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Optibase Announces Approval Of Shlomo (Tom) Wyler's Coverage Under Its Existing Directors' And Officers' Insurance Policies

Optibase Ltd. (NASDAQ:OBAS) (“ Optibase" or the “ Company”) today announced that the Company’s audit committee and board of directors approved, in accordance with the Israeli Companies Regulations (Relieves for Transactions with Interested Parties) of 2000) (the " Regulations"), the coverage of the liability of Mr. Shlomo (Tom) Wyler, the Company’s President and Chief Executive Officer, who is also considered the controlling shareholder of the Company, under the Company's directors' and officers' liability insurance policies, as discussed below (the " Policies").

  • An insurance policy covering the liability of directors and officers of the Company, including as directors or officers of the Company's subsidiaries for the period commencing on April 1, 2010 and ending on July 31, 2010. The maximum coverage amount under such policy and the yearly premium to be paid by the Company for such policy were US $10,000,000 and US $53,000, respectively. Such policy is a prolongation of the Company's previous directors' and officers' liability insurance policy and is under the same terms and conditions of the previous policy.
  • An insurance policy covering the liability of directors and officers of the Company, including as directors or officers of the Company's subsidiaries for a one year period commencing on August 1, 2010 and ending on July 31, 2011. Such policy covers a total liability of US $10,000,000 and the premium paid by the Company with respect to such policy is approximately US $53,000.
  • Subject to the Company's shareholders' approval, the purchase of a future insurance policy for directors' and officers' liability, including as directors or officers of the Company's subsidiaries, in substantially the same terms and conditions as the existing policy, for the period commencing on August 1, 2011 and ending on July 31, 2012. The maximum coverage amount under such policy and the maximum yearly premium to be paid by the Company for such policy shall not exceed US $10,000,000 and US $80,000, respectively.

The Company’s audit committee and board of directors determined that the coverage of Mr. Wyler’s liability under the Policies complies with the terms of Section 1B(5) of the Regulations for the following reasons: (a) the coverage of Mr. Wyler’s liability under the Policies is identical to the coverage of the liability of all other directors and officers of the Company under the Policies; (b) the terms of the coverage of Mr. Wyler’s liability under the Policies is on market terms; and (c) the coverage of Mr. Wyler’s liability under the Policies may not substantially affect the Company’s profitability, assets or liabilities.

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