Document:

Employment and Severance Agreement - Comverse LTD and Dror Bin

 Exhibit 10.55 

EMPLOYMENT AND SEVERANCE AGREEMENT 

THIS EMPLOYMENT AND SEVERANCE AGREEMENT (the “Agreement”) between Comverse, Ltd., a company organized under the laws of
Israel (the “Company”), and Dror Bin (the “Executive”), is entered into as of June 11, 2008. 

WHEREAS, the Executive served as Vice President of Messaging for the Company’s Value Added Services group; 

WHEREAS, the Company desires to appoint the Executive as a Senior Vice President of the Company and the Executive desires to accept such
appointment; 
 WHEREAS, the Company and the Executive desire to amend and revise the terms of the Executive’s employment to
the extent set forth herein and to amend and revise any and all existing terms for severance, and to enter into a severance agreement embodying the terms of such modified relationship. 

NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Executive and the Company hereby agree as follows: 
 1.
Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
 (a)
“Base Salary” means the Executive’s annual rate of base salary in effect immediately prior to the date set forth in the Termination Notice, and excluding bonuses, overtime, allowances, commissions, deferred compensation
payments and any other extraordinary remuneration, including amounts deducted therefrom in respect of an automobile lease and fringe benefits. 

(b) “Bonus” means the amount payable to the Executive under the Company’s applicable annual cash
incentive bonus plan with respect to a fiscal year. 
 (c) “Cause” means, where applicable, a
good faith finding by the Company of: (i) an indictment or conviction of the Executive of, or a plea of nolo contendere by the Executive to, any felony; (ii) a material violation by the Executive of federal or state securities laws,
as determined by a court or other governmental body of competent jurisdiction; (iii) willful misconduct or gross negligence by the Executive resulting in harm to the Company or any of its affiliates; (iv) a material violation by the
Executive of any applicable policy or procedure of the Company or its affiliates provided to the Executive resulting in harm to the Company or its affiliates including, without limitation, a material violation of the Company’s Code of Business
Conduct and Ethics; (v) the repeated and continued refusal by the Executive to carry out, in all material respects, the reasonable and lawful directions of the Company that are within the Executive’s individual control and consistent with
the Executive’s position, duties and responsibilities hereunder, except for a refusal that is attributable to the Executive’s illness, injury or Disability; (vi) fraud, embezzlement, theft or material dishonesty by the Executive
against the Company, its affiliates or any of their customers; or (vii) any act or failure to act by the Executive that would have the effect of depriving such Executive of his statutory severance pay in accordance with the provisions of the
applicable local law. 
 (d) “Continuous Service Termination Date” means the
sixtieth (60th) day following the Notice Date in
connection with an Involuntary Termination. 
 (e) “Disability” means either a disability
determined by applicable local law (to the extent required) or as determined by a qualified physician(s) selected by the Company, the Executive’s 

 
inability to substantially perform his duties and responsibilities at the Company for a period of six (6) consecutive months or nine (9) nonconsecutive months out of twelve
(12) consecutive months due to a physical or mental disability, as the term “physical or mental disability” is defined in the Company’s long-term disability insurance plan then in effect (or would be so found if the
Executive applied for coverage or benefits under such plan). 
 (f) “Involuntary Termination”
means a termination of the Executive’s employment by the Company for any reason other than Cause, Disability or death, provided, however, that an Involuntary Termination of the Executive’s employment shall not occur if: 

 

	 	(A)	the Executive’s employment with the Company is terminated by reason of a transfer, with the consent of the Executive, to the employ of an affiliate of the Company,

  

	 	(B)	the Executive’s employment with the Company is terminated by reason of a transfer to the employ of another entity into which the business of the Company is merged
or otherwise consolidated, 

  

	 	(C)	the Executive’s employment with the Company is terminated upon the expiration of a leave of absence by reason of his failure to return to work at such time or the
absence at such time of an available position for which the Executive is qualified, or 

  

	 	(D)	the Executive’s employment with the Company is terminated in connection with the sale of stock or the sale or lease by the Company of all or part of its assets if
the Company determines in its sole discretion that either (A) in connection with such sale or lease the Executive was offered employment for a comparable position at a comparable salary with the purchaser or lessee, as the case may be, of the
Company’s stock or assets or (B) the Executive voluntarily elected not to participate in the selection process for such employment. 

(g) “Notice Date” means the date of the Termination Notice. 

(h) “Release” means a release in the form attached hereto as Exhibit B, which shall, to the extent
permitted by law, waive all claims and actions against the Company, its affiliates, any of its officers, directors, and such other related parties and entities as the Company chooses to include in the release. 

(i) “Target Bonus” means the Executive’s annual target Bonus in effect immediately prior to the date
on which the Termination Notice was delivered to the Executive. 
 (j) “Termination Date” means
the effective date of termination of the Executive’s employment with the Company and the last day on which the Executive is deemed an employee of the Company. 

