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TUPPERWARE BRANDS CORPORATION

(TUP)
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TUPPERWARE BRANDS CORP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

08/24/2021 | 04:03pm EDT

Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed on a Form 8-K filed with the Securities and Exchange Commission on July 27, 2020, Tupperware Brands Corporation (the "Company") entered into a definitive purchase and sale agreement (as amended, the "Purchase and Sale Agreement") with O'Connor Management LLC ("O'Connor"), whereby O'Connor agreed to purchase approximately 740 acres of the Company's property in Orlando, Florida, inclusive of 500 acres of wetlands, comprising all remaining Company-owned land in Orlando. On August 18, 2021, the Company entered into a seventh amendment to the Purchase and Sale Agreement with O'Connor, which amendment, among other things:


•reduces the sales price for the remaining approximately 618 acres of land to be
sold to O'Connor from $42 million to $37 million, plus proceeds from the sale of
remaining impact fee credits. Of that approximately 618 acres of land,
approximately 128 acres are commercially developable and the remaining 490 acres
are non-developable protected wetlands or common project areas such as roadways
or retention ponds;
•increases the deposit from $3 million to $3.75 million, which increase was paid
on August 24, 2021;
•sets a non-refundability date of September 1, 2021 for the deposit, with
modifications to the list of events which can cause the non-refundable deposit
to become refundable;
•specifies a new closing date of September 20, 2021; and
•clarifies that upon closing, all remaining development rights will be owned by
O'Connor.

The Company can make no assurances that the remaining closing negotiated between the Company and O'Connor will occur.

The foregoing summary of the seventh amendment to the Purchase and Sale Agreement is qualified in its entirety by reference to the seventh amendment attached hereto as Exhibit 10.1, which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.


(d) Exhibits.

Exhibit Number         Description
                  10.1   Seventh Amendment to Contract for Sale and Purchase of Real Property,
                       dated as of August 18, 2021, by and among the Sellers and O'Connor

            104        Cover Page Interactive Data File (embedded within the Inline XBRL document)


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© Edgar Online, source Glimpses

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