TELENAV, INC. (NASDAQ:TNAV) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement
On August 10, 2017, Telenav, Inc. (the “Company”) entered into a Lease Agreement dated August 9, 2017 (the “Lease”) with PR II Towers at Great America Owner LLC to lease approximately 54,635 square feet of office and research and development space located at 4655 Great America Parkway, 3rd Floor, in Santa Clara, California 95054 (the “Great America Facility”) for a period of seventy two full calendar months (the “Term”) expected to begin during the month of August 2017 and terminate August 31, 2023. The Lease will not become effective until the United States Bankruptcy Court for the Southern District of New York has entered an order approving the assumption of the lease agreement between Avaya, Inc. (“Avaya”) and the Prudential Insurance Company of American dated August 25, 2011 (the “Master Lease”), including an amendment of the Master Lease under which the Great American Facility is no longer subject to the Master Lease.
The Lease provides for monthly payments of rent during the Term as set forth in the Lease. The Lease also provides that the Company must also pay certain expenses and fees in addition to the base rent.
The foregoing summary of the Lease is qualified in its entirety by reference to the full text of such agreement referenced as Exhibit 10.40 hereto and incorporated by reference herein.
Item 1.02 Termination of a Material Definitive Agreement
On August 9, 2017, the Company entered into a Sublease Termination Agreement with Avaya for the early termination of that certain Sublease dated November 11, 2015 the Great America Facility. The sublease termination is to become effective upon: (a) the Company’s provision of written notice to Avaya that Company has entered into a direct lease for the Great America Facility; (b) the Company having paid all amounts due and payable under the Sublease through the effective date of the direct lease; and (c) the United States Bankruptcy Court for the Southern District of New York having entered into an order approving the assumption of the Master Lease, including an amendment of the Master Lease under which the Great American Facility is no longer subject to the Master Lease.
The foregoing summary of the Sublease Termination Agreement is qualified in its entirety by reference to the full text of such agreement referenced as Exhibit 10.36.1 hereto and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
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Exhibit Number |
Description |
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10.36.1* |
Sublease Termination Agreement, dated as of August 10, 2017, among Avaya, Inc. and Telenav, Inc. |
|
10.40* |
Lease, dated as of August 9, 2017, among PR II Towers at Great America Owner LLC and Telenav, Inc. |
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* To be filed with the Company’s Quarterly Report on Form 10-Q for the three months ending September 30, 2017. |
About TELENAV, INC. (NASDAQ:TNAV)
TeleNav, Inc. (Telenav) is a provider of location-based platform services. The Company’s services consist of its automotive and mobile navigation platform and its advertising delivery platform. The Company operates through three segments: automotive, advertising and mobile navigation. The automotive segment provides its map and navigation platform to auto manufacturers and original equipment manufacturers (OEMs) for distribution with their vehicles. The advertising segment provides interactive mobile advertisements on behalf of its advertising clients to consumers based on the location of the user and other targeting capabilities. The mobile navigation segment provides its map and navigation platform to end users through mobile devices. The Company’s auto and mobile navigation platform allows it to deliver location-based services to auto manufacturers, developers and end users through various distribution channels, including wireless carriers.