Cogent leases additional 7,369 sq ft from CEO-owned entity for $162,118 annual rent

COGENT COMMUNICATIONS HOLDINGS, INC.

Leased 7,369 sq ft (4,987 auditorium + 2,382 data center) from Germanium LLC, owned by CEO David Schaeffer.
Annual rent $162,118 ($22/sq ft); cancellable by Cogent without penalty on 60 days' notice.
Audit Committee of Board reviewed and approved the related-party transaction.
Lease effective August 1, 2023; space for training center and colocation/telecom hub.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

COGENT COMMUNICATIONS HOLDINGS, INC. amended Second Amendment to Lease Agreement with Germanium LLC valued at $162,118 of additional fixed annual rent (effective 2023-07-25).

Action: amendment
Agreement: lease
Counterparty: Germanium LLC
Value: $162,118 of additional fixed annual rent
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, Cogent Communications, Inc., a wholly owned subsidiary of Cogent Communications Holdings, Inc. (the “Company”), entered into a Second Amendment to Lease Agreement (the “Amendment”), with Germanium LLC (“Germanium”), an entity owned by the Company’s Chief Executive Officer, David Schaeffer, which amends the Lease Agreement for technical space at 196 Van Buren Street, Herndon, VA (as amended, the “Network Operations Lease”).

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COGENT COMMUNICATIONS HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-084424

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