Incredimail 2009 Annual Report Download - page 80

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Issuer Purchases of Equity Securities (1)
(1) On January 23, 2008 and March 25, 2009 we announced that our board had approved the use of $1 million of our available cash to
repurchase our ordinary shares. Under the repurchase program, share purchases may be made from time to time at the discretion of management
in the open market or in privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such
purchases will be made in accordance with the requirements of the SEC. For a portion of the authorized repurchase amount, we may enter into a
plan that is compliant with Rule 10b5−
1 of the Securities Exchange Act of 1934 that is designed to facilitate such purchases. The repurchase
program has no time limit, does not require us to acquire a specific number of shares, and may be suspended from time to time or
discontinued. No shares have been purchased since March 2009, although in the beginning of 2010 the Company’
s broker mistakenly bought
and subsequently sold those shares.
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
Not applicable.
ITEM 16G. CORPORATE GOVERNANCE
As a foreign private issuer whose shares are listed on the Nasdaq Global Market, we are permitted to follow certain home country
corporate governance practices instead of certain requirements of the Nasdaq Marketplace Rules.
As described in Item 10.B “Additional Information – Nasdaq Marketplace Rules and Home Country Practices,”
we do not comply with
the Nasdaq requirement that an issuer listed on the Nasdaq Global Market have a quorum requirement that in no case be less than 33 1/3% of the
outstanding shares of the company’
s common voting stock. However, our articles of association, consistent with the Israeli Companies Law,
provide that the quorum requirements for an adjourned meeting are the presence of a minimum of two shareholders present in person. Our
quorum requirements for an adjourned meeting do not comply with the Nasdaq requirements and we instead follow our home country practice.
As a foreign private issuer listed on the Nasdaq Global Market, we may also follow home country practice with regard to, among other
things, distribution of annual and quarterly reports to shareholders, approval of related party transactions, composition of the board of directors,
approval of compensation of executive officers, director nomination process and regularly scheduled meetings at which only independent
directors are present. In addition, we may follow our home country practice, instead of the Nasdaq Marketplace Rules, which require that we
obtain shareholder approval for certain dilutive events, such as for the establishment or amendment of certain equity based compensation plans,
an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20%
or more interest in the company and certain acquisitions of the stock or assets of another company. Under Nasdaq Marketplace Rules, U.S.
domestic issuers are required to solicit proxies, provide proxy statements for all shareholder meetings and provide copies of such proxy materials
to Nasdaq; however, as a foreign private issuer, we are generally exempt from the SEC’s rules governing the solicitation of shareholder proxies.
See Item 6 “Directors, Senior Management and Employees – Board Practices” and Item 10.B “Additional Information –
Nasdaq
Marketplace Rules and Home Country Practices” for a detailed description of the significant ways in which the registrant’
s corporate governance
practices differ from those followed by U.S. companies under the listing standards of the Nasdaq Global Market.
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Period
(a) Total Number of
Shares
(or Units)
Purchased
(b) Average Price Paid
per
Share (or Unit)
(c) Total Number of
Shares
(or Units)
Purchased as Part
of Publicly Announced
Plans
(d) Maximum Number (or
Approximate Dollar Value
in thousands)of Shares (or
Units) that May Yet Be
Purchased Under the Plans
or Programs
March 2009
2,403
2.69
2,403
0
74