-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SVtbOEGIFeLKG7AVe4vPuz8u0JhP9r5eUJ7/xsK7lTuBAhRiUIErH4CkIi/JjSeC 0pEH05W8I+zzxPjCnxthlQ== 0001104659-05-039659.txt : 20050815 0001104659-05-039659.hdr.sgml : 20050815 20050815165549 ACCESSION NUMBER: 0001104659-05-039659 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20050815 DATE AS OF CHANGE: 20050815 GROUP MEMBERS: VECTOR CAPITAL CORPORATION SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BROADVISION INC CENTRAL INDEX KEY: 0000920448 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943184303 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49117 FILM NUMBER: 051027524 BUSINESS ADDRESS: STREET 1: 585 BROADWAY CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 6502615100 MAIL ADDRESS: STREET 1: 585 BROADWAY CITY: REDWOOD CITY STATE: CA ZIP: 94063 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Bravo Holdco CENTRAL INDEX KEY: 0001335246 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O VECTOR CAPITAL CORPORATION STREET 2: 456 MONTGOMERY STREET, 19TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: (415) 293-5000 MAIL ADDRESS: STREET 1: C/O VECTOR CAPITAL CORPORATION STREET 2: 456 MONTGOMERY STREET, 19TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94104 SC 13D/A 1 a05-14209_1sc13da.htm SC 13D/A

	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549
	SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

BROADVISION, INC.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

111412 10 2

(CUSIP Number)

Vector Capital Corporation, Bravo Holdco
c/o Vector Capital Corporation
456 Montgomery Street, 19^th Floor
San Francisco, CA 94104
Telephone: (415) 293-5000
Attn: Christopher Nicholson

with a copy to:

Michael J. Kennedy
O’Melveny & Myers LLP
275 Battery Street, Suite 2600
San Francisco, CA 94111

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

August 15, 2005

(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. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

^* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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).

Page 1 of 7 Pages

CUSIP No. 111412 10 2						Page 2 of 7 Pages

	1.	Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Vector Capital Corporation

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO (see Item 3)

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0

			8.	Shared Voting Power 7,413,689 shares of Common Stock (see Items 3, 4 and 5)

			9.	Sole Dispositive Power 0

			10.	Shared Dispositive Power 0

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 7,413,689 shares of Common Stock (see Items 3, 4 and 5)

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 20.7% (see Items 3, 4 and 5)

	14.	Type of Reporting Person (See Instructions) CO

CUSIP No. 111412 10 2						Page 3 of 7 Pages

	1.	Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Bravo Holdco

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO (see Item 3)

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Cayman Islands

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0

			8.	Shared Voting Power 7,413,689 shares of Common Stock (see Items 4 and 5)

			9.	Sole Dispositive Power 0

			10.	Shared Dispositive Power 0

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 7,413,689 shares of Common Stock (see Items 3, 4 and 5)

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 20.7% (see Items 3, 4 and 5)

	14.	Type of Reporting Person (See Instructions) OO

This First Amended Statement (this “First Amended Statement”) to the initial Schedule 13D filed with the Securities and Exchange Commission on behalf of Vector Capital Corporation, a Delaware corporation (“Vector Capital”), and Bravo Holdco, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Bravo Holdco” and, together with Vector Capital, the “Reporting Persons”) on August 4, 2005 (the “Initial Statement”) is being filed pursuant to Rule 13d-2 of the Securities Exchange Act, as amended, on behalf of the Reporting Persons to amend certain information previously reported by the Reporting Persons in the Initial Statement by adding the information set forth below to the items indicated. Unless otherwise stated herein, all capitalized terms used in this First Amended Statement have the same meanings as those set forth in the Initial Statement.

