I had the same issue and submitted a trouble ticket a few months ago. K2 determined that it was indeed a bug and that it would be fixed in a future release. I have not had a chance to determine if it is fixed in 0807 yet, because now there seems to be a new bug in 0807 and I can't event complete the SharePoint Events Process integration wizard. Is anyone seeing this problem too?

I drop the SharePoint Events Process wizard onto the canvas > pick "Events for List and Library Items" > Click "Browse" to specify the Document Library to monitor (this worked completely fine in 0803) > but now I get a new dialog that says "Please provide design time values for the following." and wants me to specify the SharePoint site URL even though it is already correctly filled in with the value stored in the Environment Library for the SharePoint service > and when I click OK I get a validation error that says "This protocol version is not supported."

What is going on!!!??? Anyone see this?