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			BroadVision 8-K (for RSA)
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:10pt;">UNITED STATES</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">FORM 8-K</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">CURRENT REPORT</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font>
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						<font style="display: inline;font-size:10pt;">Date of Report:&nbsp; </font><font style="display: inline;font-size:10pt;">March 27</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> 2020</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Date of earliest event reported)</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">BROADVISION, INC.</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Delaware</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">1-34205</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(State or other jurisdiction</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">of incorporation)</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Commission</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">File Number)</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(I.R.S. Employer</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">Identification No.)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">460 Seaport Ct, Suite 102,</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> Redwood City, CA </font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Address of principal executive offices)</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Zip Code)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">(650) 331-1000</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Registrant&#x2019;s telephone number, including area code)</font></p>
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						<font style="display: inline;font-style:italic;font-size:10pt;">(Former Name or Former Address, if changed since last report)</font></p>
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						<font style="display: inline;font-size:10pt;">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 (see General Instruction A.2. below):</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;color:#000000;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;color:#000000;font-size:10pt;">Title of each class</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">Trading Symbol(s)</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">Name of each exchange on which registered</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">Common stock, par value $0.0001 per</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">share</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">BVSN</font></p>
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						<font style="display: inline;color:#000000;font-size:10pt;">Nasdaq Capital Market</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;&#x2009;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;&#x2009;240.12b-2 of this chapter).</font>
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			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Emerging growth company </font><font style="display: inline;font-size:10pt;">&#x2610;</font>
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			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;">&nbsp;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Item 1.01 Entry into a Material Definitive Agreement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">The information set forth in Item 1.03 below with respect to the Restructuring Support Agreement (as defined below) is incorporated herein by reference.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldMT;font-weight:bold;font-size:10pt;">Item 1.03 </font><font style="display: inline;font-family:TimesNewRomanPS-BoldMT;font-weight:bold;font-size:10pt;">Entry into Restructuring Support Agreement</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-ItalicMT;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">On </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">March </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">27</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, 20</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">20</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">entered into a Restructuring Support Agreement (the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Restructuring Support Agreement</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;) with </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">ESW Capital, LLC</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, a major shareholder of the Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> (&#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">ESW</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D; or the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Plan Sponsor</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">,</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> and </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">other major shareholders of the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, including Dr.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Pehong Chen</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> and</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> Honu Holdings, LLC</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> (collectively, the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Shareholders</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Among other things, the Restructuring Support Agreement provides that the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Plan Sponsor </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">and the Shareholders </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">will support the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x2019;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">s</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> restructuring efforts as set forth in, and subject to the terms and conditions of, the Restructuring Support Agreement. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">The Restructuring Support Agreement also provides that the</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, upon the occurrence of the effective date of the Plan,</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">ESW will sponsor and fund the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-style:italic;font-size:10pt;">Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Plan</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, which will provide for the full payment of all allowed administrative, legal costs, and secured (if any) and unsecured liabilities (including those of employees and vendors). </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Additionally, holders of the Company&#x2019;s common stock (other than ESW) </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">are expected to </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">receive $4.375 per common share (assuming 5,142,333 shares are outstanding), plus each of their pro rata share of the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x2019;s cash on hand as of the effective date of the Plan (including proceeds from the sale of a block of IP addressed owned by the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">)</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> following the payment of certain case-related costs and expenses</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Under the Plan, </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">ESW will acquire&nbsp;100% of the equity interests of the reorganized Company, free and clear of any options, liens, or other claims.