UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current
Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
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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
| 10.1 | First Amendment to Industrial Lease Agreement dated effective February 8, 2024 between Ocean Power Technologies, Inc. and PPF Industrial 28 Engelhard, LLC. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 |