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.
| ITEM 1.02 | | TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT. |
The information set forth in Item 1.01 is incorporated by reference into this Item 1.02.
| ITEM 9.01 | | FINANCIAL STATEMENTS & EXHIBITS. |
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