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CRAI > SEC Filings for CRAI > Form 8-K on 27-Feb-2014All Recent SEC Filings

Show all filings for CRA INTERNATIONAL, INC.

Form 8-K for CRA INTERNATIONAL, INC.


27-Feb-2014

Entry into a Material Definitive Agreement, Change in Directors or Princi


Item 1.01 Entry into a Material Definitive Agreement.

On February 24, 2014, we entered into a new lease with BP Hancock LLC, as landlord, for the 9th and 10th floors (a total of 57,602 square feet) of the same office building at 200 Clarendon Street, Boston, Massachusetts in which our Boston offices are currently located. The lease's base term will expire ten years from the date that we begin paying fixed rent under the lease and, subject to certain conditions, will be extendible by us for two five-year periods. The annual fixed rent for this office space (which does not include customary operating costs and expenses) will be $42 per square foot, or $2,419,284, for the first year of the lease's base term and will increase at the rate of $1.00 per square foot during the remainder of the lease's base term. The lease gives us a right of first refusal to rent certain additional office space in the office building if it becomes available. The performance of our obligations under the lease is secured by a $1 million letter of credit.

Concurrently with our entering into this new lease, we also entered into an amendment of our existing lease with BP Hancock LLC, as landlord, for the office space we currently rent on the 26th, 31st and 32nd floors of the office building described above, which currently expires on March 31, 2015. Except with respect to 25,099 square feet of office space covered by this lease, the amendment either extends the term of this lease to, or if prior to March 31, 2015 terminates this lease on, the day prior to the date that we begin paying fixed rent under the new lease described above. If the term of our existing lease is extended, the amendment provides that the base rent payable under this lease during the extension period will be $2,419,284 per year.

We currently expect that the term of the new lease will commence, and the relocation of our Boston offices to the 9th and 10th floors of the office building at 200 Clarendon Street, Boston, Massachusetts will occur, sometime in the second quarter of 2015.

Copies of the new lease and the amendment to our existing lease are attached as Exhibit 10.1 and 10.2, respectively, to this current report on Form 8-K and are incorporated herein by reference.



Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 25, 2014, the compensation committee of our board of directors granted our president and chief executive officer, Paul Maleh, a special one-time bonus of 21,748 restricted shares of our common stock, which will vest in four equal annual installments beginning on the first anniversary of the date of grant, in recognition of his exceptional performance during our 2013 fiscal year.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 Number                                    Title

  10.1    Lease dated February 24, 2014 by and between CRA International, Inc. and
          BP Hancock LLC

  10.2    Twentieth Amendment to Lease dated as of February 24, 2014 by and
          between CRA International, Inc. and BP Hancock LLC


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