Exhibit
10.19
English
Summary of the Lease Agreement dated as of March 25, 2010 by and between Benbenishti Engineering Ltd. (the "Landlord")
and Kornit Digital Ltd. (the "Company") (the "Original Lease Agreement"), as amended by an Addendum
dated November 21, 2011 and by an Addendum dated September 16, 2014 (collectively, the "Lease Agreement").
| • | Subject
Matter of the Original Lease Agreement: Unprotected lease of the ground floor in
the Building (as defined in the Original Lease Agreement) and 10 Parking Spaces (the
"Original Premises") that will be used by the company for the purpose
of manufacture and storage of ink products. Premises are located in Kiryat Gat, Israel. |
| o | The
term of the Original Lease Agreement is five (5) years commencing on June 1, 2010 and
ending on May 30, 2015 (the "Original Lease Period"). |
| o | The
Company was given the option to extend the term of the Original Lease Period by a three
(3) years period, ending on May 30, 2018 (the "Extension Period"). This
extension option is subject to the condition that the Company will provide a written
notice, at least 120 days before the end of the Original Lease Period. |
| o | The
term of the of the Original Lease Period is still in effect and, as mentioned above,
expected to expire on May 30, 2015 unless the Company exercises its right to extend the
Original Lease Period. |
| o | On
November 21, 2011, the Company and the Landlord signed an Addendum to the Original Lease
Agreement, in which the company leased additional premises on the first floor of the
Building (also in an unprotected lease) (the "Additional Premises Lease"
and together with the Original Premises, the “Premises”). |
| o | The
term of the Additional Premises Lease was three (3) years, commencing on March 1, 2011
(the "Additional Premises Lease Period"). |
| o | The
Company was given the option to extend the term of the Additional Premises Lease Period
by a two (2) year period, ending on May 30, 2015. The Company subsequently exercised
this option. |
| o | Under
the Original Lease, the Company leased 1,082.5 square meters (gross) (approximately 11,500
square feet) and 10 Parking Spaces. Pursuant to the Original Lease, the property was
leased to the Company in an "AS-IS" condition, except for a 100 square meters
space inside the property that was needed for renovation in order to accommodate it to
office space. |
| o | In
addition, beginning in March 2011, the Company leased the Additional Premises, which
is comprised of 291 square meters (gross) (approximately 3,100 square feet). |
| o | Under
the terms of the Lease Agreement, during the first two (2) years of the Original Lease
Period, the monthly rental fees for the Original Premises were NIS 30 per square meter
plus VAT for the Original Premises and, through November 1, 2013, 26 NIS plus VAT per
square meter for the Additional Premises (the “Basic Rental Fee”). |
| o | From
the period beginning on June 1, 2012 with respect to the Original Premises and the period
beginning November 2, 2013 with respect to the Additional Premises, the |
Basic
Rental Fee increases each year by 2.5% compared to the Basic Rental Fee in the previous year.
| o | In
all cases, rental fees shall be increased (but not decreased) based on changes to the
Israeli Consumer Price Index. |
| o | Under
the Lease Agreement, the Company provided to the Landlord (i) three (3) promissory notes
for NIS 75,000 each;(ii) an unconditional bank
guarantee in the amount of NIS 120,000, index-linked to the Israeli Consumer Price Index,
which is to be valid for fourteen (14) months, and to be extended by the Company to remain
in effect for the duration of the term of lease and for sixty (60) days thereafter;and
(iii) a cash deposit equal to two (2) months’ rental fee. |
| · | Other
Terms under the Lease Agreement: |
| o | The
Company has a right to sub-lease parts of the premises, subject to the Landlord’s
prior written consent (not to be unreasonably withheld), provided that
the Company will remain responsible for fulfilling all of its obligations under the Lease
Agreement. The Company may also transfer its rights to the premises to a substitute tenant
on terms that are no less favorable than the terms of the Lease Agreement and subject
to the Landlord’s prior written consent (not to be unreasonably withheld), provided
that the lease period of the substitute tenant will be shorter or coincide with
the lease period under the Lease Agreement and that the Company will remain responsible
for all of its obligations for the Landlord under this agreement. |
| o | The
landlord has a right to sell or otherwise transfer the property to a third party provided
that the transferee will accept all of the Landlord’s obligations under
the Lease Agreement and that the Company’s rights under the Lease Agreement will
not be affected. |
| o | The
Company agreed to assume responsibility for all fees, municipal or local taxes, utility
payments and other similar fees or expenses; provided that the Landlord
shall bear any and all taxes and fees. |
| o | Each
party has agreed to assume responsibility for any damage, injury or loss (bodily or otherwise)
resulting from any act, omission or negligence on its part and the Company has assumed
all such responsibility relating to its use of the Premises. |