UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On October 18, 2023, TELA Bio, Inc. (the “Company”) and WPT Land 2 LP (the “Landlord”) entered into a Fourth Amendment to Lease Agreement (the “Fourth Amendment”), amending that certain Lease Agreement, dated January 31, 2013 (as subsequently amended, the “Lease Agreement”) relating to the Company’s corporate headquarters located at 1 Great Valley Parkway, Malvern, Pennsylvania 19355. The Company’s corporate headquarters currently houses its research and development operations, controlled environment room, and office space.
The Fourth Amendment extends the term of the Lease Agreement from May 31, 2028 to May 31, 2030. Pursuant to the Fourth Amendment, the Company has leased an additional 15,881 square feet from the Landlord at the Company’s corporate headquarters commencing on December 1, 2023 (the “Expansion Premises”) and will relinquish 4,652 square feet of non-contiguous space currently subject to the Lease Agreement on June 30, 2025 (the “Relinquished Space”). The Expansion Premises will increase the Company’s total leased square footage in the building from 24,725 square feet to 40,606 square feet, which will be subsequently reduced to 35,954 square feet as of June 30, 2025 following removal of the Relinquished Space.
Beginning on December 1, 2023, the Company will pay a monthly base rent of $49,403.97, which shall increase annually by $0.35 per rentable square foot beginning on June 1, 2024. On July 1, 2025, following the removal of the Relinquished Space, the Company will pay a monthly base rent of $45,841.35, which shall increase annually by $0.35 per rentable square foot beginning on June 1, 2026.
The foregoing summary of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fourth Amendment, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TELA BIO, INC. | ||
| By: | /s/ Antony Koblish | |
| Name: | Antony Koblish | |
| Title: | President, Chief Executive Officer and Director | |
Date: October 20, 2023