Item 1.01 Entry into a Material Definitive Agreement.
On December 15, 2021, Icosavax, Inc. (the "Company") entered into a lease
agreement (the "Lease") with Boren Lofts Owner (DE) LLC (the "Landlord") for
laboratory and office space located at 1930 Boren Avenue, Seattle, Washington
(the "Premises").
Under the terms of the Lease, starting on May 12, 2022, the Company will lease
15,063 square feet in the Premises at a base rent of $0.8 million annually, for
a temporary period (the "Temporary Space Term"). The Temporary Space Term will
conclude thirty days following the date on which the Company substantially
completes initial tenant work, but the Company shall not be obligated to pay
rent on the temporary premises after its obligation to pay rent on the Rented
Area (as defined below) has commenced. As of the earlier of the date on which
the Company substantially completes initial tenant work or October 1, 2022 (the
"Term Commencement Date"), the Company will lease 25,253 square feet in the
Premises (the "Rented Area") at a base rent of $2.1 million annually, subject to
3% annual increases. The Company is also responsible for certain operating
expenses and taxes during the term of the Lease. The Lease provides the Company
with a specified tenant improvement allowance. Pursuant to the Lease, the
Company will deliver a letter of credit to the Landlord in the amount of
$1.1 million on or prior to lease commencement. Following the Temporary Space
Term, the Lease has an initial term that expires on the last day of the
sixty-third (63rd) full calendar month following the Term Commencement Date. At
the Company's option, the Lease term may be extended for five (5) additional
years at a fair market rent rate set based on comparable laboratory and research
space in the Premises and in the Seattle market.
The foregoing description of the terms of the Lease does not purport to be
complete, and is qualified in its entirety by reference to the complete copy of
the Lease, which the Company expects to file as an exhibit to its Annual Report
on Form 10-K for the year ending 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 set forth under Item 1.01 above is incorporated into this Item
2.03 by reference.
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ICOSAVAX, INC. 
