risks relating to the filing of our Securities and Exchange Commission (SEC) reports, including the occurrence of known contingencies or unforeseen events that could delay our plan for completion of our outstanding financial statements, management distraction, and significant expense
Exhibit 10.41
[English Translation Original in Hebrew]
To
Migdal Sahar Insurance Company Ltd.
Mivtahim Pension Fund Ltd.
Life Insurance Division
Dear Madam, Sir,
Subject: Managers insurance policies on the name of Sperling Meir
We hereby notify you of our consent to obtain title to the above managers insurance policy/ies starting as of 17.9.2000 (September 17, 2000). We will hold the policies subject to all of their terms, provisions and restrictions, including provision of automatic ownership transfer to the insured in any event of end of employment. The meaning of this provision is giving an irrevocable instruction under which the ownership to the policy will be automatically transferred to the insured if the insured employment with the employer will terminate for any reason. The owner of the policy will not be able to receive refund of any kind nor will be able to anyhow use the monies (lien, loan etc.) without obtaining the insureds consent.
Please include in the policies a clause ensuring the sole right of the insured himself, in any event of payment on these policies account, to all amounts accumulated in the policy until above date.
Monthly salary of the insured is 56,000 NIS. Payments are linked to the salary as will be from time to time.
Employer provisions
Employee provisions
8.33% for compensation
5.00% for rewards
2.50% for disability and inability to work
Part of the provisions will be paid to Mivtahim pension fund in accordance to a ceiling (cap) that will be updated from time to time.
I hereby confirm and agree in advance to adapt the policies to changes in the premiums and in the insurance amounts.
/s/ Meir Sperling
COMVERSE INFOSYS LTD.
recipient of ownership