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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 Act of 1934
Date
of Report (Date of earliest event reported): February 22, 2024
Ocean
Power Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-33417 |
|
22-2535818 |
(State
or other jurisdiction
of incorporation)
|
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.)
|
28
Engelhard Drive, Suite B |
|
|
Monroe
Township, New Jersey
(Address
of principal executive offices) |
|
08831
(Zip
Code)
|
(609)
730-0400
(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):
|
☐ |
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol (s) |
|
Name
of each exchange on which registered |
Common Stock, $0.001 Par
Value |
|
OPTT |
|
NYSE American |
Series A Preferred Stock
Purchase Rights |
|
N/A |
|
NYSE American |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01 Entry into a Material Definitive Agreement.
On
February 22, 2024, and effective February 8, 2024, Ocean Power Technologies, Inc. (the “Company”) entered into an amendment
(the “Amendment”) to its Industrial Lease Agreement with PPF Industrial 28 Engelhard, LLC dated March 31, 2017 (the “Lease”).
The Lease covers the Company’s headquarters in Monroe Township, New Jersey.
Under
the Amendment, the term of the Lease was extended for an additional 18 months through April 30, 2026. Commencing November 1, 2024, the
annual rent will be increased $895,328, and then increased again on November 1, 2025 to $931,141.
A
copy of the Amendment is filed herewith as Exhibit 10.1
Item
9.01 Financial Statements and Exhibits.
Exhibits
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Ocean
Power Technologies, Inc. |
|
|
Dated:
February 22, 2024 |
/s/
Philipp Stratmann |
|
Philipp
Stratmann |
|
President
and Chief Executive Officer |
Exhibit
10.1
FIRST
AMENDMENT TO INDUSTRIAL LEASE AGREEMENT
THIS
FIRST AMENDMENT TO INDUSTRIAL LEASE AGREEMENT (this “Amendment”) is made as of the 8th day of February, 2024 (the
“Effective Date”), by and between PPF INDUSTRIAL 28 ENGELHARD, LLC, a Delaware limited liability company (“Landlord”)
and OCEAN POWER TECHNOLOGIES, INC., a Delaware corporation (“Tenant”).
RECITALS
WHEREAS,
pursuant to a certain Industrial Lease Agreement dated as of March 31, 2017 between Landlord, as landlord, and Tenant, as tenant (the
“Original Lease”, and as amended by this Amendment, the “Lease”), Landlord leased to Tenant, and
Tenant leased from Landlord, approximately 55,958 rentable square feet of space (the “Premises”) in the Building located
at 28 Engelhard Drive, Monroe, New Jersey;
WHEREAS,
the Term of the Original Lease is scheduled to expire on October 31, 2024 (“Scheduled Expiration Date”);
WHEREAS,
the parties desire to amend the Original Lease to extend the Term of the Original Lease and as otherwise set forth herein.
NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1.
Capitalized Terms. Capitalized terms used in this Amendment, but not defined herein, shall have the meaning ascribed to such terms
in the Original Lease.
2.
Extension of Term. The Term of the Lease is hereby amended and extended for an additional eighteen (18) months, commencing on November
1, 2024 through and including April 30, 2026 (the “Extension Term”). From and after the Effective Date, the term “Expiration
Date” as used in the Original Lease, shall mean April 30, 2026. Tenant shall accept the Premises during the Extension Term
in its “AS-IS” condition with no work to be performed by Landlord.
3.
Rent.
(a)
Tenant shall continue to pay Base Rent with respect to the Premises in accordance with the Original Lease through the Scheduled Expiration
Date.
(b)
Commencing on November 1, 2024 through the Expiration Date, Tenant shall pay Base Rent for the Premises in accordance with the following
schedule:
Period | |
Annual Base Rent/SF | | |
Annual Base Rent | | |
Monthly Installment | |
November 1, 2024 - October 31, 2025 | |
$ | 16.00 | | |
$ | 895,328.00 | | |
$ | 74,610.67 | |
November 1, 2025 - April 30, 2026 | |
$ | 16.64 | | |
$ | 931,141.12 | | |
$ | 77,595.09 | |
4.
Option to Extend. Tenant and Landlord acknowledge that the extension of the Term as provided in this Amendment is not a result of
Tenant’s exercise of its option to extend set forth in Section 2(b) of the Original Lease, but rather the result of negotiations
between Landlord and Tenant. Therefore, Tenant’s option to extend the Term of the Lease for the First Extension Term is hereby
void and Tenant shall have no further right to extend the Lease for the First Extension Term or otherwise.
5.
Binding Effect. This Amendment shall be binding on, and shall inure to the benefit of, the parties hereto, and their respective successors
and assigns.
6.
Counterparts. This Amendment may be signed in counterparts, all of which, when taken together, shall constitute one and the same
instrument. To facilitate execution of this Amendment, the parties may execute and exchange by electronic signature, PDF format, and/or
facsimile counterparts of the signature pages, which shall be deemed binding as if originals.
7.
Lease Ratified. Except as expressly amended by this Amendment, all other terms, conditions and provisions of the Original Lease are
hereby ratified and confirmed and shall continue in full force and effect.
8.
Recitals. The recitals and introductory paragraphs hereof are a part hereof, form a basis for this Amendment and shall be considered
prima facie evidence of the facts and documents referred to therein.
9.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New Jersey.
10.
Captions. The captions of this Amendment are for convenience only, are not operative parts of this Amendment and do not in any way
limit or amplify the terms and provisions of this Amendment.
11.
Not Construed Against Drafter. This Amendment shall be interpreted and enforced without the aid of any canon, custom or rule of law
requiring or suggesting construction against the party drafting or causing the drafting of the provision in question.
12.
Brokers. Landlord and Tenant each warrant to the other that it has not dealt with any broker or agent in connection with the negotiation
or execution of this Amendment other than Matrix Realty, Inc. (“Landlord’s Broker”) and Newmark Real Estate
of Princeton, LLC d/b/a Newmark (“Tenant’s Broker” and Landlord’s Broker together with Tenant’s
Broke, the “Brokers”). Tenant shall indemnify Landlord from and against all costs, expenses, attorneys’ fees,
and other liability for commissions or other compensation claimed by any other broker or agent claiming the same by, through, or under
Tenant. Landlord agrees to pay any fee or commission owing the Brokers on account of this Amendment pursuant to a separate written agreement
with the Brokers. This Section 12 shall survive the expiration or earlier termination of the Lease.
[Signatures
follow on next page]
IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
Tenant: |
|
|
|
OCEAN POWER TECHNOLOGIES, INC., |
|
a Delaware corporation |
|
|
|
|
By: |
/s/
Robert Powers |
|
Name:
|
Robert
Powers |
|
Title: |
CFO |
|
Landlord:
PPF
INDUSTRIAL 28 ENGELHARD, LLC, a Delaware limited liability company
By:
PPF Industrial, LLC, a Delaware limited liability company, its sole member
By:
PPF OP, LP, a Delaware limited partnership, its sole member
By:
PPF OPGP, LLC, a Delaware limited liability company, its general partner
By:
Prime Property Fund, LLC, a Delaware limited liability company, its sole member
By:
Morgan Stanley Real Estate Advisor, Inc., a Delaware corporation, its Investment Adviser
|
By: |
/s/
Neha Shetty |
|
Name:
|
Neha
Shetty |
|
Title:
|
Vice
President |
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Feb. 22, 2024 |
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|
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Power Technologies, Inc.
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