Item 3.	Source and Amount of Funds or Other Consideration
Item 3 is hereby supplemented as set forth below:
Subsequent to the execution of the Voting Agreement, the parties thereto became aware that the Voting Agreement and related proxy incorrectly reflected the number of shares of Common Stock issuable upon exercise of stock options granted to Dr. Chen. Accordingly the parties to the Voting Agreement entered into an amendment to the Voting Agreement dated August 15, 2005 (the “Voting Agreement Amendment”) to correct the number of shares of Common Stock issuable upon exercise of stock options granted to Dr. Chen and covered by the Voting Agreement and related proxy by reducing such number of shares of Common Stock issuable upon exercise of such options to 1,704,444. Of these options, 1,538,704 are outstanding and exercisable within 60 days of this First Amended Statement. A copy of the Voting Agreement Amendment is filed as Exhibit 99.3 hereto and is incorporated herein by reference. Bravo Holdco did not pay additional consideration in connection with the execution and delivery of the Voting Agreement Amendment. References to the Voting Agreement shall include the Voting Agreement Amendment.

Item 4.	Purpose of Transaction
Item 4 is hereby amended as set forth below:
References to the Voting Agreement shall include the Voting Agreement Amendment. The references to “options to purchase an additional 2,757,551 shares of Common Stock” in the second and third paragraphs of Item 4 shall be amended to read “options to purchase an additional 1,704,444 shares of Common Stock, of which options to purchase 1,538,704 shares of Common Stock are outstanding and exercisable within 60 days of this First Amended Statement”.
In the third paragraph of Item 4, the following reference to the percentage ownership of Common Stock deemed to be outstanding: “represents approximately 23.3% of the shares of Common Stock deemed to be outstanding pursuant to Rule 13d-3(d)(1)” shall be amended to read “represents approximately 20.7% of the shares of Common Stock deemed to be outstanding pursuant to Rule 13d-3(d)(1)”.
Footnotes (1), (2) and (3) to Item 4 shall be amended to read as follows:
(1) Consists of 5,874,985 shares of Common Stock beneficially owned by the Chen Trust and an aggregate of 1,538,704 shares of Common Stock issuable upon exercise of stock options granted to Dr. Chen which may be exercised within 60 days of the date of this First Amended Statement. Excludes outstanding options to purchase 165,740 shares of Common Stock which are not exercisable within 60 days of this First Amended Statement. By virtue of Dr. Chen’s and the Chen Trust’s ownership of the Common Stock in the amounts described above, Dr. Chen and the Chen Trust hold shares of Common Stock representing approximately 17.2% of the currently outstanding voting power of BroadVision excluding the shares of Common Stock issuable upon exercise of Dr. Chen’s options, or approximately 20.7% of the shares of Common Stock including the Shares of Common Stock issuable upon exercise of Dr. Chen’s options.
(2) See Footnote (1).

Page 4 of 7 Pages

(3) The share ownership percentages described in this Statement are based on 35,768,841 shares of Common Stock deemed to be outstanding, which includes (i) 34,230,137 shares of Common Stock actually issued and outstanding as of July 20, 2005 (as represented by BroadVision in the Merger Agreement) and (ii) an aggregate of 1,538,704 shares of Common Stock issuable upon the exercise of stock options granted to Dr. Chen which are exercisable within 60 days of the date of this First Amended Statement.

Item 5.	Interest in Securities of the Issuer
Item 5 is hereby amended as set forth below:
References to the Voting Agreement shall include the Voting Agreement Amendment. The reference to “shared power to vote or direct the vote of 8,632,536 shares of Common Stock, which represents approximately 23.3% of the shares of Common Stock deemed to be outstanding pursuant to Rule 13d-3(d)(1)” shall be amended to read “shared power to vote or direct the vote of 7,413,689 shares of Common Stock, which represents approximately 20.7% of the shares of Common Stock deemed to be outstanding pursuant to Rule 13d-3(d)(1)”.
Item 6.	Contracts, Arrangements, Understandings or Relationships with Respect to the Securities of the Issuer
Item 6 is hereby amended as set forth below:
Reference to the Voting Agreement shall include the Voting Agreement Amendment.
Item 7.	Material to Be Filed as Exhibits
Item 7 is hereby supplemented as set forth below:
99.3	Amendment to Voting Agreement and Proxy dated as of August 15, 2005 by and between Bravo Holdco and Dr. Chen and the Pehong Chen and Adele W. Chi Trustees, The Chen Family Trust dated 1/15/93.

