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Subsequent Event
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Event

Note 12. Subsequent event

 

In April 2021, the Company entered into a lease amendment that modifies rent schedules for its existing operating leases in Hayward, California, extends the terms of those leases, and adds 14,460 square feet of additional space in Hayward in a new operating lease expected to commence in 2022. Any extension periods defined under previous amendments are cancelled under the lease amendment and replaced by two options to extend the lease term for the entire Hayward premises for a period of eight years each. The amended leases will end at the same time as the Company’s lease of its building in Brisbane, expected to be no earlier than December 2031. The lease amendment includes approximately $43 million in additional undiscounted future minimum lease payments throughout the expected term and provides additional tenant improvement allowances totaling $5.8 million with options to increase the allowance by $10.9 million.

 

The lease amendment requires an additional $1.0 million in collateral for the operating leases in Hayward. In accordance with this requirement, the Company issued an additional $1.0 million letter of credit in April 2021.