# EDGAR Filing Document

**Accession Number:** 0001338940
**File Stem:** 0001178913-25-002376
**Filing Date:** 2025-7
**Character Count:** 25275
**Document Hash:** 0f3d14d1c135c72a1910b5ed8f3a5610
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-25-002376.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001178913-25-002376

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Perion Network Ltd.
- **CENTRAL INDEX KEY:** 0001338940
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82070
- **FILM NUMBER:** 251121436

**BUSINESS ADDRESS:**
- **STREET 1:** 2 LEONARDO DA VINCI ST., 24TH FLOOR
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6473309
- **BUSINESS PHONE:** 972-73-398-1000

**MAIL ADDRESS:**
- **STREET 1:** 2 LEONARDO DA VINCI ST., 24TH FLOOR
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6473309

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Value Base Ltd.
- **CENTRAL INDEX KEY:** 0001992355

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 23 YEHUDA HALEVI ST.
- **STREET 2:** 27TH FLOOR, DISCOUNT BANK TOWER
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6513601
- **BUSINESS PHONE:** 972-3-622-3381

**MAIL ADDRESS:**
- **STREET 1:** 23 YEHUDA HALEVI ST.
- **STREET 2:** 27TH FLOOR, DISCOUNT BANK TOWER
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6513601

## Ex-99

------

**<u>Exhibit 5</u>**<br>

![](image00001.jpg)

July 14, 2025<br> File No: 43512<br>

To: Mr. Eyal Kaplan, Chairman of the Board of Directors Perion Networks Ltd. Leonardo Da Vinci 2 <u>Tel Aviv</u> <u>Via Electronic Mail</u>

Dear Sirs / Madam,

#### Re: Perion Network Ltd. (the "Company")
<u>In reference to: our letter to you dated 21.4.2025; your letter to us dated 29.4.2025; our letter</u>

 <u>to you dated 25.5.2025; your letter to us dated 17.6.2025; our letter to you dated 26.6.2025</u>

On behalf of our client, Value Base Fund Limited Partnership, we hereby address you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Our client welcomes the Company's decision to remove the rights plan ("Poison Pill"), notwithstanding the unfortunate fact that the decision was made blatantly late
 and after damage had already been caused to the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;2. We would like to once again bring to your attention, for the last time, several additional material matters, that we believe would be appropriate for the members of
 the Company's Board of Directors to consider, for the benefit of the Company and all its shareholders:

**A.** **The Company's Capital Structure**

Our client believes that the Company's capital structure is inefficient and impairs heavily on the ability to generate substantial value for the shareholders. As reflected in the Company's balance sheet as of March 31, 2025, there is material excess cash (net) of approximately $359 million, which is a considerable amount in and of itself, and especially in relation to the Company's operating value.

Even after the Company's share repurchases and adding the funds of the acquisition transaction reported by the Company on May 13, 2025, the Company's excess cash is still unusually high and create a low return on capital and raises significant concern among investors and shareholders regarding the future use of these funds.

It should be emphasized that executing acquisitions may improve the Company's capital structure; however in light of the huge amount of excess cash in the Company's balance sheet in general, and in relation to the Company's operating value specifically, the existing share repurchase program is not sufficient in itself, and there is room to examine a significant additional return of capital to shareholders.

In light of the above, our client believes that the Board of Directors would be well-advised to establish a more efficient balance sheet structure, which would contribute to a significant improvement in the Company's overall value and the operating value of its activities derived therefrom. <br>

------

**B.** **A transparent and clear growth strategy**

A growth strategy that combines, among other things, mergers and acquisitions is important for both the Company and its shareholders. At the same time, our client believes that it would be good for the Company and its shareholders if the acquisitions activity were conducted with a greater level of transparency both at the strategic level and at the post-transaction reporting level.

Providing disclosure about the Company's acquisition strategy (as determined by the Board of Directors) could reduce the concerns of shareholders and other potential investors about the manner of use of the Company's cash reserves.

As stated, our client believes that it is of great importance to provide sufficient disclosure that includes extensive financial information regarding acquired companies (and certainly more than the information disclosed by the Company in connection with its recent report of the acquisition of Greenbids). Such disclosure should also address, without compromising the Company or the transaction, the valuation multiples at which the target company and/or the relevant activity are being acquired, management's rationale for the acquisition in the context of the Company's existing activity, and management's projections for the target company's performance, also with respect to advantage in size and synergy in expenses and revenues, if such exists.

**C.** **Compensation Policy**

Our client believes that the scope of compensation for senior management is too high, particularly in light of the performance of the Company and its stock. Furthermore, the existing compensation structure does not create a proper and balanced incentive for management and is not consistent with the best interests of the Company and its shareholders. Our client also believes that amending the compensation policy and the structure of the executive compensation plan, in accordance with the above, will help increase shareholder and investor confidence in the Company's leadership and its operations.

