UNITED STATES
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
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Date
of Report (Date of Earliest Event Reported):
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June
10, 2009
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BroadVision,
Inc.
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----------------------------------(Exact
name of registrant as specified in its charter)
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Delaware
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000-28252
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94-3184303
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_____________________
(State
or other jurisdiction
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_____________
(Commission
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______________
(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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1600
Seaport Blvd, Suite 550,
North Bldg, Redwood City, California
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94063
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_________________________________
(Address
of principal executive offices)
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___________
(Zip
Code)
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Registrant's
telephone number, including area code:
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(650)
331-1000
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Not
Applicable
Former
name or former address, if changed since last report
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:
[ ] Written
communications pursuant to 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))
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ITEM 1.01
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ENTRY INTO A MATERIAL DEFINITIVE
AGREEMENT.
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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.
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ITEM 1.02
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TERMINATION OF A MATERIAL
DEFINITIVE AGREEMENT.
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The
information set forth in Item 1.01 is incorporated by reference into this Item
1.02.
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ITEM 9.01
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FINANCIAL STATEMENTS &
EXHIBITS.
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(c) Exhibits
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Exhibit No.
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Description
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Sublease
Termination and Release Agreement by and between BroadVision, Inc. and
Dexterra, Inc.
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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.
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BroadVision,
Inc.
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June 15,
2009
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By:
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/s/
Shin-Yuan Tzou
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Name: Shin-Yuan
Tzou
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Title: Chief Financial
Officer
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EXHIBIT INDEX
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Exhibit No.
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Description
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Sublease
Termination and Release Agreement by and between BroadVision, Inc. and
Dexterra, Inc.
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