Document:

Exhibit

EXHIBIT 10.15

___________  __, 20__

[Name of Recipient]
[Address]

Notice of Grant of Restricted Stock Units

Dear [Name]:

Congratulations!  You have been granted a restricted stock unit award (the “Award”) pursuant to the terms and conditions of the Verint Systems Inc. 2015 Long-Term Stock Incentive Plan, as modified by any sub-plan, addendum, or supplement applicable to you under Section 16 of the Agreement (as defined below) (the “Plan”) and the attached Verint Systems Inc. (the “Company”) Restricted Stock Unit Award Agreement (the “Agreement”).  The details of your Award are specified below and in the attached Agreement.  Capitalized terms used in this Notice of Grant and not otherwise defined shall have the meanings given in the Plan or the Agreement.

Granted To:        [Name]
ID#:            [ID Number]

Grant Date:        [____________]

Units Granted:        [Number] 
        
Price Per Unit:        U.S.$0.00

Vesting Schedule:    
The restricted stock units granted hereby shall vest on each of the following dates: 

(a) [1/3] on [______________];
(b) [1/3] on [______________]; and
(c) [1/3] on [______________].

Verint Systems Inc.

        
    

By my signature below or my electronic acceptance hereof (if provided to me electronically), I hereby acknowledge my receipt of this Award granted on the date shown above, which has been issued to me under the terms and conditions of the Plan and the Agreement.  I agree that the Award is subject to all of the terms and conditions of this Notice of Grant, the Plan, and the Agreement.

If I am a resident of Canada, I also acknowledge having requested that this Notice and all documents referred to herein be drafted in the English language.  Je reconnais également avoir exigé que ce document ainsi que tout document auquel ce document fait référence, soient rédigés en langue anglaise.

Signature: _______________________________    Date: ______________

VERINT SYSTEMS INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

This Restricted Stock Unit Award Agreement (this “Agreement”) and the Verint Systems Inc. 2015 Long-Term Stock Incentive Plan, as modified by any sub-plan, addendum, or supplement applicable to you under Section 16 of this Agreement (the “Plan”) govern the terms and conditions of the Restricted Stock Unit Award (the “Award”) specified in the Notice of Grant of Restricted Stock Units (the “Notice of Grant”) delivered herewith entitling the person to whom the Notice of Grant is addressed (“Grantee”) to receive from Verint Systems Inc. (the “Company”) the number of restricted stock units indicated in the Notice of Grant.

		
	1
	RESTRICTED STOCK UNITS; VESTING

1.1    Grant of Restricted Stock Units.
		
	(a)
	The Award of the restricted stock units (as may be further defined under the terms of the Plan, “Restricted Stock Units”) is made subject to the terms and conditions of the Plan, this Agreement and the Notice of Grant.  If and when the Restricted Stock Units vest in accordance with the terms of the Plan, this Agreement and the Notice of Grant without forfeiture, and upon the satisfaction of all other applicable conditions as to the Restricted Stock Units, one Share shall be issuable to Grantee for each Restricted Stock Unit that vests on such date, which Shares, except as otherwise provided herein or in the Notice of Grant, will be free of any Company-imposed transfer restrictions.  Any fractional Restricted Stock Units resulting from the vesting of the Award shall be discarded and shall not be converted into a fractional Share.  Notwithstanding any other provision of this Agreement, the Company reserves the right to settle the Award in cash or cancel the award for cash, based on the Fair Market Value of the Shares on the applicable vesting dates, subject to required withholding and in accordance with the customary payroll practices of the entity employing Grantee.

1.2    Restrictions.
		
	(a)
	Except as provided herein, Grantee shall not have any rights as a stockholder with respect to any Shares to be distributed under this Agreement until he, she, or it has become the holder of such Shares as provided in this Agreement.  Until delivery of such Shares (or other settlement of the Award hereunder), Grantee will have only the rights of a general unsecured creditor of the Company. 

		
	(b)
	The Award is subject to the transferability restrictions under the Plan.

1.3    Vesting.
		
	(a)
	Subject to the terms and conditions of this Agreement, the applicable percentage or fraction (per the Notice of Grant) of Restricted Stock Units awarded hereunder shall be deemed vested and no longer subject to forfeiture under this Agreement on the applicable vesting date in accordance with the schedule set forth in the Notice of Grant.

		
	(b)
	Vesting shall cease upon the date Grantee’s Continuous Service terminates for any reason, unless otherwise determined by the Board or the Committee in its sole discretion or otherwise provided in a separate written agreement between the parties.

