Item 1.01. Entry into a Material Definitive Agreement.
On October 31, 2022, the Company entered into a fourth amendment (the
"Amendment") to its existing Pittsburgh laboratory lease (the "Lease") for
20,000 leasable square feet of space located at 2515 Liberty Avenue, Pittsburgh,
Pennsylvania with Saddle Lane Realty, LLC (the "Landlord") to exercise the
Company's first option and right to extend the term of the Lease to June 30,
2028. The Lease was entered into on March 31, 2017, and was previously amended
on September 26, 2017, March 15, 2018 and February 22, 2019. Total minimum rent
payments during this extended term equal $550,000 per year. In addition, the
Amendment contains a conditional tenant rent credit clause whereby if the
Company completes certain tenant renovations on or before July 31, 2024 and such
renovations exceed $250,000, the Landlord will provide a tenant improvement
allowance equal to $200,000 to be credited against rent in twenty-four monthly
installments of $8,333 commencing on the month following the date the Company
provides evidence of such tenant improvements. The Amendment also grants the
Company a right of first refusal under certain circumstances to an additional
4,632 leasable square feet of space.
The foregoing summary of the Amendment does not purport to be complete and is
subject to, and qualified in its entirety by, the full text of the Amendment, a
copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The foregoing information regarding the contractual payment obligations of the
Company under the Amendment, as set forth in Item 1.01 of this Current Report on
Form 8-K, is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Fourth Lease Amendment (the "Amendment") by and between Interpace
Biosciences, Inc. and Saddle Lane Realty, LLC, dated as of October 31,
2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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