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BLGO > SEC Filings for BLGO > Form 8-K on 2-May-2013All Recent SEC Filings

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Form 8-K for BIOLARGO, INC.


Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

On April 26, 2013, the Registrant entered into a commercial lease agreement for its primary corporate office and warehouse space. The leased premises are located at 3500 W. Garry Avenue, Santa Ana, California 92704, and consist of approximately 4,500 square feet of office space, and 1,500 square feet of warehouse space. The commercial lease agreement requires a lease fee of $3,575 per month, which may be paid in cash or by the issuance of the Registrant's common stock, calculated on the following formula: the amount due, divided by the average closing price of the Registrant's common stock for the 20 business days prior to the due date. The lease fee is due in advance each month.

The lease agreement also requires a security deposit equal to one month's rent, and three month's advance rent, paid by the issuance of 53,572 shares of common stock within 30 days of execution of the agreement. The lease commences on May 1, 2013, and continues on a month-to-month basis. Either party may terminate the lease agreement upon 90 days' notice. The lease agreement contains other provisions typical of a standard commercial real estate lease agreement.

The Registrant is terminating its current office lease, and will no longer maintain an office at 16150 Heron Avenue, La Mirada, California.

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