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Exhibit 10.12  

 
 

BUSINESS OPPORTUNITIES AGREEMENT    
  

        THIS BUSINESS OPPORTUNITIES AGREEMENT dated as of March 19, 2002 (this "Agreement"), by and between Verint Systems Inc., a Delaware corporation (the
"Corporation"), and Comverse Technology, Inc., a New York corporation ("Comverse"). 

W I T N E S S E T H:  

        WHEREAS, Comverse is the holder of a majority of the outstanding shares of common stock, par value $.001 per share, of the Corporation ("Common Stock"); and 

        WHEREAS,
certain directors, officers and/or employees of Comverse may from time to time also serve as directors and/or officers of the Corporation; and 

        WHEREAS,
such directors and/or officers of the Corporation may from time to time encounter business opportunities or transactions in which both the Corporation and Comverse may have a
reasonable expectation or interest; and 

        WHEREAS,
the parties desire to enter into an agreement which provides for the allocation of such business opportunities and transactions between the parties. 

        NOW,
THEREFORE, in consideration of the premises and the mutual obligations, covenants and agreements herein contained, the parties hereto agree as follows: 

 
 

ARTICLE I
  DEFINITIONS    
  

        1.1    Definitions.    For purposes of this Agreement, the following capitalized terms shall have the meanings set
forth below: 

        "Affiliate"
shall mean, with respect to any given Person, any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with, such Person. For purpose of this Agreement the term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise. 

        "Board"
shall mean the Board of Directors of the Corporation. 

        "Claims"
means any and all claims, demands, causes of action, liabilities, losses, costs, damages, and expenses of any kind or nature whatsoever, in law or in equity (including
attorneys' fees and costs), and irrespective of whether any such claims or matters arise out of common law, contract, tort, strict liability, violation of statutory laws, or regulations, or any other
theory or basis. 

        "Comverse
Designee" shall mean any director, officer or employee of any Comverse Party who also serves as a director or officer of any Corporation Party. 

        "Comverse
Party" shall mean Comverse or any of its Affiliates (other than any Person that is a Corporation Party). 

        "Corporation
Party" shall mean the Corporation and any Person controlled by the Corporation, whether or not such Person is also controlled by any Comverse Party. 

        "Disinterested
Director" shall mean any director of the Corporation who is not a director, officer or employee of any Comverse Party. 

 

        "Person"
shall mean a natural person, a corporation, a limited liability company, a joint stock company, a partnership, a limited partnership, a joint venture, a trust, an estate, an
unincorporated organization, association, agency or any other entity. 

        1.2    Chairman or Vice Chairman of a Corporation Party.    For purposes of this Agreement, a director of any
Corporation Party who is Chairman or Vice Chairman of the Board of Directors of such Corporation Party or any committee thereof shall not be deemed to be an officer of such Corporation Party by reason
of holding such position (regardless of whether such position is deemed an office of the Corporation Party under such Corporation Party's By-laws), unless such person is a
full-time employee of such Corporation Party. 

 
 

ARTICLE II
  CONDUCT OF BUSINESS    
  

        2.1    Conduct of Comverse's Business.    Subject to the provisions of Section 3.1(a)(2), unless otherwise
agreed in writing between Comverse and the Corporation, a Comverse Party shall have the right to, and shall not have a duty not to, (i) engage in the same or similar business activities or
lines of business as any Corporation Party engages in, (ii) do business with any potential or actual customer or supplier of any Corporation Party and (iii) employ or otherwise engage,
or solicit for such purpose, any director, officer or employee of a Corporation Party. No Comverse Party and no director, officer, employee or agent of any Comverse Party, whether or not such Person
is also a director, officer, employee, agent or shareholder of a Corporation Party, shall be liable to any Corporation Party or its stockholders for breach of any fiduciary or other duty that such
Person may have by reason of any Comverse Party undertaking any activity permitted in this Section 2.1. 

 
 

ARTICLE III
  CORPORATE OPPORTUNITIES    
  

        3.1    Allocation of Opportunities Relating to Both Parties.    

        (a)  The
parties agree that in determining whether any business opportunity or transaction shall belong to Comverse or the Corporation for the purposes of this Agreement, the
following rules shall apply: 

        (1)  If
such business opportunity or transaction was offered to an individual who is an officer or employee of a Comverse Party (whether or not a director) and who is not an
officer or employee of a Corporation Party and (whether or not a director of a Corporation Party), then such business opportunity or transaction shall belong to Comverse; 

        (2)  If
such business opportunity or transaction was offered to an individual who is an officer or employee (whether or not a director) of a Corporation Party and who is not
an officer or employee of a Comverse Party (whether or not a director of a Comverse Party), then such business opportunity or transaction shall belong to the Corporation; and 

        (3)  If
such business opportunity or transaction was offered to any other individual who is (i) an officer or employee of a Corporation Party and an officer or
employee of a Comverse Party or (ii) a director of both a Corporation Party and a Comverse Party but not an officer or employee of any such party, then such business opportunity or transaction
shall belong to Comverse. 

        (b)  The
provisions of this Section 3.1 shall not apply to any business transaction or opportunity which the parties agree in writing shall be excluded from the
provisions of this Section 3.1, provided that such agreement is approved by a majority of the Disinterested Directors or otherwise in accordance with the Delaware General Corporation Law or any
other applicable law; provided, further, however, that no presumption or implication shall arise from the existence or absence of such 

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agreement as to whether any other business opportunity or transaction not explicitly covered by such agreement is excluded from the provisions of this Section 3.1. 

        3.2    Other Opportunities Acquired by Comverse.    In the event that any director, officer or employee of a Comverse
Party who is not also a director, officer or employee of a Corporation Party acquires knowledge of any business opportunity or transaction (including any business opportunity or transaction that by
its nature may be in the line or lines of business of a Corporation Party), such Comverse Party shall have no duty to communicate or present such business opportunity or transaction to any Corporation
Party and shall not be liable to any Corporation Party or its stockholders for breach of any fiduciary or other duty that such Comverse Party may have as a stockholder of the Corporation or
otherwise by reason of the fact that such Comverse Party pursues or acquires such business opportunity or transaction for itself, directs such business opportunity or transaction to another Person or
does not present such business opportunity to any Corporation Party. 

        3.3    Other Obligations; Failure to Pursue an Opportunity.    Any business opportunity or transaction that belongs to
either Comverse or the Corporation pursuant to this Agreement shall not be pursued by the other, or directed by the other to another Person, unless and until Comverse or the Corporation, as the case
may be, determine not to pursue such opportunity. Notwithstanding anything herein to the contrary, if the party to whom a business opportunity or transaction belongs pursuant to this Agreement does
not within a reasonable period of time begin to pursue, or thereafter continue to pursue, such business opportunity or transaction diligently and in good faith, the other party may then pursue such
business opportunity or transaction or direct it to another Person. 

        3.4    Agreements Respecting Opportunities.    Nothing herein shall prohibit one or more Corporation Parties and one
or more Comverse Parties from entering into any contract, agreement, arrangement or transaction involving a business opportunity, provided that such contract, agreement, arrangement or transaction is
approved in accordance with the Delaware General Corporation Law or any other applicable law. Any such contract, agreement, arrangement or transaction not so approved shall not by reason thereof
result in any breach of any fiduciary or other duty, but shall be governed by the Delaware General Corporation Law or any other applicable law. 

        3.5    Acknowledgment, Release and Indemnity.    

        (a)  The
Corporation hereby (i) acknowledges and agrees that, except as provided in this Agreement, no Comverse Party shall have any obligation to offer a Corporation
Party any business opportunity or transaction, (ii) renounces any interest or expectancy in any business opportunity or transaction pursued by a Comverse Party in accordance with this
Agreement, and (iii) waives any claim that any such business opportunity or transaction pursued by a Comverse Party constitutes a corporate opportunity of a Corporation Party, unless such
business opportunity was pursued by a Comverse Party in violation of this Agreement. 

        (b)  The
Corporation hereby acknowledges and agrees that any Comverse Party and any Comverse Designee that complies with the provisions of this Agreement relating to business
opportunities or transactions (i) shall have fully satisfied and fulfilled any fiduciary or other duties such Person may have to such Corporation Party and their stockholders with respect to
such business opportunity or transaction, (ii) shall not be liable to the Corporation Party or its stockholders for breach of any fiduciary or other duty by reason of the fact that any Comverse
Party pursues or acquires such business opportunity or transaction for itself or directs such business opportunity or transaction to another Person or does not communicate information regarding such
business opportunity or transaction to the Corporation Party, (iii) shall be deemed to have acted in good faith and in a manner such Person reasonably believes to be in and not opposed to the
best interests of the Corporation Party and (iv) shall be deemed not to have breached any duty of loyalty or other duty such Person may have to the Corporation Party or its stockholders and not
to have derived an improper benefit therefrom. 

