BofI Holding, Inc. (NASDAQ:BOFI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On May 14, 2018, BofI Holding, Inc. (the “Company”), parent of BofI Federal Bank, entered into a new lease agreement, which commences in December 2018, and amended a second existing lease agreement to extend the lease term (collectively, the “Lease Agreements”) for office space located at its principal executive offices in San Diego, California (the “Leased Premises”). The Lease Agreements are effective until June 30, 2030 (the “Term”) and were executed between the Company and subsidiaries of Irvine Company LLC ("Irvine").
The Leased Premises consist of approximately 136,000 square feet. The base rent for the Leased Premises increases by approximately 3.5% each year over the Term, and ranges from approximately $460,904 per month for the first year, before abatements of up to six months, to $648,365 per month for the last year. The Company is entitled to $6,776,965 in tenant improvement allowance.
The Company’s existing lease agreement with Irvine at the same location was previously scheduled to expire on June 30, 2020.
The foregoing description of the Lease Agreements do not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Agreements, copies of which are filed herewith as Exhibit 10.1 and Exhibit 10.2, to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The Lease Agreements are a long-term debt obligation as defined in Item 303(a)(5)(ii)(A) of Regulation S-K that are material to the Company. The information under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
BofI Holding, Inc. ExhibitEX-10.1 2 bofiholdinginc683401lse2.htm EXHIBIT 10.1 bofiholdinginc683401lse2 DocuSign Envelope ID: 43B24BFE-6B71-40B5-9EAC-4FF499B872E1 OFFICE SPACE LEASE BETWEEN PACIFICA TOWER LLC AND BOFI HOLDING,…To view the full exhibit click here
About BofI Holding, Inc. (NASDAQ:BOFI)
BofI Holding, Inc. (BofI) is the holding company for BofI Federal Bank (the Bank). The Bank is a diversified financial services company. The Bank provides consumer and business banking products through its branchless, low-cost distribution channels and affinity partners. The Bank has deposit and loan customers, including consumer and business checking, savings and time deposit accounts and financing for single family and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. The Bank distributes its deposit products through a range of retail distribution channels, and its deposits consist of demand, savings and time deposits accounts. Its mortgage-backed securities consist primarily of mortgage pass-through securities issued by government-sponsored entities and non-agency collateralized mortgage obligations and pass-through mortgage-backed securities issued by private sponsors.
