Item 1.01. Entry into a Material Definitive Agreement.
On March 5, 2021, Karuna Therapeutics, Inc. ("Karuna") entered into a Sublease
Agreement (the "99 High Agreement") with Workable, Inc. ("Workable"). Pursuant
to the terms of the 99 High Agreement, Karuna will sublease 25,445 square-feet
of office space at 99 High Street, Boston, Massachusetts from Workable, where
Karuna plans to relocate its corporate headquarters. The term of the sublease
extends from April 1, 2021 through December 31, 2025, and provides for
escalating annualized base rent payments starting at $1,526,700 and increasing
to $1,628,480 in the final year of the sublease. Subject to certain limited
exceptions, pursuant to the 99 High Agreement, Karuna assumed all of the duties,
liabilities and obligations of Workable contained in the lease between Workable
and its landlord, TREA 99 High Street LLC.
Karuna entered into a second Sublease Agreement (the "33 Arch Agreement") with
Workable on March 5, 2021, pursuant to which Workable leased approximately 7,050
square-feet of Karuna's current corporate headquarters at 33 Arch Street,
Boston, Massachusetts. The term of the 33 Arch Agreement sublease extends from
July 1, 2021 through December 31, 2023.
The foregoing description of the 99 High Agreement does not purport to be
complete and is qualified in its entirety by reference to the 99 High Agreement
filed as an exhibit hereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Sublease, dated as of March 5, 2021, by and between Karuna Therapeutics,
Inc. and Workable, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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