Summary
Monolithic Power Systems, Inc. (MPWR) has filed an 8-K report detailing a material definitive agreement entered into on May 14, 2007. The company has secured a sublease agreement for a property located at 983 University Avenue, Building A, Los Gatos, CA 95032. This agreement was made possible by obtaining the consent of the Master Landlord, Boccardo Corporation. The sublease is with Anchor Bay Technologies and will commence on June 1, 2007, for a term of 21 months. During this period, MPWR anticipates receiving gross payments totaling $0.7 million from Anchor Bay Technologies. This filing provides transparency regarding the company's real estate and contractual arrangements.
Key Highlights
- 1Monolithic Power Systems, Inc. entered into a material definitive agreement on May 14, 2007.
- 2The agreement is a sublease for a property located at 983 University Avenue, Building A, Los Gatos, CA 95032.
- 3Consent for the sublease was obtained from the Master Landlord, Boccardo Corporation.
- 4The sublessee is Anchor Bay Technologies.
- 5The sublease term is 21 months, commencing on June 1, 2007.
- 6MPWR expects to receive gross payments of $0.7 million from this sublease over the term.
- 7The Sublease Agreement is attached as an exhibit to the 8-K filing.
Frequently Asked Questions
This 8-K filing is primarily to report a material definitive agreement, specifically a sublease agreement entered into by Monolithic Power Systems, Inc.
The parties involved are Monolithic Power Systems, Inc. as the sublessor, Anchor Bay Technologies as the sublessee, and Boccardo Corporation as the Master Landlord whose consent was required.
Monolithic Power Systems, Inc. is expected to receive gross payments totaling $0.7 million over the 21-month term of the sublease agreement.
The sublease agreement commences on June 1, 2007, and will be in effect for a period of 21 months.