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        (c)  The
Corporation acknowledges and agrees that with respect to any business opportunity or transaction not specifically belonging to the Corporation pursuant to this
Agreement, a Comverse Party may pursue such business opportunity or transaction and conduct the business related thereto without any obligation to offer it to a Corporation Party. The Corporation
acknowledges and agrees that in such case, to the extent that a court might hold that the pursuit of such business opportunity or transaction or the conduct of any other activity permitted hereunder
is a breach of any standard of care, a duty of loyalty, or other duty owed to the Corporation (and without admitting that the pursuit of such opportunity or the conduct of such activity is such a
breach of any such standard or duty), the Corporation hereby fully and irrevocably renounces, releases and waives, to the extent permitted by applicable law, any interest or expectancy in such
business opportunity or transaction or permitted activity pursued by a Comverse Party pursuant to this Agreement and any and all Claims that the Corporation or any Person claiming by, through, or
under the Corporation may have to claim that such business opportunity or transaction is a corporate opportunity of the Corporation or that the pursuit by a Comverse Party of any such business
opportunity or transaction or the conduct of such activity permitted hereunder is a breach of any standard of care, duty of loyalty, or other duty owed to the Corporation (including, to the extent
permitted by applicable law, any and all Claims arising either directly or derivatively, and whether brought by, through, or under the Corporation, or by any stockholder, creditor, subsidiary or
Affiliate of the Corporation). 

        (d)  The
Corporation, for itself and its successors and assigns, hereby agrees to indemnify, defend, and hold harmless, to the extent permitted by applicable law, Comverse
and its predecessors and successors in interest, and all of Comverse's and its respective predecessors and successors in interests' respective Affiliates, stockholders, directors, officers, employees,
agents, attorneys, servants, invitees, contractors, licensees, legal representatives, successors, and assigns, from any and all such Claims relating to the subject matter hereof that may be asserted
(i) by any Person whomsoever claiming by, through, or under the Corporation or (ii) by any successors of the Corporation. It is the express intention of the Corporation that, to the
extent permitted by applicable law, the indemnity to Comverse herein provided covers any such Claims asserted by, through, or under the Corporation, notwithstanding that such Persons are not
signatories to this Agreement, and whether or not the release provisions are directly enforceable against any Persons who are not signatories to this Agreement. This indemnity applies for the benefit
of Comverse regardless of whether such claims are based in whole or in part upon the alleged partial or sole negligence or strict liability of Comverse (or its predecessors or successors in interest,
or Comverse' or its respective predecessors or successors in interests' respective Affiliates, stockholders, directors, officers, employees, agents, attorneys, servants, invitees, contractors,
licensees, legal representatives, successors, and assigns), but shall not apply in the case of bad faith, willful misconduct or breach of this Agreement by a Comverse Party or any director, officer or
employee of a Comverse Party or any other indemnified party. The renunciations, waivers and agreements herein apply equally to activities to be conducted in the future and activities that have been
conducted in the past. 

        3.6    Other Conduct.    Any conduct by any Comverse Party or any of its directors, officers, employees or agents in
connection with the affairs of such Comverse Party, and any conduct of any Comverse Designee, that does not comply with this Agreement shall not by reason thereof void a transaction or
make it voidable or be deemed a breach of any fiduciary or other duty that may be owed to any Corporation Party but shall be governed by the Delaware General Corporation Law or any other applicable
law. 

 
 

ARTICLE IV
  TERM    
  

        4.1    Term.    This Agreement shall expire on the first day on which all Comverse Parties no longer beneficially own
Common Stock representing at least 20 percent (20%) of the combined voting power 

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of outstanding shares of Common Stock of the Corporation and no person who is a director or officer of a Corporation Party is also a director, officer or employee of a Comverse Party. 

 
 

ARTICLE V
  MISCELLANEOUS    
  

        5.1    Amendments; Waivers.    This Agreement may not be amended, changed, supplemented, waived or otherwise modified
or terminated, except upon the execution and delivery of a written agreement executed by the parties hereto. The failure of any party hereto to exercise any right, power or remedy provided under this
Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties
at variance with the terms hereof, shall not constitute a waiver by such party of its right to exercise any such or other right, power or remedy or to demand such compliance. 

        5.2    Entire Agreement.    This Agreement constitutes the entire agreement between the parties hereto pertaining to
its subject matter, and supersedes and replaces all prior agreements and understandings of the parties in connection with such subject matter. 

        5.3    Notices.    All notices and other communications hereunder shall be given in writing and delivered personally,
by registered or certified mail (postage prepaid, return receipt requested), by overnight courier (postage prepaid), facsimile transmission or similar means, to the party to receive such notices
or communications at the address set forth below (or such other address as shall from time to time be designated by such party to the other parties in accordance with this Section 5.3): 

If
to the Corporation, to:

Verint Systems Inc.

234 Crossways Park Drive

Woodbury, New York 11797

Telecopier: (516) 677-7399

Attention: President and Chief

                        Executive Officer 

If
to Comverse, to:

Comverse Technology, Inc.

