Item 1.01 Entry into a Material Definitive Agreement.
On May 9, 2019, Clearfield, Inc. (the "Company") entered into a first amendment
(the "First Amendment") to the Company's lease agreement dated September 9, 2014
with First Industrial, L.P. relating to its headquarters at 7050 Winnetka Avenue
North, Brooklyn Park, Minnesota. Pursuant to the First Amendment, the leased
premises was expanded to include an additional 14,263 square feet of primarily
warehouse space from and after June 30, 2019. The First Amendment also changed
the schedule for base rent from and after June 30, 2019, resulting in an
increase in base rent of approximately $130,000 on an annualized basis due to
the expansion. The Company will have the same termination option over the
expansion space as it has over the currently leased space; however, the
termination fee was increased by $35,000 through the First Amendment.
The foregoing summary of the First Amendment does not purport to be complete and
is subject to and qualified in its entirety by reference to the First Amendment
attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 First Amendment to Lease Agreement dated May 9, 2019 by and between
First Industrial, L.P. and Clearfield, Inc.
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