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DRAD > SEC Filings for DRAD > Form 8-K on 27-Jan-2014All Recent SEC Filings

Show all filings for DIGIRAD CORP



Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement.
Digirad Corporation, or the Company, entered into a Termination Agreement, dated as of January 15, 2014, associated with its Commercial Lease Agreement with B. Young Properties, LLC for office and warehouse space located in Poway, California, comprising of approximately 47,000 square feet of rentable space, which Termination Agreement was effective January 24, 2014.
The original term of the lease was from March 1, 2010 through February 29, 2016. Under the Termination Agreement, the Company will pay a termination fee of $473,050, of which $315,366.66 was paid on January 27, 2014 and the remaining amount of $157,683.34 will be paid on April 1, 2014. The lease term will now end on April 30, 2014.
Item 2.05 Costs Associated with Exit or Disposal Activities. In connection with the Termination Agreement discussed under "Item 1.02, Termination of a Material Definitive Agreement", the Company will exit the facility located in Poway, California and move to a new, lower cost facility. This action was undertaken as the current space located in Poway, California has excess space and capacity as the Company is moving its manufacturing operations to an outsourced provider offsite. In connection with exiting the facility, the Company expects to incur a termination fee of $473,050, as described above, and moving and related costs of approximately $250,000. These costs will be recognized as restructuring and related costs within fiscal year 2014. Item 9.01. Financial Statements and Exhibits
(d) Exhibits. Exhibit No. Description
10.1 Termination Agreement, dated as of January 15, 2014, by and between Digirad Corporation and B. Young Properties, LLC.

99.1 Press release, dated January 27, 2014.

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