AEROVIRONMENT,INC. (NASDAQ:AVAV) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02.Termination of a Material Definitive Agreement.
On January14, 2019, AeroVironment,Inc. (the “Company”) notified Monrovia Technology Campus LLC (the “Landlord”) of its exercise of the Company’s one-time right of early termination to terminate its lease with respect to the space located at 800 Royal Oaks Drive, Suite210, Monrovia, CA 91016 (the “Leased Premises”), effective as of January15, 2020 (the “Termination Date”), to the terms of the lease agreement for the Leased Premises by and between the Company and the Landlord, dated September24, 2015 (the “Lease”). In connection with termination of the Lease, the Company will pay a termination fee of approximately $1,086,263.61 within thirty days of the notice. The Company will continue to pay its monthly base rent of $88,653 through June30, 2019 and $91,313 thereafter, and all other charges due for the Leased Premises in accordance with the terms of the Lease until the Termination Date. All operations and personnel located at the Leased Premises will be transferred to other Company facilities in Simi Valley, CA.
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease, including addendums thereto, which was filed by the Company as Exhibit10.1 to the Company’s Quarterly Report on Form10-Q with the Securities and Exchange Commission on December9, 2015, and is incorporated herein by reference.
About AEROVIRONMENT,INC. (NASDAQ:AVAV)
AeroVironment, Inc. designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems. The Company supplies UAS, tactical missile systems and related services primarily to organizations within the United States Department of Defense (DoD). The Company also supplies charging systems and services for electric vehicles (EVs), and power cycling and test systems to commercial, consumer and government customers.