−Removed: The Company leases its 126,000 square foot facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is wholly-owned by the Company’s former chairman.
−Removed: On January 5, 2017, the lease was renewed extending the expiration to June 30, 2023.
−Removed: The lease extension maintained the rent at a fixed rate of $380,000 per year and it is being accounted for as an operating lease.
+Added: The Company leases its 126,000 square foot facility in Milwaukee, Wisconsin from Koss Holdings, LLC, which is controlled by five equal ownership interests in trusts held by the 5 beneficiaries of the former chairman’s revocable trust.
+Added: On May 24, 2022, the lease was renewed extending the expiration to June 30, 2028 (the “Extended Term”), with a second extension (“Second Extended Term”) to June 30, 2033.
+Added: The lease extension maintains the rent at a fixed rate of $380,000 per year for Extended Term with an increase to $397,000 per year for the Seconded Extended Term.
+Added: The negotiated increase in rent slated for 2028 will be the first increase in rent since 1996.
+Added: The lease is being accounted for as an operating lease.
The Company is responsible for all property maintenance, insurance, taxes, and other normal expenses related to ownership.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.