Item 8.01 Other Events.
On March 20, 2020, Ocean Power Technologies, Inc. ("OPT") was notified by its
customer currently leasing a PB3 PowerBuoy®in the Adriatic Sea that its plan
with respect to the lease had changed. Under the existing contract, the lease of
the PB3 PowerBuoy® is to occur over two separate trial periods, each 18 months
in duration. On February 28, 2020, as previously disclosed by OPT, the contract
was amended to exercise the option for a second trial period - extending the
term of the lease for an additional 18 months through November 2021. At the
time, OPT planned to relocate the PB3 PowerBuoy® to another location in the
Adriatic Sea. On March 20, 2020, a decision was made by the customer to continue
the second trial period at the existing deployment site in the Adriatic Sea
instead of relocating the PB3 to another location. To effectuate their decision,
the customer withdrew from specific sections of the contract, as amended on
February 28, 2020, associated with the relocation while leaving the remaining
terms and conditions of the contract itself in place for the second trial
period. Also remaining in place is the customer's option, at the end of the
second trial period, to purchase the PB3 or return the unit to OPT.
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