Page 5 of 7 Pages

SIGNATURE

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: August 15, 2005
	VECTOR CAPITAL CORPORATION


	By:	/s/ Christopher Nicholson
	Name:	Christopher Nicholson
	Title:	Authorized Person

	BRAVO HOLDCO


	By:	/s/ Christopher Nicholson
	Name:	Christopher Nicholson
	Title:	Director

Page 6 of 7 Pages

INDEX TO EXHIBITS

Exhibit Number		Document

1		Joint Filing Agreement dated August 4, 2005 among Vector Capital Corporation and Bravo Holdco (incorporated herein by reference to the Reporting Persons’ Schedule 13D filed on August 4, 2005).

99.1.		Agreement and Plan of Merger dated as of July 25, 2005 by and among BroadVision, Bravo Holdco and Merger Sub (incorporated herein by reference to the Reporting Persons’ Schedule 13D filed on August 4, 2005).

99.2.		Voting Agreement dated as of July 25, 2005 by and between Bravo Holdco and Dr. Chen and the Pehong Chen and Adele W. Chi Trustees, The Chen Family Trust dated 1/15/93 (incorporated herein by reference to the Reporting Persons’ Schedule 13D filed on August 4, 2005).

99.3		Amendment to Voting Agreement and Proxy dated as of August 15, 2005 by and between Bravo Holdco and Dr. Chen and the Pehong Chen and Adele W. Chi Trustees, The Chen Family Trust dated 1/15/93.

Page 7 of 7 Pages

EX-99.3 2 a05-14209_1ex99d3.htm EX-99.3

Exhibit 99.3

AMENDMENT TO

VOTING AGREEMENT AND PROXY

THIS AMENDMENT TO VOTING AGREEMENT AND PROXY (this “Amendment”) is entered into as of August 15, 2005, by and between Bravo Holdco, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Parent”), and Pehong Chen individually and as the Trustee of the Pehong Chen and Adele W. Chi Trustees, The Chen Family Trust dated 1/15/93 (“Stockholder”).

RECITALS

A. Parent and Stockholder are parties to that certain Voting Agreement entered into as of July 25, 2005, a copy of which is attached hereto as Exhibit A (the “Voting Agreement”) pursuant to which, among other things, Stockholder granted the irrevocable proxy dated July 25, 2005 attached as Exhibit A to the Voting Agreement (the “Proxy”).

B. The signature pages to the Voting Agreement and the Proxy denote an incorrect number of options and other rights held by Stockholder. This Amendment corrects the number of options and other rights denoted in the Voting Agreement and the Proxy.

AMENDMENT

Effective as of the date hereof, the parties hereto agree as set forth below.

1. Definitions. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Voting Agreement.

2. Amendment to the Signature Page of the Voting Agreement. Immediately under the heading “Options and Other Rights” on the signature page to the Voting Agreement the number “2,757,551” is incorrect and the parties hereto agree that such number shall be deleted and the number “1,704,444” shall be inserted in lieu thereof.

3. Amendment to the Signature Page of the Proxy. Immediately under the heading “Options and Other Rights” on the signature page to the Proxy the number “2,757,551” is incorrect and the parties hereto agree that such number shall be deleted and the number “1,704,444” shall be inserted in lieu thereof.

4. Representation of Stockholder. Stockholder hereby represents and warrants to Parent as set forth below.

(a) As of July 25, 2005: (i) Stockholder held of record (free and clear of any encumbrances) 5,874,985 outstanding shares of Company Common Stock; (ii) Stockholder held

(free and clear of any encumbrances) 1,704,444 options outstanding to acquire Company Common Stock, of which 1,524,120 options were exercisable within 60 days of July 25, 2005; and (iii) Stockholder did not Own any shares of capital stock or other securities of the Company, or any option, warrant or other right to acquire any shares of capital stock or other securities of the Company, other than the shares and options, warrants and other rights set forth in the immediately preceding clauses (i) and (ii).

(b) As of the date hereof: (i) Stockholder holds of record (free and clear of any encumbrances) 5,874,985 outstanding shares of Company Common Stock; (ii) Stockholder held (free and clear of any encumbrances) 1,704,444 options to acquire Company Common Stock, of which 1,538,704 options are exercisable within 60 days hereof; and (iii) Stockholder does not Own any shares of capital stock or other securities of the Company, or any option, warrant or other right to acquire any shares of capital stock or other securities of the Company, other than the shares and options, warrants and other rights set forth in the immediately preceding clauses (i) and (ii).

