NVE Corporation SEC Filing Alert

 
NVE Files 8-K Disclosing Fifth Amendment to Lease Agreement

Filing Date
     March 3, 2020

Filing Form
     Amended Current Report on Form 8-K/A
 
General Information
     On March 2, 2020 we executed a Fifth Amendment between us and GRE Bryant Lake, LLC to a lease agreement originally effective October 1, 1998 covering the building housing our principal executive offices and manufacturing facility. The building consists of 21,362 square feet of offices, laboratories, and production areas. Our lease would have expired December 31, 2020 without the Fifth Amendment.

Description of the Terms and Conditions of the Amendment
     The Fifth Amendment extends the lease for an additional term of 63 months and decreases our monthly base rent to $14,241.33 in 2021 from $14,810.99 in 2020 under the current lease. The Fifth Amendment also defines subsequent annual base rent increases, provides the first three months of 2021 as net free, allows us to extend the lease at our option, provides a $100,000 allowance for tenant improvements, limits increases in certain operating expenses, and limits certain other expenses.

     The foregoing descriptions of the lease and amendments do not purport to be complete and are qualified in their entirety by reference to the full text of the Fifth Amendment filed as Exhibit 10.6 and the other documents incorporated by reference to Current Report Amendment Number 4 to Form 8-K/A and incorporated by reference into Item 1.01.