SCIENTIFIC LEARNING SIGNS NEW OFFICE LEASE IN OAKLAND, CALIFORNIA.
Sep 04, 2015
OTC Disclosure News Service
Oakland, CA
–
SCIENTIFIC LEARNING SIGNS NEW
OFFICE LEASE IN OAKLAND, CALIFORNIA.
Section
1.01
ENTRY INTO
A MATERIAL DEFINITIVE AGREEMENT
On September 1, 2015, Scientific Learning Corp. (the
“Company”) entered into an agreement (the “Lease”) with DIVCO Realty
West Services Inc. (the “Landlord”) to lease approximately 7,226 square feet of
office space located at 1956 Webster Street, Oakland, California for its
corporate headquarters. The term of the lease agreement is for 63 months
from the lease commencement, which is expected to begin in December 2015, with
the option to renew for one additional 60 month term subject to certain
conditions. The lease provides for total rental payments of approximately $1.3
million over its 63 month year term. The Company is also obligated to pay as
additional rent for certain tenant improvements and its proportionate share of
Landlord’s incremental operating expenses over the base year. The Lease
requires the Company to deliver to the Landlord a security deposit of $100,000,
which is subject to a reduction after the second year of payments. The
lease contains customary default provisions allowing the Landlord to terminate
the lease if the Company fails to remedy a breach of any of its obligations
under the lease within specified time periods, or upon the bankruptcy or
insolvency of the Company. The company’s existing lease for 14,100 square
feet at 300 Frank H. Ogawa Plaza, Oakland, California terminates on December
31, 2015. In conjunction with the commencement of this new lease, the company
expects to incur incremental moving and equipment costs. The relocation
is expected to be substantially completed by March 2016.
sECTION 2.0
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The
information set forth under Item 1.01 of this Disclosure Report with
respect to the Lease is incorporated herein by reference.
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