IRIDEX CORP 8-K

What Happened

• IRIDEX Corporation announced on March 9, 2026 that it entered a triple-net lease with SFIII Hellyer, LLC and SFIII FOS Hellyer Holding, LLC for new corporate headquarters at 5215 Hellyer Avenue, San Jose. The leased space is approximately 30,784 square feet. The lease term is expected to commence July 1, 2026 (or earlier on occupancy) and runs for 90 months.

Key Details

• Lease date: March 9, 2026; anticipated commencement: July 1, 2026 (or earlier upon occupancy).
• Space: ~30,784 sq ft at 5215 Hellyer Avenue, San Jose.
• Term and options: Initial term of 90 months (7.5 years) with a tenant option to extend 60 months (5 years) at the greater of prior rent or prevailing market rent.
• Rent and costs: Six months of minimum rent abatement after commencement; annual minimum rent ≈ $646,464 in the first full year, ≈ $665,857 in the second full year, then ~3.0% annual increases; tenant responsible for its share of operating expenses, taxes and utilities (triple-net lease).
• Financial reporting: The company reported this as a material definitive agreement (Item 1.01) and noted the lease creates a direct financial obligation (Item 2.03); the full lease is filed as Exhibit 10.1.

Why It Matters

• The lease establishes IRIDEX’s new corporate headquarters and commits the company to a long-term financial obligation that will affect future operating expenses and cash flow. The six-month rent abatement provides near-term relief, while annual rent and triple-net charges (taxes, utilities, operating expenses) will increase fixed and variable occupancy costs over the lease term. Investors should note the location, size, term and rent escalation when assessing IRIDEX’s future overhead and capital allocation.