5. No Other Changes. In all other respects, the Voting Agreement and Proxy shall remain unchanged and in full force and effect in accordance with the terms thereof.

6. Counterparts. This Amendment may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Parent and Stockholder have caused this Agreement to be executed as of the date first written above.

	BRAVO HOLDCO

	By:

	/s/ Christopher Nicholson
	Name: Christopher Nicholson
	Title: Director


	STOCKHOLDER

	PEHONG CHEN, individually and as the Trustee of the Pehong Chen and Adele W. Chi Trustees, The Chen Family Trust dated 1/15/93

	/s/ Pehong Chen
	Signature

EXHIBIT A

TO AMENDMENT

TO VOTING AGREEMENT AND PROXY

VOTING AGREEMENT

THIS VOTING AGREEMENT (“Agreement”) is entered into as of July 25, 2005 by and between Bravo Holdco, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Parent”), and Pehong Chen individually and as the Trustee of the Pehong Chen and Adele W. Chi Trustees The Chen Family Trust dated 1/15/93 (“Stockholder”).

RECITALS

A. Stockholder is a holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of certain shares of common stock of BroadVision, Inc., a Delaware corporation (the “Company”).

B. Parent, Bravo Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”), and the Company are entering into an Agreement and Plan of Merger of even date herewith (the “Merger Agreement”) which provides (subject to the conditions set forth therein) that the Company shall be merged with and into Merger Sub, and the separate corporate existence of the Company shall thereupon cease, and Merger Sub shall be the surviving entity in the Merger, but the Buyer may, at its option, elect to amend the Merger Agreement to provide for a merger of (i) Merger Sub or any other affiliate of Buyer or any affiliate of Buyer’s majority stockholder with and into the Company, or (ii) a merger of the Company with and into any other affiliate of Buyer or any Affiliate of Parent’s majority stockholder (the “Merger”).

C. Stockholder is entering into this Agreement in order to induce Parent to enter into the Merger Agreement.

AGREEMENT

The parties to this Agreement, intending to be legally bound, agree as follows:

SECTION 1. CERTAIN DEFINITIONS

For purposes of this Agreement:

(a) “Company Common Stock” shall mean the common stock, par value $0.0001 per share, of the Company.

(b) “Expiration Time” shall mean the earlier of: (i) such time as the Merger Agreement is terminated in accordance with its terms or (ii) such time as the Merger becomes effective.

(c) Stockholder shall be deemed to “Own” or to have acquired “Ownership” of a security if Stockholder: (i) is the record owner of such security; or (ii) is the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934) of such security.

(d) “Person” shall mean any: (i) individual; (ii) corporation, limited liability company, partnership or other entity; or (iii) governmental authority.

(e) “Subject Securities” shall mean: (i) all securities of the Company (including all shares of Company Common Stock and all options, warrants and other rights to acquire shares of Company Common Stock) Owned by Stockholder as of the date of this Agreement; and (ii) all additional securities of the Company (including all additional shares of Company Common Stock and all additional options, warrants and other rights to acquire shares of Company Common Stock) of which Stockholder acquires Ownership during the period from the date of this Agreement through the Expiration Time.

(f) A Person shall be deemed to have a effected a “Transfer” of a security if such Person: (i) sells, encumbers, transfers, grants an option with respect to or disposes of such security or any interest in such security to any Person other than Parent; or (ii) enters into an agreement or commitment contemplating the possible sale of, encumbrance of, transfer of, grant of an option with respect to or disposition of such security or any interest therein to any Person other than Parent.

(g) Capitalized terms used but not otherwise defined in this Agreement have the meanings assigned to such terms in the Merger Agreement.

SECTION 2. RESTRICTIONS ON TRANSFER OF SUBJECT SECURITIES AND VOTING RIGHTS

2.1 Restriction on Transfer of Subject Securities. Subject to Section 2.3, during the period from the date of this Agreement through the Expiration Time, Stockholder shall not cause or permit any Transfer of any of the Subject Securities to be effected.

