Form 8-K for ZONED PROPERTIES, INC.
25-Aug-2016
Entry into a Material Definitive Agreement, Regulation FD Disclosure, Fina
Item 1.01. Entry into a Material Definitive Agreement.On August 23, 2016, Zoned Properties, Inc. (the “Company”) entered into a second amendment to commercial lease (the “Amendment”) with C3C3 Group, LLC (“C3C3”) and Alan Abrams, effective September 1, 2016. Pursuant to the terms of the Amendment, the leased property was expanded from 5,000 square feet to 15,000 square feet and the monthly rental rate was increased, such that the monthly rent for the premises will be as follows:
C3C3 is owned by Mr. Abrams, a significant stockholder of the Company. Christopher Carra, a significant stockholder of the Company, is president of C3C3.
Months 1-12 - $ 13,500.00
Months 13-18 - $ 13,500.00
Months 19-24 - $ 25,500.00
Months 25-36 - $ 49,500.00
Months 37-48 - $ 52,500.00
Months 49-60 - $ 55,125.00
Months 61-72 - $ 57,881.25
Months 73-84 - $ 60,775.31
Months 85-96 - $ 63,814.08
Months 97-108 - $ 67,004.78
Months 109-120 - $ 67,004.78
Months 121-132 - $ 67,004.78
Months 133-144 - $ 67,004.78
Months 145-156 - $ 67,004.78
Months 157-168 - $ 67,004.78
Months 169-180 - $ 67,004.78
Months 181-192 - $ 67,004.78
Months 193-204 - $ 67,004.78
Months 205-216 - $ 67,004.78
Months 217-228 - $ 67,004.78
Months 229-240 - $ 67,004.78
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The foregoing description of the Amendment is not a complete description of all of the parties’ rights and obligations under the Amendment and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this current report on Form 8-K and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.On August 25, 2016, the Company issued a press release regarding certain business updates, including entry into the Amendment. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in the website is not a part of this current report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.The exhibits listed in the following Exhibit Index are furnished as part of this current report on Form 8-K.
Exhibit No. Description
10.1 Second Amendment to Commercial Lease by and between Zoned Properties, Inc., C3C3 Group, LLC and Alan Abrams.
99.1 Press release of Zoned Properties, Inc. dated August 25, 2016.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
