Item 1.01.   Entry into a Material Definitive Agreement.
On October 29, 2021, Traeger Pellet Grills LLC ("TPG"), a wholly owned
subsidiary of Traeger, Inc. (the "Company"), entered into a Sublease (the
"Sublease") with Verkada, Inc. (the "Subtenant") for Subtenant to sublease from
TPG, among other space, TPG's approximately 51,151 gross square feet of office
space (the "Subleased Premises") in the building located at 1215 East Wilmington
Avenue in Salt Lake City, Utah. TPG leases that office space (the "Leased
Premises") from Wilmington Gardens Group L.L.C. (the "Landlord") pursuant to a
Lease Agreement, dated January 23, 2015, as amended on or about April 1, 2015,
February 8, 2016, November 22, 2016, December 4, 2017, and August 28, 2018 (as
amended, the "Lease Agreement"). On October 28, 2021, in accordance with the
Lease Agreement, the Landlord provided its consent to the Sublease. On November
1, 2021, TPG delivered to the Subtenant possession of the first portion of the
Subleased Premises, consisting of 11.03% of the Leased Premises (the "Phase I
Subleased Premises"), at which point the Sublease became effective, and the term
of the Sublease commenced.
The Sublease provides that the Subleased Premises may be delivered to the
Subtenant in stages, including delivery of (i) the Phase I Subleased Premises,
(ii) the second portion of the Subleased Premises, which, combined with the
Phase I Subleased Premises, will increase the Subtenant's portion to 19.96% of
the Leased Premises (the "Phase II Subleased Premises") and (iii) the remaining
portion of the Subleased Premises, which, combined with the Phase I Subleased
Premises and the Phase II Subleased Premises, will increase the Subtenant's
portion to 100% of the Leased Premises (the "Phase III Subleased Premises"). If
TPG fails to deliver to the Subtenant the Phase II Subleased Premises by March
1, 2022, the Subtenant will receive a rent abatement of one day of base rent
(for the Phase II Subleased Premises only) for each day until such portion is
delivered, which rent abatement, after June 1, 2022, will increase to two days
of base rent (for the Phase II Subleased Premises only) for each subsequent day
of delayed delivery. If TPG fails to deliver to the Subtenant the Phase III
Subleased Premises by February 1, 2023, the Subtenant will receive a rent
abatement of one day of base rent (for the Phase III Subleased Premises only)
for each day until such portion is delivered, which rent abatement, after April
1, 2023, will increase to two days of base rent (for the Phase III Subleased
Premises only) for each subsequent day of delayed delivery. If TPG fails to
deliver the complete Subleased Premises to the Subtenant by April 15, 2023, the
Subtenant may terminate the Sublease on 60 days' notice.
The Sublease provides for initial annual base rent for the complete Subleased
Premises of approximately $1.9 million, with an increase of approximately 3.0%
in annual base rent for the second 12-month period following delivery of the
Phase III Subleased Premises and increases of approximately 2.5% in annual base
rent for each 12-month period thereafter. The Sublease will terminate on June
30, 2026, unless terminated earlier in accordance with its terms.
The Sublease further provides that the Subtenant is obligated to pay to TPG
certain additional amounts, including, among others, a security deposit and
certain operating expenses attributable to the Subleased Premises. The Sublease
also contains customary representations and warranties, covenants, obligations
and indemnities in favor of either party.
The foregoing description of the material terms of the Sublease does not purport
to be complete and is subject to, and is qualified in its entirety by, reference
to the Sublease, which is attached to this Current Report on Form 8-K as Exhibit
10.1 and incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.



(d) Exhibits.


Exhibit No.              Description

10.1                       Sublease, dated as of October 29, 2021, by and between Traeger Pellet
                         Grills LLC and Verkada, Inc.
104                      Cover Page Interactive Data File (embedded within the Inline XBRL
                         document).

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