Item 1.01 Entry into a Material Definitive Agreement
On November 24, 2021, Xenon Pharmaceuticals Inc. (the "Company") entered into a
Lease Agreement (the "Lease") with Redstone Enterprises Ltd. pursuant to which
the Company will lease approximately 53,023 square feet of rentable office and
laboratory space (the "Leased Premises") in the building located at 3650 Gilmore
Way, Burnaby, British Columbia, Canada (the "Property"), the Company's
headquarters.
The term of the Lease commences on July 1, 2022 and expires on June 30, 2032.
The Company has the right of early surrender subject to customary conditions and
notice requirements as set forth in the Lease. In addition, the Company has the
option to extend the term of the Lease for up to two additional five-year
periods for the whole Leased Premises or certain portions of the Leased Premises
as set forth in the Lease. The Company will pay an escalating base rent over the
term of the Lease ranging from CAD $92,790 to $128,139 per month, as set forth
in the Lease and a pro rata portion of taxes and operating expenses for the
Property.
The foregoing description of the Lease is not complete and is qualified in its
entirety by reference to the full text of the Lease, a copy of which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference
herein.
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 above in Item 1.01 of this Current Report on
Form 8-K regarding the Lease is incorporated into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number Description
10.1 Lease Agreement, dated as of November 24, 2021, by and between
the Company and Redstone Enterprises Ltd.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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