(k) “Termination Notice” means the notice of termination given by the Company or the Executive in
accordance with Section 10 herein. 
 2. Employment Terms. The Company and the Executive agree that, effective
March 10, 2008 (the “Commencement Date”), the Executive will serve as a Senior Vice President of the Company, reporting to the Chief Executive Officer of the Company (“CEO”) and performing such tasks as are

  

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usually and customarily performed by persons holding such a title and as assigned to the Executive by the CEO. As of the Commencement Date, the Executive’s annual base salary will be
$260,000 and the Executive will be eligible for an annual on-target bonus of $190,000 based upon the achievement of objectives to be set forth in the Company’s bonus plan. The other terms of your employment, including benefits, vacation, etc.
shall remain unchanged as in effect immediately prior to the Commencement Date. 
 3. Executive Severance Protection
Plan. Upon execution of this Agreement by the Executive and the Company, the Executive will become an “eligible participant” in the Comverse Technology, Inc. Executive Severance Protection Plan (“ESPP”) (a copy of
which will be delivered at such time), that is designed to protect eligible participants in the event of employment termination without cause following, or in anticipation of, a change in control of Comverse Technology, Inc. 

4. Involuntary Termination. 

(a) The Company may effect an Involuntary Termination by delivering a Termination Notice to the Executive, and thereafter
complying with the provisions of this Section 4. 
 (b) Following the Notice Date in respect of an
Involuntary Termination, (1) the Executive shall continue to provide services to the Company and shall provide transitional assistance to identified successor(s) until the Continuous Service Termination Date and (2) the Termination Date in
connection with such an Involuntary Termination shall be the six month anniversary of the Notice Date. The Executive shall be paid his regular Base Salary and shall be entitled to use the Company car and Company cell phone and to all fringe and
social benefits (including the continued vesting of incentive equity) following the Continuous Service Termination Date and through the Termination Date. Following the Continuous Service Termination Date and through the Termination Date, upon
reasonable notice by the Company, the Executive will provide, without additional compensation in excess of the compensation to which the Executive is entitled under the terms of this Agreement during such period, transition services as may be
reasonably requested by the Company from time to time (for purposes of clarity, this obligation does not restrict the Executive’s ability to provide services (in any capacity, including employee, consultant, advisor, etc.) to another
organization following the Continuous Service Termination Date). 
 (c) Subject to the provisions below, in
connection with an Involuntary Termination and with the final accounting conducted in the framework thereof, 
 (i) the Company
shall deliver to the Executive letter(s) instructing that all sums accrued in the Executive’s Managers’ Insurance Policy and continuing education fund (including all payments and contributions by the Company and the Executive in respect of
severance pay accruals and compensatory payments) be released to the Executive and, for purposes of clarity, the amounts in the severance fund will be used to fund, in part, the amounts, if any, to be paid by the Company to the Executive pursuant to
Israeli Severance Pay Law (whether required by law or voluntarily paid by the Company in accordance with the formula put forth thereunder (i.e., currently, one month of base salary for each year of service to the Company in Israel)); 

(ii) the Company shall redeem all unused vacation days accrued by Executive as of the Termination Date, calculated on the basis of Base
Salary; 
 (iii) the Company shall pay the Executive the pro rata portion of the Executive’s unpaid convalescence pay or
there shall be an offset against other amounts paid of any prepaid convalescence pay; 
  

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 (iv) the Company shall pay the Executive any Bonus earned but unpaid as of the Termination
Date for any previously completed fiscal year of the Company; and 
 (v) the Company shall, subject to Executive’s
compliance with Sections 4(d) and 4(e) and the restrictive covenants set forth on Exhibit A attached hereto, pay the Executive an amount equal to the fifty percent (50%) of the Executive’s Target Bonus. 

(d) On or prior to the Continuous Service Termination Date, the Executive will return and deliver all Company property,
materials (including without limitation all access badges, computers, security tokens), files and other documentation in any form, including, without limitation, all Confidential Information (as defined herein) (collectively, the “Company
Materials”), other than the Company car and Company cell phone, without retaining any copies of such files and documentation, to the Executive Vice President of Global Human Resources of the Company or a person designated by Executive Vice
President of Human Resources of the Company. The Executive shall return, as directed by the Executive Vice President of Global Human Resources of the Company or a person designated by Executive Vice President of Global Human Resources of the Company
the Company car and cell phone on the Termination Date. 
 (e) The Executive understands and agrees that the
payments under Section 4(c)(v) are in excess of those required by applicable statute and are contingent on his execution and delivery to the Company of a Release on or prior to the Termination Date. 

5. Other Terminations. 

(a) Subject to applicable law, if the Executive’s employment with the Company is terminated by the Company for Cause,
the Executive shall not be entitled to any benefits under this Agreement. 
 (b) In connection with the
termination of the Executive’s employment with the Company upon his death or Disability, the Executive shall be entitled to, and the Company shall be obligated to provide, any and all applicable payments that are statutorily required as a
result thereof, if any, including release of all sums accrued in the Executive’s Managers’ Insurance Policy and continuing education fund (including all payments and contributions by the Company and the Executive in respect of severance
pay accruals and compensatory payments), and any Bonus earned but unpaid for any previously completed fiscal year of the Company. 