170 Crossways Park Drive

Woodbury, New York 11797

Telecopier: (516) 677-7355

Attention: Senior Counsel 

All
such notices and communications hereunder shall be deemed given when received, as evidenced by the signed acknowledgment of receipt of the person to whom such notice or communication shall have
been personally delivered, the acknowledgment of receipt returned to the sender by the applicable postal authorities, the confirmation of delivery rendered by the applicable overnight courier service,
or the confirmation of a successful facsimile transmission of such notice or communication. 

        5.4    Governing Law.    THE PARTIES HERETO AGREE THAT EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREUNDER. 

        5.5    Assignment; Binding Effect.    No party hereto shall have the right to assign this Agreement or any of its
rights or obligations hereunder without the prior written consent of the other party hereto; and any purported assignment of this Agreement or any of the rights or obligations of a party hereunder
without such consent shall be deemed to be null and void ab initio. The terms and 

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conditions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors and permitted assigns. 

        5.6    No Partnership.    No term or provision of this Agreement shall be construed to establish any partnership,
agency, or joint venture relationship between the parties hereto. 

        5.7    Invalidity.    Whenever possible, each provision or portion of any provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law. If any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and
this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

        5.8    Headings.    The headings in this Agreement are for convenience of reference only and are not intended to be a
part of this Agreement or to affect the meaning or interpretation of this Agreement. 

        5.9    Counterparts.    This Agreement may be executed in one or more counterparts, all of which taken together shall
constitute one agreement. 

[SIGNATURE
PAGE FOLLOWS] 

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        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 

	 	 	VERINT SYSTEMS INC.
	

 	
 	

By:	

/s/  DAN BODNER      
 Name: Dan Bodner

Title: President and

        Chief Executive Officer
	

 	
 	
COMVERSE TECHNOLOGY, INC.
	

 	
 	

By:	

/s/  DAVID KREINBERG      
 Name: David Kreinberg

Title: Chief Financial Officer

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BUSINESS OPPORTUNITIES AGREEMENT

ARTICLE I DEFINITIONS

ARTICLE II CONDUCT OF BUSINESS

ARTICLE III CORPORATE OPPORTUNITIES

ARTICLE IV TERM

ARTICLE V MISCELLANEOUSQuickLinks
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Exhibit 10.13  

 
 

INDEMNIFICATION AGREEMENT    
  

        This Indemnification Agreement ("Agreement") is made as
of                        , 2002 by and between VERINT SYSTEMS INC., a Delaware corporation (the
"Company"), and                        ("Indemnitee"). 

RECITALS 

        WHEREAS,
highly competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate
protection through insurance and/or indemnification against the risks of claims being asserted against them arising out of their service to and activities on behalf of such corporations; and 

        WHEREAS,
the Board of Directors of the Company (the "Board") has determined that the increased difficulty in attracting and retaining such
persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the
future; and 

        WHEREAS,
the Board has determined that, in order to help attract and retain qualified individuals as directors and in other capacities, the best interests of the Company and its
stockholders will be served by attempting to maintain, on an ongoing basis, at the Company's sole expense, insurance to protect persons serving the Company and its subsidiaries as directors and in
other capacities from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises
for many years, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same
time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation; and 

        WHEREAS,
the Board has determined that, in order to help attract and retain qualified individuals as directors and in other capacities, the best interests of the Company and its
stockholders will be served by assuring such individuals that the Company will indemnify them to the maximum extent permitted by law; and 

        WHEREAS,
the Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") of the Company requires
indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the Delaware General Corporation Law
("DGCL"); and 

        WHEREAS,
the Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of 

 

the
Board, officers and other persons with respect to indemnification and the advancement of defense costs; and 

        WHEREAS,
it therefore is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance defense costs on behalf of, such persons to the
fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 

        WHEREAS,
this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor shall it be deemed to diminish or abrogate any rights of Indemnitee thereunder; and 

        WHEREAS,
the Board recognizes that the Indemnitee does not regard the protection available under the Company's Certificate of Incorporation and insurance program as adequate in the
present circumstances, and may not be willing to serve or continue to serve as a director and/or in such other capacity as the Company may request without adequate protection, and the Company desires
Indemnitee to serve in such capacity; and 

        WHEREAS,
subject to agreement on other matters, Indemnitee is willing to serve, continue to serve, and take on additional service for or on behalf of the Company on the condition that he
or she be indemnified as provided for herein. 

        NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 

        1.    Services to the Company.    Indemnitee will serve or continue to serve, at the will of the Company, as an
officer, director or key employee of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation. 

