UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement
Effective June 1, 2021, AeroVironment, Inc. (the “Company”) renewed and modified the leases for its 994 Innovators Way and 996 Innovators Way, Simi Valley, CA 93065 facilities. Summary information concerning the modifications and extension of these leases is set forth below.
994 Innovators Way Lease Modification
On June 15, 2021, the Company entered into a Second Amendment to Lease Agreement to its April 21, 2008 lease with Hillside Associates II, LLC, for the 994 Innovators Way, Simi Valley, CA 93065 property, that extended the lease term until November 30, 2027 at the monthly base rent indicated below:
| Period | Base Monthly Rent | |||
| December 1, 2021 – November 30, 2022 | $ | 34,416.00 | ||
| December 1, 2022 – November 30, 2023 | $ | 35,448.00 | ||
| December 1, 2023 – November 30, 2024 | $ | 36,511.00 | ||
| December 1, 2024 – November 30, 2025 | $ | 37,606.00 | ||
| December 1, 2025 – November 30, 2026 | $ | 38,734.00 | ||
| December 1, 2026 – November 30, 2027 | $ | 39,896.00 | ||
996 Innovators Way Lease Modification
On June 15, 2021, the Company entered into a First Amendment to Lease Agreement to its December 12, 2013 lease with Hillside Associates II, LLC, for the 996 Innovators Way, Simi Valley, CA 93065 property, that extended the lease term until November 30, 2027 at the monthly base rent indicated below:
| Period | Base Monthly Rent | |||
| December 1, 2021 – November 30, 2022 | $ | 32,256.00 | ||
| December 1, 2022 – November 30, 2023 | $ | 33,224.00 | ||
| December 1, 2023 – November 30, 2024 | $ | 34,221.00 | ||
| December 1, 2024 – November 30, 2025 | $ | 35,248.00 | ||
| December 1, 2025 – November 30, 2026 | $ | 36,305.00 | ||
| December 1, 2026 – November 30, 2027 | $ | 37,394.00 | ||
Common Terms
The Company has an option to extend each of the lease terms for a single 60-month period by providing written notice not less than nine months’ before the expiration of such lease. During the extension term for such lease, the base rent for the first year will be equal to the then current market rent, but not less than the base rent for the last month for such lease. Rent during the extended term for such lease will increase annually thereafter by 3%. In addition, the Company has the option to terminate each lease, effective upon November 30, 2024 with 12 months’ written notice prior to such early termination date.
The foregoing description of each lease does not purport to be complete and is qualified in its entirety by reference to the complete text of such documents, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended April 30, 2021.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AEROVIRONMENT, INC. | ||
| Date: June 21, 2021 | By: | /s/ Melissa Brown |
| Melissa Brown | ||
| Vice President, General Counsel & Corporate Secretary | ||
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Cover |
Jun. 15, 2021 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jun. 15, 2021 |
| Entity File Number | 001-33261 |
| Entity Registrant Name | AEROVIRONMENT, INC. |
| Entity Central Index Key | 0001368622 |
| Entity Tax Identification Number | 95-2705790 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 241 18TH STREET SOUTH |
| Entity Address, Address Line Two | SUITE 415 |
| Entity Address, City or Town | ARLINGTON |
| Entity Address, State or Province | VA |
| Entity Address, Postal Zip Code | 22202 |
| City Area Code | 805 |
| Local Phone Number | 581-2187 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.0001 par value |
| Trading Symbol | AVAV |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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