Item 1.01. Entry into a Material Definitive Agreement.
On
The Lease Agreement will terminate on the date that is five days following the date that the Landlord notifies the Company that the Landlord has executed a lease agreement for the Office Space with a new third-party tenant (the "Termination Date"). Notwithstanding the foregoing, Landlord has the right to terminate the Termination Agreement at any time prior to the Termination Date. In the event that the Termination Date does not occur on or prior to the date that is 30 days following the Effective Date or the Landlord elects to terminate the Termination Agreement in accordance with the prior sentence, then the Termination Agreement shall be deemed automatically null and void.
Subject to the Termination Date occurring, the termination of the Lease Agreement is intended to reduce the Company's operating expenses while the Company continues its previously announced comprehensive assessment of its strategic options to maximize stockholder value.
The foregoing description of the Termination Agreement is qualified by reference to Termination Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.02 of this Current Report on Form 8-K by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description 10.1 Second Amendment and Termination of Office Lease Agreement, effectiveJuly 21, 2022 , between the Registrant and Columbia REIT - 116Huntington, LLC Cover Page Interactive Data File (embedded within the Inline XBRL 104 document)
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