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ENTR > SEC Filings for ENTR > Form 8-K on 21-Oct-2013All Recent SEC Filings

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Form 8-K for ENTROPIC COMMUNICATIONS INC


21-Oct-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry Into a Material Definitive Agreement.
On October 16, 2013, Entropic Communications, Inc. ("Entropic") and its landlord, Kilroy Realty, L.P. ("Kilroy"), entered into an Amended and Restated Second Amendment to Office Lease, which has an effective date of October 16, 2013 (the "Amendment"). The Amendment amends Entropic's headquarters lease in San Diego, California. Under the amendment, Entropic will substitute its current leased premises at 6290 Sequence Drive for a 132,600 square foot building located at 6350 Sequence Drive. This Amendment supersedes a February 2013 amendment of the lease (the "Prior Amendment") which substituted Entropic's current leased premises for a 130,000 square foot facility located at 6260 Sequence Drive. While the rentable square feet of the two buildings are approximately the same, the new substituted premises at 6350 Sequence Drive are better suited to Entropic's needs than the 6260 Sequence Drive premises. Consequently the company expects to spend less on tenant improvements with the new substituted premises than it would have been required to spend if the Amendment had not been entered into.
Consistent with the Prior Amendment, the term of Entropic's lease, which otherwise would have expired on January 31, 2015, has been extended to January 31, 2022. Entropic will see no increase in its rent costs through January 31, 2015. Thereafter, annual rents will start at approximately $2.9 million and will increase 3% to 4% per year through the end of the term. Entropic expects to move into the new facility in the third quarter of 2014.
A copy of the Amendment will be filed as an exhibit to Entropic's Quarterly Report on Form 10-Q for the quarter ending September 30, 2013.

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