1.4    Forfeiture.
		
	(a)
	Except as otherwise provided herein, Grantee’s right to receive any of the Restricted Stock Units is contingent upon his or her remaining in the Continuous Service of the Company or a Subsidiary or Affiliate through the respective vesting dates specified in the Notice of Grant and hereunder.  If Grantee’s Continuous Service terminates for any reason, all Restricted Stock Units which are then unvested shall, 

unless otherwise determined by the Board or the Committee in its sole discretion or subject to a separate written agreement between the parties, be cancelled and the Company shall thereupon have no further obligation thereunder.  For the avoidance of doubt, subject to a separate written agreement between the parties, Grantee acknowledges and agrees that he or she has no expectation that any Restricted Stock Units will vest on the termination of his or her Continuous Service for any reason and that he or she will not be entitled to make a claim for any loss occasioned by such forfeiture as part of any claim for breach of his or her employment or service contract or otherwise.
1.5    Delivery.  
		
	(a)
	Subject to Section 1.6 and any other applicable conditions hereunder, as soon as administratively practicable following the vesting of Restricted Stock Units in accordance with the terms of this Agreement and the Notice of Grant (but in no event later than the date the short-term deferral period under Section 409A of the Code expires with respect to such vested Shares), the Company shall issue the applicable Shares and, at its option, (i) deliver or cause to be delivered to Grantee a certificate or certificates for the applicable Shares or (ii) transfer or arrange to have transferred the Shares to a brokerage account of Grantee designated by the Company.

		
	(b)
	Notwithstanding the foregoing, the issuance of Shares upon the vesting of a Restricted Stock Unit shall be delayed in the event the Company reasonably anticipates that the issuance of Shares would constitute a violation of U.S. federal securities laws, other applicable law, or Nasdaq rules.  If the issuance of the Shares is delayed by the provisions of this paragraph, such issuance shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause such a violation.  For purposes of this paragraph, the issuance of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code or other tax legislation applicable to Grantee is not considered a violation of applicable law.

1.6    Tax; Withholding.
		
	(a)
	The Company shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company or its Subsidiary with respect to any income recognized by Grantee with respect to the Restricted Stock Units or the issuance of Shares pursuant to the terms of the Restricted Stock Units.

		
	(b)
	Neither the Company nor any Subsidiary, Affiliate or agent makes any representation or undertaking regarding the treatment of any tax or withholding in connection with the grant, vesting or settlement of the Award or the subsequent sale of Shares subject to the Award.  The Company and its Subsidiaries and Affiliates do not commit and are under no obligation to structure the Award to reduce or eliminate Grantee’s tax liability, and none of the Company, any of its Subsidiaries or Affiliates, or any of their employees or representatives shall have any liability to Grantee with respect thereto.

		
	(c)
	Notwithstanding the withholding provision in the Plan:

		
	(i)
	If in the tax jurisdiction in which Grantee resides, a tax withholding obligation arises upon vesting of the Award (regardless of when the Shares underlying the Award are delivered to Grantee), or for non-employee directors of the Company in any jurisdiction, on each date that all or a portion of the Award actually vests, if (1) the Company does not have in place an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and there is not a Securities Act exemption available under which Grantee may sell Shares or (2) Grantee is subject to a Company-imposed trading blackout, then unless Grantee has made other arrangements satisfactory to the Company, the Company will (x) with respect to employees of the Company, withhold from the Shares to be delivered to Grantee such number of Shares as are sufficient in value (as determined by the Company in its sole discretion) to cover the minimum amount of the tax withholding obligation and (y) with respect to non-employee directors of the Company, settle 40% of the portion of the Award then vesting in cash by paying Grantee cash (in accordance with the 

Company’s normal payroll practices) equal to the Fair Market Value of one Share for each Restricted Stock Unit being settled in such manner.
		
	(ii)
	If in the tax jurisdiction in which Grantee resides, a tax withholding obligation arises upon delivery of the Shares underlying the Restricted Stock Units (regardless of when vesting occurs), then following each date that all or a portion of the Award actually vests, the Company will defer the delivery of the Shares otherwise deliverable to Grantee until the earliest of (1) the date Grantee’s employment with the Company (or a Subsidiary or Affiliate) is terminated (by either party), (2) the date that the short-term deferral period under Section 409A of the Code expires with respect to such vested Shares, or (3) the date on which the Company has in place an effective registration statement under the Securities Act or there is a Securities Act exemption available under which Grantee may sell Shares and on which Grantee is not subject to a Company-imposed trading blackout (the earliest of such dates, the “Delivery Date”).  If on the Delivery Date (x) the Company does not have in place an effective registration statement under the Securities Act and there is not a Securities Act exemption available under which Grantee may sell Shares or (y) Grantee is subject to a Company-imposed trading blackout, then unless Grantee has made other arrangements satisfactory to the Company, the Company will withhold from the Shares to be delivered to Grantee such number of Shares as are sufficient in value (as determined by the Company in its sole discretion) to cover the minimum amount of the tax withholding obligation.

