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OPHT > SEC Filings for OPHT > Form 8-K on 10-Jan-2014All Recent SEC Filings

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Form 8-K for OPHTHOTECH CORP.


10-Jan-2014

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

On January 7, 2014, Ophthotech Corporation (the "Company") entered into a second amendment of lease (the "Second Lease Amendment") with One Penn Plaza LLC, as landlord, amending the Lease Agreement, dated as of September 30, 2007, between the Company and One Penn Plaza LLC, as previously supplemented by agreement dated March 12, 2013, and amended by the Amendment of Lease, dated as of August 30, 2013 (as so supplemented and amended, the "Lease"). The Second Lease Amendment provides for an expansion of the office space to be made available to the Company under the Lease at One Penn Plaza, New York, NY, by approximately 2,924 square feet, bringing the total office space available under the Lease to approximately 6,923 square feet. The Company intends to use the expanded office space for corporate and commercial functions. The expanded office space will be available to the Company following the completion of construction being performed by the landlord. The Lease expires in 2020, and is subject to an early termination right, which, if exercised, would trigger a termination payment by the Company of approximately $375,000. The Company has agreed to pay aggregate rental fees of approximately $3.5 million over the term of the lease, approximately $1.0 million of which is attributable to the expansion provided for under the Second Lease Amendment. The Company is also liable for taxes, operating expenses and utility and other charges related to the leased premises. The Company has provided the landlord with a letter of credit in an amount of approximately $138,000 to secure the Company's obligations under the Lease.


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