On December 15, 2016, Spotlight Innovation Inc. (the Company) entered into a commercial sublease (the Sublease) with K-4 Enterprises, LLC (K-4). Under the Sublease, the Company subletted from K-4 certain property, consisting of 1,752 net rentable square feet in Urbandale, Iowa, for a term of five years, commencing December 15, 2016, ending December 1, 2021, and automatically continuing on a year-to-year basis thereafter, unless terminated in accordance with the provisions thereof. The Company agreed to pay monthly rent to K-4 under the Sublease of $1,314, which will increase by 2% annually, plus a proportionate share of expenses, which will initially be $800 per month. K-4 is a significant shareholder of the Company. John Krohn is the Managing Member of K4 and in such capacity holds voting and dispositive power over the securities held by such entity. Mr. Krohn holds 50% of the equity ownership interest in K4 and thus is a beneficial owner of 50% of the securities held by K4. Mr. Krohn is also a member of the Companys board of directors.
The foregoing summary of the terms of the Sublease, is subject to, and qualified in its entirety by such document attached hereto as Exhibit10.39, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Sublease between Spotlight Innovation Inc. and K4 Enterprises, LLC dated December 15, 2016.
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.
SPOTLIGHT INNOVATION INC.
Dated: December 19, 2016
/s/ William Pim
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