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LTRE > SEC Filings for LTRE > Form 8-K on 16-Nov-2012All Recent SEC Filings

Show all filings for LEARNING TREE INTERNATIONAL INC

Form 8-K for LEARNING TREE INTERNATIONAL INC


16-Nov-2012

Entry into a Material Definitive Agreement, Termination of a Mate


Item 1.01 Entry into a Material Definitive Agreement.

On November 14, 2012, Learning Tree International Limited, a company incorporated under the laws of the United Kingdom (the "Company") entered into four separate lease agreements with Laxton Properties Limited (the "Landlord"), and Learning Tree International, Inc., acting as the guarantor, which are each effective as of November 14, 2012 and together replace the previous lease with the Courtlands Developments Limited (referenced below). The first lease is for the total rentable area of the ground and basement floors at the Company's current location in London ("Euston House") and is for the term of ten years, commencing November 14, 2012 and expiring November 13, 2022. The lease provides for an average annual minimum rent of 468,467.00. This summary is qualified in its entirety by the lease agreement, which is filed as Exhibit 10.1 and incorporated herein by reference.

The second lease is for the total rentable area of the first floor in Euston House and is for the term of ten years, commencing November 14, 2012 and expiring November 13, 2022. The lease provides for an average annual minimum rent of 364,748.00. This summary is qualified in its entirety by the lease agreement, which is filed as Exhibit 10.2 and incorporated herein by reference.

The third lease is for the total rentable area of the second floor in Euston House and is for the term of ten years, commencing November 14, 2012 and expiring November 13, 2022. The lease provides for an average annual minimum rent of 365,560.00. This summary is qualified in its entirety by the lease agreement, which is filed as Exhibit 10.3 and incorporated herein by reference.

The fourth lease is for the rentable area of part of the sixth floor in Euston House. It commences November 14, 2012 and expires August 23, 2014. The lease provides for an average annual minimum rent of 208,488.00. This summary is qualified in its entirety by the lease agreement, which is filed as Exhibit 10.4 and incorporated herein by reference.



Item 1.02 Termination of a Material Definitive Agreement.

On November 14, 2012, the Company and the Landlord entered into a termination, which is effective as of November 14, 2012, of the lease dated March 19, 1999 between Courtlands Developments Limited, the Company and Learning Tree International, Inc. In connection with the termination, the parties entered into the leases described above. This summary is qualified in its entirety by the surrender deed, which is filed as Exhibit 10.5 and incorporated herein by this reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1    Lease between Laxton Properties Limited, Learning Tree International
        Limited, and Learning Tree International, Inc. for the ground and basement
        floors of Euston House.


--------------------------------------------------------------------------------
10.2    Lease between Laxton Properties Limited, Learning Tree International
        Limited, and Learning Tree International, Inc. for the first floor of
        Euston House.

10.3    Lease between Laxton Properties Limited, Learning Tree International
        Limited, and Learning Tree International, Inc. for the second floor of
        Euston House.

10.4    Lease between Laxton Properties Limited, Learning Tree International
        Limited, and Learning Tree International, Inc. for part of the sixth floor
        of Euston House.

10.5    Surrender of a leasehold property between Laxton Properties Limited,
        Learning Tree International Limited, and Learning Tree International, Inc.


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