SUMMER INFANT,INC. (NASDAQ:SUMR) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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SUMMER INFANT,INC. (NASDAQ:SUMR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On January22, 2018, Summer Infant (USA),Inc. (“Summer USA”), a wholly-owned subsidiary of Summer Infant,Inc. (the “Company”), entered into an amendment (the “Amendment”) to its lease with Faith Realty II, LLC (the “Landlord”) dated March24, 2009 (as further amended on May13, 2015, the “Lease”). The Landlord is a company owned by Jason Macari, a former officer and director of the Company and a holder of more than five percent of the Company’s outstanding common stock.

In accordance with the existing Lease, Summer USA elected to extend the term of the Lease until March31, 2021. In connection with the extension, Summer USA and the Landlord agreed to certain modifications to the Lease as set forth in the Amendment. to the Amendment, (i)the annual rent for the extension term of the Lease was set at $468,000, (ii)Summer USA has no further option to extend the Lease past March31, 2021, (iii)Summer USA no longer has an option to purchase the property subject to the Lease and (iv)the Landlord and Summer USA agreed to certain expenses, repairs and modifications to the property.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed herewith as Exhibit10.1 and is incorporated herein by this reference

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Description

10.1

Second Amendment to Lease, dated January22, 2018, by and between Faith Realty II, LLC and Summer Infant (USA),Inc.

EXHIBITINDEX


Summer Infant, Inc. Exhibit
EX-10.1 2 a18-3815_1ex10d1.htm EX-10.1 Exhibit 10.1   SECOND AMENDMENT TO LEASE   This Second Amendment to Lease (“Second Amendment”) is made this 22nd day of January,…
To view the full exhibit click here

About SUMMER INFANT,INC. (NASDAQ:SUMR)

Summer Infant, Inc. (Summer) is an infant and juvenile products company. The Company creates branded juvenile safety and infant care products (targeted for ages 0 to 3 years) that are focused to deliver a range of parenting solutions to families. It markets over 1,100 products in various product categories, including monitoring, safety, nursery, baby gear and feeding products. Its Anchor products in range product categories include monitoring, such as Wireless Fidelity (Wi-Fi)/Internet, video, audio and prenatal; safety, including gates, bath, potties, boosters, super seats, entertainers and infant massage; nursery, such as swaddle, travel accessories, safe sleep and soothers; baby gear, including strollers, bassinets, high chairs and playards, and feeding products, such as bottles, drinking cups, bibs and placemats, electronics and pacifiers. The Company’s portfolio of brands, under which it markets all of its products, includes Summer Infant, Born Free, SwaddleMe and Kiddopotamus.