        2.    Definitions.    As used in this Agreement: 

        (a)
A "Change in Control" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events: 

        (i)
Change in Board. If during any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period are members of the Board, and any new director (other than a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii) or 2(a)(iv) hereof) whose election by the Board or nomination for election by the Company's stockholders was
approved by a vote of at least two-thirds of the directors then still in office (who either were directors at the beginning of such period or whose election or 

2

 

nomination
for election was previously so approved), cease for any reason to constitute at least a majority of the members of the Board; 

        (ii)
Corporate Transactions. If there is a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity; 

        (iii)
Liquidation. If there is approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or
series of agreements for the sale or disposition by the Company of all or substantially all of the Company's assets; and 

        (iv)
Other Events. If there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is
then subject to such reporting requirement. 

        (b)
"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        (c)
"Person" shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall
exclude (i) the Company and (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company. 

        (d)  "Beneficial Owner" shall have the meaning given to such term in Rule 13d-3 issued under the Exchange Act; provided,
however, that Beneficial Owner shall exclude any Person becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity. 

        (e)
"Corporate Status" shall describe the status of a person who is or was a director, officer, trustee, partner, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise (as defined below), which such person is or was serving at the request of the Company. 

        (f)  "Disinterested Director" shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in
respect of which indemnification is sought by Indemnitee. 

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        (g)
"Enterprise" shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent. 

        (h)
"Expenses" shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types and amounts customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding (as defined below).
Expenses also shall include costs incurred in connection with any appeal resulting from any Proceeding (as defined below), including, without limitation, the premium, security for, and other costs
relating to any bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee. 

        (i)
References to "fines" shall include any excise tax assessed on a person with respect to any employee benefit plan pursuant to
applicable law; references to "serving at the request of the Company" shall include any service as a director, officer, trustee, partner, managing
member, fiduciary, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, trustee, partner, managing member, fiduciary, employee or agent with
respect to an employee benefit plan, its participants or beneficiaries; and any action taken or omitted to be taken by a person for a purpose which he or she reasonably believed to be in the interests
of the participants and beneficiaries of an employee benefit plan shall be deemed to have been taken in "good faith" and for a purpose which is "not opposed to the best interests of the Company", as
such terms are referred to in this Agreement and used in the DGCL. 

        (j)
The term "Proceeding" shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, including any related appeal, in which Indemnitee was, is or will be involved as a party or witness or otherwise by reason of the fact that Indemnitee
is or was a director, officer, trustee, partner, managing member, fiduciary, employee or agent of the Company, by reason of any action taken or not taken by him or her while acting as director,
officer, trustee, partner, managing member, fiduciary, employee or agent of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement, or advancement of expenses can be provided under this Agreement. 

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        (k)
"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to
matters concerning the Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees and
expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or
its engagement pursuant hereto. 

        3.    Indemnity in Third-Party Proceedings.    The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 3 if Indemnitee is made, or is threatened to be made, a party to or a participant in (as a witness or otherwise) any Proceeding, other than a Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all judgments, fines, penalties, amounts paid in settlement
(including, without limitation, all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing) (collectively,  "Losses") and Expenses actually and
reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any action,
discovery event, claim, issue or matter therein or related thereto, if Indemnitee acted in good faith, for a purpose which he or she reasonably believed to be in or, in the case of service for any
Enterprise other than the Company, not opposed to, the best interests of the Company and, in the case of a criminal Proceeding, in addition, had no reasonable cause to believe that his or her conduct
was unlawful. 

        4.    Indemnity in Proceedings by or in the Right of the Company.    The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 4 if Indemnitee is made, or is threatened to be made, a party to or a participant in (as a witness or otherwise) any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all amounts paid in settlement and Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection with the defense or settlement of such Proceeding or any action, discovery event, claim, issue or matter therein or related thereto, if
Indemnitee acted in good faith, for a purpose which he or she reasonably believed to be in or, in the case of service for any Enterprise other than the Company, not opposed to, the best interests of
the Company. No indemnification, however, shall be made under this Section 4 in respect of (i) a threatened Proceeding, or a pending Proceeding which is settled or otherwise disposed of,
or (ii) any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Company, unless and only to the extent that the court in which the Proceeding was brought
or, if no Proceeding 

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was
brought in a court, any court of competent jurisdiction, determines upon application that, in view of all the circumstances of the case, Indemnitee fairly and reasonably is entitled to
indemnification for such portion of the settlement amount and Expenses as the court deems proper. 

