Item 1.01 Entry into a Material Definitive Agreement
On October 5, 2021, Scorpion Biological Services, Inc. ("Scorpion"), a
subsidiary of Heat Biologics, Inc. (the "Company") entered into a lease (the
"Lease") with Merchants Ice II, LLC (the "Landlord"), pursuant to which the
Company will lease approximately 20,144 square feet of office and lab space
located at 1305 E. Houston Street, San Antonio, Texas 78205 (the "Premises") for
general office, laboratory, research, analytical, and/or biomanufacturing
purposes. The date on which Scorpion will become responsible for paying rent
under the Lease (the "Lease Commencement Date") will be the earlier of (i) the
date Scorpion takes possession of any part of the Premises for manufacturing or
otherwise or (ii) the date the landlord substantially completes the landlord
work and tenant improvements at the Premises. The initial term of the Lease will
commence on the Lease Commencement Date and expire one hundred and eighty (180)
months after the Lease Commencement Date, unless sooner terminated. Scorpion's
monthly base rent for the Premises will start at $50,360.00 commencing on the
Lease Commencement Date and will increase at the rate of three percent (3%) on
an annual basis up to a maximum monthly base rent of $76,174.02. During the
first twelve (12) months of the Lease, Scorpion will receive a rent abatement
from the Landlord of $10,911.33 per month, such that Scorpion's monthly base
rent payments will be reduced to $39,448.67 per month. Scorpion will also be
obligated to pay the Landlord for certain costs, taxes and operating expenses as
specified in the Lease.
The foregoing description of the Lease does not purport to be complete and is
qualified in its entirety by reference to the Lease, a complete copy of which is
incorporated herein by reference and is filed 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 descriptions of the Lease in "Item 1.01 Entry into a Material Definitive
Agreement" of this Current Report on Form 8-K are incorporated by reference in
their entirety into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Exhibit Description
Lease between Merchants Ice II, LLC and Heat Biologics, Inc. dated
10.1 October 5, 2021
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the inline XBRL document)
© Edgar Online, source Glimpses