SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) Files An 8-K Entry into a Material Definitive Agreement

SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01.

Entry into a Material Definitive Agreement
On May 26, 2017, SIGA Technologies, Inc., a Delaware corporation
(the Company), and MacAndrews Forbes Incorporated, a Delaware
corporation and a shareholder of the Company (the Landlord),
entered into a Office Lease (the Lease), to which the Company has
agreed to lease a portion of the fifth floor at 27 East
62nd Street, New York, New York 10065 (the Leased
Property). The Lease is subject and subordinate to the lease
currently in effect for the building between the Landlord and RE
Holdings One LLC.
The Leased Property is 3,200 square feet. The Company intends to
utilize the Leased Property as its new corporate headquarters and
seek a subtenant for the leased space currently used as its
corporate headquarters.
The Lease has a term of ten (10) years (the Term). The Companys
rental obligations consist of a fixed rent of approximately
$25,333 per month in the first sixty-three (63) months of the
Term, subject to a rent abatement for the first six (6) months of
the Term, and an additional abatement of up to three (3) months
to the extent the Companys current headquarters have not then
been subleased. From the first day of the sixty-fourth (64) month
of the Term through the expiration or earlier termination of the
lease, the Companys rental obligations consist of a fixed rent of
approximately $29,333 per month.
In addition to the fixed rent, the Company will pay a facility
fee in consideration of the Landlord making available certain
ancillary services, commencing on the first anniversary of entry
into the Lease. The facility fee will be $3,333 per month for the
second year of the Term, and increase by five (5) percent each
year thereafter, to $4,925 per month in the final year of the
Term.
The Landlord may terminate the Lease upon six (6) months written
termination notice, in which event the Landlord will pay to the
Company a sum equal to the lesser of (i) one (1) year of
then-current fixed rent, or (ii) the fixed rent remaining in the
Term. The Company is not permitted to sublease the Leased
Property without the Landlords consent, which may be withheld in
the Landlords sole discretion.
The Lease contains customary default provisions allowing the
Landlord to terminate the Lease if the Company fails to remedy a
breach of any of its obligations within specified time periods or
upon the bankruptcy or insolvency of the Company.
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 which is
attached hereto as Exhibit 10.1 to this Current Report on Form
8-K.
Item 2.03.
Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The information under Item 1.01 is incorporated herein by
reference.
Item 9.01.
Financial Statements and Exhibits
(d) The following exhibit is included in this report:
Exhibit No.
Description
10.1
Office Lease, dated as of May 26, 2017, between SIGA
Technologies, Inc. and MacAndrews Forbes Incorporated
(certain exhibits to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(b)(2). The Company
agrees to furnish supplementally a copy of all omitted
exhibits to the Securities and Exchange Commission upon its
request).


About SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA)

SIGA Technologies, Inc. (SIGA) is engaged in the development and commercialization of solutions for various unmet medical needs and biothreats. The Company’s lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. Tecovirimat is a small-molecule drug delivered to the Strategic Stockpile under the Project BioShield Act of 2004 (Project BioShield). Tecovirimat is not approved by the United States Food and Drug Administration (FDA) as a treatment of smallpox or any other indication. Tecovirimat has Orphan Drug designation for both the treatment and prevention of smallpox, and the treatment of orthopoxvirus infections (vaccinia, variola, monkeypox and cowpox). The Company uses contract manufacturing organizations (CMOs) to procure commercial raw materials and supplies, and to manufacture Tecovirimat. The Company also has a lead pre-clinical drug candidate with activity against approximately four serotypes of the dengue virus.

SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) Recent Trading Information

SIGA TECHNOLOGIES, INC. (OTCMKTS:SIGA) closed its last trading session up +0.14 at 3.49 with shares trading hands.

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