InVivo Therapeutics Holdings Corp filed SEC Form 8-K: Termination of a Material Definitive Agreement
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Item 1.02 Termination of a Material Definitive Agreement.
On August 29, 2023, InVivo Therapeutics Holding Corp., through its wholly-owned subsidiary InVivo Therapeutics Corporation (together with InVivo Therapeutics Holding Corp., the “Company”), entered into a Lease Termination and Settlement Agreement (the “Settlement Agreement”) with ARE-MA Region No. 59, LLC (the “Landlord”) related to the Company’s headquarters located in Cambridge, Massachusetts (the “Premises”). Pursuant to the Settlement Agreement, the Company and the Landlord agreed to terminate, effective as of September 1, 2023 (the “Lease Termination Date”), that certain Lease Agreement, dated as of May 28, 2021, as amended on November 23, 2021 (the “Lease”). The Settlement Agreement provides that the Company shall surrender the Premises effective as of the Lease Termination Date.
As consideration for Landlord’s agreement to enter into the Settlement Agreement, the Company agreed to pay the Landlord a lease termination fee of $578,932.24. The Company also authorized the Landlord to draw down and retain the full amount of the letter of credit from Silicon Valley Bank entered into in connection with the Lease, in the amount of $100,178.76. The Company will have no further rent obligations to the Landlord pursuant to the Lease after the Lease Termination Date.
The foregoing description of the Lease Termination Agreement is qualified in its entirety by reference to the full text of the Lease Termination Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q to be filed with the SEC for the fiscal quarter ending September 30, 2023.
SIGNATURE
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.
| INVIVO THERAPEUTICS HOLDINGS CORP. | ||
| Date: September 1, 2023 | By: | /s/ Richard Toselli |
| Name: | Richard Toselli | |
| Title: | President and Chief Executive Officer | |