(c) The Executive may terminate his employment with the Company by delivery a Termination Notice to the Company at least
sixty (60) days in advance of the Executive’s intended Termination Date and thereafter, the Executive shall continue to provide services to the Company in accordance with past practice and provide transitional assistance to identified
successor(s), and the Executive shall be entitled to his regular Base Salary, use of Company car and Company cell phone and all fringe and social benefits in connection with his continued employment through the Termination Date. Subject to the
provisions below, in connection with the Executive’s termination of his employment with the Company, the Executive shall be entitled to, and the Company shall be obligated to provide, any and all applicable payments that are statutorily
required as a result thereof and with the final accounting conducted in the framework thereof, including/and: 
 (i) the Company
shall, subject to Executive’s compliance with Sections 4(d) and the restrictive covenants set forth on Exhibit A attached hereto and subject to the execution and delivery of a Release on the Termination Date and to the Executive’s
compliance with the provisions of said Release, deliver to the Executive letter(s) 
  

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instructing that all sums accrued in the Executive’s Managers’ Insurance Policy and continuing education fund (including all payments and contributions by the Company and the Executive
in respect of severance pay accruals and compensatory payments) be released to the Executive; and 
 (ii) the Company shall,
subject to Executive’s compliance with Sections 4(d) and the restrictive covenants set forth on Exhibit A attached hereto and subject to the execution and delivery of a Release on the Termination Date and to the Executive’s
compliance with the provisions of said Release, pay any earned but unpaid Bonus for any previously completed fiscal year of the Company. 

(d) In connection with a termination of the Executive’s employment with the Company for Cause or by the Executive,
the Executive shall return and deliver all Company Materials, without retaining any copies of such files and documentation, to the Executive Vice President of Global Human Resources of the Company or a person designated by Executive Vice President
of Global Human Resources of the Company on or before the Termination Date. 
 6. Incentive Equity. All stock options and
other incentive equity granted by the Company’s indirect parent. Comverse Technology, Inc., to the Executive will continue to vest in accordance with the terms of the respective underlying option plans or grant agreements until the Termination
Date. 
 7. Business Expenses. Upon a termination of Executive’s employment with the Company for any reason, the
Executive shall be entitled to prompt reimbursement of any unreimbursed expenses properly incurred by the Executive in accordance with the Company’s policies prior to the Termination Date. 

8. Other Severance Arrangements. The severance arrangements under this Agreement shall be reduced (but not below zero) by any cash
payments, payable on account of termination of employment, that the Executive is entitled to under or in respect of any of the following: (i) the Comverse Technology, Inc. Executive Severance Protection Plan (the “ESPP”),
(ii) arrangements required by applicable law, industrial instrument, statute or ordinance, which are not otherwise contemplated hereunder including (1) “pay in lieu of notice” or “notice” laws, (2) any pay in lieu
of notice under a contract of employment, (3) any damages for breach of employment contract calculated by reference to any period of notice required to be given to terminate such employment contract which was not given in full (including
wrongful dismissal), (4) any compensation required to be paid by any law of any jurisdiction in respect of termination of employment, excluding any amounts paid to the Executive pursuant to Israeli Severance Pay Law (whether required by law or
voluntarily paid by the Company in accordance with the formula put forth thereunder (i.e., currently, one month of base salary for each year of service to the Company in Israel)), (5) any law of any jurisdiction with respect to the payment of
severance, termination indemnities or other similar payments, or (iii) any contract, agreement, plan, program, practice or arrangement, whether written or oral, which are payable due to the Executive’s termination of employment with the
Company or any of its affiliates. Each of the Company and the Executive agree that the severance provisions contained herein shall supersede all severance obligations that exist between the Executive and the Company, including without limitation,
any notice provisions. 
 9. Restrictive Covenants. 

(a) In consideration of the provision of the benefits set forth in this Agreement, the Executive hereby agrees to be bound
by restrictive covenants in the form attached hereto as Exhibit A attached hereto. 
  

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 (b) Each of the parties hereby acknowledges, represents and undertakes to
keep this Agreement in complete confidence, and not to disclose the existence or the contents of this Agreement to any third party (except legal counsel and/or tax advisors and/or immediate family) and/or when such disclosure is required under
applicable law. 
 10. Notice. For the purpose of this Agreement, any notice and all other communication provided for in
this Agreement shall be in writing and shall be deemed to have been duly given when received at the respective addresses set forth below, or to such other address as the Executive or the Company, as applicable, may have furnished to the other in
writing in accordance herewith. 
 If to the Company: 

Comverse, Ltd. 