2.2 Restriction on Transfer of Voting Rights. During the period from the date of this Agreement through the Expiration Time, Stockholder shall ensure that: (a) none of the Subject Securities is deposited into a voting trust; and (b) no proxy is granted with respect to any of the Subject Securities (other than in connection with Stockholder’s compliance with Section 3.1 and other than the proxy in the form attached hereto as Exhibit A delivered to Parent pursuant to Section 3.3), no voting agreement or similar agreement is entered into with respect to any of the Subject Securities and no power of attorney is granted with respect to the voting of the Subject Securities.

2.3 Permitted Transfers. Section 2.1 shall not prohibit a Transfer of Subject Securities by Stockholder (a) to any member of Stockholder’s immediate family, or to a trust for the benefit of Stockholder or any member of Stockholder’s immediate family, or (b) upon the death of Stockholder; provided, however, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee agrees in writing, reasonably satisfactory in form and substance to Parent, to be bound by all of the terms of this Agreement and delivers a duly executed proxy in the form attached hereto as Exhibit A with respect to such transferred Subject Securities.

SECTION 3. VOTING OF SHARES.

3.1 Voting. Stockholder hereby agrees that, prior to the Expiration Time, at any meeting of the stockholders of the Company, however called, and in any written action by consent of stockholders of the Company, unless otherwise directed in writing by Parent, Stockholder shall cause all issued and outstanding shares of Company Common Stock Owned by Stockholder to be voted (a) in favor of: (i) the adoption of the Merger Agreement; (ii) the Merger and each of the other transactions contemplated by the Merger Agreement; and (iii) any action in furtherance of any of the foregoing; and (b) against the following actions (other than the Merger and the transactions contemplated by the Merger Agreement): (i) any merger, consolidation or other business combination involving the Company or any subsidiary of the Company; (ii) any sale or other transfer of all or substantially all of the assets of the Company and its subsidiaries taken as a whole; (iii) any Takeover Proposal (as defined in the Merger Agreement); (iv) any liquidation, dissolution or winding up of the Company; (v) any amendment to the Company’s certificate of incorporation or bylaws that is not expressly approved by Parent; (vi) any dilution in any material respect of the benefits to Parent of the Merger and the other transactions contemplated by the Merger Agreement or the transactions contemplated by this Agreement; (vii) any change in any manner the voting rights of the Company Common Stock; and (viii) any other action which is intended, or would reasonably be expected, to interfere with or delay in any material respect the Merger or any of the other transactions contemplated by the Merger Agreement.

3.2 Stockholder as Officer or Director, etc. Notwithstanding anything to the contrary contained in this Agreement (including Section 4.4 hereof), nothing in this Agreement (a) limits or affects, or gives rise to any liability of Stockholder by virtue of, any actions taken by Stockholder in such Stockholder’s capacity as an officer, employee or director of the Company, as applicable or (b) obligates Stockholder to exercise any option, warrant or other right to acquire any Company Common Stock.

3.3 Delivery of Proxy and Revocation of Prior Proxies. Stockholder has delivered to Parent a duly executed proxy in the form attached hereto as Exhibit A (the “Proxy”), such Proxy covering the Subject Securities. Upon the execution of this Agreement by Stockholder, Stockholder hereby revokes any and all prior proxies or powers of attorney given by Stockholder with respect to voting of the Subject Securities on the matters referred to in Section 3.1.

3.4 Irrevocable Proxy. Sockholder hereby affirms that the Proxy is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of Stockholder under this Agreement. Stockholder hereby further affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be revoked. Stockholder hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. Such Proxy is executed and intended to be irrevocable in accordance with the provisions of Section 212(e) of the DGCL.

SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF STOCKHOLDER

Stockholder hereby represents and warrants to Parent as follows:

4.1 Authorization, etc. Stockholder has the right, power and authority to execute and deliver this Agreement and the Proxy and to perform Stockholder’s obligations hereunder and thereunder. This Agreement and the Proxy have been duly executed and delivered by Stockholder and constitute the legal, valid and binding obligation of Stockholder, enforceable against Stockholder in accordance with their respective terms, subject to: (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (b) rules of law governing specific performance, injunctive relief and other equitable remedies. With respect to each Stockholder that is not a natural person, such Stockholder (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (ii) has all requisite corporate, partnership or other power and authority to execute and deliver this Agreement, to consummate the transactions contemplated by this Agreement and to comply with the terms of this Agreement. The execution and delivery of this Agreement by such Stockholder, the consummation by such Stockholder of the transactions contemplated by this Agreement and the compliance by such Stockholder with the terms of this Agreement have been duly authorized by all necessary corporate, partnership or other action on the part of such Stockholder and no other corporate, partnership or other proceedings on the part of such Stockholder are necessary to authorize this Agreement or to consummate the transactions contemplated by this Agreement.

4.2 No Conflicts or Consents.

(a) The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement and the Proxy by Stockholder will not: (i) conflict with or violate any law, rule, regulation, order, decree or judgment applicable to Stockholder or by which Stockholder or any of Stockholder’s properties is or may be bound or affected; (ii) result in or constitute (with or without notice or lapse of time) any breach of or default under, or give to any other Person (with or without notice or lapse of time) any right of termination, amendment, acceleration or cancellation of, or result (with or without notice or lapse of time) in the creation of any encumbrance or restriction on any of the Subject Securities pursuant to, any Contract to which Stockholder is a party or by which Stockholder or any of Stockholder’s affiliates or properties is or may be bound or affected; or (iii) conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of, or result in termination, cancellation or acceleration of any obligation or to loss of a material benefit under, or result in the creation of any Lien in or upon any of the properties or assets of such Stockholder.

(b) The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement and the Proxy by Stockholder will not, require any consent or approval of any Person or Governmental Authority.

4.3 Title to Securities. As of the date of this Agreement: (a) Stockholder holds of record (free and clear of any encumbrances) the number of outstanding shares of Company

Common Stock set forth under the heading “Shares Held of Record” on the signature page hereof; (b) Stockholder holds (free and clear of any encumbrances) the options, warrants and other rights to acquire shares of Company Common Stock set forth under the heading “Options and Other Rights” on the signature page hereof; (c) Stockholder Owns the additional securities of the Company set forth under the heading “Additional Securities Beneficially Owned” on the signature page hereof; and (d) Stockholder does not Own any shares of capital stock or other securities of the Company, or any option, warrant or other right to acquire any shares of capital stock or other securities of the Company, other than the shares and options, warrants and other rights set forth on the signature page hereof.

4.4. No Solicitation of Transactions. This Section 4.4 is subject to Section 3.2 and shall not limit any Stockholder activity that is permitted under the Merger Agreement, including pursuant to the proviso set forth in Section 5.3(a) of the Merger Agreement and the second sentence of Section 5.3(c) of the Merger Agreement. Stockholder shall not (and shall cause such Stockholder’s Representatives not to): (a) solicit, initiate or knowingly encourage the initiation of any proposals that constitute, or that would reasonably be expected to lead to, any Takeover Proposal; (b) participate in any discussions with any third party regarding, or furnish to any third party any information with respect to, any Takeover Proposal; or (c) enter into any agreement, arrangement or understanding with respect to, or otherwise endorse, any Takeover Proposal. Stockholder shall not commit or agree to take any action inconsistent with the transactions contemplated by this Agreement or the transactions contemplated by the Merger Agreement. Stockholder shall not (and shall cause such Stockholder’s Representative not to) issue any press release or make any other public statement with respect to the Merger Agreement, this Agreement, the Merger or any of the other transactions contemplated by the Merger Agreement or any of the transactions contemplated by this Agreement without the prior written consent of Parent, except as may be required by applicable Law or court process. Stockholder hereby waives any rights of appraisal, or rights to dissent from the Merger, that such Stockholder may have.

SECTION 5. MISCELLANEOUS

5.1 Further Assurances. From time to time, Stockholder shall execute and deliver, or cause to be executed and delivered, such additional instruments, and shall take such further actions, as Parent may reasonably request for the purpose of carrying out and furthering the intent of this Agreement and the Proxy.

