NORTHERN POWER SYSTEMS CORP. (TSE:NPS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01. Entry Into a Material Definitive Agreement.
On June 22 2017, Northern Power Systems Corp (Northern or the
Company) entered into a Lease Agreement (the Lease) with Malone
29 Pitman Road Properties, LLC, a Vermont Limited Liability
Company (Landlord), for a certain premises consisting of a total
of approximately 115,000 square feet of space in a building
located at 29 Pitman Road, Bare, VT (the Premises). Under the
Lease, the Company is leasing 61,600 square feet of the Premises
to serve as a manufacturing and office site. The Lease term will
commence on August 1, 2017 and expires July 31, 2020, unless
earlier terminated, with an option to extend the Lease term for a
single, three-year period. to the terms of the Lease, the monthly
base rent will be $25,666.67, subject to modest annual increases.
In addition to rent, the Company agreed to pay a portion of the
taxes and certain utility, maintenance and other operating costs
paid or accrued in connection with the operation of the property.
The Lease includes customary provisions providing for late fees
for unpaid rent, Landlord access to the property, insurance
obligations and events of default.
The foregoing description of the terms of the Lease does not
purport to be complete and is qualified in its entirety by
reference to the full text of the Lease, a copy of each of which
are attached hereto as Exhibit 10.1.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibit is furnished as part of this Report:
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Exhibit No. |
Description |
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| 10.1 |
Lease, dated June 22, 2017 between Northern Power Systems Corp and Malone 29 Pitman Road Properties, LLC |
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Northern Power Systems Corp. ExhibitEX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 LEASE AGREEMENT This Lease Agreement (the “Lease”) is by and between MALONE 29 PITMAN ROAD PROPERTIES,…To view the full exhibit click here About NORTHERN POWER SYSTEMS CORP. (TSE:NPS)
Northern Power Systems Corp. is a provider of renewable power creation and power conversion technology for the energy sector. The Company designs, manufactures and services permanent magnet direct-drive (PMDD) wind turbines for the distributed wind market. Its segments include Product Sales and Service, Technology Licensing, Technology Development and Shared Services. The Product Sales and Service segment includes the sale of distributed-class turbines along with related services and other products produced and sold to customers. The Technology Licensing segment includes the licensing of packages of its developed technology. The Technology Development segment includes the development of technology for specific customer needs. The Shared Services segment comprises general and administrative departments. The Company licenses its utility-class wind turbine platform, which uses the PMDD technology as its distributed turbines, to the manufacturers on a global basis.