29 Habarzel Street 

Tel Aviv, Israel 69710 

Attention: Executive Vice President, Global Human Resources 

If to the Executive: 

Dror Bin 
 11.
Miscellaneous. 
 (a) This Agreement is subject to obtaining any and all approvals required by the
applicable law, and shall remain valid and enforceable so long as Executive is employed by the Company or any successor to the Company and may not be altered, amended, modified, revoked or terminated except in a writing executed by both Executive
and the Company. 
 (b) The Company shall assign this Agreement in connection with any sale or merger (whether a
sale or merger of stock or sale of all or substantially all of the assets or otherwise) of the Company or the business of the Company. The Executive expressly consents to such assignment of the Agreement, including, but not limited to the
restrictions which apply subsequent to the termination of the Executive’s employment, to any new owner of the Company’s business or purchaser of the Company. The Executive’s rights and obligations hereunder are personal and may not be
assigned. This Agreement shall inure to the benefit of and be enforceable by Executive’s heirs, beneficiaries and/or legal representatives. 

(c) The Article, Section, paragraph and subparagraph headings in this Agreement are for convenience of reference only and
shall not define or limit the provisions hereof. 
 (d) No omission or delay by either party hereto in exercising
any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other right, power or
privilege. 
 (e) This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. 
 (f) Except as otherwise
provided or referred to herein, this Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof, including the
provisions of all other prior agreements, plan, corporate policies and practices, as well as any other unwritten applicable obligation, concerning the effect of a termination of employment on the relationship between the Company and the Executive.
This Agreement may not be amended, except by a written instrument hereafter signed by each of the parties hereto. For the absence of doubt, this Agreement does not affect, limit or supersede any bonus or other compensation plans. 

 

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 (g) During the term of the Executive’s employment with the Company (or
any of its affiliates), the Company confirms and acknowledges that the Company is obligated to indemnify the Executive pursuant to the Company’s organizational documents to the fullest extent permitted by applicable law with respect to any
event or occurrence related to the fact that the Executive is an officer, employee, or agent of the Company or by reason of anything done or not done by the Executive in any such capacity unless finally adjudicated that the Executive is not entitled
to such indemnification under applicable law. The Executive shall be entitled to the same Director and Officer Insurance coverages as apply to other similarly situated employees of the Company. 

(h) The parties hereto acknowledge and agree that each party (with an opportunity for review by its or his counsel)
negotiated the terms and provisions of this Agreement and have contributed to its drafting. Accordingly, (a) the rules of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the
interpretation of this Agreement, and (b) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto and not in favor of or against any party regardless of which party was generally responsible for the
preparation of this Agreement. Except where the context requires otherwise, all references herein to Sections, paragraphs and clauses shall be deemed to be reference to Sections, paragraphs and clauses of this Agreement. The words
“include”, “including” and “includes” shall be deemed in each case to be followed by the phrase “without limitation.” The words “hereof, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(i) This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of
Israel exclusively. Any court action instituted by Executive or on his behalf or by the Company relating in any way to this Agreement shall be filed in a labor court in Israel and the parties consent to the jurisdiction and venue of these courts in
any such jurisdiction. 
 (j) This Agreement does not and shall not be construed as a guarantee of continued
employment of the Executive by the Company for any period of time. The Executive understands and acknowledges that he is an employee “at-will” and that either he or the Company may terminate the employment relationship between them at any
time and for any lawful reason. 
  

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 THE EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF
THE PROVISIONS IN THIS AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
set forth above. 
  

			
	COMVERSE, LTD.
	
	/s/ Lance Miyamoto
	By:	 	Lance Miyamoto
	Title:	 	Executive Vice President, Global
		 	Human Resources Officer

 

	
	/s/ Dror Bin
	Dror Bin

  

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 Exhibit A 

RESTRICTIVE COVENANTS 

I. Confidentiality and Assignment of Intellectual Property. The Executive shall not, during the period of his employment with the Company and
anytime after the termination thereof (for whatever reason) disclose to anyone or make use of any trade secret or proprietary or confidential information of the Company or any of its affiliates, including such trade secret or proprietary or
confidential information of any customer or other entity to which the Company or any of its affiliates owes an obligation not to disclose such information, which the Executive acquires during the period of employment, including, without limitation,
records kept in the ordinary course of business, except (i) as such disclosure or use may be required or appropriate in connection with the Executive’s work as an employee of the Company or any of its affiliates, (ii) when required to
do so by a court of law, governmental agency or administrative or legislative body (including a committee thereof) with apparent jurisdiction to order the Executive to divulge, disclose or make accessible such information or (iii) as to such
confidential information that becomes generally known to the public or trade without his or her violation of this Exhibit A. The Executive hereby sells, assigns and transfers to the Company all of the Executive’s right, title and interest in
and to all inventions, discoveries, improvements and copyrightable subject matter (the “Rights”) that, during the Executive’s employment or in connection therewith, are made or conceived by him, alone or with others, and that
relate to the Company or any of its affiliates’ present business or arise out of any work the Executive performs or information the Executive receives regarding the business of the Company or any of its affiliates while employed by the Company
or any of its affiliates. The Executive shall fully disclose to the Company or any of its affiliates as promptly as possible all information known or possessed by him concerning the Rights, and upon request by, the Company or any of its affiliates
and without any further compensation in any form to the Executive by the Company or any of its affiliates, but at the expense of the Company or any of its affiliates, execute all applications for patents and copyright registrations, assignments
thereof and other applicable instruments and do all things that the Company or any of its affiliates may reasonably deem necessary to vest and maintain in it the entire right, title and interest in and to all such Rights. 