&nbsp;&nbsp;&nbsp;&nbsp;3. In summary, our client welcomes the cancellation of the Poison Pill (notwithstanding the delay in reaching this decision and the damage already caused to
 shareholders as a result). However, our client believes that this should be only the first step and should be followed by additional measures, which our client has previously pointed out to the Company's Board of Directors, and which, to
 the best of its knowledge, are supported by many other shareholders of the Company.

Accordingly, after our client reiterated and clarified its position regarding the actions it believes that the Company's Board of Directors should take to improve the Company's situation, commencing on the date hereof, it does not intend to take any active measures against the Company's Board of Directors or its management, and in light of the cancellation of the Poison Pill, our client no longer insists on convening a special general meeting of the Company's shareholders, as previously stated in our letter dated June 26, 2025.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| <u>/s/ Efrat Tzur</u><br> Efrat Tzur, Adv. | <u>/s/ Dr. Haim Makhlouf</u><br> Dr. Haim Makhlouf, Adv. |

---

CC: The Members of the Board of Directors of Perion Networks Ltd.

Herzog Tower, 6 Yitzhak Sadeh St. Tel Aviv 6777506, Israel Tel: +972-3-692-2020, Fax: +972-3-696-6464

www.herzoglaw.co.il

<br> 2<br>

------

## Ex-99

------

#### Exhibit 6

During the past 60 days or since the most recent filing of Schedule 13D, whichever is less, VBF GP on behalf of VBF LP purchased or sold the following Ordinary Shares, with each purchase or sale effected in an ordinary brokerage transaction on either Nasdaq or the Tel Aviv Stock Exchange. For purchases or sales effected in Israeli shekels on the Tel Aviv Stock Exchange, the prices below reflect the price paid or received on the relevant trade date in U.S. dollars based upon the representave exchange rate published by the Bank of Israel for such date.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Buy/Sell** | **Exchange** | **Currency** | **Qty** | **Price Per Share (USD)** |
| 7/11/2025 | Sell | Nasdaq | USD | 17,069 | 11.23 |
| 7/10/2025 | Sell | Nasdaq | USD | 51,052 | 11.25 |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Perion Network Ltd**

*(Name of Issuer)*

**Ordinary shares, nominal value NIS 0.03 per share**

*(Title of Class of Securities)*

**M78673114**

*(CUSIP Number)*

**Value Base Ltd. c/o Tsahy Alon**<br>General Counsel<br>23 Yehuda Halevi St.<br>Tel Aviv L3 6513601<br>972-3-622-3381

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/14/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **M78673114** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Value Base Ltd.** | Name of reporting person<br>**Value Base Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L3** | Citizenship or place of organization<br>**L3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2528710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2528710.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.61%** | Percent of class represented by amount in Row (11)<br>**5.61%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Percentage reported in Item 13 above is based on 45,037,180 ordinary shares outstanding as of March 5, 2025 (as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission (the "SEC") on March 25, 2025).

| **CUSIP No.** | **M78673114** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Value Base Fund Management Ltd. for Value Base Fund General Partner Ltd., acting as the general partner to Value Base Fund Limited Partnership** | Name of reporting person<br>**Value Base Fund Management Ltd. for Value Base Fund General Partner Ltd., acting as the general partner to Value Base Fund Limited Partnership** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L3** | Citizenship or place of organization<br>**L3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2528710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2528710.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.61%** | Percent of class represented by amount in Row (11)<br>**5.61%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Percentage reported in Item 13 above is based on 45,037,180 ordinary shares outstanding as of March 5, 2025 (as reported in the Issuer's Form 20-F filed with the SEC on March 25, 2025).

| **CUSIP No.** | **M78673114** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ido Nouberger** | Name of reporting person<br>**Ido Nouberger** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L3** | Citizenship or place of organization<br>**L3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2528710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2528710.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.61%** | Percent of class represented by amount in Row (11)<br>**5.61%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Percentage reported in Item 13 above is based on 45,037,180 ordinary shares outstanding as of March 5, 2025 (as reported in the Issuer's Form 20-F filed with the SEC on March 25, 2025).

| **CUSIP No.** | **M78673114** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Victor Shamrich** | Name of reporting person<br>**Victor Shamrich** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L3** | Citizenship or place of organization<br>**L3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2528710.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2528710.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | Aggregate amount beneficially owned by each reporting person<br>**2528710.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.61%** | Percent of class represented by amount in Row (11)<br>**5.61%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Percentage reported in Item 13 above is based on 45,037,180 ordinary shares outstanding as of March 5, 2025 (as reported in the Issuer's Form 20-F filed with the SEC on March 25, 2025).

