Item 1.01. Entry into a Material Definitive Agreement.
On March 31, 2023, Boonton Electronics Corporations ("Tenant"), a wholly owned
subsidiary of Wireless Telecom Group, Inc., a New Jersey corporation (the
"Company"), and Icon Keystone NJP III Owner Pool 4 NJ, LLC (the "Landlord")
entered into the Sixth Amendment to Lease, effective as of April 1, 2023 ("Sixth
Amendment"), amending that certain lease dated September 26, 1994, as amended
(the "Lease"), to remain at its principal corporate headquarters in Hanover
Township, Parsippany, New Jersey through March 31, 2024. Under the Lease,
Landlord leased to Tenant certain premises consisting of approximately 45,700
rentable square feet. Pursuant to the Sixth Amendment, the term of the Lease was
extended for a period of 12 months, commencing April 1, 2023 and expiring on
March 31, 2024 (the "Extension Term"). During the Extension Term, Tenant shall
pay fixed monthly rent of $60,933.33.
On March 31, 2023, Tenant entered into the Ratification of Assignment and
Assumption of Sublease and Amendment to Sublease (the "Sublease Amendment") of
that certain sublease dated March 1, 2022 (the "Sublease") between Tenant and RF
Industries, Ltd. (the "Prior Subtenant") for 23,300 rentable square feet of
space at Tenant's corporate headquarters in Hanover Township, Parsippany, New
Jersey. Under the terms of the the Sublease Amendment the Prior Subtenant
retroactively assigned all of its rights and liabilities under the Sublease to
Microlab/FXR, LLC (the "Subtenant"). Additionally, the term of the Sublease was
extended for a period of four (4) months, commencing April 1, 2023 and expiring
on July 31, 2023. During the term commencing April 1, 2023 and expiring on July
31, 2023 Subtenant shall pay Tenant fixed monthly rent of $31,075.00.
A copy of the Sixth Amendment and Sublease Amendment are attached to this
Current Report on Form 8-K and incorporated herein by reference. The description
of the Sixth Amendment and Sublease Amendment provided herein are qualified in
their entirety by reference to the terms of the Sixth Amendment and Sublease
Amendment as set forth in Exhibits 10.1 and 10.2, respectively.
Item 9.01. Financial Statements Exhibits
(d) Exhibits.
Exhibit No. Description
10.1 Sixth Amendment to Lease
10.2 Ratification of Assignment and Assumption of Sublease and
Amendment to Sublease
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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