KVH Industries Enters Material Definitive Agreement

TL;DR

KVH Industries signed a big deal, filing details on Dec 5th.

AI Summary

On December 5, 2024, KVH Industries, Inc. entered into a Material Definitive Agreement. The company also reported other events on this date. The filing was made on December 10, 2024.

Why It Matters

This filing indicates a significant new agreement for KVH Industries, which could impact its business operations and financial performance.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood.

Key Players & Entities

• KVH Industries, Inc. (company) — Registrant
• December 5, 2024 (date) — Date of earliest event reported
• December 10, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.01 — ck Market LLC Common Stock, par value $0.01 per share KVHI (NASDAQ Global Select Ma
• $8.5 million — Knight Capital for a purchase price of $8.5 million. The purchase includes related building
• $25,000 — uring the initial term is approximately $25,000 per month, which would increase to appr
• $44,000 — , which would increase to approximately $44,000 per month during any extension. In ad
• $4.5 million — o the purchaser for a purchase price of $4.5 million. The purchase includes related building
• $10 million — or an aggregate purchase price of up to $10 million. Under the program, the Company, at m

Filing Documents

• kvhi-20241205.htm (8-K) — 28KB
• 0001007587-24-000016.txt ( ) — 149KB
• kvhi-20241205.xsd (EX-101.SCH) — 2KB
• kvhi-20241205_lab.xml (EX-101.LAB) — 21KB
• kvhi-20241205_pre.xml (EX-101.PRE) — 12KB
• kvhi-20241205_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On December 5, 2024, KVH Industries, Inc. (the "Company") entered into a purchase and sale agreement ("75 Purchase Agreement") with Knight Capital LLC ("Knight Capital") pursuant to which the Company agreed to sell its property located at 75 Enterprise Center, Middletown, Rhode Island, to Knight Capital for a purchase price of $8.5 million. The purchase includes related buildings, improvements and other assets. Consummation of the transaction is subject to customary closing conditions. Under the 75 Purchase Agreement, Knight Capital has a period of six months to obtain specified zoning approvals, with up to three 30-day extensions, as well as a 60-day inspection period, subject to potential extension as set forth in the 75 Purchase Agreement. Knight Capital may terminate the 75 Purchase Agreement at any time before the expiration of the inspection period and may also terminate the 75 Purchase Agreement if the specified zoning approvals are denied before the expiration of the zoning approval period. Upon consummation of the sale, the Company will remain in possession of the property as a tenant under a triple-net lease having an initial term of six months, which the Company can extend for up to an additional three months. Rent during the initial term is approximately $25,000 per month, which would increase to approximately $44,000 per month during any extension. In addition, on December 9, 2024, the Company entered into a purchase and sale agreement ("50 Purchase Agreement") with 50 Enterprise LLC, a subsidiary of Seacorp, Inc., pursuant to which the Company agreed to sell its property located at 50 Enterprise Center, Middletown, Rhode Island, to the purchaser for a purchase price of $4.5 million. The purchase includes related buildings, improvements and other assets. Consummation of the transaction is subject to customary closing conditions. Under the 50 Purchase Agreement, the purchaser has a 90-day inspect

01 Other Events

Item 8.01 Other Events On December 9, 2024, the Board of Directors of the Company authorized a share repurchase program pursuant to which the Company may purchase outstanding shares of the Company's common stock for an aggregate purchase price of up to $10 million. Under the program, the Company, at management's discretion, may repurchase shares from time to time through various means, including on the open market, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The Company may elect to make purchases under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, which imposes certain volume limitations, and/or under Rule 10b5-1 under that act, which would permit repurchases to occur during periods when the Company might otherwise be precluded from making purchases under insider trading laws or Company policy. The volume and timing of any such repurchases will depend on a variety of factors, including the availability of shares, price, market conditions, alternative uses of capital, liquidity, general business conditions, satisfaction of debt covenants, and applicable regulatory requirements. The program does not obligate the Company to repurchase any minimum number or dollar amount of shares, and the program may be modified, suspended or terminated at any time without prior notice.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KVH INDUSTRIES, INC. Date: December 10, 2024 By: /s/ Anthony F. Pike Anthony F. Pike Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR