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 June 9, 2020, AeroVironment, Inc. (the “Company”) entered into a Second Amendment to Lease Agreement (the “Second Amendment”), effective May 13, 2020, with Hillside III LLC to amend the existing lease (the “Lease”) for the Company’s 900 Innovators Way (formerly Enchanted Way) facility in Simi Valley, California. The Second Amendment extended the term of the Lease until May 31, 2025 at the monthly base rent indicated in the table below:
| Period | Base Monthly Rent | |
| June 1, 2020 – May 31, 2021 | $64,272 | |
| June 1, 2021 – May 31, 2022 | $66,200 | |
| June 1, 2022 – May 31, 2023 | $68,186 | |
| June 1, 2023 – May 31, 2024 | $70,232 | |
| June 1, 2024 – May 31, 2025 | $72,339 |
The base rent indicated in the table above will be abated by fifty percent (50%) in months 12, 13, 24 and 25 of the renewal term of the Lease. The Company also has the ability to terminate the Lease early on or after May 31, 2023 by providing 120 days’ prior notice to the landlord, subject to the Company’s meeting certain conditions specified in the Second Amendment.
The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of such document, which will be filed as an exhibit to the Company’s 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: June 12, 2020 | By: | /s/ Wahid Nawabi |
| Wahid Nawabi | ||
| President and Chief Executive Officer | ||
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