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DYSL > SEC Filings for DYSL > Form 8-K/A on 14-Dec-2012All Recent SEC Filings

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Form 8-K/A for DYNASIL CORP OF AMERICA


14-Dec-2012

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On December 6, 2012, Dynasil Corporation of America ("Dynasil" or the "Company"), through its wholly-owned subsidiaries, RMD Instruments Corp. ("RMD Instruments") and Radiation Monitoring Devices, Inc. ("Radiation Monitoring Devices") (RMD Instruments and Radiation Monitoring Devices are collectively referred to as "Lessee"), entered into an Omnibus Amendment to Leases (the "Amendment") to two previously disclosed Standard Form Commercial Leases, dated June 30, 2008 (the "Original Leases"), with Charles River Realty, d/b/a Bachrach, Inc. ("Lessor"), an entity affiliated with Dr. Gerald Entine. Dr. Entine is the former President of Radiation Monitoring Devices, a former member of the Board of Directors of the Company and the beneficial owner of approximately 23.2% of the Company's common stock.

The Original Leases were scheduled to expire June 30, 2013. The Amendment modifies the term of the Original Leases to become month-to- month tenancies and will continue until terminated by either the Lessor or the Lessee. Such month-to-month tenancies may be terminated by Lessor upon not less than three years' prior written notice to Lessee and may be terminated by Lessee upon not less than six months' prior written notice to Lessor. Additionally, the Amendment confirms the prior increase of the square footage leased by Radiation Monitoring Devices from 30,100 to 33,000 square feet. As per the Amendment, the monthly base rent applicable to RMD Instruments is set at the current rate of $14,938 and the monthly base rent applicable to Radiation Monitoring Devices is set at the current rate of $58,935, with both amounts subject to the annual 4% increase specified in the Original Leases. The date of the annual increase remains July 1.

The foregoing description of the Amendment is a summary and is qualified by reference to the actual Amendment, as filed as Exhibit 10.1 to the 8- K filed on December 12, 2012.

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