		
	(d)
	Grantee is ultimately liable and responsible for all taxes owed by Grantee in connection with the Award, regardless of any action the Company or any of its Subsidiaries, Affiliates or agents takes with respect to any tax withholding obligations that arise in connection with the Award.  Accordingly, Grantee agrees to pay to the Company or its relevant Subsidiary, Affiliate or agent as soon as practicable, including through additional payroll withholding (if permitted under applicable law), any amount of required tax withholding that is not satisfied by any such action of the Company or its Subsidiary, Affiliate or agent.

		
	(e)
	The Committee shall be authorized, in its sole discretion, to establish such rules and procedures relating to the use of Shares of common stock to satisfy tax withholding obligations as it deems necessary or appropriate to facilitate and promote the conformity of Grantee’s transactions under this Agreement with Rule 16b-3 under the Securities Exchange Act of 1934, as amended, if such rule is applicable to transactions by Grantee.

1.7    Detrimental Activity.  In the event the Company determines or discovers during or after the course of Grantee’s employment or service that Grantee committed an act during the course of employment or service that constitutes or would have constituted Cause for termination, the Committee shall have the right, to the maximum extent permissible under applicable law, to cancel all or any portion of the Award (whether or not vested).
1.8    Erroneously Awarded Compensation.  The Award, if and to the extent subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any regulations promulgated thereunder (collectively, the "Dodd-Frank Act") may be subject to a claw back policy or other incentive compensation policy established from time to time by the Company to comply with such Act.
		
	2
	CERTAIN DEFINITIONS

Defined terms not defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan.  For the avoidance of doubt, in each instance that the term “Company” is used in the Plan, “Company” shall mean Verint Systems Inc.   
		
	3
	REPRESENTATIONS OF GRANTEE

Grantee hereby represents to the Company that Grantee has read and fully understands the provisions of this Agreement, and Grantee acknowledges that Grantee is relying solely on his or her own advisors with respect to the tax consequences 

of the Award.  Grantee acknowledges that this Agreement has not been reviewed or approved by any regulatory authority in his or her country of residence or otherwise.
		
	4
	NOTICES

All notices or communications under this Agreement shall be in writing, addressed as follows:
To the Company:

Verint Systems Inc.
175 Broadhollow Road
Melville, NY  11747-3201
U.S.A.
+(631) 962-9600 (phone)
+(631) 962-9623 (fax)
Attn: Chief Legal Officer
To Grantee:

as set forth in the Company’s payroll
records

Any such notice or communication shall be (a) delivered by hand (with written confirmation of receipt) or sent by a nationally recognized overnight delivery service (receipt requested) or (b) sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in writing from time to time), and the actual date of receipt shall determine the time at which notice was given.  Grantee will promptly notify the Company in writing upon any change in Grantee’s mailing address or e-mail address.
		
	5
	BINDING AGREEMENT

This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of Grantee and the assigns and successors of the Company.
		
	6
	ENTIRE AGREEMENT; AMENDMENT 

The Plan, this Agreement and the Notice of Grant represent the entire agreement of the parties with respect to the subject matter hereof.  Subject to the terms of the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the Award; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would impair the rights of Grantee or any holder or beneficiary of the Award previously granted shall not be effective as to Grantee without the written consent of Grantee, holder or beneficiary, but further provided that the consent of Grantee or any holder or beneficiary shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with (a) the Dodd-Frank Act, including, without limitation, as a result of the implementation of any recoupment policy the Company adopts to comply with the requirements set forth in the Dodd-Frank Act and (b) Section 409A of the Code as amplified by any Internal Revenue Service or U.S. Treasury Department regulations or guidance, or any other applicable equivalent tax law, rule, or regulation, as the Company deems appropriate or advisable.
		
	7
	GOVERNING LAW

The rules and regulations relating to this Agreement shall be determined in accordance with the laws of the State of New York, applied without giving effect to its conflict of laws principles.  Each party to this Agreement hereby consents and submits himself, herself or itself to the jurisdiction of the courts of the state of New York for the purposes of any legal action or proceeding arising out of this Agreement.  Nothing in this Agreement shall affect the right of the Company to commence proceedings against Grantee in any other competent jurisdiction, or concurrently in more than one 

jurisdiction, or to serve process, pleadings and other papers upon Grantee in any manner authorized by the laws of any such jurisdiction.  Grantee irrevocably waives:
(a)    any objection which he, she, or it may have now or in the future to the laying of the venue of any action, suit or proceeding in any court referred to in this Section; and 
(b)    any claim that any such action, suit or proceeding has been brought in an inconvenient forum.
		
	8
	SEVERABILITY

If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or this Agreement, or would disqualify this Agreement under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, person or this Agreement and the remainder of this Agreement shall remain in full force and effect. 
		
