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ECHO THERAPEUTICS : Termination of a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

07/20/2015 | 01:27pm US/Eastern
Item 1.02           Termination of a Material Definitive Agreement.

In conjunction with new management's restructuring efforts and attempts to reduce unnecessary costs, on July 17, 2015, we entered into a Lease Termination Agreement (the "Termination Agreement") with Exeter 10 Forge Park, LLC, landlord, whereby we paid our landlord a fee of $150,000 to terminate our research facility lease for approximately 37,050 square feet of space in Franklin, Massachusetts. Pursuant to the Termination Agreement, the lease termination is effective as of May 31, 2015. Such lease was to expire in October 2017. We moved our research facility to Littleton, Massachusetts on July 3, 2015 where we occupy 10,132 square feet at an average monthly base rent of $11,470 over the lease term. Management estimates this relocation will save us an aggregate of approximately $750,000.

The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01           Financial Statements and Exhibits

(d) Exhibits.

  10.1. Lease Termination Agreement, dated July 17, 2015, between Exeter 10 Forge
        Park, LLC and Echo Therapeutics, Inc.


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