SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 1.01 Entry into a Material Definitive Agreement.
On December 2, 2019, AeroVironment, Inc. (the “Company”) entered into an amendment to the Design and Development Agreement (the “Amendment”) with HAPSMobile, Inc. Under the Amendment, the maximum net value of the Design and Development Agreement increased by $14,557,250, for a total maximum net value of $140,259,623. The total maximum net value excludes approximately $6.0 million of consideration paid to the Company by SoftBank Corp. under preliminary design agreements related to the program. Additionally, payments related to milestones 5-7 are now due no later than April 15, 2020.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of such agreement. The Company intends to seek confidential treatment for certain portions of the Amendment and the Company will file the Amendment as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending January 25, 2020.
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.
|Date: December 3, 2019||By:||/s/ Wahid Nawabi|
|President and Chief Executive Officer|