Item 1.01 Entry into a Material Definitive Agreement.
Pursuant to the Lease Agreement, the Company agreed to lease two stories, or
approximately 32,200 square feet, of office space of the downtown Miami building
located at 400 Biscayne,
Under the terms of the Lease Agreement, the Company does not expect to pay any
rent for the first fourteen months of the Lease Agreement, taking into account a
six month build out period (which may be extended for up to four months), and
four additional months of rent abatement after the Rent Commencement Date. As
noted, the Company may extend the build out period for four one month periods,
provided that for each one month extension exercised, the annual base rent will
increase by
The term of the Lease Agreement (the "Lease Term") will expire 10 years and four months following the Rent Commencement Date (as defined below), unless earlier terminated in accordance with the terms of the Lease Agreement. The Company may renew the Lease Agreement for an additional five-year term by providing at least 12 months' advance written notice prior to the end of the Lease Term. The "Rent Commencement Date" is the earlier of (i) 180 days following the Closing Date or (ii) the date the Company takes occupancy of the Premises upon substantial completion of the Company's improvements (as evidenced by a certificate of occupancy or temporary certificate of occupancy for the Premises), subject to certain Rent Commencement Date extension provisions, described above.
Pursuant to the Lease Agreement, provided the Company does not exercise certain
Rent Commencement Date extensions, as described above, the Company will lease
the Premises at a fixed annual base rent of
The Company intends to sublease a portion of the Premises, subject to the Landlord's approval. The Company cannot provide any assurance that it will be successful in subleasing any or all of such space on acceptable terms, or at all.
The Lease Agreement also contains customary covenants, indemnification provisions, and default provisions, including, without limitation, those relating to payment default, failure to maintain the Letter of Credit, and bankruptcy events. Upon an event of default, the Landlord may, upon written notice to the Company, accelerate the entire unpaid rent balance, subject to certain conditions.
In connection with entering into the Lease Agreement, the Company prepaid
approximately
The foregoing summary of the Lease Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Lease Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description 10.1+ Lease Agreement, effective as ofOctober 1, 2022 , by and between 400Biscayne Commercial Owner, LP , as Landlord, andSKYX Platforms Corp. , as Tenant. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
+ Certain of the exhibits and schedules to this exhibit have been omitted in
accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish a
copy of all omitted exhibits and schedules to the
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