SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 1.01. Entry into a Material Definitive Agreement.
On May 13, 2021, Silk Road Medical, Inc. (the “Company”) entered into a Lease (the “Lease Agreement”) with ARHC UHPTHMN01, LLC (the “Landlord”).
Pursuant to the Lease Agreement, the Company will lease approximately 63,000 square feet located at 14755 27th Avenue North, Plymouth, MN 55447 (the “Premises”). The Company expects to house office space, distribution, warehouse, and manufacturing space on the Premises. The buildout for the Premises will begin at once, with completion and occupancy scheduled for late November 2021.
The Term of the Lease Agreement is approximately 8.5 years (the “Initial Term”), with the option of two 5-year renewals.
Under the terms of the Lease Agreement, the Company’s initial annual base rent will be approximately $0.8 million and increased on each anniversary of the Lease Commencement Date by two and a half percent (2.5%). The Landlord will also provide an allowance of approximately $1.6 million related to building improvements set forth in the Lease Agreement.
This summary of the Lease Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the Lease Agreement, a copy of which will be filed in the Company’s next quarterly report on Form 10-Q. Capitalized terms used above without definition are defined in the Lease Agreement.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by this Item 2.03 is as set forth in Item 1.01 — Entry into a Material Definitive Agreement above and incorporated by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SILK ROAD MEDICAL, INC.
Date: May 18, 2021
/s/ Erica J. Rogers
Erica J. Rogers
President, Chief Executive Officer and Director