Incredimail 2008 Annual Report Download - page 46

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14 of the Severance Pay Law -1963, whereas, the Company’s contributions for severance pay shall be instead of its severance liability. Upon
contribution of the full amount of the employee’s monthly salary, and release of the policy to the employee, no additional calculations shall be
conducted between the parties regarding the matter of severance pay and no additional payments shall be made by the Company to the employee.
Further, the related obligation and amounts deposits on behalf of such obligation are not stated on the balance sheet, as they are legally released
from obligation to employees once the deposit amounts have been paid.
We currently fund most of our ongoing severance obligations through insurance policies. As of December 31, 2008, our net accrued
unfunded severance obligations totaled $0.4 million.
Furthermore, Israeli employees and employers are required to pay predetermined sums to the National Insurance Institute. These amounts
also include payments for national health insurance. The payments to the National Insurance Institute can equal up to approximately 16.0% of
wages, of which the employee contributes approximately 10.0% and the employer contributes approximately 6.0%.
49
Security Ownership of Directors and Executive Officers
The following table sets forth information regarding the beneficial ownership of our ordinary shares as of May 31, 2009 by:
Beneficial ownership of shares is determined in accordance with the rules of the SEC and generally includes any shares over which a person
exercises sole or shared voting or investment power. Ordinary shares that are subject to warrants or stock options that are presently exercisable or
exercisable within 60 days of a specified date are deemed to be outstanding and beneficially owned by the person holding the stock options for the
purpose of computing the percentage ownership of that person, but are not treated as outstanding for the purpose of computing the percentage of
any other person.
Except as indicated in the footnotes to this table, each shareholder in the table has sole voting and investment power for the shares shown as
beneficially owned by them. Percentage ownership is based on 9,259,949 ordinary shares outstanding on May 31, 2009.
* Represents less than one percent.
E.
SHARE OWNERSHIP
—
each of our executive officers;
—
each of our directors; and
—
all of our directors and officers as a group.
Name
Number of Ordinary
Shares
Beneficially Owned
Percentage of Ordinary
Shares Outstanding
Ofer Adler (1)
2,149,072
23.18
%
Yaron Adler (2)
1,410,933
15.16
%
Yair M. Zadik (3)
126,800
1.4
%
Tamar Gottlieb (4)
126,634
1.4
%
Yuval Hamudot (5)
97,500
1.1
%
Yacov Kaufman (6)
79,500
*
Dan Blumenfeld (7)
55,500
*
Jeff Holzmann (8)
26,500
*
Keren Elkin (9)
20,916
*
David Jutkowitz (10)
2,500
*
All directors and officers as a group (11 persons) (11)
4,095,855
42.4
%
(1) Includes options to purchase 12,500 ordinary shares at an exercise price of $5.21 per share, exercisable within 60 days of this Annual
Report.
(2) Includes options to purchase 50,000 ordinary shares at an exercise price of $3.00 per share, exercisable within 60 days of this Annual
Report.
(3)
Includes options to purchase 60,000 ordinary shares at an exercise price of $7.86 per share and 2,500 ordinary shares at an exercise price of
$5.21 per share, exercisable within 60 days of this Annual Report.