APPLIED GENETIC TECHNOLOGIES CORP: Entry into Material Definitive Agreement, Financial Statements and Exhibits (Form 8-K)

Section 1.01 Entry into Material Definitive Agreement.

On May 3, 2022the Company entered into a first amendment to the lease (the “amendment”) with Alachua Park Holding Company II Foundation, LLC (the “Owner”) in order to modify certain conditions of the non-cancellable emphyteutic lease, dated May 13, 2021 (the “Lease”), for a one-story custom-built facility of approximately 21,250 square feet in Alachua, Florida (the “Premises”) for office, research and development, laboratory, manufacturing, and manufacturing and distribution of light pharmaceutical and medical systems. In accordance with the Amendment, the Company and the Owner have finalized the architectural plans and specifications for the development and construction of the Premises and have agreed that the budget for the development work will be approximately $10.9 million. The parties have also agreed in the Amendment that the Lessor’s contribution to the fit-up works of the tenants will increase from
$6.0 million for $8.0 millionand the Corporation’s contribution to the development work will be approximately $2.9 millionamount which the Company will pay into an escrow account no later than 30 days after the date of the Amendment or, if no escrow account is established within 30 days, 5 days after the parties have established an escrow account.

The term of the Lease, as amended, will commence upon substantial completion of the Premises, including tenant fit-up work, which is still expected to be completed during the second half of calendar year 2022 (the “Starting Date”). “), and the start date of the rent will be simultaneous with the start date. The original term of the lease will be extended by the Amendment from 20 years to 20 years and 1 month after the Commencement Date (the “Term”). In return for increasing the landlord’s contribution to the tenant’s fit-up work, the amendment increases the annual base rent that the company will pay over the term of the lease, so that the annual base rent will be as indicated below.

Lease Months
1                                                                       $                 -
2-7                                                                     $            743,750
8-19                                                                    $          1,336,625

The base rent will increase each rental year (12 month period) thereafter from month 20 for the remainder of the term as described in the amendment.

The Amendment also includes customary representations, warranties and covenants. All other terms of the lease remain unchanged.

The foregoing description of the Amendment is a summary only and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference in present.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits

Exhibit No.                                 Description

1.1               First Amendment to Lease, dated as of May 3, 2022, by and between
                Applied Genetic Technologies Corporation and Alachua Foundation
                Park Holding Company II, LLC.

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL


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