        5.    Indemnification for Expenses Where Indemnitee is Wholly or Partly Successful.    Notwithstanding and in addition
to any other provisions of this Agreement, to the extent that Indemnitee is a party to a
Proceeding and is successful, on the merits or otherwise, in the defense of any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection with such successful defense. For the avoidance of doubt, if Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 5 and, without limitation, the termination of any claim,
issue or matter in such a Proceeding by withdrawal or dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

        6.    Indemnification for Expenses of a Witness.    Notwithstanding and in addition to any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in or otherwise incurs Expenses in connection with any Proceeding to which Indemnitee is not a party,
he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. 

        7.    Additional Indemnification.    

        (a)
Notwithstanding any limitation in Sections 3, 4, or 5 hereof or in Section 145 of the DGCL, the Company shall indemnify Indemnitee to the fullest extent permitted by law if
Indemnitee is made, or is threatened to be made, a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Losses and Expenses
actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification shall be made under this Section 7(a) on account of Indemnitee's conduct which constitutes a
breach of Indemnitee's duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law. 

        (b)
For purposes of Sections 7(a), the meaning of the phrase "to the fullest extent permitted by law" shall include, but not be limited
to: 

        i.
to the fullest extent authorized or permitted by the then-applicable provisions of the DGCL that authorize or contemplate indemnification by 

6

 

agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and 

        ii.
to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a
corporation may indemnify its officers and directors. 

        (c)
Indemnitee shall be entitled to the prompt payment of all Expenses reasonably incurred in enforcing successfully (fully or partially) this Agreement. 

        8.    Exclusions.    Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee: 

        (a)
for which payment actually has been received by or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the
amount actually received under such insurance policy or other indemnity provision; or 

        (b)
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the
Exchange Act, as amended, or similar provisions of state blue sky law, state statutory law or common law; or 

        (c)
prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to
its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or 

        (d)
if the funds at issue were paid pursuant to a settlement approved by a court and indemnification would be inconsistent with any condition with respect to indemnification expressly
imposed by the court in approving the settlement. 

        9.    Advances of Expenses; Defense of Claim.    

        (a)
Notwithstanding any provision of this Agreement to the contrary, the Indemnitee shall be entitled to advances of Expenses actually and reasonably incurred by him or her or on his or
her behalf in connection with a Proceeding that Indemnitee claims is covered by Sections 3 and 4 hereof, prior to a final determination of eligibility for indemnification and prior to the final
disposition of the Proceeding, upon the execution and delivery to the Company of an undertaking by or on behalf of the Indemnitee
providing that the Indemnitee will repay such advances to the extent that it ultimately is determined that Indemnitee is not entitled to be indemnified by the 

7

 

Company.
This Section 9(a) shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 8. 

        (b)
The Company shall advance pursuant to Section 9(a) the Expenses incurred by Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by
the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free.
Advances shall be made without regard to Indemnitee's ability to repay such advances. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce such right to
receive advances. 

        (c)
The Company will be entitled to participate in the Proceeding at its own expense. 

        (d)
The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on the Indemnitee without the
Indemnitee's prior written consent. 

        10.    Procedure for Notification and Application for Indemnification.    

        (a)
Within sixty (60) days after the actual receipt by Indemnitee of notice that he or she is a party to or is requested to be a participant in (as a witness or otherwise) any
Proceeding, Indemnitee shall submit to the Company a written notice identifying the Proceeding. The failure by the Indemnitee to notify the Company within such 60-day period will not
relieve the Company from any liability which it may have to Indemnitee (i) otherwise than under this Agreement, and (ii) under this Agreement except, and only to the extent that, the
Company can establish that such failure to notify the Company in a timely manner resulted in actual prejudice to the Company. 

        (b)
Indemnitee shall thereafter deliver to the Company a written application for indemnification. Such application may be delivered at such time as Indemnitee deems appropriate in his or
her sole discretion. Following delivery of such a written application for indemnification by Indemnitee, the Indemnitee's entitlement to indemnification shall be determined promptly according to
Section 11(a) of this Agreement and the outcome of such determination shall be reported to Indemnitee in writing within forty-five (45) days of the submission of such
application. 

        11.    Procedure Upon Application for Indemnification.    

        (a)
Upon written application by Indemnitee for indemnification pursuant to Section 10(b), a determination with respect to Indemnitee's entitlement thereto pursuant to the
mandatory terms of this Agreement, pursuant to statute, or pursuant to other sources of right to indemnity, and pursuant to Section 12 of this Agreement shall be made in the specific case:
(i) by a majority vote of the Disinterested Directors, whether or not such directors otherwise would constitute a quorum of the 

8

 

Board;
or (ii) if so requested by the Indemnitee in his or her sole discretion, or if requested by the Disinterested Directors, by Independent Counsel in a written opinion to the Board, a copy
of which shall be delivered to Indemnitee. Indemnitee shall reasonably cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure
and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless from any such costs and expenses. 

