Plug Power Inc. and Axane entered into a Master agreement to which the company and Axane will form a joint venture company based in France under the name Hypulsion (JV). The principal purpose of the Joinjt Venture will be to develop and sell hydrogen fuel cell systems for the European material handling market. The Master Agreement provides that upon the formation of the Joint Venture, the company and the Joint Venture will enter into a Contribution and License Agreement and a Supply and Engineered Services Agreement. The completion of the Joint Venture formation and the execution of the License Agreement, the Supply Agreement and various related agreements are subject to the satisfaction of certain closing conditions. The Master Agreement will terminate if the closing has not occurred by April 30, 2012. The initial term of the License expires on June 30, 2013. The term automatically extends to February 28, 2014 upon Axane's payment of its contribution to the JV in 2013 pursuant to the Master Agreement. Upon Axane's contribution to the JV in 2014 under the Master Agreement, the term of the License will extend until the expiration of the last item of licensed intellectual property or ninety-nine years, whichever is longer. The License terminates in the event that Axane fails to make any required contribution to the JV under the Master Agreement.