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OPTR > SEC Filings for OPTR > Form 8-K on 19-Dec-2011All Recent SEC Filings




Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On December 15, 2011, we entered into a Lease Agreement (the "Lease") with ARE-SD Region No. 33, LLC for approximately 45,000 square feet of office and laboratory space in San Diego, California. The Lease is intended to replace our existing leases covering an aggregate of approximately 32,000 square feet of office and laboratory space in San Diego. The target commencement date of the Lease is August 1, 2012, and the initial term will expire approximately 10 years after the commencement date. The minimum rent payable by us will be approximately $129,000 per month during the first year of the initial term, with 3% annual increases thereafter. In addition, we have the option to extend the Lease for up to two additional consecutive five-year terms, which would commence upon the expiration of the initial 10-year term. In the event we choose to extend the term of the Lease, the minimum monthly rent payable for any additional term will be determined according to the then-prevailing market rate.

The foregoing summary of the Lease does not purport to be complete and is qualified in its entirety by reference to the Lease, which will be attached as an exhibit to our Annual Report on Form 10-K for the year ending December 31, 2011.

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