This excerpt taken from the ALGN 8-K filed Feb 9, 2005.
(a) Amendment No. 1 to Lease Agreement related to 881 Martin Avenue
On February 4, 2005, Align Technology, Inc. (the Company) and James S. Lindsey (Lessor) entered into Amendment No. 1 (the 881 Amendment) to the Standard Industrial/Commercial Multi-Tenant Lease Agreement dated as of August 30, 2001. Under the terms of the 881 Amendment, the Company will continue to rent, at its Santa Clara, California headquarters, 55,913 square feet for a period of five years ending June 30, 2010 (the Original 881 Term). The base rent per month is as follows:
Commencing July 1, 2005, however, and continuing on the first day of each calendar month thereafter, $10,575 will be deducted from the $1,269,000 security deposit previously paid by the Company to the Lessor and such amount will be applied against the monthly base rent.
Subject to certain conditions, the 881 Amendment provides the Company with an option to extend the term of the lease at the expiration of the Original 881 Term for an additional five year period. The 881 Amendment also contains an option to lease approximately 31,239 square feet of additional space upon the occurrence of certain events (the 801 Option). In the event that the 801 Option is exercised by the Company and the Lessor has tendered possession of the additional space, the base rent shall be increased as follows:
The summary of the 881 Amendment described above is qualified by reference to the 881 Amendment which is attached as exhibit 10.1 hereto and incorporated by reference herein.