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| MEAD > SEC Filings for MEAD > Form 8-K on 12-Feb-2009 | All Recent SEC Filings |
12-Feb-2009
Entry into a Material Definitive Agreement, Termination of a Material Defi
On February 10, 2009, Meade Instruments Corp. (the "Company") entered into a Lease Surrender and Termination Agreement (the "Termination Agreement") with The Irvine Company LLC ("The Irvine Company"), under which the Company was released from its lease obligations at 6001 Oak Canyon, Irvine, CA 92618 as of February 15, 2009 for a buy-out fee of $1.2 million.
Concurrent with the Termination Agreement, on February 10, 2009, the Company issued a Promissory Note to The Irvine Company in the principal amount of $700,000; the note is secured by a letter of credit from the Company's lender in the same amount to act as collateral for the unpaid portion of the $1.2 million buy-out fee.
On February 10, 2009, the Company entered into a Lease Agreement with The Irvine Company, under which the Company leased a new facility effective February 15, 2009. The new facility is located at 27 Hubble, Irvine, CA 92618 and will serve as the Company's headquarters and United States distribution center.
On February 12, 2009, the Company issued the press release attached to this report as Exhibit 99.1 announcing the Termination Agreement.
Pursuant to the Termination Agreement discussed above, on February 10, 2009, the Company and The Irvine Company terminated the Industrial Lease dated as of December 20, 1996 (as amended).
See Item 1.01 above.
Exhibit No. Exhibit Title or Description
10.122 Lease Surrender and Termination Agreement dated as of February 10,
2009 by and among The Irvine Company and Meade Instruments Corp.
10.123 Promissory Note dated as of February 10, 2009 by and among The Irvine
Company and Meade Instruments Corp.
10.124 Lease dated as of February 10, 2009 by and among The Irvine Company
and Meade Instruments Corp.
99.1 Press release dated February 12, 2009, issued by Meade Instruments
Corp.
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