EXHIBIT 10.17
DATED __________ 2005
(1) UNIVERSITY OF WARWICK SCIENCE PARK INNOVATION CENTRE LIMITED
and
(2) OCEAN POWER TECHNOLOGIES LIMITED
----------
LEASE
relating to
Unit No. 21
Warwick Science Park Innovation Centre
Warwick Technology Park
Gallows Hill
Warwick
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TERM BEGINS : _____________________________________________________________
DURATION OF TERM : 3 Years
TERM ENDS : (Subject to prior determination renewal or continuation)
RENT : L14,365.00 per annum (exclusive)
PAYABLE Quarterly in Advance
NOTE : This Lease is excluded from the security of tenure provisions
of the Landlord & Tenant Act 1954 (as amended)
shoosmiths
Lock House
Castle Meadow Road
Nottingham
NG2 1AG
Tel: ▇▇▇ (▇) ▇▇▇▇▇ ▇▇▇ ▇▇▇
Fax: ▇▇▇ (▇) ▇▇▇▇▇ ▇▇▇ ▇▇▇▇
nottingham@shoosmiths ▇▇.▇▇
Rel. AL
SUBJECT TO CONTRACT
HEADS OF TERMS
WARWICK INNOVATION CENTRE
PROPOSED LETTING TO OCEAN POWER TECHNOLOGIES LIMITED
1) LANDLORD University of Warwick Science Park Limited
Barclays Venture Centre
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Road
Coventry
CV4 7EZ
2) PROPERTY Unit 21
Warwick Innovation Centre
Warwick Technology Park
Gallows Hill
Warwick
UNIT 21 has a net internal area of 845 sq ft
3) TENANT Ocean Power Technologies Limited
4) LEASE TERMS The tenant will take a 3 year lease which will be
excluded from the security of tenure provisions
of the Landlord & Tenant legislation. The lease
will incorporate a tenant option to break
operable by the giving of 3 months prior written
notice at a point 18 months into the lease term.
5) RENTAL Unit 21 is L14,365 per annum exclusive of
business rates, service charge and VAT.
6) SERVICE CHARGE The current budgeted service charge for Warwick
Innovation Centre is L5 psf per annum
exclusive of VAT.
7) REPAIRS, MAINTENANCE AND The Tenant will be responsible for the repair,
DECORATION maintenance and decoration of the interior of the
demised unit.
8) ASSIGNMENT/UNDERLETTING The lessee will not be permitted to assign,
charge, underlet or part with possession of the
demised unit or any part thereof.
9) INNOVATION CENTRE - RULES The Tenant is to observe the rules and
AND REGULATIONS regulations made by the Director of UWSP to
maintain the administration and management of the
Innovation Centre.
10) RIGHT OF ENTRY AND The Landlord will reserve the right to enter into
INSPECTION the demised unit at all reasonable times for the
purposes of viewing its state of repair or
execution works to neighbouring units.
11) LEGAL COSTS The Tenant will be responsible for meeting the
Landlord's legal costs.
I agree to these heads of terms with the alteration in clause 4.
/s/ ▇▇▇▇ ▇▇▇▇▇▇
▇.▇. ▇▇▇▇▇▇
on behalf of OPT Ltd.
4 December 2004.