Item 1.01 Entry into a Material Definitive Agreement.
New Real Estate Lease
SeaSpine Holdings Corporation's ("SeaSpine," the "Company," or "our")
subsidiary, Isotis Orthobiologics, Inc. ("IsoTis"), leases an industrial and
office building of approximately 70,000 square feet located at 2 Goodyear,
Irvine, California 92618 (the "Irvine Facility"), from which most of the
Company's orthobiologics products are manufactured and all are distributed.
On June 7, 2022, in connection with the expiration of the existing lease for the
Irvine Facility, IsoTis and Monarch RRC Properties, LP, as landlord, entered
into a 10-year lease (dated June 1, 2022 for reference purposes only) for the
Irvine Facility, which IsoTis has the option to extend for up to six additional
years, in the form of two three-year extensions. The term of the lease commences
on May 1, 2023 and ends April 1, 2033. Base rent will be $94,500 per month from
May 1, 2023 through April 30, 2024, subject to an annual increase of 3.5%, and
IsoTis will reimburse the landlord $23,000 per month for property taxes,
property insurance and common area maintenance. IsoTis will receive a tenant
improvement allowance of $600,000 paid in the form of $60,000 per year.
The foregoing description of the lease is qualified in its entirety by reference
to the copy of the lease, which the Company expects to file as an exhibit to its
quarterly report on Form 10-Q for the quarter ended June 30, 2022.
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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