II. Noncompete; Nonsolicition. For and in consideration of the compensation to be paid by the Company pursuant to the terms hereof, and in
recognition of the fact that the Executive will have access to confidential information and other valuable rights of the Company and its affiliates, the Executive covenants and agrees that he will not, at any time during his or her employment with
the Company and its affiliates and for a period of twelve (12) months thereafter, directly or indirectly, engage in any business or in any activity related to the development, sale, production, manufacturing, marketing or distribution of
products or services that are in competition with products or services that the Company or any of its affiliates (in the case of direct and indirect subsidiaries of Comverse Technology, Inc. other than Comverse, Inc. and its direct and indirect
subsidiaries, only to the extent that the Executive has had access to Confidential Information of such subsidiaries) produces, sells, manufactures, markets or distributes in any state or foreign country in which the Company or any of its affiliates
then conducts business. It is not the intent of this covenant to bar the Executive from employment in any company whose general business is the manufacture of communications equipment or delivery of communications services, only to limit specific
and direct competition with the Company and its affiliates (in the case of direct and indirect subsidiaries of Comverse Technology, Inc. other than Comverse, Inc. and its direct and indirect subsidiaries, only to the extent that the Executive has
had access to Confidential Information of such subsidiaries). Notwithstanding the foregoing, nothing contained in this Agreement shall prevent the Executive from being an investor in securities of a competitor listed on a national securities
exchange or actively traded over-the-counter so long as such investments are in amounts not significant as compared to his total investments or to the aggregate of the outstanding securities of the issuer of the same class or issue of the specific
securities involved. The Executive further agrees that during his employment by the 
  

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Company and its affiliates and for a period of twelve (12) months thereafter, the Executive shall not, directly or indirectly, induce, attempt to induce, or aid others in inducing, an
employee or independent contractor of the Company or its affiliate to accept employment or affiliation with another firm or corporation engaging in such business or activity of which the Executive is an employee, owner, partner or consultant.

 III. Duration and Geographic Scope. The Company and its affiliates and the Executive agree that the duration and geographic scope of
the Restrictive Covenant provision set forth in this Exhibit A are reasonable. In the event that any court of competent jurisdiction determines that the duration or the geographic scope, or both, are unreasonable and that such provision is to
that extent unenforceable, the Company and the Executive hereto agree that the provision shall remain in full force and effect for the greatest time period and in the greatest area that would not render it unenforceable. The Company and the
Executive intend that this provision shall be deemed to be a series of separate covenants, one for each and every county of each and every state of the United States of America and each and every political subdivision of each and every country
outside the United States of America where this provision is intended to be effective. 
 IV. Claw Back. If the Executive violates the
requirements of the restrictive covenants in this Exhibit A then in addition to all remedies in law and/or equity available to the Company and its affiliates, the Executive shall forfeit all accrued but unpaid Bonus payments under the
Agreement and the Executive shall immediately pay to the Company (and the Company shall be entitled to offset from any payments owing to the Executive) an amount in cash equal to any Bonus payments in excess of statutory amounts previously made
under the Agreement, without regard to any taxes that may have been deducted from such amount. 
  

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 DRAFT FOR DISCUSSION PURPOSES ONLY 

January 7, 2008 
 Exhibit
B 
 Waiver and Release 
  

	1.	On                      (“Termination Date”)
my employment at Comverse Ltd. (the “Company”) was terminated. 

  

	2.	Upon completion of my employment, I have received all the amounts accumulated on my behalf, including: 

 

	 	2.1	 A gross sum of              NIS for any balance of accumulated vacation days;

  

	 	2.2	 [A pro-rata portion of the annual convalesce pay of              NIS (gross)];

  

	 	2.3	 The Company has transferred to me: 

  

	 	2.3.1	 All the amounts accumulated on my behalf in the study fund (Keren Hishtalmut Fund) [If applicable], 

 

	 	2.3.2	 All the amounts accumulated on my behalf in the Management Insurance Policy, including amounts allocated to the severance pay component therein (the
“Severance Component”). I also received the gross sum of              NIS which constitutes, together with the Severance Component, the full amount of severance pay to
which I am entitled. [If applicable] 

  

	 	2.4	In addition, I received – on an ex-gratia basis, and subject to my signature hereon and to the fulfillment of my undertakings set forth herein – the following
benefits pursuant to the Severance Agreement dated                 , 2008 (the “Agreement”): 

[Add Description.] 
  

	3.	Following the termination of my employment with the Company, I will continue to be bound by obligations of Non-Disclosure, Non-Competition, Assignment of Intellectual
Property and related obligations set forth in my employment agreement and in Exhibit A attached to the Agreement. 

