Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1776

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1776
---
IGATIONS AND COMMERCIAL COMMITMENTS Lease and Purchase of Building Located at 5511 95th Ave, Kenosha, Wisconsin 53144 On December 18, 2020, Lifted as tenant entered into a Lease Agreement (the “Lease) with 95th Holdings, LLC (“Landlord”) for office, laboratory and warehouse space in a building located at 5511 95th Avenue, Kenosha, Wisconsin (“5511 Building”). The lease commencement date was January 1, 2021, and lease termination date was January 1, 2026.  Landlord was an entity owned directly or indirectly by NWarrender, the Company’s Vice Chairman and COO, the CEO of Lifted, and the largest stockholder of the Company as the beneficial owner of 3,900,455 shares of common stock of the Company. Due to the potential conflict of interest, the terms and conditions of the Lease were negotiated on behalf of Lifted by Vincent J. Mesolella, the Lead Outside Director of the Company. Landlord and Lifted were represented by their own independent legal counsel in connection with the Lease. Under the terms of the Lease, NWarrender is able to benefit through his ownership of Landlord by Landlord’s receiving rent and eventually selling the 5511 Building to Lifted. Lifted constructed improvements to the 5511 Building including a clean room, and gradually moved into the 5511 Building over the course of the first quarter of 2021.  Under the terms of the “triple-net” Lease, starting on January 1, 2021, Lifted leased approximately 11,238 square feet at the 5511 Building at $6.13 per square foot per year in base rent ($68,888.94 in 2021), which was subject to a 2% increase in base rent each year, plus certain operating expenses and taxes. The Lease was to continue until midnight on the fifth anniversary date of the commencement date of the Lease. Lifted was to have the right to extend the original five year term of the Lease for one extension period of two years, commencing upon the expiration of the original term. Lifted and Landlord were required to execute an “Amendment of Extension” prior to six months before the expiration of the original term. Prior to Lifted’s purchase of the 5511 Building, the rent schedule was as follows: Rent Schedule