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| BVSN > SEC Filings for BVSN > Form 8-K on 15-Jun-2009 | All Recent SEC Filings |
15-Jun-2009
Entry into a Material Definitive Agreement, Termination of a Material Definitive
On June 10, 2009, BroadVision, Inc. ("BroadVision") signed a Sublease Termination and Release Agreement (the "Sublease Termination Agreement") with Dexterra, Inc. ("Dexterra") in order to terminate that certain Sublease dated December 21, 2006 (the "Sublease") between BroadVision and Dexterra.
As previously reported, pursuant to the Sublease, BroadVision sublet to Dexterra certain premises consisting of approximately 22,509 rentable square feet of office space located at 1600 Seaport Boulevard, Redwood City, California. The sublease term commenced on January 8, 2007 and was to expire on June 30, 2012 unless earlier terminated. On May 22, 2009, BroadVision received written notice from Dexterra exercising its right of early termination of the Sublease, effective January 7, 2010.
Under the terms of the Sublease Termination Agreement, Dexterra shall
(i) surrender the premises, on an as-is basis, and all of its rights and
interest in the premises, (ii) pay a termination fee to BroadVision and (iii) be
entitled to a partial refund of the termination fee if any party subleases the
aforementioned office space during the period from June 10, 2009 through January
7, 2010. The termination fee of $550,405.40 shall be paid in two installments.
Pursuant to the terms of the Sublease Termination Agreement, Dexterra paid
$472,000 to BroadVision on June 10, 2009. The remaining amount is payable June
10, 2010 and is subject to certain conditions as set forth in the Sublease
Termination Agreement. In addition to the termination fee, BroadVision shall
retain Dexterra's security deposit in the amount of $127,518. Additional details
regarding the termination fee and termination fee refund are set forth in the
Sublease Termination Agreement, a copy of which is furnished herewith as Exhibit
10.1.
The information set forth in Item 1.01 is incorporated by reference into this Item 1.02.
(c) Exhibits
Exhibit No. Description
10.1 Sublease Termination and Release Agreement by and
between BroadVision, Inc. and Dexterra, Inc.
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