  

	4.	I hereby declare, that I have given back to the Company all equipment and property of the Company or any of its affiliate that is, or was, under my possession,
including all computer software, computer access codes, laptops, cell phone, Blackberries, keys and access cards, credit cards, vehicle, telephones, office equipment and all copies (including drafts) of any documentation or information (however and
wherever stored) relating to the business of the Company or its affiliates. 

  

	5.	 I hereby warrant and undertake that upon the acceptance of all rights and payments mentioned in Section 2 hereinabove, neither myself, nor anyone
on my behalf, has nor shall have any claims, demands and/or causes of action, against the Company its parent company and/or its subsidiaries, its assigns, agents, officers, directors, shareholders and/or affiliates, concerning my employment by the
Company and/or the termination of such employment, including, without limitation, any and all claims, demands and/or causes of action in connection with severance pay, social or pension payments or deductions, salaries or wages of any kind, stock
options, any advanced notice or pay in lieu thereof, overtime pay, pay for work on the weekly day of rest or during holidays, any and all reimbursements or refunds for expenses of any kind, including, without limitation, for

  

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traveling, recreation pay, vacation pay or redemption of such, sick pay or pay for sick days not utilized, any payment and/or social benefit of any kind whatsoever. 

 

	6.	I hereby confirm that I have reviewed my rights and I was given any and all explanations regarding my rights to my full satisfaction, to the extent that I have
requested such explanations concerning the rights and sums I am entitled to receive from the Company or any affiliate of the Company. I acknowledge that I have signed this Waiver and Release of Claims voluntarily, knowingly, of my own free will and
without reservation or duress, and that no promises or representations have been made to me by any person to induce me to do so other than the promise of payment set forth in Section 2. 

 

	7.	If I violate the undertakings contained herein, then in addition to all remedies in law and/or equity available to the Company and its affiliates, I shall forfeit all
accrued but unpaid severance payments owing to me hereunder, and I shall immediately pay to the Company (and the Company shall be entitled to off-set from any amount owing to me) an amount in cash equal to any payments (in excess of statutory
entitlements) previously made hereunder, without regard to any taxes that may have been deducted from such amount. 

  

	8.	This letter is and shall, be considered a settlement and notice of waiver in accordance with Section 29 of the Severance Pay Law of 1963. 

 

	
	Executive’s Signature
	
	  
	Dror Bin

  

 12Deferred Stock Award Agreement - Comverse and Dror Bin

 Exhibit 10.56 

EXECUTION COPY 

COMVERSE TECHNOLOGY, INC. 

2005 STOCK INCENTIVE COMPENSATION PLAN 

DEFERRED STOCK AWARD AGREEMENT 

REFERENCE NUMBER: 08-0015 

SECTION 1. GRANT OF DEFERRED STOCK UNITS. 

(a) Award. On the terms and conditions set forth in this Agreement and the Notice of Grant of Deferred Stock Award for Israeli Employees (the
“Notice”), the Company granted to Dror Bin (the “Grantee”) a total of 36,000 Deferred Stock Units (the “Granted Units”) on March 7, 2008 (the “Grant Date”). 

(b) Shareholder Rights. The Grantee (or any successor in interest) shall not have any of the rights of a shareholder (including, without
limitation, voting, dividend and liquidation rights) with respect to the Granted Units until such time as the Company delivers to the Grantee the shares of Common Stock in settlement of the Granted Units, as described in Section 4(a).

 (c) Plan and Defined Terms. This award is granted under and subject to the terms of the 2005 Stock Incentive Compensation Plan and the
Stock Incentive Compensation Plan (2005) Addendum dated July 5, 2005 (together the “Plan”), which is incorporated herein by reference. Capitalized terms used herein and not defined in the Agreement (including Section 9
hereof) shall have the meaning set forth in the Plan. To the extent any conflict between the terms of this Agreement (other than Section 9 hereof) and the Plan, the terms of the Plan shall control. 

(d) Grantee Undertaking. The Grantee agrees to execute such further instruments and to take such action as may reasonably be necessary to carry
out the intent of this Agreement. 
 SECTION 2. NO TRANSFER OR ASSIGNMENT OF AWARD. 

This Award and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law
or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process; provided, however, that the Grantee shall be permitted to transfer this award, in connection with his or her estate plan, to the Grantee’s
spouse, siblings, parents, children and grandchildren or a charitable organization that is exempt under Section 501(c)(3) of the Code or to trusts for the benefit of such persons or partnerships, corporations, limited liability companies or other
entities owned solely by such persons, including trusts for such persons or to the Grantee’s former spouse in accordance with a domestic relations order. 

SECTION 3. VESTING; TERMINATION OF SERVICE. 

(a) Vesting. This award shall vest with respect to one-third of the Granted Units on each of the first, second and third anniversaries of the Grant
Date or such earlier date as may be determined pursuant to Grantee’s rights under any other agreement with the Company or any Subsidiary including, if applicable, the Comverse Technology, Inc. Executive Severance Protection Plan, as amended
from time to time (the “Executive Severance Protection Plan”) (each, a “Vesting Date”). 

