AeroVironment Inc.
10/18/2024 | Press release | Distributed by Public on 10/18/2024 06:01
Material Agreement Form 8 K
Item 1.01. Entry into a Material Definitive Agreement
On October 16, 2024, AeroVironment, Inc. (the "Company") renewed and modified the lease for its 900 Innovators Way, Simi Valley, CA 93065 facility. Summary information concerning the modification and extension of these lease is set forth below.
900 Innovators Way Lease Modification
On October 16, 2024, the Company entered into a Third Amendment to Lease Agreement to its March 1, 2008 lease with Hillside III, LLC, for the 900 Innovators Way, Simi Valley, CA 93065 property, that extended the lease term until May 31, 2030 at the monthly base rent indicated below:
| Period | Base Monthly Rent | ||||
| June 1, 2025 - May 31, 2026 | $ | 75,096.00 | |||
| June 1, 2026 - May 31, 2027 | $ | 77,349.00 | |||
| June 1, 2027 - May 31, 2028 | $ | 79,669.00 | |||
| June 1, 2028 - May 31, 2029 | $ | 82,060.00 | |||
| June 1, 2029 - May 31, 2030 | $ | 84,522.00 |
The base rents listed above are subject to and conditioned upon the Company negotiating and executing lease term extensions ("Other Lease Amendments") for each of its other premises located at 994 Innovators Way, Simi Valley, CA 93065 ("994 Innovators Way") and 996 Innovators Way, Simi Valley, CA 93065 ("996 Innovators Way"). In the event that the Company does not execute and deliver the Other Lease Amendments on or before December 31, 2024, the base rents listed above shall be increased by 13.64%.
Common Terms
The Company has an option to extend the lease term for a single 60-month period by providing written notice between 270 days and 360 days before the expiration of such lease. During the extension term for such lease, the base rent for the first year will be equal to the then current market rent, but not less than the base rent for the last month for such lease.
The foregoing description of the lease does not purport to be complete and is qualified in its entirety by reference to the complete text of such document, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended October 26, 2024.