Sajan, Inc. (NASDAQ:SAJA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into Material Definitive Agreement |
On December 13, 2016, Sajan, Inc. (the Company) entered into a
Standard Office Lease Agreement (Net) (the Lease Agreement) with
River Valley Business Center, LLC (RVBC) for its corporate
headquarters located at 625 Whitetail Blvd., River Falls,
Wisconsin, containing approximately 24,000 square feet. The
Company currently leases approximately 20,000 square feet from
RVBC at the same address to three separate leases, which expire
January 31, 2017. The Lease Agreement replaces these three
current leases.
The Lease Agreement has a five year term, commencing February 1,
2017 and terminating January 31, 2022. Monthly rent will be
$28,606 per month, plus one-twelfth of the estimated annual real
estate taxes and operating expenses, which is the same as the
aggregated monthly rent paid under the three current leases. The
Lease Agreement contains other provisions typical of a standard
commercial real estate lease agreement.
RVBC is owned by Shannon Zimmerman, who is a director and
executive officer of the Company, and Angela Zimmerman, who is a
director of the Company. The Zimmermans are also beneficial
owners of approximately 27% of the Companys outstanding common
stock. Management of the Company believes, based on an informal
market check of commercial properties in the River Falls,
Wisconsin area, that the rent paid for the leased premises is
competitive with rents paid for similar commercial office space
in the River Falls, Wisconsin market. The Lease Agreement was
authorized by the disinterested members of the Companys Board of
Directors.
The foregoing description of the Lease Agreement does not purport
to be complete and is qualified in its entirety by reference to
the text of the Lease Agreement, which is filed as Exhibit 10.1
hereto and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit No. |
Description |
| 10.1 |
Standard Office Lease Agreement (Net), between Sajan, Inc. and River Falls Business Center, LLC, dated December 13, 2016. |
About Sajan, Inc. (NASDAQ:SAJA)
Sajan, Inc. (Sajan) is a provider of language translation solutions. The Company provides language translation services and technology solutions to companies located throughout the world, particularly in the technology, consumer products, medical and life sciences, financial services, manufacturing and retail industries. The Company’s customers use its solutions to translate sales and marketing materials, packaging, user manuals, technical support and training documents, product manuals, instructions, warnings and other product information into various languages. The Transplicity platform not only incorporates modernized technological capabilities, but also provides a personalizable user interface. SiteSync is a technology component that automates global Website translation and ongoing management. Its services also include machine translation solutions, multilingual search engine optimization, linguistic quality assessment, internationalization assessments and interpretation. Sajan, Inc. (NASDAQ:SAJA) Recent Trading Information
Sajan, Inc. (NASDAQ:SAJA) closed its last trading session up +0.07 at 3.60 with 4,790 shares trading hands.
