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 December 15, 2023, MicroVision GmbH (the “Subsidiary Company”), a wholly-owned subsidiary of MicroVision, Inc., entered into a Lease Agreement Concerning Office Premises (the “Lease”) with Victoria Immo Properties I S.à r.l. (the “Landlord”), pursuant to which the Subsidiary Company will lease approximately 5,500 square meters (or approximately 60,000 square feet) of space located in Hamburg, Germany (the “Premises”) that it will use primarily for general office space and product testing.
The Lease provides for an initial term of five years (the “Term”) commencing on the date the Premises are delivered to the Subsidiary Company, which is expected to occur between August 1, 2024 and December 31, 2024. In connection with the execution of the Lease, the Subsidiary Company will provide the Landlord a security deposit of approximately $1 million.
Pursuant to the Lease, for the first year of the Term the monthly base rent will be approximately $117,000. For each subsequent year, the base rent is subject to an annual market rate adjustment. In addition to the monthly base rent, the Subsidiary Company will pay additional rent comprised of certain operating, management, and ancillary expenses, subject to certain terms and limitations set forth in the Lease, and applicable taxes. The Subsidiary Company has the option to extend the Term for the Premises two times, each for a three-year period.
The Premises are intended to replace the office space currently being rented by the Subsidiary Company upon expiration of the leases associated with those properties. A description of the Subsidiary Company’s existing lease arrangements can be found in MicroVision, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2023.
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 Annual Report on Form 10-K for the year ended December 31, 2023.
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: December 21, 2023