        (b)
If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. 

        (c)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) hereof, the Independent Counsel shall be
selected as provided in this Section 11(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to
Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless
Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the
identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been
received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made
and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. 

        (d)
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or
Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and
the person with respect to 

9

 

whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 11(a) hereof. 

        (e)
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Agreement, any Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

        12.    Presumptions and Effect of Certain Proceedings.    

        (a)    Presumption in Favor of Indemnitee.    In making a determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted an application for
indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption. 

        (b)    No Presumption Against Indemnitee.    Neither the failure of the Company (including by its directors or
Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement nor an actual determination by the Company (including by its directors or
Independent Counsel) that Indemnitee has not met the applicable standard of conduct for indemnification shall be a defense to the action or create a presumption that Indemnitee has not met the
applicable standard of conduct. 

        (c)    Sixty Day Period for Determination.    If the person, persons or entity empowered or selected under
Section 11 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of an
application
therefor, a determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the application for indemnification, or (ii) a
prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating
of documentation and/or information relating thereto. 

        (d)    No Presumption from Termination of a Proceeding.    The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere, or its equivalent, shall not of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and for a purpose which he or she reasonably believed to be in, or, in the case of service
for any Enterprise other than the Company, not opposed to, the best interests of the Company or, with respect to any 

10

 

criminal
Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

        (e)    Reliance as Safe Harbor.    For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if Indemnitee's action or failure to act is based on the records or books of account of the Company or any Enterprise other than the Company, including financial statements, or on
information supplied to Indemnitee by the officers of the Company or any Enterprise other than the Company in the course of their duties, or on the advice of legal counsel for the Company or any
Enterprise other than the Company or on information or records given or reports made to the Company or any Enterprise other than the Company by an independent certified public accountant or by an
appraiser or other expert selected by the Company or any Enterprise other than the Company. The provisions of this Section 12(e) shall not be deemed to be exclusive or to limit in any way the
other circumstances in which the Indemnitee may be deemed or found to have met any applicable standard of conduct. 

        (f)    Actions of Others.    The knowledge and/or actions, or failure to act, of any other director, officer, trustee,
partner, managing member, fiduciary, employee or agent of the Company or any Enterprise other than the Company shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement. 

        13.    Remedies of Indemnitee.    

        (a)    Adjudication/Arbitration.    In the event that (i) a determination is made pursuant to Section 11
of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement,
(iii) subject to Section 12(c), no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of this Agreement within 60 days after
receipt by the Company of the application for indemnification, or (iv) payment of indemnification is not made pursuant to Sections 3, 4, 5, 6, 7 and 11(b) of this Agreement within ten
(10) days after a determination has been made that Indemnitee is entitled to indemnification, or after receipt by the Company of a written request for any additional monies owed with respect to
a Proceeding as to which it already has been determined that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such
indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration. 

        (b)    Indemnitee Not Prejudiced by Prior Adverse Determination.    In the event that a determination shall have been
made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be
conducted in all respects as a 

11

 

de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the prior adverse determination. In any judicial
proceeding or arbitration commenced pursuant to this Section 13, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the
case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 11(a) of this Agreement adverse to Indemnitee for any purpose. 

        (c)    Company Bound by Prior Determination.    If a determination shall have been made pursuant to
Section 11(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to
this Section 13, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in
connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

        (d)    Expenses.    In the event that Indemnitee, pursuant to this Section 13, seeks a judicial adjudication of
or an award in arbitration to enforce his or her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company against, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration if it shall be determined in such judicial adjudication or
arbitration that
Indemnitee is entitled to receive all or part of the indemnification or advancement of Expenses sought which the Company had disputed prior to the commencement of the judicial proceeding or
arbitration. 

        (e)    Advances of Expenses.    If requested by Indemnitee, the Company shall (within ten (10) days after
receipt by the Company of a written request therefore) advance to Indemnitee the Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by
Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company, if the
Indemnitee has submitted an undertaking to repay such Expenses if Indemnitee ultimately is determined to not be entitled to such indemnification, advancement of Expenses or insurance recovery, as the
case may be. The Indemnitee's financial ability to repay any such advances shall not be a basis for the Company to decline to make such advances. 

        (f)    Precluded Assertions by the Company.    The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such
court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 

12

 

        14.    Non-exclusivity; Survival of Rights; Insurance; Subrogation.    

        (a)    Rights of Indemnitee Not Exclusive.    The rights of indemnification and to receive advancement of Expenses as
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company's Certificate of Incorporation, the
Company's Bylaws, any agreement, vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred by this Agreement is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent or subsequent assertion or employment of any other right or remedy. 