	9
	ONE-TIME GRANT; NO RIGHT TO CONTINUED SERVICE OR PARTICIPATION; EFFECT ON OTHER PLANS

The Award evidenced by this Agreement is a voluntary, discretionary bonus being made on a one-time basis and it does not constitute a commitment to make any future awards, even if awards have been made repeatedly in the past.  Further, the Award is made outside the scope of Grantee’s employment or service contract, if any, unless otherwise expressly provided therein.  Neither this Agreement nor the Notice of Grant shall be construed as giving Grantee the right to be retained in the employ of, or in any consulting or other service relationship to, or as a director on the Board or board of directors, as applicable, of, the Company or any Subsidiary or Affiliate of the Company. Further, the Company or a Subsidiary or Affiliate of the Company may at any time dismiss Grantee from employment or discontinue any consulting or other service relationship, free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan, this Agreement or any applicable employment or service contract or agreement.  In the event that Grantee is not an employee of the Company, the grant of the Award will not be interpreted to form an employment contract or relationship with the Company or any Affiliate or Subsidiary of the Company. Payment received by Grantee pursuant to this Agreement and the Notice of Grant shall not be considered part of normal or expected compensation or salary for any purpose, including, but not limited to, calculation of any overtime, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments  and shall not be included in the determination of benefits under any pension, group insurance or other benefit plan of the Company or any Subsidiary or Affiliate in which Grantee may be enrolled, except as provided under the terms of such plans, or as determined by the Board.

		
	10
	NATURE OF THE GRANT

In accepting the Award, Grantee acknowledges that: 
(a)the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan or this Agreement; 
(b)Grantee’s participation in the Plan is voluntary; 
(c)the future value of the underlying Shares is unknown and cannot be predicted with certainty; 
(d)if Grantee receives Shares upon vesting of the Award, the value of such Shares may increase or decrease in value; and

(e)in consideration of the grant of the Award, no claim or entitlement to compensation or damages arises from diminution in value of the Award received upon vesting of the Award or, except as otherwise provided herein or under a separate agreement between the parties, from the termination of the Award resulting from termination of Grantee’s Service to the Company or a Subsidiary or Affiliate (for any reason whatsoever and whether or not in breach of local labor laws) and, subject to the foregoing, Grantee irrevocably releases the Company and its Subsidiaries and Affiliates from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, Grantee shall be deemed irrevocably to have waived his, her or its entitlement to pursue such claim. 
		
	11
	NO STRICT CONSTRUCTION

No rule of strict construction shall be implied against the Company, the Committee, or any other person in the interpretation of any of the terms of this Agreement, the Notice of Grant or any rule or procedure established by the Committee.
		
	12
	USE OF THE WORD “GRANTEE”

Wherever the word “Grantee” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Stock Units may be transferred by will or the laws of descent and distribution, the word “Grantee” shall be deemed to include such person or persons.
		
	13
	FURTHER ASSURANCES

Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement.
		
	14
	CONSENT TO TRANSFER PERSONAL DATA

The Company and its Subsidiaries hold certain personal information about Grantee, that may include Grantee’s name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any Shares of stock held in the Company, or details of any entitlement to Shares of stock awarded, canceled, purchased, vested, or unvested, for the purpose of implementing, managing, and administering the Award, the Plan, or this Agreement (collectively “Data”).  Grantee hereby agrees that the Company and/or its Subsidiaries may transfer Data amongst themselves as necessary for the purpose of implementation, administration, and management of Grantee’s participation in the Award, the Plan, or this Agreement, and the Company and/or any of its Subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration, and management of the Award, the Plan, or this Agreement. These recipients may be located throughout the world, including, without limitation, outside Grantee’s country of residence (or outside of the European Economic Area, for Grantees located within the European Economic Area).  Such countries may not provide for a similar level of data protection as provided for by local law (such as, for example, European privacy directive 95/46/EC and local implementations thereof).  Grantee hereby authorizes those recipients - even if they are located in a country outside of Grantee’s country of residence (and/or outside of the European Economic Area, for Grantees located within the European Economic Area) - to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purpose of implementing, administering, and managing Grantee’s participation in the Award, the Plan, or this Agreement, including but not limited to any transfer of such Data as may be required for the administration of the Award, the Plan, or this Agreement and/or the subsequent holding of Shares of stock on Grantee’s behalf by a broker or other third party with whom Grantee or the Company may elect to deposit any Shares of stock acquired pursuant to the Award, the Plan, or this Agreement.  Grantee is not obliged to consent to such collection, use, processing and transfer of personal data and may, at any time, review Data, require any necessary amendments to it, or withdraw the consent contained in this Section by contacting the Company in writing.  However, withdrawing or withholding consent may 

affect Grantee’s ability to participate in the Award, the Plan, or this Agreement.  More information on the Data and/or the consequences of withholding or withdrawing consent can be obtained from the Company’s legal department.
		
	15
	GOVERNING PLAN DOCUMENT

This Agreement is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan control. 
		
