Entry into a Definitive Material Agreement.
On August 16, 2021, ShotSpotter, Inc. (the 'Company') entered into an Office Building Lease (the 'Lease') with Washington Township Health Care District (the 'Landlord') for the lease of approximately 11,625 square feet of space in an office building located at 39300 Civic Center Drive in Fremont, California (the 'Premises'), to serve as the Company's new corporate headquarters. The Lease is expected to commence on October 1, 2021, and has an initial term of 65 months (the 'Initial Term'). No base rent is due for the first five months of the Initial Term, after which time the monthly base rent will be $33,712.50 for the first year of the Initial Term. Thereafter, the base rent will increase at an annual rate of 3%, and in the final year of the Initial Term, the Company is required to pay monthly base rent of $39,082.03. The Company will also be responsible for the payment of the Company's share of certain operating expenses and tax expenses of the building, subject to certain exceptions. In the event of a default of certain of the Company's obligations under the Lease, the Landlord may terminate the Lease and recover damages as provided by the Lease and by law.
Provided that certain conditions are met, the Company has an option to renew the term of the Lease for one additional period of 60 months (the 'Renewal Term') following the Initial Term. If the Company elects to extend the Lease beyond the Initial Term, then the base rent for the Renewal Term will be the greater of the base rent at the end of the Initial Term and the fair rental value (as calculated in the Lease) for the Premises as of the commencement of the Renewal Term, subject to a 3% annual increase.
The foregoing description of the Lease only summarizes and is qualified in its entirety by the terms of the Lease, a copy of which the Company expects to file as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2021.
Shotspotter Inc. published this content on 20 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2021 19:53:04 UTC.