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Item 1.01 Entry into a Material Definitive Agreement.
On November 30, 2021, Prelude Therapeutics Incorporated (the “Company”) entered into a lease agreement (the “Chestnut Run Lease”) with Crisp Partners, LLC (the “Landlord”), with a commencement date of the earlier of (i) the Landlord Work Substantial Completion Date (as such term is defined in the Chestnut Run Lease), or (ii) the date the Company takes possession of the premises for the conduct of the Company’s business (the “Commencement Date”). The Chestnut Run Lease premises includes approximately 81,000 square feet, located at Chestnut Run Plaza, 984 Centre Road, Wilmington, Delaware (the “Premises”). The Premises contains both office and lab space and the Company intends to use the Premises as its headquarters. The Chestnut Run Lease has an initial term of 162 months with 3 five-year extension options and certain expansion rights. The aggregate estimated rent payments due over the initial term of the Chestnut Run Lease is approximately $33.8 million. The Company paid a security deposit in the form of a letter of credit of $4.0 million which may be reduced to $0.5 million over time in accordance with the terms of the Chestnut Run Lease.
The foregoing description of the Chestnut Run Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Chestnut Run Lease, a copy of which will be filed as an exhibit to the Company’s Yearly Report on Form 10-K for the year ending December 31, 2021.
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.
|PRELUDE THERAPEUTICS INCORPORATED|
|Date: December 3, 2021||By:|
|Chief Financial Officer|