Contract Change No. 4 to SMUD-H Power Systems Fuel Cell Hybrid Vehicle Project Agreement

Summary

This contract change is between Sacramento Municipal Utility District (SMUD) and H Power Systems Corporation. It extends the term of their agreement for the development of a reformer and fuel cell power system for a hybrid electric bus until October 1, 2000, unless terminated earlier. It also clarifies that H Power will own all property created or purchased for the project, and the project vehicle will remain operational with the fuel cell system until at least October 1, 2000. All other terms of the original contract remain in effect.

EX-10.50 10 ex-1050.txt EXHIBIT 10.50 Exhibit No. - ----------- 10.50 Contract change No. 4 to SMUD I. Page 1 of 1 CONTRACT CHANGE SMUD LOGO SACRAMENTO MUNICIPAL UTILITY DISTRICT 6201 S Street, P.O. Box 15830, Sacramento CA ###-###-#### ###-###-#### ------------------------- CONTRACT NO. H-126 CHANGE NO. 4 FOR INTERNAL USE ONLY --------------- ---------- ------------------------- DARPA Fuel Cell Hybrid Vehicle Project W.O./DIST. NO.___________ - -------------------------------------------------- CONTRACT TITLE PROJECT _________________ Development of reformer and fuel cell power system COST CENTER _____________ - -------------------------------------------------- CONTRACT SCOPE RESOURCE ________________ for hybrid electric bus - -------------------------------------------------- THIS AGREEMENT made by and between SACRAMENTO MUNICIPAL UTILITY DISTRICT, hereinafter designated as SMUD, and H POWER SYSTEMS CORPORATION, hereinafter designated as H Power. WITNESSETH; That the parties hereto mutually agree to the following changes in the above numbered contract between the parties, hereinafter called the "original contract": AMEND SECTION 6, TERM, AS FOLLOWS: 6. TERM. This Agreement shall commence upon the effective date and shall, unless earlier terminated pursuant to paragraph 26, and subject to paragraph 26, continue in effect until October 1, 2000. REPLACE SECTION 13, PROJECT PROPERTY OWNERSHIP, WITH THE FOLLOWING: 13. PROJECT PROPERTY OWNERSHIP. Title to all nonexpendable and expendable tangible personal property purchased or otherwise created through the direct Project work of H Power shall be deemed to have vested in H Power upon purchase, fabrication, manufacture or by other means of acquisition. The Project vehicle which will result from completion of vehicle integration activities of H Power and other participants in the Project, as further described in the Statement of Work, will remain in complete and functional condition, with fuel cell power system installed, until such time as H Power determines that the power system must be removed, but not earlier than October 1, 2000. The parties may extend this time by mutual written agreement. This Contract Change is subject to all provisions of the original contract and all provisions of any previous Contract Changes which are not expressly superseded in this Contract Change. H POWER CORPORATION SACRAMENTO MUNICIPAL UTILITY DISTRICT ------------------------------------ CONTRACTOR By /s/ Jan Schori 4/28/00 By /s/ Arthur Kaufman 5/11/00 ---------------------------------- ---------------------------------- DATE DATE Type Name JAN SCHORI Type Name ARTHUR KAUFMAN --------------------------- -------------------------- Title General Manager Title Vice President ------------------------------- ------------------------------ CONTRACT TEMPLATE