UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On April 30, 2020, 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 $17,531,644 due to a mutually agreed upon decision for a flight test site relocation, for a total maximum net value of $157,791,267. Payments regarding the relocation effort will be paid upon the completion of certain milestones and a mutually agreed upon payment schedule. 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.
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 the amendments. The Company intends to seek confidential treatment for certain portions of all amendments entered into under the Design and Development Agreement. The Company will file the amendments as exhibits to its Annual Report on Form 10-K for the year ended April 30, 2020.
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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: May 5, 2020 | By: | /s/ Wahid Nawabi |
| Wahid Nawabi | ||
| President and Chief Executive Officer | ||
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