Quarterly report pursuant to Section 13 or 15(d)

Note 18 - Subsequent Event

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Note 18 - Subsequent Event
9 Months Ended
Jan. 01, 2017
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
18
.   
SUBSEQUENT EVENT
 
On
January
9,
2017,
Exar negotiated a Sublease (the “Sublease”) with CSR Technology (the “Sublandlord”) with respect to our new headquarter facilities, which will be located at
1060
Rincon Circle, San Jose, California
95131.
Under the terms of the Sublease, Exar is leasing an entire building of approximately
65,223
square 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
first
rent payment or (v) the earlier of (A) the date Exar commences business operations in the premises or (B)
September
1,
2017
(the “Commencement Date”). Either Exar or the Sublandlord can terminate the Sublease if the Landlord’s consent is not obtained within
30
days of the execution of the Sublease. The Sublandlord and Exar received consent from the Landlord to commence the Sublease on
February
2,
2017.
Exar intends to formally relocate its headquarter offices on or about
July
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
$90,000
per month in lease payments. We do not have an option to renew, extend or cancel the term of the Sublease.