Document:

Amendment to Employment Agreement - Comverse and Shefali A. Shah

 Exhibit 10.129 

AMENDMENT TO EMPLOYMENT AGREEMENT 

This Amendment (the “Amendment”) to the Employment Agreement, dated October 17, 2006 (the “Employment Agreement”), by and
between Comverse Technology, Inc., a New York corporation (the “Company”), and Shefali Shah (the “Executive”) is entered into on December 2, 2008 by and between the Company and the Executive (collectively, the
“Parties”). 
 W I T N E S S E T H: 

 
  

WHEREAS, the Executive and the Company previously entered into the Employment Agreement under which the Company continues to employ the Executive;

 WHEREAS, the Parties wish to amend the Employment Agreement to make certain changes to comply with the requirements of Section 409A of
the Internal Revenue Code and the regulations thereunder; 
 NOW, THEREFORE, in consideration of good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, covenant and agree as follows: 
  

	1.	Amendments to Employment Agreement. The Employment Agreement is amended as follows: 

 

	 	(a)	Section 1(i) is hereby amended to read as follows: 

“Good Reason” shall mean, without the Executive’s prior written consent, the occurrence of any of the following events or
actions, provided that no finding of Good Reason shall be effective unless and until the Executive has provided the Company, within sixty (60) calendar days of becoming aware of the facts and circumstances underlying the finding of Good Reason,
with written notice thereof in accordance with Section 23 below stating with specificity the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of Good Reason is capable of being cured by the
Company, providing the Company with an opportunity to cure the same within thirty (30) calendar days after receipt of such notice in accordance with Section 23 below: 

 

	 	(i)	a material reduction in the Executive’s Base Salary, other than as part of an across-the-board reduction applicable to all senior executives of Comverse
Technology, Inc.; 

  

	 	(ii)	an actual relocation of the Executive’s principal office to another location more than 35 miles from Manhattan, New York City, New York; 

 

	 	(iii)	any material diminution in the Executive’s title, position or reporting status, or any material diminution of the Executive’s duties or responsibilities;

  

	 	(iv)	a failure of the Company to obtain the assumption in writing of its obligations under this Agreement by any successor to all or substantially all of the assets of the
Company within ten (10) calendar days after completion of a merger, consolidation, sale or similar transaction; or 

  

	 	(v)	a material breach by the Company of any provision of this Agreement. 

  

	 	(b)	Section 8 is hereby amended to read as follows: 

During the Term of Employment, the Executive is authorized to incur reasonable business

  

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expenses in carrying out her duties and responsibilities under this Agreement, and the Company shall reimburse her for all such reasonable business expenses, subject to documentation in
accordance with the Company’s policies relating thereto. In no event shall any eligible expense reimbursements be made later than the last day of the calendar year following the calendar year in which such expense is incurred. 

 

	 	(c)	Section 11(k) is hereby amended to read as follows: 

If during or after the Term of Employment, the Executive becomes subject to the excise tax imposed by Code Section 4999 (the
“Parachute Excise Tax”), the Company and the Executive agree that the Company shall pay to the Executive a tax gross-up payment so that after payment by the Executive of all federal, state and local excise, income, employment, Medicare and
any other taxes (including any related penalties and interest) resulting from the payment of the parachute payments and the tax gross-up payments to the Executive by the Company, the Executive retains on an after-tax basis an amount equal to the
amount that the Executive would have retained if she had not been subject to the Parachute Excise Tax. The payment described in this subsection will be made no later than the end of the calendar year following the calendar year in which the
Parachute Excise Tax is paid. 
  

	 	(d)	Section 27(a) is hereby amended to read as follows: 

If any payment, compensation or other benefit provided to the Executive in connection with her employment termination is determined, in
whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a specified employee as defined in Section 409A(2)(B)(i) as of such employment termination date, no part
of such payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Executive
during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment
Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to
the Executive that would not be required to be delayed if the premiums therefor were paid by the Executive, the Executive shall pay the full cost of premiums for such welfare benefits during the six-month period and the Company shall pay the
Executive an amount equal to the amount of such premiums paid by the Executive during such six-month period promptly after its conclusion. 
  