 (b) Termination of Continuous Service. Subject to the terms of any other agreement by and between the
Grantee and the Company or any Subsidiary including, if applicable, the Executive Severance Protection Plan, the unvested portion of the award shall be forfeited as of the date (the “Termination Date”) that the Grantee actually ceases to
provide services to the Company or an Affiliate in any capacity of Employee, Director or Consultant (irrespective of whether the Grantee continues to receive severance or any other continuation payments or benefits after such date) for any reason
(such cessation of the provision of services by Grantee being referred to as “Service Termination”). A Service Termination shall not occur and Continuous Service shall not be considered interrupted in the case of (i) any approved
leave of absence, (ii) transfers among the Company, any Subsidiary or Affiliate, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the
Company or a Subsidiary or Affiliate in any capacity of Employee, Director or Consultant. 
 SECTION 4. SETTLEMENT OF GRANTED UNITS. 

 (a) Settlement Amount. Subject to Section 4(b) hereof, the Company shall deliver to the Grantee on each Vesting Date a number of
shares of Common Stock equal to the aggregate number of Granted Units that vest as of such date; provided, however, that no shares of Common Stock will be issued in settlement of this award unless the issuance of shares complies with all relevant
provisions of law and the requirements of any stock exchange upon which the shares of Common Stock may then be listed. No fractional shares of Common Stock will be issued. The Company will pay cash in respect of fractional shares of Common Stock.
Notwithstanding anything to the contrary contained in this Section 4(a), and subject to Section 4(b), the number of shares of Common Stock deliverable to the Grantee shall equal: 

(i) if the Grantee has not incurred a Service Termination prior to the first Vesting Date, the number of shares of Common Stock that vest
on the first Vesting Date and such shares shall be deliverable to the Grantee on the first date within the “short-term deferral period” (as defined in Treasury Reg. §1.409A-1(b)(4)) on which there is an Effective Registration in
place, but in no event later than March 15, 2010; and 
 (ii) if the Grantee incurs a Service Termination on or prior to
March 15, 2010 and there is no Effective Registration in place, the number of shares of Common Stock that are vested but not yet delivered as of the Termination Date, if any, and such shares shall be deliverable on the Termination Date, less a
number of shares of Common Stock with an aggregate value sufficient to cover any applicable Withholding Tax, with the shares of Common Stock valued using the closing price of the Common Stock on the Termination Date. 

(b) Withholding Requirements. Unless the Grantee has made arrangements satisfactory to the Company to enable it to satisfy all such withholding
requirements, the Company shall withhold from the settlement amount a sufficient number of shares of Common Stock to enable the Company to satisfy its withholding requirements with respect to the settlement of the Granted Units. Any Grantee
domiciled in Israel shall be subject to the tax rules set forth in the Stock Incentive Compensation Plan (2005) Addendum, dated July 5, 2005. 

SECTION 5. ADJUSTMENT OF GRANTED UNITS. 

If there shall be any change in the Common Stock of the Company, through merger, consolidation, reorganization, recapitalization, stock
dividend, stock split, reverse stock split, split up, spinoff, combination of shares, exchange of shares, dividend in kind or other like 

 

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change in capital structure or distribution (other than normal cash dividends), any extraordinary dividend, distribution of cash or other assets to Shareholders of the Company, in order to
prevent dilution or enlargement of participants’ rights under the Plan, the Committee shall adjust, in an equitable manner, the number and kind of shares that will be paid to the Grantee upon settlement of the Granted Units. 

SECTION 6. MISCELLANEOUS PROVISIONS. 

(a) No Retention Rights, No Future Awards. Nothing in this award or in the Plan shall confer upon the Grantee any right to any future Awards and to
continue in Continuous Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Grantee) or of the Grantee, which rights are
hereby expressly reserved by each, to terminate his or her Continuous Service at any time and for any reason, with or without cause. 
 (b)
Award Unfunded. The Granted Units represent an unfunded promise. The Grantee’s rights with respect to the Granted Units are no greater than the rights of a general unsecured creditor of the Company. 

(c) Notice. Whenever under this Agreement it becomes necessary to give notice, such notice shall be in writing, signed by the party or parties
giving or making the same, and shall be served on the person or persons for whom it is intended or who should be advised or notified, by Federal Express (or other similar overnight service) or by registered or certified mail, with postage and fees
prepaid. Notice shall be addressed to the Company at its principal executive office and to the Grantee at the address that he or she most recently provided in writing to the Company. 

(d) Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the Granted Units. They
supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof. 

(e) Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition
whether of like or different nature. 
 (f) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and
be binding upon, the Company and its successors and assigns and upon the Grantee, the Grantee’s assigns and the legal representatives, heirs and legatees of the Grantee’s estate, whether or not any such person shall have become a party to
this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof. 
 (g) Section 409A. 

