Fourth Amendment to Lease Agreement between Forsgate Industrial Complex and Movado Group, Inc.
This amendment extends the lease between Forsgate Industrial Complex (landlord) and Movado Group, Inc. (tenant) for the premises at 105 State Street, Moonachie, NJ, until August 31, 2035. It sets new rent amounts, provides a five-month rent abatement in 2025, and outlines payments the tenant must make for restoration obligations. The landlord assumes certain restoration duties in exchange for these payments. The amendment confirms there are no further extension options and clarifies each party’s responsibilities for future alterations. All other lease terms remain unchanged.
EXHIBIT 10.21
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.
FOURTH AMENDMENT OF LEASE
THIS FOURTH AMENDMENT OF LEASE (the "Fourth Amendment") dated as of
August 24, 2023 by and between FORSGATE INDUSTRIAL COMPLEX, a limited partnership with an address at 400 Hollister Road, Teterboro, New Jersey 07608 (hereinafter called "Landlord") and MOVADO GROUP, INC., a New York corporation, having its principal offices at 650 From Road, Paramus, New Jersey 07652 (hereinafter called "Tenant").
WI T N E S S E T H:
WHEREAS, Landlord and Tenant entered into a Lease dated May 22, 2000, as amended by a First Amendment of Lease dated February 27, 2009, as amended by a Second Amendment of Lease dated June 20, 2018, and as amended by a Third Amendment of Lease dated November 14, 2019 (as amended, the "Lease"), for approximately 99,962 square feet in a building (the "Premises") located on property more commonly known as 105 State Street, Moonachie, New Jersey;
WHEREAS, Tenant has made certain alterations to the Premises which need to be restored at the end of term; and
WHEREAS, Tenant and Landlord desire to amend the Lease to, among other things, extend the term of the Lease, subject to Tenant's payment to Landlord of the Restoration Payment and Restoration Fee Payment (as such terms are hereinafter defined) as set forth below.
NOW THEREFORE, for ten dollars and other good and valuable consideration, the parties agree as follows:
"To commence on June 1, 2000 and to terminate on August 31, 2035 ("Termination Date")."
Year | Annual | Monthly |
March 1, 2025 - July 31, 2026 | [***] | [***] |
August 1, 2026 - July 31, 2027 | [***] | [***] |
August 1, 2027 - July 31, 2028 | [***] | [***] |
August 1, 2028 - July 31, 2029 | [***] | [***] |
August 1, 2029 - July 31, 2030 | [***] | [***] |
August 1, 2030- July 31, 2031 | [***] | [***] |
August 1, 2031 - July 31, 2032 | [***] | [***] |
August 1, 2032- July 31, 2033 | [***] | [***] |
August 1, 2033 - July 31, 2034 | [***] | [***] |
August 1, 2034 - July 31, 2035 | [***] | [***] |
August 1, 2035 to August 31, 2035 | [***] | [***] |
"Tenant" on Exhibit C attached hereto ("Tenant's Obligations") and shall have no surrender/restoration obligations for the other items on Exhibit C.
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IN WITNESS WHEREOF the parties have executed this Fourth Amendment on the day and year first above written.
FORSGATE INDUSTRIAL COMPLEX,
Landlord
By: /Samuel A. Klatskin/
Samuel A. Klatskin, General Partner
By: Stephen Seiden
Stephen Seiden, General Partner
MOVADO GROUP, INC.,
Tenant
By: /Mitchell Sussis/
Name: Mitchell Sussis
Title: Senior VP
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