ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
As previously disclosed, on June 10, 2019, Purple Innovation, LLC (the
"Company") signed a Lease (the "Lease") with North Slope One, LLC, for
approximately 42,837 rentable square feet located at 4100 North Chapel Ridge
Road in Lehi, Utah (the "Building"). On November 19, 2019, the Company entered
into a First Amendment to Lease (the "Amendment") with North Slope One, LLC for
an additional approximately 14,697 rentable square feet ("Additional Space") at
the Building.
The term of the Lease was also amended to commence on January 1, 2020 and
terminate at the end of December 2029, with the Company having an option to
early terminate after the eighty-fourth calendar month. Under the Amendment, the
Company will pay a reduced basic monthly rent for the Additional Space of
$8,573.25 from July 1, 2020 through January 20, 2021, followed by basic monthly
rent for the Additional Space of $12,029.42 from January 21, 2021 to January 31,
2021. Thereafter the basic monthly rent increases at the same rate as the Lease
until the end of December 2029. The Amendment also provides for a tenant
improvement allowance for the Additional Space of $49.24 per usable square foot.
The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by reference to the full and complete terms of the
Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on
Form 8-K.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information set forth under Item 1.01 is hereby incorporated by reference
into this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit
Number Description of Exhibit
10.1 First Amendment to Lease dated November 19, 2019 between the Company
and North Slope One, LLC
1
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