5.2 Notices. Any notice or other communication required or permitted to be delivered to either party under this Agreement shall be in writing and shall be deemed properly delivered, given and received when received at the address or facsimile telephone number set forth beneath the name of such party below (or at such other address or facsimile telephone number as such party shall have specified in a written notice given to the other party):

If to Stockholder, at the address set forth on the signature page hereof;

with a copy (which shall not constitute notice) to:

Cooley Godward LLP

One Maritime Plaza, 20^th Floor

San Francisco, CA 94111

Attention: Kenneth L. Guernsey

Facsimile: (415) 951-3699

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

135 Commonwealth Drive

Menlo Park, CA 94025-3635

Attention: Christopher L. Kaufman

Facsimile: (415) 395-8095

If to Parent or Merger Sub, to:

c/o Vector Capital Corporation

456 Montgomery St., 19^th Floor

San Francisco, CA 94104

Attention: Christopher Nicholson

Facsimile: (415) 293-5000

with a copy (which shall not constitute notice) to:

O’Melveny & Myers LLP

Embarcadero Center West

275 Battery Street, Suite 2600

San Francisco, CA 94111

Attention: Michael J. Kennedy

Michael S. Dorf

Facsimile: (415) 984-8701

5.3 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term

or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term.

5.4 Entire Agreement. This Agreement, the Proxy and any other documents delivered by the parties in connection herewith constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings between the parties with respect thereto. No addition to or modification of any provision of this Agreement shall be binding upon either party unless made in writing and signed by both parties.

5.5 Assignment; Binding Effect. Except as provided herein, neither this Agreement nor any of the interests or obligations hereunder may be assigned or delegated by Stockholder, and any attempted or purported assignment or delegation of any of such interests or obligations shall be void. Subject to the preceding sentence, this Agreement shall be binding upon Stockholder and Stockholder’s successors and assigns, and shall inure to the benefit of Parent and its successors and assigns. Without limiting any of the restrictions set forth in Section 2 or elsewhere in this Agreement, this Agreement shall be binding upon any Person to whom any Subject Securities are transferred. Nothing in this Agreement is intended to confer on any Person (other than Parent and its successors and assigns) any rights or remedies of any nature.

5.6 Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Stockholder agrees that, in the event of any breach by Stockholder of any covenant or obligation contained in this Agreement, Parent shall be entitled to: (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation; and (b) an injunction restraining such breach.

5.7 Governing Law; Waiver of Jury Trial.

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

(b) STOCKHOLDER IRREVOCABLY WAIVES THE RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE ENFORCEMENT OF ANY PROVISION OF THIS AGREEMENT.

5.8 Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

5.9 Captions. The captions contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

5.10 Waiver. No failure on the part of Parent to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of Parent in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. Parent shall not be deemed to have waived any claim available to Parent arising out of this Agreement, or any power, right, privilege or remedy of Parent under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of Parent; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

5.11 Construction. For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders. The parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement. As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.” Except as otherwise indicated, all references in this Agreement to “Sections” are intended to refer to Sections of this Agreement.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Parent and Stockholder have caused this Agreement to be executed as of the date first written above.

BRAVO HOLDCO

By:
	/s/ Christopher Nicholson
	Name:	Christopher Nicholson
	Title:	Director


STOCKHOLDER

PEHONG CHEN, individually and as the Trustee of the Pehong Chen and Adele W. Chi Trustees The Chen Family Trust dated 1/15/93


/s/ Pehong Chen
Signature


Address:


Facsimile:

Shares Held of Record		Options and Other Rights		Additional Securities Beneficially Owned
5,874,985		2,757,551

EXHIBIT A

IRREVOCABLE PROXY TO VOTE STOCK OF BROADVISION, INC.