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary shares, nominal value NIS 0.03 per share

**(b) Name of Issuer:**
Perion Network Ltd

**(c) Address of Issuer's Principal Executive Offices:**
2 Leonardo Da Vinci Street, 24th Floor, Tel Aviv, L3, 6473309

This Amendment No. 2 (the "Amendment") amends the statement on Schedule 13D originally filed by the Reporting Persons on April 21, 2025, as amended by Amendment No. 1 thereto filed on June 30, 2025 (the "Schedule 13D"). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D. Except as otherwise provided herein, each Item of this Schedule 13D remains unchanged. This Schedule 13D relates to the ordinary shares, nominal value NIS 0.03 per share (the "Ordinary Shares"), of Perion Network Ltd., a company incorporated in Israel ("Perion", the "Company" or the "Issuer"). The address of the principal executive offices of Perion is 2 Leonardo Da Vinci Street, 24th Floor, Tel Aviv 6473309, Israel.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is amended to add the following: 

On July 14, 2025, VBF LP, through its external legal counsel, sent a letter to the Chairman of the Board of Directors of the Company (the "Additional Letter") welcoming the Company's decision to remove the previously adopted rights plan and highlighting, for the last time, several additional concerns that VBF LP believes the Board of Directors of the Company should address, including the Company's inefficient capital structure, lack of a sufficiently transparent and clear growth strategy, mainly regarding acquisitions activity, and scope and structure of the compensation policy for senior management. The Additional Letter indicates that, commencing on of the date of such letter, VBF LP does not intend to take any additional active measures against the Board of Directors or Company management and, in light of the cancellation of the rights plan, no longer insists on convening the Shareholders Meeting. A copy of the Additional Letter translated from the original Hebrew is filed herewith as Exhibit 5 and incorporated herein by reference. The description of the Additional Letter contained in this Amendment is qualified in its entirety by reference to Exhibit 5 hereto.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is amended and restated as follows:

As of the date on the cover page of this Amendment, VBF GP may be deemed to be the beneficial owner of the 2,528,710 Ordinary Shares held directly by VBF LP, which represent approximately 5.61% of the number of Ordinary Shares outstanding. 

As of the date on the cover page of this Amendment, Value Base, as the controlling shareholder of VBF GP, may be deemed the indirect beneficial owner of 2,528,710 Ordinary Shares beneficially owned by VBF GP, which represents approximately 5.61% of the number of Ordinary Shares outstanding.

As of the date on the cover page of this Amendment, Mr. Shamrich, who together with Mr. Nouberger controls Value Base, may be deemed the indirect beneficial owner of 2,528,710 Ordinary Shares beneficially owned by Value Base, representing approximately 5.61% of the number of Ordinary Shares outstanding.

As of the date on the cover page of this Amendment, Mr. Nouberger, who together with Mr. Shamrich controls Value Base, may be deemed to be the beneficial owner of 2,528,710 Ordinary Shares beneficially owned by Value Base, representing approximately 5.61% of the number of Ordinary Shares outstanding. 

Because the Reporting Persons named in this Amendment may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), each of Value Base, VBF GP, Mr. Nouberger and Mr. Shamrich may share the power to vote, or direct the voting of, and share the power to dispose of, or direct the disposition of, the 2,528,710 Ordinary Shares held in the aggregate by the Reporting Persons, which represent approximately 5.61% of the number of Ordinary Shares outstanding.

Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. Neither the filing of this Amendment nor any of its contents shall be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own, or that a group exists for purposes of Schedule 13(d) of the Exchange Act or for any other purpose, and each Reporting Person and Phoenix Financial Ltd. disclaims the existence of any such group.

Percentages set forth in this Amendment were calculated based on 45,037,180 Ordinary Shares outstanding as of March 5, 2025 (as reported in the Issuer's Form 20-F filed with the SEC on March 25, 2025).

**(b)**
The information set forth in Item 5(a) is incorporated herein by reference.

**(c)**
All transactions in Ordinary Shares effected by the Reporting Persons during the past 60 days or since the most recent filing of Schedule 13D, whichever is less, are listed in Exhibit 6 hereto and incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is amended to add the following: 

The information set forth in Item 4 is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Value Base Ltd.

**Signature:** /s/ Ido Nouberger

**Name/Title:** Ido Nouberger/CEO

**Date:** 07/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Value Base Fund Management Ltd. for Value Base Fund General Partner Ltd., acting as the general partner to Value Base Fund Limited Partnership

**Signature:** /s/ Ido Nouberger*

**Name/Title:** Ido Nouberger/Director

**Date:** 07/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ido Nouberger

**Signature:** /s/ Ido Nouberger

**Name/Title:** Ido Nouberger

**Date:** 07/14/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Victor Shamrich

**Signature:** /s/ Victor Shamrich

**Name/Title:** Victor Shamrich

**Date:** 07/14/2025