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MODN > SEC Filings for MODN > Form 8-K on 16-May-2014All Recent SEC Filings

Show all filings for MODEL N, INC.

Form 8-K for MODEL N, INC.


Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligati

Item 1.01. Entry into a Material Definitive Agreement

On May 12, 2014, Model N, Inc. entered into a sublease agreement with Openwave Mobility, Inc. and Openwave Messaging, Inc. to lease office space in the building located at 1600 Seaport Boulevard (4th Floor) in Redwood City, California. The sublease agreement covers approximately 34,621 square feet of office space. Model N intends to relocate its corporate headquarters and to vacate its current corporate headquarters located at 1800 Bridge Parkway, Redwood City, California.

The term of the sublease agreement will begin on July 1, 2014 and end on December 26, 2017. Monthly base rent payments of $103,863 are due beginning on the fourth month after the commencement date, and will increase to $107,325, $110,787 and $114,249 per month beginning on the 13th, 25th and 37th months, respectively, after the commencement date. In addition, Model N initially expects common area and maintenance pass-through charges, including real estate taxes, to be approximately $1.42 per square foot per month.

The foregoing is a summary description of certain terms of the sublease agreement and is qualified in its entirety by the text of the sublease agreement. A copy of the sublease agreement will be filed with the Securities and Exchange Commission as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2014.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The discussion appearing above under Item 1.01 is hereby incorporated by reference in response to this Item 2.03.

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