Item 1.01 Entry into a Material Definitive Agreement.
On
The term of the Lease is currently estimated to commence in the second half of 2024, when construction of the Premises has been completed (the "Lease Commencement Date"). Upon the Lease Commencement Date, the Lease will have an initial term of 15 years and four months (the "Initial Term"). The Company has two options (each, an "Option Term") to extend the term of the Lease, for either five years or ten years, on the same terms, covenants and conditions, except that the minimum rent during an Option Term shall equal 95% of fair market rent. Each Option Term may be elected at the Company's option with notice at least 9 months prior to the end of the Initial Term or the current option period (if applicable).
The Company's obligation to pay base rent will begin four months following the
Lease Commencement Date (the "Rent Commencement Date"). The aggregate base rent
due over the Initial Term is approximately
The Company has the right to expand the Premises by not greater than 20,000 rentable square feet upon notice to the Landlord. If the Landlord receives notice of such expansion within five years of the expiration of the Initial Term, then the Term will be extended by five years.
The foregoing description of the Lease does not purport to be complete and is
subject to, and qualified in its entirety by reference to, the full text of the
Lease, which will be filed as an exhibit to the Company's Annual Report on Form
10-K for the fiscal year ended
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference herein.
Item 8.01 Other Events.
On
Cautionary Note on Forward-Looking Statements
This report and the accompanying press release contain forward-looking
statements, including, but not limited to, statements related to the Lease
Commencement Date and completion of construction of the Premises. These
forward-looking statements are based on the Company's current expectations and
inherently involve significant risks and uncertainties. The Company's actual
results and the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of these risks and uncertainties,
which include, without limitation, risks, uncertainties and contingencies
related to the construction of the Premises. A further description of the risks
and uncertainties relating to the business of the Company is contained in the
Company's most recent annual report on Form 10-K and the Company's quarterly
reports on Form 10-Q, as well as any amendments thereto reflected in subsequent
filings with the
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. -------------------------------------------------------------------------------- Exhibit No. Description 99.1 Press Release ofEyePoint Pharmaceuticals, Inc. datedJanuary 23, 2023 104 Cover Page Interactive Data File (embedded within the inline XBRL document)
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