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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 30, 2007
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SPIRE CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Massachusetts 0-12742 04-2457335
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
One Patriots Park, Bedford, Massachusetts 01730-2396
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(Address of Principal Executive Offices) (Zip Code)
(781) 275-6000
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(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On November 30, 2007, Spire Corporation (the "Company") entered into a
Lease Agreement (the "Lease") with SPI-Trust, a Trust of which Roger G. Little,
Chairman of the Board, Chief Executive Officer and President of the Company, is
the sole trustee and principal beneficiary, with respect to 144,230 square feet
of space comprising the entire building in which the Company has occupied space
since December 1, 1985. The term of the Lease commenced on December 1, 2007 and
continues for five (5) years until November 30, 2012. The Company has the right
to extend the term of the Lease for an additional five (5) year period. The
annual rental rate for the first year of the Lease is $12.50 per square foot on
a triple net basis, whereby the tenant is responsible for operating expenses,
taxes and maintenance of the building. The annual rental rate increases on each
anniversary by $0.75 per square foot. If the Company exercises its right to
extend the term of the Lease, the annual rental rate for the first year of the
extended term will be the greater of (a) the rental rate in effect immediately
preceding the commencement of the extended term or (b) the market rate at such
time, and on each anniversary of the commencement of the extended term the
rental rate will increase by $0.75 per square foot. The Company believes that
the terms of the Lease are commercially reasonable.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No. Description
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10(y) Lease Agreement, entered into as of November 30, 2007, by
and between Roger G. Little, Trustee of SPI-Trust, and
Spire Corporation.
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SIGNATURE
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.
SPIRE CORPORATION
Date: December 6, 2007 By: /s/ Christian Dufresne
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Christian Dufresne
Chief Financial Officer and Treasurer
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EXHIBIT INDEX
Exhibit No. Description
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10(y) Lease Agreement, entered into as of November 30, 2007, by and
between Roger G. Little, Trustee of SPI-Trust, and Spire
Corporation.
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