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">The foregoing description of the Restructuring Support Agreement does not purport to be complete and is qualified in its entirety by reference to the Restructuring Support Agreement filed as </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Exhibit 10.1 hereto</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> and incorporated herein by reference. </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">On </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">March </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">27</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, 2020</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, the Company issued a press release announcing that the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">had entered into the Restructuring Support Agreement </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">in anticipation of filing a </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">petition to initiate the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">chapter 11 case</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> in the United States Bankruptcy Court for the District of Delaware</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">A copy of the press release is attached hereto as Exhibit </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">99.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">1</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> and is incorporated herein by reference.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">* * * * *</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">Cautionary Information Regarding Trading in the Company&#x2019;s Securities.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">The Company&#x2019;s securityholders are cautioned that trading in the Company&#x2019;s securities during the pendency of the Chapter 11 Case is highly</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">speculative and poses substantial risks. Trading prices for the Company&#x2019;s securities may bear little or no relationship to the actual recovery, if any, by</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">holders thereof in the Company&#x2019;s Chapter 11 Case</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, &nbsp;</font><a name="_Hlk36129732"></a><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">and the effectiveness of the Plan is subject to numerous conditions, including approval by the Bankruptcy Court</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">. As noted, the transaction specified in the Restructuring Support Agreement contemplate</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">s</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> that</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">existing equity interests in the Company would be cancelled and that the holders thereof will neither receive nor retain any property on account thereof.</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">Cautionary Note Regarding Forward-Looking Statements</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">This Current Report on Form 8-K contains forward-looking statements, which are based on the Company&#x2019;s current expectations, estimates, and</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">projections about the businesses and prospects of the Company and its subsidiaries, as well as management&#x2019;s beliefs, and certain assumptions made by</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">management. Words such as &#x201C;anticipates,&#x201D; &#x201C;expects,&#x201D; &#x201C;intends,&#x201D; &#x201C;plans,&#x201D; &#x201C;believes,&#x201D; &#x201C;seeks,&#x201D; &#x201C;estimates,&#x201D; &#x201C;may,&#x201D; &#x201C;should,&#x201D; &#x201C;will&#x201D; and variations of</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Item 9.01&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">(d)</font><font style="display: inline;color:#000000;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Exhibits.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.20pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Exhibit</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Number</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.20pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Description</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font><a href="bvsn-20200327xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-size:10pt;">10.1*</font></a></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.20pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:405.55pt;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="bvsn-20200327xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Restructuring Support Agreement, dated March 27, 2020 by and between the Company, the Plan Sponsor, and other major shareholders of the Company, including Dr. Pehong Chen and Honu Holdings, LLC</font></a></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font><a href="bvsn-20200327xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-size:10pt;">99.1</font></a></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:13.20pt;padding:0pt;">
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="bvsn-20200327xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-size:10pt;">Press Release, dated March 27, 2020 ET</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">______________</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">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 hereunto duly authorized.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">BroadVision, Inc.</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
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						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Date:&nbsp; </font><font style="display: inline;font-size:10pt;">March 27</font><font style="display: inline;font-size:10pt;">, 202</font><font style="display: inline;font-size:10pt;">0</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s</font><font style="display: inline;font-style:italic;font-size:10pt;">/ &nbsp;</font><font style="display: inline;font-style:italic;font-size:10pt;">______________________________</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Dr. Pehong Chen</font></p>
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						<font style="display: inline;font-size:10pt;">President, Chief Executive Officer, Interim Chief Financial Officer</font></p>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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{"company-data": {"conformed-name": "BROADVISION INC", "cik": "0000920448", "assigned-sic": "7372", "irs-number": "943184303", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34205", "film-number": "20752039"}, "business-address": {"street1": "460 SEAPORT CT.", "street2": "SUITE 102", "city": "REDWOOD CITY", "state": "CA", "zip": "94063", "phone": "6503311000"}, "mail-address": {"street1": "460 SEAPORT CT.", "street2": "SUITE 102", "city": "REDWOOD CITY", "state": "CA", "zip": "94063"}}
BroadVision 8-K (for RSA)
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:
March 27
,
2020
(Date of earliest event reported)
BROADVISION, INC.
(Exact name of registrant as specified in its charter)
﻿
Delaware
1-34205
94-3184303
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
﻿
460 Seaport Ct, Suite 102,
Redwood City, CA
94063
(Address of principal executive offices)
(Zip Code)
﻿
(650) 331-1000
(Registrant's telephone number, including area code)
﻿
(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 (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
﻿
Securities registered pursuant to Section 12(b) of the Act:
﻿
﻿
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.0001 per
share
BVSN
Nasdaq Capital Market
﻿
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
﻿
Emerging growth company
☐
﻿
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01 Entry into a Material Definitive Agreement.
