Item 1.01 Entry into a Material Definitive Agreement.
On
The Company will take possession of the Premises commencing on the date of the
Lease. Beginning on
The Lease contains an option for the Company to extend the lease for one
60-month extension period at the net rent rate for the last year of the Initial
Term or the then-market net rent, as determined pursuant to the Lease, as well
as a right of first offer for the Company on any space adjacent to the Premises
during the Initial Term. The Company also has the right to terminate the Lease
at the end of the 87th full calendar month after the Rent Commencement Date (the
"Early Termination Date") by delivery of a written notice at least six months
prior to the Early Termination Date and payment of a termination fee. The Lease
requires the Company to pay Landlord a
The foregoing summary of the Lease is subject to and qualified in its entirety by the full text of the Lease, 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 1.02 Termination of a Material Definitive Agreement.
On
The Mezzanine Credit Facility required the Borrowers and their subsidiaries, on a consolidated basis, to comply with a maximum senior leverage ratio, a minimum fixed charge coverage ratio and a minimum liquidity test. In addition, the Mezzanine Credit Facility contained customary representations and warranties, affirmative and negative covenants, including covenants that limit or restrict the Borrower's and its subsidiaries' ability to incur liens, incur indebtedness, dispose of assets, make investments, make certain restricted payments, merge or consolidate and enter into certain speculative hedging arrangements. The Mezzanine Credit Facility included a number of events of default, including, among other things, non-payment defaults, covenant defaults, cross-defaults to other materials indebtedness, bankruptcy and insolvency defaults and material judgment defaults. If any event of default had occurred (subject, in certain instances, to specified grace periods), the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts Mezzanine Credit Facility would have become due and payable immediately.
2
The Company paid a total of
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description 10.1 Lease datedJanuary 20, 2022 betweenLantronix, Inc. and Jet 55 PropertyOwner LLC 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
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