Item 1.01. Entry into a Material Definitive Agreement.
On November 23, 2021, Brightcove Inc. (the "Company") entered into a Lease
Agreement (the "Summer Street Lease") with 281 Summer Street, LLC (the "Summer
Street Landlord") for office space located at 281 Summer Street, Boston,
Massachusetts (the "Summer Street Premises"). Under the terms of the Summer
Street Lease, the Company will lease approximately 40,000 square feet at the
Summer Street Premises, which will serve as the Company's primary headquarters.
The Summer Street Lease is effective as of November 23, 2021, and the Company's
obligation to pay rent will begin on October 1, 2022 (the "Rent Commencement
Date"). The initial term of the Summer Street Lease is ten years following the
Rent Commencement Date. The base rent under the Summer Street Lease is $63.00
per rentable square foot per year during the first year of the term, a total of
approximately $2.5 million in the first year of the term, which is subject to
scheduled annual increases of 2%, plus certain costs, operating expenses and
taxes. The Company is obligated to provide a security deposit, in the form of a
letter of credit, of $0.82 million. In addition, the Summer Street Landlord will
contribute $100 per rentable square foot, or a total of approximately
$3.92 million, toward the cost of construction and tenant improvements for the
Summer Street Premises. The Company has the option to extend the Summer Street
Lease for two successive five-year terms and has a right of first offer to lease
additional space that becomes available at the Summer Street Premises.
The foregoing descriptions of the terms of the Summer Street Lease do not
purport to be complete and each is qualified in its entirety by reference to the
full text of the Summer Street Lease, which will be filed with the Company's
Annual Report on Form 10-K for the year ended December 31, 2021.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this Current Report on Form 8-K is
incorporated into this Item 2.03 of this Current Report on Form 8-K by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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