	16
	CERTAIN COUNTRY-SPECIFIC PROVISIONS

For residents of the UK only:
Your Award is subject to the UK Sub-Plan under the Plan.
Grantee agrees, as a condition to its acceptance of the Award, to satisfy any requirement of the Company or any Subsidiary that, prior to vesting of all or any part of the Award, Grantee enter into a joint election under section 431(1) of the UK Income Tax (Earnings and Pensions) Act 2003, the effect of which is that the Shares issued on vesting will be treated as if they were not restricted securities.
Tax withholding obligations under this Agreement shall include, without limitation:
(i)    United Kingdom (UK) income tax; and
(ii)    UK primary class 1 (employee's) national insurance contributions.
For residents of Canada only:
Your Award is subject to the Canadian Sub-Plan under the Plan.
I acknowledge having requested that this Agreement and all documents referred to herein be drafted in the English language.  Je reconnais également avoir exigé que ce document ainsi que tout document auquel ce document fait référence, soient rédigés en langue anglaise.
Tax withholding obligations under this Agreement shall include federal and provincial income tax, Canadian Pension Plan contributions, and Employment Insurance premiums (including the provincial equivalents) as applicable.
For residents of Hong Kong only:
a)  The Data Protection Principles specified in the Personal Data (Privacy) Ordinance (Cap. 486 of the Laws of Hong Kong) will apply to any Data upon its transfer to any place outside of Hong Kong.
b)  Hong Kong Securities Law Notice.  The Restricted Stock Units and any Shares issued pursuant to the Awards do not constitute a public offering of securities under Hong Kong law and are available to any eligible person under the Plan.  The Agreement,  the Plan and other incidental communication materials (together, the “Award Agreement”)  have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong.  The Restricted Stock Units and any related documentation are intended only for the personal use of each eligible person under the Plan and may not be distributed to any other person.  The contents of the Award Agreement, including the Plan, have not been reviewed by any regulatory authority in Hong Kong.  You are advised to exercise caution in relation to the offer.  If you are in any doubt about any of the contents of the Award Agreement or the Plan, you should obtain independent professional advice.

For residents of Russia only: 
You acknowledge that the grant of Restricted Stock Units, the Plan and all other materials you may receive regarding participation in the Plan do not constitute an advertising or offering of securities in Russia.  The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not be used for offering or public circulation in Russia.  
   
You further acknowledge that in no event will Shares that may be issued to you with respect to the Restricted Stock Units be delivered to you in Russia; all Shares issued to you with respect to the Restricted Stock Units will be maintained on your behalf in the United States.
For residents of Argentina only: 
Neither the award under the plan nor the underlying shares are publicly offered or listed on any stock exchange in Argentina.  The offer is private and not subject to the supervision of any Argentine governmental authority.
For residents of Israel only:
By my signature on or electronic acceptance of this Agreement, I acknowledge that the Award is granted under and governed by (i) this Agreement, (ii) the Plan, a copy of which has been provided to me or made available for my review, (iii) the Israeli Supplement (“the Supplement”), a copy of which has been provided to me or made available for my review; (iv) Section 102(b)(2) of the Income Tax Ordinance (New Version) – 1961 and the Rules promulgated in connection therewith, and (v) the Trust Agreement, a copy of which has been provided to me or made available for my review.  Furthermore, by my signature on or electronic acceptance of this Agreement, I agree that the Awards will be issued to the Trustee to hold on my behalf, pursuant to the terms of the Section 102, the Section 102 Rules and the Trust Agreement.
In addition, by my signature on or electronic acceptance of this Agreement, I confirm that I am familiar with the terms and provisions of Section 102, particularly the Capital Gains Track described in subsection (b)(2) thereof, and I agree that I will not require the Trustee to release the Awards or Company shares to me, or to sell the Awards or Company shares to a third party, during the Holding Period, unless permitted to do so by applicable law.
All capitalized terms in this undertaking shall have the meaning granted to them under the Supplement.
For residents of India only: 

Your Award is subject to the India Addendum to the Plan.

END OF AGREEMENTEXHIBIT 10.24

 

ASSIGNMENT OF INTELLECTUAL PROPERTY AGREEMENT

 

THIS
ASSIGNMENT OF INTELLECTUAL PROPERTY AGREEMENT is made as of the 30th day of June, 2015.

 

	 	BY:	VYREXIP HOLDINGS, INC.
 a Wyoming corporation
 
 (the “Assignor”)
	 	 	 
	 	IN FAVOR OF:	POWERVERDE INC.,
 a Delaware corporation.
 
