractor in marine engineering will be
selected for this task. Additional transport of the buoy from MCBH will be at OPT’s expense.

Task B2-T5.2. Buoy 2 Root Cause Analysis

			
	 	 	 
	Contract Number N00014-02-C-0053

Modification P00011
	 	Page 1

 

 

OPT will perform root cause analysis to determine the cause of the malfunction to the hydraulic
power take-off system. OPT will disassemble the buoy preserving the hydraulic subsystem and send
the system components out for independent analyses. This includes metallurgical analysis and
inspection of the major hydraulic system components to include the hydraulic cylinders, manifolds,
motors and hydraulic fluid. OPT will also provide a report outlining the results of the root cause
analysis.

			
	 	 	 
	Contract Number N00014-02-C-0053

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FINANCIAL ACCOUNTING DATA SHEET — NAVY

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1. CONTRACT NUMBER (CRITICAL)	 	 	2. SPIIN (CRITICAL)	 	 	3. MOD (CRITICAL)	 	 	4. PR NUMBER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	N0001402C0053	 	 	 	 	 	 	 	 	 	 	 	 	P00011	 	 	07PR06944
- 01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	6. LINE OF ACCOUNTING	 	 	 	7.	 	 	 	 	 	NAVY INTERNAL 
USE ONLY 
REF DOC/ACRN	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	CLIN/SLIN

	 	 	A.
	 	 	B.	 	 	C.
	 	 	D.	 	 	E.
	 	 	F.	 	 	G.	 	 	H.	 	 	I.
	 	 	J.	 	 	K.	 	 	 	 	 	 	 	 	 	 	AMOUNT
(CRITICAL)
	 	 	 	 	 	 
	 	 

	 	 	ACRN
	 	 	APPROPRIATION
	 	 	SUBHEAD
	 	 	OBJ
	 	 	PARM
	 	 	RFM
	 	 	SA
	 	 	AAA
	 	 	IT
	 	 	PAA
	 	 	COST CODE
	 	 	 	 	 	 	 	 
	 	 

	 	 	(CRITICAL)
	 	 	(CRITICAL)
	 	 	(CRITICAL)
	 	 	CLA
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(CRITICAL)
	 	 	 	 	 	 	 	 	 	 	PROJ
	 	 	 	 	 	 	 	PDU	 	 	 	 	 	 	 	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	UNIT
	 	 	MCC
	 	 	& SUF	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 

	 	 	AG
 
	 	 	1761319	 	 	W3DK
	 	 	 	255	 	 	 	RA
	 	 	 	333	 	 	 	 	0	 	 	 	 	068342	 	 	 	2D
	 	 	 	000000	 	 	 	 	09690	 	 	 	 	000	 	 	 	4KT0
	 	 	$525,005.00	 	 	 	 	 	PR#07PR06944-01 FRC : 34KT	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	PAGE TOTAL
 	 	 	$525,005.00	 	 	 	 	 	 	 
	 	GRAND TOTAL	 	 	$525,005.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	PREPARED/AUTORIZED
BY:	 	 	COMPTROLLER APPROVAL:	 	 
	 	 	 	     FOR FISCAL DATA AND SIGNATURE	 
	 	 	 	     BY    
          
          
          
              
                
                  for COMPTROLLER, ONR CONTRACT REVIEWED	 
	 	DATE:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	DATE:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

ONR AWARD
FORM (10/99) — version 1.1

Page 1 of 2

 

FINANCIAL ACCOUNTING DATA SHEET — NON-NAVY DoD ACTIVITIES

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1.
CONTRACT
NUMBER
(CRITICAL)

	 	 	 	2. SPIIN (CRITICAL)
	 	 	3. MOD (CRITICAL)
	 	 	4. PR NUMBER	 	 	 	 
	 	N0001402C0053	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	P00011	 	 	07PR06944-01	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5.	 	 	6.	 	 	7.	 	 	 	 	 	8.	 	 	 	 	 	NAVY INTERNAL
USE ONLY
REF DOC/ACRN	 
	 	CLIN/SLIN

	 	 	ACRN
	 	 	ACCOUNTING CITATION	 	 	AMOUNT
	 	 	 	 	 	 
	 	 

	 	 	(CRITICAL)
	 	 	 	 	 	 	 	 	 	 	(CRITICAL)
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
This page is intentionally blank

 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	PAGE TOTAL
 	 	 	$.00	 	 	 	 	 	 	 
	 	GRAND TOTAL	 	 	$.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	PREPARED/AUTHORIZED BY:

	 	 	 	 	 	 	COMPTROLLER APPROVAL:
	 	 	 	 	 	 
	 	 

	 	 	 	 	 	 	     FOR FISCAL DATA AND SIGNATURE
	 	 	 	 	 	 
	 	 

	 	 	 	 	 	 	     BY    
          
          
          
              
                
                  for COMPTROLLER, ONR CONTRACT REVIEWED
	 
	 	DATE:	 	 	DATE:
 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

ONR AWARD
FORM (10/99) — version 1.1

Page 2 of 2

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