leaseagreement.htm
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
Date
of Report (Date of Earliest Event Reported): April 1, 2008
IOMEGA
CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
(State
or Other Jurisdiction
of
Incorporation)
|
1-12333
(Commission
File
Number)
|
86-0385884
(IRS
Employer
Identification
No.)
|
|
10955
Vista Sorrento Parkway, San Diego, CA
(Address
of Principal Executive Offices)
|
92130
(Zip
Code)
|
(858)
314-7000
(Registrant's
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations 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))
Item 1.01
Entry into a Material Definitive Agreement.
On April
1, 2008, Iomega Corporation (“Iomega”) entered into a lease agreement with BOYER
IOMEGA II, a Utah limited liability company, by its managing partner, The Boyer
Company, L. C., (the “Landlord”), pursuant to which Iomega will lease
approximately 52,000 square feet of office space located at the Executive
Business Park, Roy, Utah, retroactive to January 1, 2008. Immediately
prior to this new lease, Iomega was leasing 90,000 square feet at the same
location, at $12.35 per square foot, per year, under a lease scheduled to end in
September 2008 (the “Prior Lease”). The new rental rate drops to
$11.00 per square foot, per year. Hence, Iomega’s costs for its
primary Utah office space (housing R&D, logistics, finance, and other
personnel) will drop both on a per square foot rental rate, and based upon
leasing less feet, retroactive to January 1, 2008. The lease term of
the new lease is six years, thus expiring December 31, 2013, subject to Iomega’s
right to terminate the lease after 36 months (i.e., effective December 31, 2010)
or thereafter, by providing nine months’ advance notice. In the event
of early termination, Iomega would be required to reimburse the landlord for any
unamortized improvement allowance actually spent and used by Iomega for the
space being terminated (based on a 6 year straight-line amortization schedule),
and for the reduction in 2008 rent resulting from lowering Iomega’s rent
expenses retroactive to January 1, 2008.
This
lease is net of expenses, taxes, insurance, management fees, and
electricity.
Item
1.02
The
information in Item 1.01 above is incorporated herein by
reference. The new lease had the effect of terminating the Prior
Lease.
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 thereunto
duly authorized.
|
Date:
April 4, 2008
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IOMEGA
CORPORATION
(Registrant)
By: /s/ Thomas D.
Kampfer
Thomas
D. Kampfer
President
& Chief Operating Officer
|