 (the “Assignee”)

 

WHEREAS, Assignor
is the owner of the inventions disclosed in the patents listed in Exhibit A attached hereto, any patent(s) issuing from such patents
and any patent(s) claiming priority thereto (the “Licensed Technology”);

 

WHEREAS, pursuant
to a Patent License Agreement between Assignor as Licensor and Epalex Corporation (“Epalex”) as Licensee dated as of
July 11, 2011, as amended as of November 24, 2013 (the “License Agreement”), Assignor has granted to Epalex an exclusive
license to commercialize certain products using the Licensed Technology (the “Licensed Products”) in exchange for certain
consideration payable to or on behalf of Assignor; and

 

WHEREAS, Assignor
wishes to sell, assign, convey and transfer to Assignee all of its right, title and interest in and to the Licensed Technology
and the License Agreement on the terms and conditions hereof, and Assignee is agreeable to same.

 

NOW THEREFORE in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree that the foregoing recitals are true and correct and further agree as follows:

 

1.            
DEFINITIONS.

 

		(a)	“Agreement”
means this Assignment of Intellectual Property Agreement and any schedules or appendices attached hereto and any amendments incorporated
by reference herein and signed by both parties;
	 	 	 
		(b)	“Person”
includes any individual, corporation, general or limited partnership, limited liability partnership, limited liability company,
trust, trustee, joint venture, association, government tribunal, government agency or organization or entity of any kind;

 

    	 

    	 

    

 

		(c)	“Assigned Intellectual Property”
means all copyrights, copyright registrations, proprietary processes, trade secrets, license rights, specifications, technical
manuals and data, drawings, inventions, improvements, designs, patents, patent applications, mask works, tradenames, trademarks,
service marks, product information and data, know-how and development work-in-progress, customer lists, software, and other intellectual
or intangible property that comprise or are necessary to use, develop, perfect or practice the Licensed Technology including, but
not limited to, those set forth in the License Agreement, whether or not pending, applied for or issued, and whether or not filed
in the United States or in other countries, including all associated goodwill;

 

2.            ASSIGNMENT

 

2.1         Assignment.
The Assignor hereby transfers and assigns to the Assignee, all right,
title and interest that Assignor has or may have in or to the License Agreement and the Assigned Intellectual Property,
now or in the future. The foregoing assignment includes without
limitation any and all (i) licenses and sublicenses (implied and otherwise) granted and obtained with respect thereto, (ii) rights
thereunder, (iii) rights to protection of interests therein under the laws of all jurisdictions, (iv) associated rights for past,
present and future income, royalties or other payment with respect thereto, (v) associated rights to sue for any past, present
or future damages in relation to any infringement or misappropriation thereof, (vi) rights to receive assignments or transfers
thereof or licenses thereto, and (vii) associated goodwill. To
the extent the foregoing assignment is ineffective for any reason in connection with any item or items of Intellectual Property
purported to be assigned hereby, it shall remain effective as to all other items of Intellectual Property and the Assignor hereby
grants to the Assignee the exclusive, royalty-free, fully paid-up, irrevocable, perpetual, transferable, worldwide right and license
(including the right to sublicense through multiple tiers of sublicensees) to make, reproduce, perform, display, modify, create
derivative works of, use, sell, transfer and otherwise exploit, protect and enforce all rights in and to such item or items of
Assigned Intellectual Property for which the foregoing assignment is ineffective.

 

2.2         Assumption.
Assignee herby assumes all obligations of Assignor as Licensor under the
License Agreement and agrees to indemnify and hold harmless Assignor and its officers, directors, shareholders and affiliates from
and against all liabilities, claims, demands, losses and expenses (including, but not limited to, reasonable attorney’s
fees and expenses) arising under the License Agreement.

 

2.3        Waiver.
To the maximum extent permitted under applicable law, Assignor hereby
waives any moral rights or similar rights that Assignor has or may have in connection with the Assigned Intellectual Property.

 

    	2

    	 

    

 

2.4        Further
Assurances. The Assignor will promptly upon
the request of the Assignee assist the Assignee, at the Assignee’s
expense, in taking or causing to be taken all reasonable actions, steps and proceedings, and executing all applications, assignments,
documents or other instruments, as the Assignee may reasonably require in order to vest absolute legal and beneficial ownership
of the rights referred to in section 2.1 above in the Assignee or to perfect the Assignee’s
title thereto anywhere in the world and (to the extent permissible under the applicable law) to procure for the Assignee (or its
nominees, assignees and successors) the exclusive, unfettered, right to use and exploit the Assigned Intellectual Property, subject
to the License Agreement. The Assignor agrees to assist the Assignee
or its successor in interest, upon reasonable request and at Assignee’s
or Assignee’s successor in interest’s
expense in any pending or threatened suits or actions by third parties challenging the validity or enforceability of any rights
in or to any Assigned Intellectual Property to the extent such assistance is reasonably required to effectively defend such suits
or actions.

 

2.5        Related
Assignments. The Assignor shall promptly
execute and deliver separate assignments in favor of the Assignee for the purposes of recording with the United States Patent and
Trademark Office, and such separate assignments and this Agreement will be construed together to effect the intent of the transfer
of the Assigned Intellectual Property set forth in Section 2.1 above.

