Integral Systems 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 12, 2008
INTEGRAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
5000 Philadelphia Way, Lanham, Maryland 20706-4417
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code: (301) 731-4233
(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:
Section 1 Registrants Business and Operations
On June 6, 2008, Integral Systems, Inc. (the Company) entered into a material Lease Agreement (the Agreement) with Corporate Office Properties Trust (COPT). This newly leased property, which is located at 6721 Columbia Gateway Drive in Columbia, Maryland, will be used for the Companys corporate headquarters. The Company intends to relocate its corporate headquarters from its current location at 5000 Philadelphia Way, Lanham, Maryland in the first quarter of calendar year 2009. The lease term is for eleven years; the facility is approximately 131,450 square feet and has an initial $28 per square foot annual lease cost, with annual escalations of approximately 2.75% to 3.00%. COPT has provided for $7.4 million in allowances for costs to build out this facility to the specifications of the Company and will reimburse the Company $2.1 million relating to the Companys existing lease on the Lanham, Maryland facility, which approximates the rent obligation for the Companys Lanham, Maryland facility for approximately two years.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.