	 	(e)	Section 27(c) is hereby amended to read as follows: 

If, notwithstanding the preceding provisions of this Section 27, any payment, award, benefit or distribution (or any acceleration of
any payment, award, benefit or distribution) (the “Payments”) made or provided to the Executive or for her benefit in connection with this Agreement or the Executive’s employment with the Company or the termination thereof, are
determined to be subject to the tax imposed by Section 409A(a)(1)(B) or any interest or penalties with respect to such taxes (such taxes, together with any such interest and penalties, are collectively referred to as the “Section 409A
Tax”), then the Company will promptly pay to the Executive an additional amount (a “Gross-Up Payment”) such that the net amount the Executive retains after paying any applicable Section 409A Tax and any federal, state or local
income or FICA taxes on such Gross-Up Payment shall be equal to the amount the Executive would have received if the Section 409A Tax were not applicable to the Payments. The payment described in this subsection will be made no later than the
end of the calendar year following the calendar year in which the Section 409A Tax is paid. All determinations of the 
  

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Section 409A Tax and Gross-Up Payment, if any, will be made by tax counsel or other tax advisers designated by or acceptable to the Executive. For purposes of determining the amount of the
Gross-Up Payment, if any, the Executive will be deemed to pay federal income tax at the highest marginal rate of federal income taxation in the calendar year in which the Payments are made and state and local income taxes at the highest marginal
rate of taxation in the state and locality of the Executive’s residence on the date the Payments are made, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes. If the
Section 409A Tax is determined by the Internal Revenue Service, on audit or otherwise, to exceed the amount taken into account hereunder in calculating the Gross-Up Payment (including by reason of any payment the existence or amount of which
cannot be determined at the time of the Gross-Up Payment), the Company must make another Gross-Up Payment with respect to such excess (plus any interest, penalties or additions payable by the Executive with respect to such excess) within ten
(10) calendar days immediately following the date that the amount of such excess is finally determined. The Company and the Executive must each reasonably cooperate with the other in connection with any administrative or judicial proceedings
concerning the existence or amount of liability for Section 409A Tax with respect to the total Payments. 
  

	2.	Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which taken together will constitute one
and the same written agreement, which will be binding and effective as to all the Parties. 

  

	3.	Binding Effect. This Agreement shall be binding upon each of the Parties hereto, and upon their respective successors and assigns, and shall inure to the benefit of
each of the Parties hereto, and their respective successors and assigns. Subject to the foregoing sentence, no person not a Party hereto shall have any right under or by virtue of this Agreement. 

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first set forth above. 

 

			
	CONVERSE TECHNOLOGY, INC.
		
	By:	 	 /s/ Andre Dahan

		 	Name: Andre Dahan
		 	Title: President and Chief Executive Officer

 

	
	THE EXECUTIVE
	
	 /s/ Shefali Shah

	Shefali Shah

  

 Page 3 of 3Second Amendment to Employment Agreement - Comverse and Shefali A. Shah

 EXECUTION VERSION 

AMENDMENT TO EMPLOYMENT AGREEMENT 

This Second Amendment (the “Amendment”) to the Employment Agreement, dated October 17, 2006, as amended by an amendment
dated December 2, 2008 (the “Employment Agreement”), by and between Comverse Technology, Inc., a New York corporation (the “Company”), and Shefali Shah (the “Executive”) is entered into on March 16, 2010 by
and between the Company and the Executive (collectively, the “Parties”). 
 W I T N E S S E T H: 

WHEREAS, the Executive and the Company previously entered into the Employment Agreement under which the Company continues to employ the
Executive; 
 WHEREAS, the Parties wish to amend the Employment Agreement to make certain revisions in accordance with the terms
and conditions herein; 
 NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto, intending to be legally bound, covenant and agree as follows: 
  

	1.	Amendments to Employment Agreement. The Employment Agreement is amended as follows: 

 

	 	(a)	Section 3 is hereby amended as follows: 

  

	 	(i)	by deleting the words “Associate General Counsel” and substituting therefor with “Senior Vice President, General Counsel and Corporate Secretary;”
and 

  

	 	(ii)	deleting the last sentence thereof and replacing it in its entirety with the following: 

“The Executive shall report to the Company’s Chief Executive Officer in carrying out her duties under this Agreement. If
requested, the Executive shall also serve as an executive officer and/or member of the board of directors of any of the Company’s subsidiaries or affiliates without additional compensation.” 

