EVOLUS, INC. (NASDAQ: EOLS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
On November 7, 2018, Evolus, Inc. (the “Company”), entered into asublease (the “Sublease”) which became effective as of November 27, 2018 (the “Effective Date”), with Acacia Research Corporation (the “Sublessor”) for approximately 17,758 rentable square feet consisting of the twelfth floor of the building located at 520 Newport Center Drive, Newport Beach, California 92660 (the “Premises”). The Sublessor leases the Premises from The Irvine Company LLC (the “Prime Landlord”) to a Lease, dated January 28, 2002, as amended (the “Prime Lease”). TheSubleasewas consented to by the Prime Landlord and became effective on the Effective Date. The Premises will serve as the Company’s new corporate headquarters and principal office space.
This Sublease will commence upon the later of (i) the Effective Date, (ii) December 2, 2018, or (iii) the date on which Sublessor delivers possession of the Premises to the Company and will expire on January 20, 2020. The Company has no option to renew or extend theSubleaseunder its terms.
The Company will pay a base rent of $65,000 per month during the term, plus additional monthly fees to cover operating expenses, parking and other expenses set forth in the Sublease. In connection with the execution of theSublease, the Company delivered to the Sublessor a cash security deposit in the amount of $130,000 and the first month’s rent of $65,000.
TheSubleaseis subject to and subordinate to the Prime Lease with the Prime Landlord and contains customary default and indemnification provisions. The Company is required under the terms of theSubleaseto maintain customary insurance policies described in the Prime Lease. The Company is not afforded early termination rights under theSublease, and may not assign or furthersubleaseall or any part of the Premises without the prior written consent of the Sublessor and the Prime Landlord, which consent may be given or withheld in their respective sole discretion.
The foregoing summary of theSubleaseis not complete and is qualified in its entirety by reference to the full text of theSublease, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2018.
Item 1.01Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Theinformationset forth above under Item 1.01 is incorporated herein by reference.