        (b)    Survival of Rights.    No amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or
repeal. 

        (c)    Change of Law.    To the extent that a change in Delaware law, whether by statute or judicial decision, permits
greater indemnification or advancement of Expenses than would be afforded currently under
the Company's Certificate of Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. 

        (d)    Insurance.    To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, officers, trustees, partners, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the
Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, trustee, partner, managing
member, fiduciary, officer, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a
participant (as a witness or otherwise) the Company has director and officer liability insurance in effect that covers Indemnitee, the Company shall give prompt notice of such Proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 

        (e)    Subrogation.    In the event of any payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
necessary to enable the Company to bring suit to enforce such rights. 

13

 

        (f)    Other Payments.    The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise. 

        (g)    Other Indemnification.    The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who
is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of expenses from such Enterprise. 

        15.    Duration of Agreement.    This Agreement shall continue until and terminate upon the later of: (a) ten
(10) years after the date that Indemnitee shall have ceased to serve as a director, officer, agent or employee of the Company or as a director, officer, trustee, partner, managing member,
fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee served at the request of the Company; or
(b) one (1) year after the final termination of any Proceeding (including after the expiration of any rights of appeal) then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of
Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement (including any rights of appeal of any Proceeding commenced pursuant to
Section 13). This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators. 

        16.    Severability.    If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby
and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give
the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. 

        17.    Enforcement.    

        (a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve, or to
continue to serve, as a director, officer, employee and/or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this 

14

 

Agreement
in serving or continuing to serve as a director, officer, employee and/or agent of the Company. 

        (b)
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral,
written and implied, between the parties hereto with respect to the subject matter hereof. 

        18.    Modification and Waiver.    No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall
any waiver constitute a continuing waiver. 

        19.    Notice by Indemnitee.    Indemnitee agrees to promptly notify the Company in writing upon being served with the
first of any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses
covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise except to
the extent the Company has suffered actual prejudice as a result of the failure to so notify. 

        20.    Successors and Binding Agreement.    

        (a)
The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) and any acquiror of all or substantially all of
the business or assets of the Company, by agreement in form and substance reasonably satisfactory to Indemnitee and/or his or her counsel, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent the Company would be required to perform it if no such succession had taken place. 

        (b)
This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including, without limitation, any person acquiring directly or
indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the
"Company" for purposes of this Agreement), but will not otherwise be assignable or delegatable by the Company. 

        (c)
This Agreement will inure to the benefit of and be enforceable by the Indemnitee's personal or legal representatives, executors, administrators, successors, heirs, distributees,
legatees and other successors. 

        (d)
This Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign or delegate this Agreement or any 

15

 

rights
or obligations hereunder except as expressly provided in Sections 20(a), (b) and (c). Without limiting the generality or effect of the foregoing, Indemnitee's right to receive payments
hereunder will not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by the Indemnitee's will or by the laws of descent and distribution, and, in
the event of any attempted assignment or transfer contrary to this Section 20(d), the Company will have no liability to pay any amount so attempted to be assigned or transferred. 

        21.    Notices.    All notices, requests, demands and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given if: (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the date of such
receipt, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 

        (a)
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee subsequently shall provide in writing to the Company. 

        (b)
If to the Company to: 

Verint
Systems Inc.

234 Crossways Park Drive

Woodbury, New York 11797

Attention: President and Chief Executive Officer 

or
to any other address as may have been furnished to Indemnitee in writing by the Company. 

        22.    Contribution.    To the fullest extent permissible under applicable law, if the indemnification provided for in
this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion
as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the
event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection
with such event(s) and/or transaction(s). 

        23.    Applicable Law and Consent to Jurisdiction.    This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws, principles or rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 13 of this Agreement, the Company and Indemnitee hereby 

16

 

irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware
(the "Delaware Court"), and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) irrevocably
appoint, to the extent such party is not a resident of the State of Delaware, XL Corporate Services Inc., 15 East North Street, Dover, Delaware 19901 as its agent in the State of Delaware as
such party's agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally
within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make,
any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

        24.    Identical Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement. 

        25.    Miscellaneous.    Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where
appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

[The
remainder of this page is intentionally left blank.] 

17

 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written. 

	VERINT SYSTEMS INC.	 	INDEMNITEE
	 	 	 
	 	 	 
	By:	 	 
	
	 	

	    Name:	 	Name:
	    Title:	 	Address:
	 	 	 
	 	 	Address for Notices:
	 	 	 
	 	 	

	 	 	 
	 	 	

	 	 	 
	 	 	

	 	 	

Attention:

	 	 	

Fax Number:

18

QuickLinks

INDEMNIFICATION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]