<SEC-DOCUMENT>0001178913-22-002361.txt : 20220613
<SEC-HEADER>0001178913-22-002361.hdr.sgml : 20220613
<ACCEPTANCE-DATETIME>20220613062200
ACCESSION NUMBER:		0001178913-22-002361
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220613
FILED AS OF DATE:		20220613
DATE AS OF CHANGE:		20220613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Perion Network Ltd.
		CENTRAL INDEX KEY:			0001338940
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51694
		FILM NUMBER:		221010665

	BUSINESS ADDRESS:	
		STREET 1:		AZRIELI CENTER 1, BUILDING A, 4TH FLOOR
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849
		BUSINESS PHONE:		972-73-398-1572

	MAIL ADDRESS:	
		STREET 1:		AZRIELI CENTER 1, BUILDING A, 4TH FLOOR
		STREET 2:		26 HAROKMIM ST.
		CITY:			HOLON
		STATE:			L3
		ZIP:			5885849

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Perion Networks Ltd.
		DATE OF NAME CHANGE:	20111108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IncrediMail Ltd.
		DATE OF NAME CHANGE:	20050916
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2227991.htm
<DESCRIPTION>6-K
<TEXT>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">FORM 6-K</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Report of Foreign Private Issuer</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">under the Securities Exchange Act of 1934</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">For the month of June 2022 (Report No. 1)</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">Commission File Number: 000-51694</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;"><u>Perion Network Ltd.</u></div>
      <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">1 Azrieli Center, Building A, 4th Floor</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">26 HaRokmim Street, Holon, Israel 5885849</div>
      <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">Form 20-F &#9746;&#160;&#160; Form 40-F &#9744;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160;&#160;<u>N/A</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160;&#160;<u>N/A</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Explanatory Note</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 13.2pt; line-height: 1.25;">Perion Network Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) hereby furnishes, as&#160;<a href="exhibit_99-1.htm">Exhibit 99.1</a>, a supplemental proxy statement with respect to the
          Company&#8217;s annual general meeting of shareholders to be held at 4:00 p.m. (Israel time) on June 30, 2022, at the Company&#8217;s offices at 1 Azrieli Center, Building A, 4th Floor, 26 HaRokmim Street, Holon, Israel 5885849.&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 13.2pt; line-height: 1.25;">This Report on Form 6-K is incorporated by reference into the Company&#8217;s registration statements on Form F-3 (File
        No. 333-254706 and 333-261541)) and Form S-8 (File Nos. 333-133968, 333-152010, 333-171781, 333-188714, 333-192376, 333-193145, 333-203641, 333-208278, 333-216494, 333-237196, 333-249846 and 333-262260).</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Signature</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 13.2pt; line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report
        to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb9ad8a3603c545528f43273074fa46d6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="line-height: 1.25;">&#160;</div>
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            <td style="width: 50%; vertical-align: middle;">
              <div style="line-height: 1.25;">PERION NETWORK LTD.</div>
              <div style="line-height: 1.25;">&#160;</div>
              <div style="line-height: 1.25;">By:<font style="font-style: italic;">&#160;</font><u><font style="font-style: italic;">/s/ Maoz
                    Sigron</font></u></div>
              <div style="line-height: 1.25;">Name: Maoz Sigron</div>
              <div style="line-height: 1.25;">Title:&#160;&#160; Chief Financial Officer</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="line-height: 1.25;">Date: June 13, 2022</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: right;"><u>Exhibit 99.1</u></div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SUPPLEMENTAL PROXY STATEMENT</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Perion Network Ltd.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25;">1 Azrieli Center, Building A, 4th Floor</div>
      <div style="text-align: center; line-height: 1.25;">26 HaRokmim Street</div>
      <div style="text-align: center; line-height: 1.25;">Holon 5885849</div>
      <div style="text-align: center; line-height: 1.25;">Israel</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">to be held on June 30, 2022</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This Supplemental Proxy Statement is being furnished in connection with the solicitation of proxies on behalf of the Board of Directors (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;), of Perion Network Ltd. (&#8220;<font style="font-weight: bold;">Perion</font>&#8221; or the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) to be voted at the Annual General Meeting of Shareholders, or at any adjournment thereof
          (the &#8220;<font style="font-weight: bold;">Meeting</font>&#8221;).</div>
        <div style="text-indent: 36pt; line-height: 1.25;"> </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">This Supplemental Proxy Statement supplements the proxy statement previously sent to the Company&#8217;s shareholders with respect to the Meeting, which was attached as Exhibit 99.1 to
        the Company&#8217;s Report of Foreign Private Issuer on Form 6-K, furnished to the Securities and Exchange Commission, or Commission, on May 24, 2022 (which we refer to as the &#8220;<font style="font-weight: bold;">Proxy Statement</font>&#8221;). The Meeting will
        be held, as originally scheduled, at 4:00 p.m. (Israel time) on June 30, 2022, at the Company&#8217;s offices at 1 Azrieli Center, Building A, 4th Floor, 26 HaRokmim Street, Holon, Israel 5885849. The declared record date of the Meeting, May 31, 2022,
