Cutera, Inc. (NASDAQ:CUTR) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement
Cutera, Inc. (the “Company”) previously announced that it had entered into a new building lease with SI 28, LLC, a California limited liability company, dated May 2, 2017, for the Company to relocate its corporate headquarters to the new facility located at 6530 Paseo Padre Parkway, Fremont, California 94555. Subsequently, on July 6, 2017, the Company entered into a Lease Termination Agreement with SI 28, LLC whereby the Company agreed to terminate its lease in return for a lump sum payment from SI 28, LLC in the amount of four million U.S. dollars ($4,000,000.00) within fourteen (14) days of the termination of the lease.
Item 1.01. Entry into a Material Definitive Agreement
Simultaneously with the execution of the Lease Termination Agreement, the Company entered into a Second Amendment to their Lease Agreement with BMR-BAYSHORE BOULEVARD LP, a Delaware limited partnership, dated July 6, 2017, for the Company to maintain its corporate headquarters in its current facility located at 3240 Bayshore Boulevard in Brisbane, California 94005.
The Second Amendment extends the term of the lease from December 31, 2017 to January 31, 2023. The base rent for the current 66,002 square feet facility increases from the current $1.70 per square feet per month to $2.80 per square feet per month effective January 1, 2018, and increases at the rate of three percent (3%) annually thereafter. to the terms of the Second Amendment to the Lease Agreement, the Company has the option to extend the term of the lease by an additional 60 months. Additionally, the Company also has a one-time option to terminate the amended lease early effective as of December 31, 2020, in return for payment of a termination fee.
About Cutera, Inc. (NASDAQ:CUTR)
Cutera, Inc. is a medical device company. The Company is engaged in the design, development, manufacture, marketing and servicing of laser and other energy-based aesthetics systems for practitioners across the world. The Company offers products based on product platforms, such as enlighten, excel HR, truSculpt, excel V and xeo, each of which enables physicians and other practitioners to perform aesthetic procedures for customers. Each of its laser and other energy-based platforms consists of one or more hand pieces and a console that incorporates a universal graphical user interface, a laser or other energy-based module, control system software and high voltage electronics. enlighten is a dual wavelength (1,064 nanometer + 532 nanometer) and dual pulse duration (750 picosecond (ps) and 2 nanosecond (ns)) laser system. excel V is a vascular and benign pigmented lesion treatment platform designed for the core-market of dermatologists and plastic surgeons.