Item 1.01 Entry Into a Material Definitive Agreement
On
? Release the area commonly known as Suite 130 and add the area commonly known as Suite 110, thereby increasing the rentable area of the leased premises from 52,184 square feet to 58,531 square feet upon the Company's completion of certain work to Suites 110 and 130. ? Commencing on the "swap date," which will occur on the tenth (10th) day after the date the Company completes work at Suites 110 and 130, minimum rent for the area commonly known as Suite 110 of$13,262.42 will be due monthly, prorated for any partial month. Upon the Landlord's completion of certain work to be done, the monthly minimum rent for the entire 58,531 square feet premises will be as set forth in the Lease Amendment. The Company's proportionate share of the operating expenses for the Suite 110 premises also will increase. Also commencing on the "swap date," Suite 130 will be released and minimum rent for this space shall no longer be due and payable by the Company. ? All other terms defined in the Eighth Amendment to Lease remain the same.
The release and addition of suites will allow improvements to the layout of the
previously announced facility expansion, which includes the consolidation of the
12,378 square feet currently leased at
The foregoing description of the terms of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Amendment, a copy of which is attached hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.1 Ninth Amendment to Lease dated as ofSeptember 21, 2021 , betweenLightPath Technologies, Inc. andChallenger Discovery LLC
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