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JOEZ > SEC Filings for JOEZ > Form 8-K on 28-Aug-2013All Recent SEC Filings

Show all filings for JOE'S JEANS INC.

Form 8-K for JOE'S JEANS INC.


28-Aug-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement

Lease Agreement with Mass Transit Properties LLC

On November 22, 2010, Joe's Jeans Inc. (the "Company") entered into a gross lease agreement with Mass Transit Properties, LLC, ("Mass Transit") to lease office and warehouse space at its current corporate offices at 2340 S. Eastern Avenue, Commerce, California 90040 commencing on January 1, 2011 (the "Lease Agreement"). In connection with the Lease Agreement, the Company leases approximately 89,000 square feet from Mass Transit which serves as the Company's corporate headquarters and distribution center.

On August 23, 2013, the Company and Mass Transit entered into the First Amendment to Gross Lease Agreement (the "First Amendment") pursuant to which the Company exercised its extension option and extended the Lease Agreement until December 31, 2018 for its corporate headquarters and distribution center. Under the First Amendment, the Company will pay to Mass Transit gross monthly rent in the amount of $43,722.70 for calendar year 2014 with annual 3 percent increases thereafter. In addition, commencing January 1, 2015 and thereafter, the Company will pay to Mass Transit its pro rata portion of increases in the property taxes and insurance costs. The Lease Agreement and First Amendment each contain other customary terms and conditions related to the lease and condition of the premises, including a provision for a refund of the security deposit.

The foregoing descriptions of the First Amendment and Lease Agreement do not purport to be complete and are subject to, and qualified, in their entirety by, the full text of the First Amendment, which is attached hereto as Exhibit 10.1, and the Lease Agreement, which was originally filed as Exhibit 10.27 to the Annual Report on Form 10-K for the year ended November 30, 2010 filed on February 10, 2011 each of which is incorporated herein by reference.



ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit
Number                                 Description

10.1      First Amendment to Gross Lease Agreement by and between Mass Transit
          Properties, LLC and Joe's Jeans Inc. dated August 23, 2013 (filed
          herewith)

10.2      Gross Lease Agreement by and between Mass Transit Properties, LLC and
          Joe's Jeans Inc. dated November 22, 2010 (incorporated by reference to
          the Annual Report on Form 10-K for the year ended November 30, 2010
          filed on February 10, 2011)


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