BigCommerce Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material definitive Agreement.
In connection with the restructuring and the execution of an early lease termination clause by BigCommerce Holdings, Inc. (the “Company”) with respect to the Company’s corporate headquarters previously announced on November 7, 2024, a wholly owned subsidiary of the Company entered into a sublease agreement (the “Sublease”) with Expedia, Inc., a Washington Corporation (the “Sublessor”), for approximately 65,000 square feet of office space located at 11901 Alterra Parkway, Domain 11, Austin, Texas 78758 (the “Premises”), effective January 3, 2025. The Company plans to relocate its Austin headquarters, which is the Company’s principal executive office, to the Premises. The net rent under the Sublease is approximately $8.3 million over the 6-year term of the Sublease. The Company is responsible for additional expenses, including taxes, and is required to provide a cash security deposit to the Sublessor in the amount of approximately $0.3 million.
Subject to certain customary conditions, the term of the Sublease is expected to commence on October 1, 2025 (the “Commencement Date”), and expires on the earlier of January 31, 2031, or two months prior to such earlier date as the Master Lease (as defined in the Sublease) may otherwise expire or terminate.
The Sublease contains customary provisions allowing the Sublessor to terminate the Sublease if the Company fails to remedy a default of any of its obligations under the Sublease within specified periods or upon the bankruptcy or insolvency of the Company.
The foregoing summary is qualified in its entirety by reference to the Sublease, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit.
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Exhibit No. |
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Description |
10.1 |
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104 |
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Cover page interactive data file (embedded within the inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BigCommerce Holdings, Inc. |
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Date: |
January 10, 2025 |
By: |
/s/ Chuck Cassidy |
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Chuck Cassidy, General Counsel |