        remains unchanged as well.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">As described in the Proxy Statement, there are five proposals to be addressed at the Meeting. This Supplemental Proxy Statement is furnished in order to provide shareholders with
        additional information to consider with respect to the Proposal No. 3 presented in the Proxy Statement.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL NO. 3</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">(ADDITIONAL INFORMATION)</div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-align: center;"><font style="font-weight: bold;">APPROVAL OF AMENDMENTS TO THE TERMS OF EMPLOYMENT OF </font><br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">MR. DORON GERSTEL, THE COMPANY&#8217;S CHIEF EXECUTIVE OFFICER</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Background</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">At the Meeting, shareholders will be asked, among other things, to approve the following amendments to the compensation terms of Mr. Gerstel in light of Mr. Gerstel&#8217;s key role in
        driving Perion&#8217;s success and as part of our executive&#8217;s compensation program (which is further detailed in the Proxy Statement).</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In determining the proposed compensation, the compensation committee and Board reflected on a number of internal and external factors over 2021. It is recognized that under Mr.
        Gerstel&#8217;s leadership, Perion has, in general, outperformed the market and the other peer companies. In addition, Mr. Gerstel led Perion in its recent acquisitions and integration of three targets, as well as during its two underwritten offerings.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 35.8pt; margin-left: 0.2pt; line-height: 1.25;">The compensation committee and the Board also considered the competitive market for top performing executives and CEOs.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The proposed terms are the result of a thorough compensation study conducted by Aon Human Capital Solutions (Radford), and per the recommendation and approval of our compensation
        committee and Board:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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              <div style="line-height: 1.25;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="line-height: 1.25;">An increase of Mr. Gerstel&#8217;s monthly salary by NIS 30,000 (equivalent to approximately $8,760) to NIS 160,000 (equivalent to approximately $46,715), effective as of the date of the Meeting; and</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
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            <td style="width: 20.7pt; vertical-align: top; align: right;">
              <div style="line-height: 1.25;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="line-height: 1.25;">A grant of 150,000 restricted share units (&#8220;<font style="font-weight: bold;">2022 RSUs</font>&#8221;) and 150,000 performance share units (&#8220;<font style="font-weight: bold;">2022 PSUs</font>&#8221;).</div>
            </td>
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      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In response to feedback received following the publication of the Proxy Statement, the compensation committee and the Board resolved to&#160;adjust the vesting schedule of the 2022
        RSUs and 2022 PSUs and add a one-year cliff to the vesting schedule, such that:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <td style="width: 20.7pt; vertical-align: top; align: right;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;"><u>RSUs</u></font><font style="font-family: 'Times New Roman',Times,serif;"> &#8211; the RSUs will vest over a three-year period commencing as of April 1, 2022, <font style="font-weight: bold;"><u>with a
                      12-month cliff</u></font>. Accordingly, one-third of the RSUs will vest on the first anniversary of the date of grant and thereafter, the balance of the RSUs will vest on a quarterly basis over the following eight (8) quarters.</font></div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            </td>
            <td style="width: 20.7pt; vertical-align: top; align: right;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold;"><u>PSUs</u></font><font style="font-family: 'Times New Roman',Times,serif;"> - a calculation of the actual achievement (and accordingly, the actual vesting) for a fiscal year will be made as part of the
                  approval of the Company&#8217;s year-end financial results (as approved by the Board), <font style="font-weight: bold;"><u>provided, however, that the PSUs conditioned on the Company's performance in fiscal year 2022 will not vest earlier than
                      the first anniversary of the date of grant</u></font><u><font style="font-weight: bold;">.</font></u></font></div>
            </td>
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      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">It is also noted, that the Company is relying on a study from a third party advisory firm, according to which, for accounting purposes, the proposed grants' value is
        approximately $3.64 million.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">All other proposed terms shall remain as detailed in the Proxy Statement.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">The shareholder vote on this matter is binding under Israeli law and not merely advisory, unlike the &#8220;say-on-pay&#8221; votes found in some proxy statements for U.S.
        domestic companies. If this Proposal 3 is not approved by the affirmative vote of our shareholders, the Company will&#160;<u>NOT</u>&#160;be authorized to award any equity grant to our Chief Executive Officer for 2022 and the proposed changes to his
        compensation will not take effect.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;<br style="line-height: 1.25;">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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