BEYOND MEAT, INC. Item 1.01. Entry into a Material Definitive Agreement.
On
Under the terms of the Lease, the Company will lease an aggregate of
approximately 281,110 rentable square feet in a portion of a building located at
The Landlord is providing a tenant improvement allowance equal to
The initial term of the Lease is twelve (12) years (the "Initial Term")
commencing on the earlier of (i) 210 days following substantial completion of
the base building by the Landlord, which is expected to occur no earlier than
The Company's obligation to pay base rent for the Premises will commence as
follows: (i) for Phase I-A and Phase I-B, on the first day of the thirteenth
(13th) month of the Initial Term; (ii) for Phase II-A and II-B, on the first day
of the twentieth (20th) month of the Initial Term; and (iii) for Phase III, on
the first day of the twenty-sixth (26th) month of the Initial Term; provided the
Company will be obligated to pay its allocable share of operating expenses and
real estate taxes commencing upon delivery of each Phase of the Premises. During
months thirteen (13) through twenty-four (24) of the Initial Term, the Company
will pay the Landlord an initial monthly base rental rate of
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Phases and square footage of the Premises, annualized base rent for months
thirteen (13) through nineteen (19) would be approximately
Subject to the terms and conditions of the Lease, the Company has a right of first offer to lease additional space in the building as well as a right of first offer to lease additional space in buildings which may be developed on the land in the future.
As a security deposit, the Company will deliver to the Landlord a letter of
credit in the amount of
The Lease contains customary default provisions allowing the Landlord to terminate the Lease if the Company fails to remedy a breach of any of its obligations under the Lease within specified time periods, or upon certain events of bankruptcy of the Company or seizure or attachment of the Company's assets or interest in the Lease. The Lease also contains other customary provisions for real property leases of this type.
The foregoing summary of the Lease does not purport to be complete and is subject to and qualified in its entirety by reference to the Lease, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding the Lease is incorporated into this Item 2.03 by reference.
Item 7.01. Regulation FD Disclosure.
In a press release issued on
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The information in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
Number
10.1 Lease, dated as of January 14, 2021 , by and between Beyond Meat, Inc. ,
and HC Hornet Way, LLC
99.1 Press release of Beyond Meat, Inc. dated January 15, 2021 --------------------------------------------------------------------------------
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