The undersigned stockholder of BroadVision, Inc., a Delaware corporation (the “Company”), hereby irrevocably appoints the members of the Board of Directors of Bravo Holdco, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Parent”), and each of them, or any other designee of Parent, as the sole and exclusive attorneys and proxies of the undersigned, with full power of substitution and resubstitution, to vote and exercise all voting rights (to the full extent that the undersigned is entitled to do so) with respect to all of the issued and outstanding shares of capital stock of the Company that now are owned of record or beneficially by the undersigned and are owned of record or beneficially by the undersigned as of any record date relevant for a vote (collectively, the “Shares”), in accordance with the terms of this Irrevocable Proxy. The Shares beneficially owned by the undersigned stockholder of the Company as of the date of this Irrevocable Proxy are listed on the final page of this Irrevocable Proxy. Upon the undersigned’s execution of this Irrevocable Proxy, any and all prior proxies given by the undersigned with respect to the voting of any Shares on the matters referred to in the third full paragraph of this Irrevocable Proxy are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to such matters (other than in connection with Stockholder’s compliance with Section 3.1 of the Voting Agreement (as defined below)) until the Expiration Time (as defined in the Voting Agreement).

This Irrevocable Proxy is irrevocable, is coupled with an interest, and is granted in connection with the Voting Agreement, dated as of the date hereof, between Parent and the undersigned stockholder of the Company (the “Voting Agreement”) and is granted in consideration of Parent entering into that certain Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Parent and Bravo Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”) pursuant to which the Company shall be merged with and into Merger Sub, and the separate corporate existence of the Company shall thereupon cease, and Merger Sub shall be the surviving entity in the Merger, but the Buyer may, at its option, elect to amend the Merger Agreement to provide for a merger of (i) Merger Sub or any other affiliate of Buyer or any affiliate of Buyer’s majority stockholder with and into the Company, or (ii) a merger of the Company with and into any other affiliate of Buyer or any Affiliate of Parent’s majority stockholder (the “Merger”). This Irrevocable Proxy will terminate at the Expiration Time. All capitalized terms not defined herein shall have the meaning set forth in the Voting Agreement.

The attorneys and proxies named above, and each of them are hereby authorized and empowered by the undersigned, at any time prior to the Expiration Time, to act as the undersigned’s attorney and proxy to vote the Shares, and to exercise all voting rights of the undersigned with respect to the Shares (including, without limitation, the power to execute and deliver written consents), at every annual, special or adjourned meeting of the stockholders of the Company and in every written consent in lieu of such meeting:

(a) in favor of:

(i) the adoption of the Merger Agreement;

(ii) the Merger and each of the other transactions contemplated by the Merger Agreement; and

(iii) any action in furtherance of any of the foregoing; and

(b) against the following actions (other than the Merger and the transactions contemplated by the Merger Agreement):

(i) any merger, consolidation or other business combination involving the Company or any subsidiary of the Company;

(ii) any sale or other transfer of all or substantially all of the assets of the Company and its subsidiaries taken as a whole;

(iii) any Takeover Proposal (as defined in the Merger Agreement);

(iv) any liquidation, dissolution or winding up of the Company;

(v) any amendment to the Company’s certificate of incorporation or bylaws that is not expressly approved by Parent;

(vi) any dilution in any material respect of the benefits to Parent of the Merger and the other transactions contemplated by the Merger Agreement or the transactions contemplated by this Agreement;

(vii) any change in any manner the voting rights of the Company Common Stock; and

(viii) any other action which is intended, or would reasonably be expected, to interfere with or delay in any material respect the Merger or any of the other transactions contemplated by the Merger Agreement.

The attorneys and proxies named above may not exercise this Irrevocable Proxy on any other matter except as provided above. The undersigned stockholder may vote the Shares on all other matters.

All authority herein conferred shall survive the death or incapacity of the undersigned and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

[Remainder of page intentionally left blank.]

This Irrevocable Proxy is coupled with an interest as aforesaid and is irrevocable.

Dated: July 25, 2005

	PEHONG CHEN, individually and as the Trustee of the Pehong Chen and Adele W. Chi Trustees The Chen Family Trust dated 1/15/93


	/s/ Pehong Chen
	(Signature of Stockholder)



	(Print Name of Stockholder)

Shares Held of Record		Options and Other Rights		Additional Securities Beneficially Owned
5,874,985		2,757,551

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Under the Securities Exchange Act of 1934 (Amendment No. 1)*

Under the Securities Exchange Act of 1934
(Amendment No. 1)*