FLUX POWER HOLDINGS, INC. (OTCMKTS:FLUX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 1, 2020, Flux Power, Inc., a wholly owned subsidiary of Flux Power Holdings, Inc. (the “Company”) entered into a certain First Amendment to Standard Industrial/Commercial Multi-Tenant Lease (the “Amendment”) with Accutek (“Lessor”) to rent an additional 16,309 rentable square feet of space plus a residential unit of approximately 1,230 rentable square feet (for a total of approximately 17,539 rentable square feet) at the premises located at 2685 S. Melrose Drive, Vista, California.
The Amendment amends the terms of that certain Standard Industrial/Commercial Multi-Tenant Lease dated April 25, 2019 (the “Lease Agreement”). The lease for the additional space commences 30 days following the delivery of the additional space, and terminates concurrently with the term for the current space, which expires on November 20, 2026. The base rent for the additional space is the same rate as the space currently being rented under the terms of the Lease Agreement, $0.93 per rentable square (subject to 3% annual increase). In connection with the Amendment, the Company agreed to purchase certain existing office furniture for a total purchase price of $8,300.
In addition, on March 1, 2020, the Company entered into a License Agreement with the Lessor to which the Lessor agreed to allow the Company to use four storage containers located in the back parking lot associated with the building being leased under the Lease Agreement for a monthly rental of $800 per month.
The description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full and complete terms of the Amendment, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statement and Exhibits.