﻿
The information set forth in Item 1.03 below with respect to the Restructuring Support Agreement (as defined below) is incorporated herein by reference.
﻿
Item 1.03
Entry into Restructuring Support Agreement
﻿
On
March
27
, 20
20
, the
Company
entered into a Restructuring Support Agreement (the "
Restructuring Support Agreement
") with
ESW Capital, LLC
, a major shareholder of the Company
("
ESW
" or the "
Plan Sponsor
")
,
and
other major shareholders of the
Company
, including Dr.
Pehong Chen
and
Honu Holdings, LLC
(collectively, the "
Shareholders
")
.
Among other things, the Restructuring Support Agreement provides that the
Plan Sponsor
and the Shareholders
will support the
Company
'
s
restructuring efforts as set forth in, and subject to the terms and conditions of, the Restructuring Support Agreement.
The Restructuring Support Agreement also provides that the
, upon the occurrence of the effective date of the Plan,
ESW will sponsor and fund the
Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc.
(the "
Plan
")
, which will provide for the full payment of all allowed administrative, legal costs, and secured (if any) and unsecured liabilities (including those of employees and vendors).
Additionally, holders of the Company's common stock (other than ESW)
are expected to
receive $4.375 per common share (assuming 5,142,333 shares are outstanding), plus each of their pro rata share of the
Company
's cash on hand as of the effective date of the Plan (including proceeds from the sale of a block of IP addressed owned by the
Company
)
following the payment of certain case-related costs and expenses
.
Under the Plan,
ESW will acquire 100% of the equity interests of the reorganized Company, free and clear of any options, liens, or other claims.
﻿
The foregoing description of the Restructuring Support Agreement does not purport to be complete and is qualified in its entirety by reference to the Restructuring Support Agreement filed as
Exhibit 10.1 hereto
and incorporated herein by reference.
﻿
On
March
27
, 2020
, the Company issued a press release announcing that the
Company
had entered into the Restructuring Support Agreement
in anticipation of filing a
petition to initiate the
chapter 11 case
in the United States Bankruptcy Court for the District of Delaware
.
A copy of the press release is attached hereto as Exhibit
99.
1
and is incorporated herein by reference.
﻿
* * * * *
﻿
Cautionary Information Regarding Trading in the Company's Securities.
﻿
The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Case is highly
speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by
holders thereof in the Company's Chapter 11 Case
,
and the effectiveness of the Plan is subject to numerous conditions, including approval by the Bankruptcy Court
. As noted, the transaction specified in the Restructuring Support Agreement contemplate
s
that
existing equity interests in the Company would be cancelled and that the holders thereof will neither receive nor retain any property on account thereof.
Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
﻿
Cautionary Note Regarding Forward-Looking Statements
﻿
This Current Report on Form 8-K contains forward-looking statements, which are based on the Company's current expectations, estimates, and
projections about the businesses and prospects of the Company and its subsidiaries, as well as management's beliefs, and certain assumptions made by
management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "should," "will" and variations of
these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The
Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.
Item 9.01   Financial Statements and Exhibits.
﻿
(d)
Exhibits.
﻿
﻿
Exhibit
Number
Description
﻿
10.1*
Restructuring Support Agreement, dated March 27, 2020 by and between the Company, the Plan Sponsor, and other major shareholders of the Company, including Dr. Pehong Chen and Honu Holdings, LLC
﻿
99.1
Press Release, dated March 27, 2020 ET
﻿
______________
SIGNATURES
﻿
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 hereunto duly authorized.
﻿
﻿
BroadVision, Inc.
Date:
March 27
, 202
0
/s
/
______________________________
﻿
Dr. Pehong Chen
President, Chief Executive Officer, Interim Chief Financial Officer
﻿