UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01. Entry into a Material Definitive Agreement.
On September 24, 2021, MicroVision, Inc. (the “Company”) entered into an Office Lease (the “Lease”) with Redmond East Office Park LLC, a Washington limited liability company (the “Landlord”), pursuant to which the Company will lease approximately 16,681 square feet of space located in Redmond, Washington (the “Premises”) that it will use primarily for general office space and product testing.
The Lease provides for an initial term of 128 months (the “Term”) commencing November 1, 2021, with the Premises delivered to the Company upon signing although no rent will be due until the lease commencement date.
Pursuant to the Lease, annual base rent will be approximately $500,000 for the first year and is subject to annual increases of 3.0%. In addition to base rent, the Company will pay additional rent comprised of its proportionate share of any operating expenses, real estate taxes, and management fees for the Premises. The Company has the option to extend the Term for the Premises for one ten-year renewal period, provided that the rent would be subject to market adjustment at the beginning of the renewal term.
The foregoing description of the Lease is a summary, is not complete, and is qualified in its entirety by the terms and conditions of the actual Lease, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MICROVISION, INC. | ||
| By: | /s/ Drew G. Markham | |
| Drew G. Markham | ||
| Vice President, General Counsel and Secretary | ||
Dated: September 29, 2021