Item 1.01 Entry into a Material Definitive Agreement.
On August 3, 2020 (the "Effective Date"), AgEagle Aerial Systems Inc. (the
"Company") entered into a lease agreement (the "Wichita Lease") with U.S.
Business Centers, L.L.C. (the "Landlord") with an expected commencement date of
November 1, 2020 (the "Commencement Date") and expected expiration date of
October 31, 2023 unless the Wichita Lease is sooner terminated or extended. The
Wichita Lease premises include approximately 12,000 square feet, located at 8833
E. 34th Street, Wichita, Kansas 19103 (the "Leased Premises"). The aggregate
estimated rent payments due over the initial three year term of the Wichita
Lease is $297,000.
The Landlord may grant the Company the option to extend the term of the Wichita
Lease for an additional 36 months (the "Option Term"). The aggregate estimated
rent payments due over the Option Term of the Wichita Lease would be $314,640.
In addition, the Landlord grants the Company the right to take occupancy of the
Leased Premises rent free, beginning on September 1, 2020. The Company expects
to use the Leased Premises as its new corporate headquarters and base of
operations for manufacturing, assembly, design and engineering and testing of
drones, drone subcomponents and drone-related equipment.
The Company will post a security deposit in the amount of $9,720.
A copy of the Wichita Lease is attached hereto as Exhibit 10.1 and is
incorporated by reference. The foregoing summary of the terms of the Wichita
Lease are subject to, and qualified in their entirety by, such document.
Item 8.01 Other Information.
On August 4, 2020, the Company issued a press release announcing the Wichita
Lease. A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Lease Agreement, dated August 3, 2020 by and among AgEagle Aerial
Systems Inc. and U.S. Business Centers, L.L.C.
99.1 Press Release dated August 4, 2020
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