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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.02 Termination of a Material Definitive Agreement.
On May 22, 2024, Getaround, Inc. (the “Company”) entered into a termination of lease agreement (the “Termination Agreement”) with Green Front LLC (the “Landlord”) pursuant to which the parties agreed to terminate, as of June 1, 2024 (the “Termination Date”), that certain Lease Agreement dated October 1, 2018, as amended (collectively, and as amended, the “Lease”), by and between the Landlord and the Company, pursuant to which the Company leased the entirety of the premises located at 55 Green Street, San Francisco, CA 94111 (the "Premises").
As consideration for the Landlord’s agreement to release the Company, the Company paid the Landlord a termination fee in the amount of $2.1 million comprised of (a) a cash payment of $1 million, and (b) a promissory note issued to the Landlord in the amount of $1.1 million, payable in 24 equal monthly installments of $45,833.33 starting on June 1, 2024 (the "Note"). The Company also remitted to the Landlord $81,880 in sublease rent previously collected by the Company with respect to subleased portions of the Premises.
Other than the Note, the Company has no further obligations to the Landlord pursuant to the Lease which arise or accrue from and after the Termination Date.
The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q to be filed with the SEC for the fiscal quarter ending June 30, 2024.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.02 of this report is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description |
104 |
Cover Page Interactive Data File (embedded with the Inline XBRL document) |
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.
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GETAROUND, INC. |
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Date: |
June 7, 2024 |
By: |
/s/ SPENCER JACKSON |
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Spencer Jackson |