Item 1.01 - Entry into a Material Definitive Agreement
On June 15, 2023, Applied Energetics, Inc. executed the First Amendment to Lease
Agreement, effective June 7, 2023, which amended its existing Lease Agreement,
dated as of March 15, 2021 (the "Lease"), with Campus Research Corporation, an
Arizona corporation, as Landlord.
The amendment expands the Lease to add one new 8,374 usable square-foot suite of
offices, conference rooms and cubicle areas directly across an atrium from the
company's current headquarters so that the company will occupy the entire first
floor of the building. [This is expected to enable the company to separate its
public facing facilities from its restricted access space easily.] The amendment
also extends the Lease over the company's existing headquarters through July 31,
2028 and grants the company an option over 5,520 usable square feet of
manufacturing space.
The term of occupancy in the new office space and the option over the
manufacturing space both begin August 1, 2023. The monthly base rent for the new
office space is set as follows:
Rent Year Monthly Base Rent
August 1, 2023 - July 31, 2024 $ 7,435.46
August 1, 2024 - July 31, 2025 $ 8,334.25
August 1, 2025 - July 31, 2026 $ 9,233.04
August 1, 2026 - July 31, 2027 $ 10,131.83
August 1, 2027 - July 31, 2028 $ 11,030.63
The option is effective, at a price of $2,690.83 per month, from August 1, 2023
through February 1, 2024, but may be extended to July 31, 2024 if the company
provides written notice by November 30, 2023. The monthly base rent for the
manufacturing space, should the company opt to occupy it is set as follows:
Rent Year Monthly Base Rent
August 1, 2023 - July 31, 2024 $ 4,843.50
August 1, 2024 - July 31, 2025 $ 5,247.13
August 1, 2025 - July 31, 2026 $ 5,650.75
August 1, 2026 - July 31, 2027 $ 6,054.38
August 1, 2027 - July 31, 2028 $ 6,458.00
Under the amendment, the Lease extends through July 31, 2028 for all three
spaces. The monthly rent for the company's existing space is set at $17,825.33
and $18,270.97 for May 1, 2026 through April 30, 2027 and May 1, 2027 through
July 31, 2028, respectively.
Item 9.01 -- Exhibits
10.1 First Amendment to Lease Agreement.
99.1 Press Release, dated as of June 22, 2023, titled "Applied Energetics
Announces Expansion of its Tucson Headquarters at UA Tech Park"
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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© Edgar Online, source Glimpses
APPLIED ENERGETICS, INC. 