[SCHEDULE 13D/A] Perion Network Ltd. SEC Filing

Rhea-AI Filing Summary

Security National Financial Corporation (SNFCA) filed a Form S-8 on 14 July 2025 to register an additional 3,000,000 Class A common shares (par value $2.00) for issuance under its 2022 Equity Incentive Plan. The extra shares were approved by shareholders at the 27 June 2025 annual meeting. The filing incorporates by reference prior disclosures (File No. 333-266394) and standard undertakings, indemnification provisions, and exhibit listings. No new financial results are presented. If fully issued, the shares will expand the plan’s current pool and may incrementally dilute existing holders, while providing the company with added flexibility to attract and retain employees through equity-based compensation.

Positive

• Shareholder approval on 27 June 2025 legitimises the plan expansion, reducing governance risk.
• Added shares enhance employee retention and recruitment capacity via equity incentives.

Negative

• Issuance of up to 3 million new shares may cause incremental dilution to existing shareholders.
• No immediate cash proceeds are generated; EPS impact depends on future grant and vesting schedules.

Insights

Securities Analyst

TL;DR – 3 M new incentive shares boost employee pool; minor dilution risk, little immediate financial impact.

The filing simply adds 3 million shares (≈ 5.9 % of SNFCA’s 50.6 million outstanding Class A shares at 31 Mar 2025) to an existing stock plan. Because it is shelf-style registration under Form S-8, there is no pricing, timing or cash inflow disclosure. For investors, the key takeaway is potential dilution if/when awards vest. Given SNFCA’s historically modest trading volumes, additional float could marginally pressure per-share metrics, but the incremental pool may support talent retention across its funeral, life-insurance and mortgage segments. Overall, the event is routine and not expected to move valuation materially.

Corporate Governance Expert

TL;DR – Shareholder-approved expansion aligns incentives; governance safeguards unchanged.

Shareholder ratification on 27 Jun 2025 legitimises the larger equity pool, reducing governance friction. The filing maintains prior indemnification language and continues incorporation-by-reference practice, signalling procedural compliance. Exhibits include auditor and counsel consents, indicating no legal impediments. From a governance lens, expanding an equity plan late in a cycle can be positive if dilution is below ISS thresholds (generally <10 %). SNFCA’s addition keeps cumulative potential issuance within acceptable ranges. No red flags detected.

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
General Counsel, 23 Yehuda Halevi St.
Tel Aviv, L3, 6513601
972-3-622-3381

Herzog Fox & Neeman Attn:
Ron Ben-Menachem, Adv., 6 Yitzhak Sadeh St.
Tel-Aviv, L3, 6777506
972-3-692-2020

(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)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. M78673114

1

Name of reporting person

Value Base Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,528,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,528,710.00

11

Aggregate amount beneficially owned by each reporting person

2,528,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.61 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of 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).

SCHEDULE 13D

CUSIP No. M78673114

1

Name of 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

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,528,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,528,710.00

11

Aggregate amount beneficially owned by each reporting person

2,528,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.61 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of 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).

SCHEDULE 13D

CUSIP No. M78673114

1

Name of reporting person

Ido Nouberger

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,528,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,528,710.00

11

Aggregate amount beneficially owned by each reporting person

2,528,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.61 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of 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).

SCHEDULE 13D

CUSIP No. M78673114

1

Name of reporting person

Victor Shamrich

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,528,710.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,528,710.00

11

Aggregate amount beneficially owned by each reporting person

2,528,710.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.61 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of 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).

SCHEDULE 13D

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, ISRAEL , 6473309.
Item 1 Comment: 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.
(d)	No person, other than the Reporting Persons, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Ordinary Shares referred to in this Item 5.
(e)	Not applicable.
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.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is amended and restated as follows: The following Exhibits are filed herewith: Exhibit 1: Joint Filing Agreement by and among the Reporting Persons (incorporated herein by reference to Exhibit 1 to Schedule 13D filed by the Reporting Persons on April 21, 2025): https://www.sec.gov/Archives/edgar/data/1338940/000117891325001368/exhibit_1.htm Exhibit 2: Unanimous written resolutions of the directors of Value Base Fund Management Ltd., dated as of September 27, 2023 (incorporated herein by reference to Exhibit 2 to Schedule 13D filed by the Reporting Persons on April 21, 2025): https://www.sec.gov/Archives/edgar/data/1338940/000117891325001368/exhibit_2.htm Exhibit 3: Letter to the Board of Directors of Perion Networks Ltd., dated as of April 21, 2025 (unofficial English translation from Hebrew) (incorporated herein by reference to Exhibit 3 to Schedule 13D filed by the Reporting Persons on April 21, 2025): https://www.sec.gov/Archives/edgar/data/1338940/000117891325001368/exhibit_3.htm Exhibit 4: Letter to the Board of Directors of Perion Networks Ltd., dated as of June 26, 2025 (unofficial English translation from Hebrew) (incorporated herein by reference to Exhibit 4 to Schedule 13D filed by the Reporting Persons on June 30, 2025): https://www.sec.gov/Archives/edgar/data/1338940/000117891325002262/exhibit_4.htm Exhibit 5: Letter to the Board of Directors of Perion Networks Ltd., dated as of July 14, 2025 (unofficial English translation from Hebrew) Exhibit 6: Certain transactions in Ordinary Shares effected by the Reporting Persons

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.

Value Base Ltd.

Signature:	/s/ Ido Nouberger
Name/Title:	Ido Nouberger/CEO
Date:	07/14/2025

Signature:	/s/ Victor Shamrich
Name/Title:	Victor Shamrich/Chairman
Date:	07/14/2025

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

Signature:	/s/ Victor Shamrich*
Name/Title:	Victor Shamrich/Director
Date:	07/14/2025

Ido Nouberger

Signature:	/s/ Ido Nouberger
Name/Title:	Ido Nouberger
Date:	07/14/2025

Victor Shamrich

Signature:	/s/ Victor Shamrich
Name/Title:	Victor Shamrich
Date:	07/14/2025

Comments accompanying signature:

* Evidence of signature authority on behalf of Value Base Fund Management Ltd. is attached as Exhibit 2 to the Schedule 13D.

FAQ

How many additional SNFCA shares are being registered?

The Form S-8 registers 3,000,000 additional Class A common shares for the 2022 Equity Incentive Plan.

When did shareholders approve the share increase?

Shareholders approved the added shares at the Annual Meeting on 27 June 2025.

Will this filing generate cash for Security National Financial?

No. Form S-8 covers future equity awards; the company receives cash only upon option exercises, if any.

What is the potential dilution from the new shares?

If fully issued, the 3 million shares would represent about 5-6 % of current Class A shares outstanding.

Which documents are incorporated by reference into this S-8?

Key filings include the 2024 Form 10-K, Q1 2025 Form 10-Q, DEF 14A proxy, and recent Form 8-Ks.