Item 1.01. Entry into a Material Definitive Agreement.
On November 3, 2022, AeroVironment, Inc. ("AeroVironment") entered into a Second
Amendment to Lease (the "Second Amendment") with an effective date of November
2, 2022, to amend its existing lease (the "Lease") with Princeton Avenue
Holdings, LLC (the "Original Landlord") to now include Princeton Avenue Holdings
II, LLC ("Princeton II, collectively with the Original Landlord, as tenants in
common, "Landlord") for certain premises located at 14501 Princeton Avenue,
Moorpark, CA 93021. The Second Amendment also expands the existing premises to
include an Additional Site Area as well as to extend the term of the Lease. Upon
the commencement of the Second Amendment, AeroVironment will be the lessee for
the Additional Site Area, as well as the currently leased entire building at
14501 Princeton Avenue which consists of an aggregate of approximately 149,973
square feet ("Existing Premises", together with the Additional Site Area,
collectively referred to as the "Premises"). The Second Amendment will commence
on January 1, 2024 and continue through the term of the Lease, the end date of
which is March 31, 2027. The base monthly rent during the Lease term for the
Premises will be as follows:
Period Base Monthly Rent
First 12 Months $ 125,150.74
Months 13-24 $ 128,073.76
Months 25-40 $ 131,065.75
Upon the commencement of the Second Amendment, AeroVironment will be responsible
for 100% of the building's operating expenses, including property taxes, as the
sole tenant in the building. Pursuant to the optional extension terms in the
Lease, AeroVironment will have the option to extend the term for one (1) period
of forty-eight (48) months, followed by one (1) additional period of sixty (60)
months (the "Option Term(s)"). The base rent attributable to the Premises for
the Option Terms will be equal to 100% of the "Fair Market Rental Value", to be
determined in good faith by appraisers specialized in this field, but in no
event less than 104% of the Base Rent attributable to the Premises immediately
preceding the Expiration Date or the expiration of the first Option Term.
The foregoing description of the Second Amendment 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 AeroVironment's Quarterly
Report on Form 10-Q for the quarter ending October 29, 2022.
© Edgar Online, source Glimpses