UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): April 12, 2006
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Ibis Technology Corporation
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(Exact name of registrant as specified in its charter)
Massachusetts 0-23150 04-2987600
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
32 Cherry Hill Drive, Danvers, Massachusetts 01923
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 777-4247
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. MATERIAL DEFINITIVE AGREEMENT
Within four business days of this filing, Ibis Technology Corporation and Cherry
Hill Corporate Center (National Development Corporation) have entered into the
ninth amendment of the Ibis Technology Corporation Lease originally entered into
with The Flatley Company on December 22, 1987. The material terms of the
agreement and the amendment, which is effective April 3, 2006, are:
a. Premises: Approximately 31,920 rentable square feet located within 32
Cherry Hill Drive, Danvers, MA 01923
b. Lease Term: January 1, 2007 - June 30, 2011
c. Annual Rent: From July 1, 2006 - June 30, 2011, annual rent shall be
$287,280.00 payable in equal monthly installments of $23,940.00 ($9.00
per square foot).
d. Free Rent Period: Ibis Technology Corporation shall not have to pay
the (4) monthly installments due and payable on July 1, 2006 through
October 1, 2006.
e. Tenant Inducement Payment: Ibis Technology Corporation will receive a
tenant inducement payment of $67,880.00 upon or within 10 days of
execution and delivery of the Ninth Amendment by both Landlord and
Tenant to accept the premises in an "as is" condition.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit 99.1. Ninth Amendment to the Lease between Cherry Hill
Corporate Center and Ibis Technology Corporation on April 3, 2006.
SIGNATURES
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.
IBIS TECHNOLOGY CORPORATION
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Date: April 12, 2006 /s/William J. Schmidt
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William J. Schmidt Chief Financial Officer
EXHIBIT INDEX
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Exhibit
Number Description
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99.1 Ninth Amendment to the Lease between Cherry Hill
Corporate Center and Ibis Technology Corporation on
April 3, 2006.