Note 18 - Subsequent Event

9 Months Ended

Jan. 01, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

18

.   

SUBSEQUENT EVENT

On

January

9,

2017,

Exar negotiated a Sublease (the “Sublease”) with CSR Technology (the “Sublandlord”) with respect to our new headquarter facilities, which will be located at

1060

Rincon Circle, San Jose, California

95131.

Under the terms of the Sublease, Exar is leasing an entire building of approximately

65,223

square feet of office space.

The term of the Sublease commences on the latest to occur of: (i) mutual execution of the Sublease by Exar and the Sublandlord; (ii) receipt of the Landlord’s consent to the Sublease; (iii) the date Exar provides proof of insurance required by the Sublandlord pursuant to the Sublease and the Landlord pursuant to the Master Lease; (iv) the date Exar provides both the security deposit and the

first

rent payment or (v) the earlier of (A) the date Exar commences business operations in the premises or (B)

September

1,

2017

(the “Commencement Date”). Either Exar or the Sublandlord can terminate the Sublease if the Landlord’s consent is not obtained within

30

days of the execution of the Sublease. The Sublandlord and Exar received consent from the Landlord to commence the Sublease on

February

2,

2017.

Exar intends to formally relocate its headquarter offices on or about

July

2017.

The lease term of the Sublease runs through July 2023. Under the terms of the Sublease, upon the Commencement Date, Exar will pay approximately

$90,000

per month in lease payments. We do not have an option to renew, extend or cancel the term of the Sublease.