 

3.           PAYMENTS

 

3.1        Reimbursement.
Immediately upon the execution of this Agreement, Assignee shall pay to
Assignor’s principal Edward C. Gomez $16,116 in reimbursement
of expenses paid by him on behalf of Assignor relating to the Licensed Technology.

 

3.2        Expanded
Note. Assignor hereby assigns to Assignee all of its right,
title and interest in and to the promissory note in the principal amount of $38,000 issued by Epalex to Assignor dated as of November
14, 2013 (the “Epalex Note”).
Immediately upon the execution of this Agreement, Assignor shall deliver
to Assignee the original Epalex Note, duly endorsed to Assignee.

 

3.3        Purchase
Note. Immediately upon the execution of this Agreement,
Assignor shall execute and deliver to Assignee a promissory note in the principal amount of $58,435.80 in the form attached as
Exhibit B (the “Purchase Note”).

 

4.          REPRESENTATIONS
AND WARRANTIES

 

4.1        Representations
and Warranties of the Assignor. The Assignor
hereby represents and warrants to the Assignee that:

 

		(a)	it is the sole legal and beneficial owner of the Assigned Intellectual Property and related rights
assigned pursuant to this Agreement and has full power and authority to enter into this Agreement;
	 	 	 
		(b)	as of the date hereof, Assignor and Assignee are in compliance in all material respects with their
respective obligations under the License Agreement;
	 	 	 
		(c)	the Assignor has not previously assigned or otherwise encumbered any rights in or to the Assigned
Intellectual Property rights so as to derogate from this Assignment.

 

    	3

    	 

    

 

5.           GENERAL
PROVISIONS

 

5.1         Headings
and Subheadings. The inclusion in this Agreement of headings
and subheadings is for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

 

5.2        Gender
and Number. In this Agreement, unless the context otherwise
requires, words importing the singular include the plural and vice versa and words importing one gender include all genders.

 

5.3        Invalidity
of Provisions. Each of the provisions contained in this
Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision by a court of competent
jurisdiction shall not affect the validity or enforceability of any other provision of this Agreement.

 

5.4        Entire
Agreement. This Agreement, together with any schedules
or appendices attached hereto, constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement
and there are no warranties, representations or agreements between the parties in connection with the subject matter of this Agreement
except as specifically set forth or referred to in this Agreement.

 

5.5        Modification
and Waiver. This Agreement may not be modified unless agreed
to in writing by all of the parties hereto. No extension of any
time limit granted by a party shall constitute an extension of any other time limit or any subsequent instance involving the same
time limit. No consent by a party to, nor waiver of, a breach by
the other party, whether express or implied, shall constitute a consent to or waiver of or excuse for any other different or subsequent
breach, unless such waiver or consent is in writing and signed by the party claimed to have waived or consented. Except
as otherwise provided herein, no term or provision of this Agreement shall be deemed waived and no breach excused.

 

5.6        Counterparts.
This Agreement may be signed in counterparts and each of such counterparts
shall constitute an original document and such counterparts, when taken together, shall constitute one and the same instrument.

 

5.7        Facsimile
or Electronic Transmission. Each of the Assignor and Assignee
shall be entitled to rely upon delivery by facsimile, pdf or other means of electronic transmission of an executed copy of this
Agreement.

 

5.8        Survival.
The parties agree that the provisions of this Agreement which
are intended to survive the termination of this Agreement shall survive the termination of this Agreement and shall continue in
full force and effect and be binding upon the parties.

 

    	4

    	 

    

 

5.9        Enurement.
This Agreement shall enure to the benefit of, and be binding upon, the
Assignor and the Assignee and their respective successors, affiliates and permitted assigns.

 

5.10      Governing
Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware, regardless of the laws that might govern under applicable principles of
conflicts of law. Venue for any dispute arising out of this Agreement shall be exclusively in the state and federal courts located
in Miami-Dade County, Florida, and each party hereby expressly submits to the personal jurisdiction of such courts and irrevocably
waives any objection to the laying of venue in such courts based on forum non conveniens.

 

5.11      Recordings.
Assignor hereby acknowledges that an executed copy of this Agreement and
executed copies of any subsequent or related assignments or documents provided pursuant to section 2.5 above, may be filed with
the United States Patent and Trademark Office, the United States Copyright Office or with the intellectual property authority of
any other country or region, as applicable, by Assignee or its successor in interest at any time.

 

IN WITNESS WHEREOF
the parties have duly executed this Agreement as of the date above first written.

