Royalty Payment Arrangement Letter between State of Israel and Verint Systems Ltd.
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Summary
This letter from the State of Israel's Ministry of Industry, Trade and Employment informs Verint Systems Ltd. that its application to arrange payment of royalties has been approved. The company’s future royalty obligations to the Tmura Fund are set at $25,828,017, to be paid in a single deposit. Verint must confirm acceptance of this arrangement in writing by August 17, 2006, or it will be considered rejected. The payment will be converted to New Israeli Shekels at the exchange rate on the acceptance date and will accrue interest until fully paid.
EX-10.4 4 c93011exv10w4.htm EXHIBIT 10.4 Exhibit 10.4
Exhibit 10.4
[English Translation — Original in Hebrew]
The State of Israel
Ministry of Industry, Trade and Employment
Industrial Research & Development Administration
Office of the Chief Scientist
Ministry of Industry, Trade and Employment
Industrial Research & Development Administration
Office of the Chief Scientist
27 July 2006
To:
Mr. Igal Nissim, VP Finance
Verint Systems Ltd.
33 Maskit St.
Herzliya 46733
Mr. Igal Nissim, VP Finance
Verint Systems Ltd.
33 Maskit St.
Herzliya 46733
Dear Sir,
Re: Arrangement for Payment of Royalties — Committee Decision
Our Ref.: Your application of 23 April 2006
Our Ref.: Your application of 23 April 2006
The Royalty Payment Regulation Committee as per its meeting on 23 July 2006 decided to accept your application to arrange payment of royalties.
The Committee capitalized your Company’s future royalty obligations to the Tmura Fund and resolved that they amount to $ 25,828,017 million.
I would ask you to give notice in writing as to whether you wish to enter into this arrangement, no later than 17 August 2006. If we do not receive your response by the above date, we shall deem such to be rejection of the arrangement.
Payment of the sum determined by the Committee shall be effected by a single deposit into the Tmura Fund’s bank account at the Postal Bank.
Payment of the sum determined by the Committee shall be effected by a single deposit into the Tmura Fund’s bank account at the Postal Bank.
For your information, the Company’s debt shall be converted into New Israeli Shekels based on the exchange rate of the (US) Dollar on the date of your notice of acceptance of the arrangement, and shall bear interest and linkage differentials from such date until the date of full actual payment.
| Sincerely, | ||
| /s/ Ran Kiviti | ||
| Ran Kiviti | ||
| Director, Tmura Fund |
cc. | Members of the Committee | |
| Adv. Avi Feldman, General Counsel |
5 Bank of Israel St., Kiryat Hamemshala, Jerusalem Tel ###-###-#### Fax ###-###-####
