Overland Reduces Size of HQs

Here is a text published by Overland Storage, Inc. in a SEC filing:

On July 1, 2010, Overland Storage, Inc. entered into a Third Amendment to Lease Agreement by and between the Company and Overtape (CA) QRS 15-14, Inc. (the Landlord), which amends the lease for the Company’s corporate headquarters in San Diego, California.

Under the terms of the Amendment,
the Company has, among other things:

• reduced the rentable square footage under the Lease from 158,585 square feet to 91,300 square feet;
• reduced its monthly base rent in proportion to the reduction in rentable square footage; reduced its obligation to pay Property Expenses (as defined in the Amendment and which includes, among others, certain costs, expenses and charges associated with managing, maintaining, repairing and operating the Remaining Space and the common area as described in the Amendment) and taxes for the rentable square footage under the Lease in proportion to the reduction in rentable square footage; and
• agreed to pay Property Expenses for that portion of the Original Space vacated by the Company which is not occupied during a calendar year. The Landlord has entered into a lease agreement with a new tenant for the space vacated by the Company.

The Lease is currently scheduled to expire on February 28, 2014. The projected cash savings to the Company for the remaining period of the Lease is approximately $5 million.

As a result of the Amendment, the address of the Company’s corporate headquarter shall change to 9112 Spectrum Center Blvd, San Diego, CA 92123, effective immediately.