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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 31, 2001
PALM, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-29597 94-3150688
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
5470 Great America Parkway
Santa Clara, CA
95052
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (408) 326-9000
__________________________________________________
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
On May 31, 2001, pursuant to Section 18.1 of the Master Lease Agreement
dated November 16, 2000 by and between Palm, Inc. and Societe Generale Financial
Corporation (the "Master Lease"), Palm exercised its option to purchase
approximately 39 acres of property located in San Jose, California for $219
million ($216 million represents the original purchase price paid for the land
by Societe Generale Financial Corporation and the remaining $3 million was for
extension payments, closing costs and land improvement costs paid by Societe
Generale Financial Corporation as part of its acquisition of the land), plus
$19.8 million for interest and related transaction costs which were payable by
Palm pursuant to the Master Lease. The purchase price for the property and the
interest and related transaction costs were determined pursuant to arm's length
negotiations between parties at the time they entered the Master Lease, and the
purchase price and the interest and related transaction costs were paid by Palm
out of the investment securities that Palm had posted as collateral under the
Master Lease.
Pursuant to the Amended and Restated Lease dated May 31, 2001 by and
between Palm, Inc. and Societe Generale Financial Corporation (the "Amended and
Restated Lease"), the property is leased to Palm and Societe Generale Financial
Corporation has title to the property until the lease is terminated in
accordance with Article XV of the of the Amended and Restated Lease, which
provides that the lease will be terminated and fee title to the property will be
conveyed to Palm upon the earlier of the termination of the lease by Palm, the
expiration of the lease term on May 31, 2002, or the occurrence of certain other
events set forth in Article XV. Under the Amended and Restated Lease, Palm is
no longer required to post collateral for the term of the lease.
This summary is qualified in its entirety by reference to the exhibits to
this current report.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
Exhibit No. Description of Exhibits
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10.1(1) Master Lease, dated as of November 16, 2000 by and between Palm,
Inc. and Societe Generale Financial Corporation, as supplemented.
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10.2 Amended and Restated Lease, dated as of May 31, 2001, between
Palm, Inc. and Societe Generale Financial Corporation, as
supplemented.
10.3 Termination Agreement, dated as of May 31, 2001, between Palm,
Inc., Societe Generale Financial Corporation, Societe Generale
and certain other parties.
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(1) Incorporated by reference to the Registrant's current report on Form 8-K
filed with the Securities and Exchange Commission on December 1, 2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PALM, INC.
Date: June 15, 2001 By: /s/ Stephen Yu
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Stephen Yu
Vice President, General Counsel and
Secretary
EXHIBIT INDEX
Exhibit No. Description of Exhibits
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10.1(1) Master Lease, dated as of November 16, 2000 by and between Palm,
Inc. and Societe Generale Financial Corporation, as supplemented.
10.2 Amended and Restated Lease, dated as of May 31, 2001, between
Palm, Inc. and Societe Generale Financial Corporation, as
supplemented.
10.3 Termination Agreement, dated as of May 31, 2001, between Palm,
Inc., Societe Generale Financial Corporation, Societe Generale
and certain other parties.
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(1) Incorporated by reference to the Registrant's current report on Form 8-K
filed with the Securities and Exchange Commission on December 1, 2000.
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