Note 18 - Subsequent Event
|9 Months Ended|
Jan. 01, 2017
|Notes to Financial Statements|
|Subsequent Events [Text Block]||
2017,Exar negotiated a Sublease (the “Sublease”) with CSR Technology (the “Sublandlord”) with respect to our new headquarter facilities, which will be located at
1060Rincon Circle, San Jose, California
95131.Under the terms of the Sublease, Exar is leasing an entire building of approximately
65,223square 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
firstrent payment or (v) the earlier of (A) the date Exar commences business operations in the premises or (B)
2017(the “Commencement Date”). Either Exar or the Sublandlord can terminate the Sublease if the Landlord’s consent is not obtained within
30days of the execution of the Sublease. The Sublandlord and Exar received consent from the Landlord to commence the Sublease on
2017.Exar intends to formally relocate its headquarter offices on or about
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
$90,000per month in lease payments. We do not have an option to renew, extend or cancel the term of the Sublease.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.