 

	Assignor (VYREXIP HOLDINGS, INC.):	 	Assignee (POWERVERDE INC.):
	 	 	 
	By:	/s/ Edward C. Gomez	 	By:	/s/ Richard Davis
	Name:	Edward C. Gomez	 	Name:	Richard Davis
	Title:	CEO	 	Title:	CEO
	Date:	6/23/2015	 	Date:	6/22/2015

    	5

    	 

    

 

EXHIBIT A

 

U.S. Patent number: 6,254,853

Filing date: May 8, 1998

Issue date: Jul 3, 2001

Title: Water Soluble Pro-Drugs of Propofol

Inventors: Sheldon S. Hendler, Robert A. Sanchez, Jan Zielinski

 

U.S. Patent number: 6,362,234

Filing date: August 15, 2000

Issue date: March 26, 2002

Title: Water-Soluble Prodrugs of Propofol
for Treatment of Migrane

Inventor: Sheldon S. Hendler

 

	Australia	Patent Number 765569	(Application number 37894/99)
	France	Patent Number 1075489 	(Application number 99920385.4)
	Great Britain 	Patent Number 1075489	(Application number 99920385.4)
	Ireland	Patent Number 1075489 	(Application number 99920385.4)
	Italy	Patent Number 1075489	(Application number 99920385.4)
	Germany	Patent Number 69910560.9 	(Application number 99920385.4)
	Spain 	Patent Number 99920385.4	(Application number 99920385.4)

 

and all priority applications, divisionals, continuations,
continuations-in-part, substitutions, reissues, re-examinations, extensions thereof, and all corresponding United States and foreign
filings including all filings claiming priority to any of the foregoing, and including the right, but not the obligation, to sue
for past infringement.

 

    	Exhibit A-1

    	 

    

 

EXHIBIT B

 

PROMISSORY
NOTE

 

	$58,435.80	Miami, Florida
	 	June 30, 2015

 

 

FOR VALUE RECEIVED, PowerVerde
Inc., a Delaware corporation (the “Company”) promises to pay to the order of VyrexIP Holdings, Inc. a Wyoming corporation
(the “Holder”), at such address as the Holder may designate from time to time, the principal sum of $58,435.80, together
with accrued interest at the rate of 6% per annum based on a 365-day year and actual days elapsed in the period for which such
interest is payable. The Company shall pay principal plus accrued interest pursuant to 10 monthly payments of $6084.84 each due
on the 15th day of each month beginning on October 15, 2015. The remaining principal balance of this Note, together with all unpaid
interest accrued, shall be due and payable on July 15, 2016 (the “Maturity Date”). Upon payment in full of all principal
and interest payable hereunder, this Note shall be surrendered to the Company for cancellation.

 

The Company may prepay
all or any part of the amounts outstanding under this Note without premium or penalty.

 

The Company waives presentment,
demand, notice, protest, and all other demands or notices in connection with the delivery, performance, default or enforcement
of this Note. In the event of default hereunder, the Company shall, in addition to other sums due hereunder, pay all costs and
reasonable attorneys’ fees incurred in connection with any action to collect this Note at the prelitigation, pretrial, trial
and appellate levels.

 

The principal and any interest
shall be payable in lawful money of the United States of America at the address of the Holder or at such other place as the legal
holder may designate from time to time in writing to the Company.

 

The Company shall be in
default and the Holder may, by notice to the Company, declare the entire unpaid principal amount of the Note and all interest accrued
and unpaid thereon due and payable, and the same shall be forthwith due and payable, if the Company fails to make any payment due
hereunder within 10 days of the due date thereof, or makes an assignment for the benefit of creditors, or admits in writing its
inability to pay its debts as such debts become due, or applies for or consents to the appointment of or taking possession by a
trustee, receiver or liquidator (or other similar official) of any substantial part of its property, or commences a case or has
an order for relief or liquidation entered against it or has a custodian appointed under the federal bankruptcy laws, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, and such case or order
is not dismissed or stayed within 60 days.

 

    	 

    	 

    

 

The Holder may waive any
past default hereunder and its consequences. In the case of any such waiver, the Company and the Holder shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

 

Upon any such waiver, such
default shall cease to exist and be deemed to have been cured and not to have occurred, and any default arising therefrom shall
be deemed to have been cured, and not to have occurred for every purpose of this Note, and the interest rate hereon shall not be
deemed to have increased; but no such waiver shall extend to any subsequent or other default impair any right consequent thereon.

 

All references to the “Holder”
or the “Company” shall apply to their respective heirs, successors and assigns. Notwithstanding anything herein to
the contrary, this Note may not be assigned or transferred by the Company without the prior written consent of the Holder.

 

This Note shall be governed
by and construed in accordance with the laws of the State of Florida.

 

IN WITNESS WHEREOF,
the undersigned has caused this Note to be signed by its duly authorized officer on the day and year first above written.

 

	 	 	POWERVERDE
INC.
	 	 	 
	 	 	 	By:	/s/ Richard Davis
	 	 	 	Name:	Richard Davis
	 	 	 	Title:	CEO
	 	 	 		6/22/2015

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