UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): July 15, 2010
VERINT SYSTEMS INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Delaware
|
|
0-49790
|
|
11-3200514
|
(State or other Jurisdiction of Incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
330 South Service Road,
Melville, New York
|
|
11747
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s telephone number,
including area code:
(631) 962-9600
|
None
|
(Former name or former address if changed since last report.)
|
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 1.01 Entry into a Material
Definitive Agreement
On July 16, 2010,
Verint Systems Inc. (“Verint”) and its majority stockholder,
Comverse Technology, Inc. (“Comverse”), entered into a letter
agreement (the “Letter Agreement”) regarding Comverse’s
demand (the “Demand”), effective July 15, 2010, that Verint
prepare and file with the Securities and Exchange Commission (the
“Commission”) a Registration Statement on Form S-1 (the
“Registration Statement”) so as to permit the public offering and
sale of up to 2,800,000 shares of Verint’s common stock, par value $0.001
per share (the “Common Stock”), that are beneficially owned by
Comverse, subject to adjustment to take into account any changes in
Verint’s capitalization. The Demand was made pursuant to the terms of the
Registration Rights Agreement, dated as of January 31, 2002, by and
between Verint and Comverse (the “Registration Rights Agreement”).
The Letter Agreement
provides, among other things, that Verint has elected not to exercise its right
to delay the Registration Statement pursuant to Section 2.1(c) of the
Registration Rights Agreement and will not exercise its “piggyback”
registration rights pursuant to the Registration Rights Agreement with respect
to the offering under the Registration Statement without Comverse’s prior
written consent, provided that such offering is consummated within thirty
calendar days following the declaration of effectiveness of the Registration
Statement.
The Letter Agreement
and any election, agreement or waiver of rights thereunder will become null,
void and without any effect in the event that a proposed amendment to the
Credit Agreement, dated May 25, 2007, as amended, among Verint, as
borrower, the lenders from time to time party thereto, and the administrative
agent party thereto (the “Credit Agreement”), and a proposed
increase in the revolving loan facility thereunder are not consummated on or
before August 15, 2010 on the terms and in substantially the form
presented to the Verint Board of Directors.
This description of
the Letter Agreement is qualified in its entirety by reference to the Letter
Agreement, a copy of which is attached as Exhibit 10.1 hereto and is
incorporated herein by reference.
As required by the
Audit Committee Charter, the Letter Agreement was reviewed and approved by the
Audit Committee of the Verint Board of Directors prior to its execution. Verint
elected not to exercise its right to delay the Registration Statement and not
to exercise its piggyback registration rights as Verint is pursuing an
amendment to the Credit Agreement and an increase in the revolving loan
facility thereunder.
This current report on
Form 8-K does not constitute an offer or sale of the Common Stock subject to
the Registration Statement or any other securities, and such shares have not
been registered under the Securities Act of 1933 and may not be offered or sold
in the United States prior to the effectiveness of the Registration Statement.
Item 9.01. Financial Statements
and Exhibits.
(d)
Exhibits
.
|
|
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Letter Agreement, dated July 16, 2010,
between Comverse Technology, Inc. and Verint Systems Inc.
|
2