 

	 	(b)	Section 4 is hereby amended as follows: 

  

	 	(i)	by adding the following as the third sentence thereof: 

“For Fiscal Year 2010, the Executive shall be paid a Base Salary of no less than four hundred fourteen thousand dollars ($414,000),
payable in accordance with the regular payroll practices of the Company.” 
 ; and 

	 	(ii)	by deleting the last sentence thereof in its entirety and replacing it with the following: 

“After giving effect to the preceding two sentences, the Base Salary may not be decreased from such increased amount unless the
Executive provides her prior written consent to such decrease, it being understood that the Executive has given her voluntary consent to a reduction in Base Salary of 10% through July 11, 2010 (with no other changes to benefits and or bonus
compensation).” 
  

	 	(c)	Section 5 is hereby amended by deleting the second and third sentences thereof in their entirety and replacing them with the following: 

“Commencing with Fiscal 2010, the Executive’s maximum annual bonus opportunity for each fiscal year shall be $400,000 (and shall
be adjusted based on future increases in Base Salary) and will be payable based upon the achievement of performance criteria developed by the Company’s Chief Executive Officer. For purposes of this Agreement, Executive’s target bonus
opportunity (“Target Bonus”) shall be $300,000 (subject to achievement of the requisite performance criteria). Any bonuses shall be payable when bonuses are customarily payable under the Company’s regular payroll practices, but
in no event later than 2 and 1/2 months following the end of the applicable fiscal year.” 
  

	 	(d)	Section 6 is hereby amended by deleting the text thereof in its entirety and replacing it with the following: 

“During the Term of Employment, the Executive will be eligible to receive equity awards under the Company’s stock incentive
plans based on the performance of the Company and the performance of the Executive, as recommended by the Company’s Chief Executive Officer and determined in the good faith discretion of the Board and/or Compensation and Leadership Committee,
as applicable, and consistent with the Executive’s role and responsibilities as Senior Vice President, General Counsel and Corporate Secretary of the Company, with such awards to be assessed on an annual basis.” 

 

	 	(e)	Section 9 is hereby amended by deleting subsection (c) thereof in its entirety. 

 

	 	(f)	Section 10 is hereby amended by deleting the first sentence thereof in its entirety and replacing it with the following: 

“The Executive be entitled to four (4) weeks paid vacation in each calendar year and seven (7) personal days administered
in accordance with the Company’s policies in place from time to time.” 
  

	 	(g)	Each of Sections 11(a)(ii), 11(b)(ii) and 11(d)(ii) is hereby amended by deleting the text of such subsection in its entirety and replacing it with the following:

 “a pro-rata share of the annual bonus the Executive would have earned pursuant to Section 5 if she had
remained employed through the end of the fiscal year in which the termination occurred based on the number of days the Executive is employed during the year of termination and based on the Company’s actual performance against the goals set by
the Compensation Committee for such fiscal year, payable when bonuses are paid by the Company to its senior-level executives in respect of such fiscal year after the end of the applicable fiscal year (but not later than 2-1/2 months after the end of
such fiscal year)” 
  

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	 	(h)	Section 11(d)(iv) is hereby amended by deleting the text thereof in its entirety and replacing it with the following: 

“one hundred percent (100%) of the Target Bonus (regardless of any performance requirements), payable to Executive in a lump sum
less applicable withholdings within 30 calendar days after the date of termination in accordance with the Company’s regular payroll practice;” 
  

	 	(i)	Section 11(g) is hereby amended by deleting the words “two (2) times” and substituting therefor with “one and a half (1.5) times;”
and 

  

	 	(j)	Subsection (a)(i) of the definition of “Good Reason” is hereby amended by deleting the text thereof and replacing it with the following:

 “a material reduction in the Executive’s Base Salary or Target Bonus, other than as
part of an across-the-board reduction applicable to all senior executives of the Company that results in a reduction to the Executive proportional to that of other executives, provided, however, that an across-the-board reduction of Executive’s
compensation in excess of 10% of Base Salary or 20% of Target Bonus shall constitute Good Reason;” 
  

	2.	Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which taken together will constitute one
and the same written agreement, which will be binding and effective as to all the Parties. 

  

	3.	Binding Effect. This Agreement shall be binding upon each of the Parties hereto, and upon their respective successors and assigns, and shall inure to the benefit of
each of the Parties hereto, and their respective successors and assigns. Subject to the foregoing sentence, no person not a Party hereto shall have any right under or by virtue of this Agreement. 

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first set forth above. 

 

			
	 COMVERSE TECHNOLOGY, INC.

		
	 By:
	 	 /s/ Andre Dahan

	Name:	 	Andre Dahan
	Title:	 	President and Chief Executive Officer

  

	
	 THE EXECUTIVE

	
	 /s/ Shefali Shah

	Shefali Shah

  

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