Learning Tree International, Inc. (OTCMKTS:LTRE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
On October 13, 2017, Learning Tree International USA, Inc. (“Learning Tree USA”), a subsidiary of Learning Tree International, Inc. (“Learning Tree” or the “Company”) and MACH I AREP CARLYLE CENTER LLC (“Landlord”) fully executed the Third Amendment to Deed of Lease effective back to September 29, 2017 for its Education Center located in Alexandria, Virginia (the “Third Amendment”). A summary of the key provisions of the Third Amendment is as follows:
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The amount of square footage leased for the Alexandria Education Center was been reduced from 14,037 square feet to 8,060 square feet; |
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The lease term was extended to December 31, 2022, provided, however, that Learning Tree USA has the option to early terminate the lease as of November 30, 2019 with the payment of one month’s lease cost; |
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The base rental rate was adjusted to $38 per square foot, which amount will escalate at a rate of 3% per year over the remaining term. |
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A rent abatement of four months was provided by the landlord to Learning Tree USA, which abatement will be reduced to two months if the early termination option is exercised. |
With the reduction in square footage, the Alexandria Education center will be reduced from the current seven classrooms to five smaller classrooms with a minimal amount of renovation work. The foregoing summary of the Third Amendment is qualified in its entirety by the full text of the Third Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
ExhibitNo.
LEARNING TREE INTERNATIONAL, INC. Exhibit…To view the full exhibit click here
About Learning Tree International, Inc. (OTCMKTS:LTRE)
Learning Tree International, Inc. is a vendor-independent provider to business and government organizations for the training and education of their information technology (IT) professionals and managers. The Company’s segments include the United States, Canada, the United Kingdom, Sweden and Japan. It offers a library of intensive instructor-led courses from one to five days in length, which consist of approximately 340 different course titles representing approximately 4,500 hours of training, including approximately 120 multi-day IT course titles, approximately 70 multi-day management course titles and approximately 150 one-day boot camp course titles. Its courses provide education and training across a range of technical and management disciplines, including operating systems, databases, computer networks, computer and network security, Web development, programming languages, software engineering, open source applications, business skills, leadership and professional development.