(i) Anything to the contrary herein notwithstanding, the Granted Units are not intended to be “nonqualified deferred
compensation” within the meaning of Section 409A of the Code and are intended to comply with the “short term deferral” rules under Section 409A and shall be paid or otherwise settled on or as soon as practicable after the
applicable Vesting Date and not later than the 15th day of the third month from the end of (i) the Grantee’s tax year that includes the applicable Vesting Date, or (ii) the Company’s tax year that includes the applicable Vesting
Date, whichever is later. If, however, the Granted Units or any payment in lieu thereof is deemed to not comply with Section 409A, the Company and the Grantee agree to renegotiate 

 

 3 

 
in good faith any such benefit or payment (including, without limitation, as to the timing of any settlement of Granted Units or any payment in lieu thereof) so that either
(i) Section 409A of the Code will not apply or (ii) compliance with Section 409A of the Code will be achieved; provided, however, that any resulting renegotiated terms shall provide to the Grantee the after-tax economic
equivalent of what otherwise has been provided to the Grantee pursuant to the terms of this Agreement, and provided further, that any deferral of payments or other benefits shall be only for such time period as may be required to comply with
Section 409A of the Code. 
 (ii) Anything to the contrary herein or in the Plan or the Executive Severance Plan
notwithstanding, neither the Company or any of its Subsidiaries or Affiliates or any of their respective employees, directors, officers, agents or representatives nor any member of the Committee shall have any liability to a Grantee or otherwise
with respect to the failure of the Plan, the Granted Units or the Award Agreement to comply with Section 409A of the Code. 
 (h) Choice
of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (regardless of the law that might otherwise govern under applicable New York principles of conflict of laws). 

SECTION 7. RESTRICTIVE COVENANTS. 
 (a)
Confidentiality. The Grantee shall not disclose to anyone or make use of any trade secret or proprietary or confidential information of the Company or an Affiliate, including such trade secret or proprietary or confidential information of any
customer or other entity to which the Company owes an obligation not to disclose such information, which he or she acquires during the period of employment, including, without limitation, records kept in the ordinary course of business, except
(i) as such disclosure or use may be required or appropriate in connection with his or her work as an employee of the Company or an Affiliate, (ii) when required to do so by a court of law, governmental agency or administrative or
legislative body (including a committee thereof) with apparent jurisdiction to order him or her to divulge, disclose or make accessible such information or (iii) as to such confidential information that becomes generally known to the public or
trade without his or her violation of this Section 7(a). The Grantee hereby sells, assigns and transfers to the Company all of his or her right, title and interest in and to all inventions, discoveries, improvements and copyrightable subject
matter (the “Rights”) that, during his or her employment, are made or conceived by him or her, alone or with others, and that relate to the Company or an Affiliate’s present business or arise out of any work he or she performs or
information he or she receives regarding the business of the Company or an Affiliate while employed by the Company or an Affiliate. The Grantee shall fully disclose to the Company or an Affiliate as promptly as possible all information known or
possessed by him or her concerning the Rights, and upon request by the Company or an Affiliate and without any further compensation in any form to him or her by the Company or an Affiliate, but at the expense of the Company or an Affiliate, execute
all applications for patents and copyright registrations, assignments thereof and other applicable instruments and do all things that the Company or an Affiliate may reasonably deem necessary to vest and maintain in it the entire right, title and
interest in and to all such Rights. Grantee hereby agrees that prior to or immediately following his or her termination of employment he or she shall return all Company property in his or her possession (and signing a written acknowledgement to this
effect), including but not limited to all computer software, computer access codes, laptops, cell phone, Blackberries, keys and access cards, credit cards, vehicles, telephones, office equipment and all copies (including drafts) of any documentation
or information (however and wherever stored) relating to the business of the Company or an Affiliate. 
  

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 (b) Non-compete; Non-solicitation. For and in consideration of the compensation to be paid by the
Company pursuant to the terms hereof, and in recognition of the fact that the Grantee will have access to confidential information and other valuable rights of the Company or an Affiliate, the Grantee covenants and agrees that he will not, at any
time during his employment with the Company or an Affiliate and for a period of twelve (12) months thereafter, directly or indirectly, engage in any business or in any activity related to the development, sale, production, manufacturing,
marketing or distribution of products or services that are in competition with products or services that the Company, its parent company or any of their subsidiaries (in the case of other subsidiaries of the parent company, to the extent Grantee has
had access to Confidential Information of such subsidiaries) produces, sells, manufactures, markets, distributes or has interest in, in any state or foreign country in which the Company, its parent company or any of their subsidiaries (in the case
of other subsidiaries of the parent company, to the extent Grantee has had access to Confidential Information of such subsidiaries) then conducts business or reasonably has plans to conduct business. It is not the intent of this covenant to bar the
Grantee from employment in any company whose general business is the manufacture of communications equipment or delivery of communications services, only to limit specific and direct competition with the Company. Notwithstanding the foregoing,
nothing contained in this Agreement shall prevent the Grantee from being an investor in securities of a competitor listed on a national securities exchange or actively traded over-the-counter so long as such investments are in amounts not
significant as compared to his total investments or to the aggregate of the outstanding securities of the issuer of the same class or issue of the specific securities involved. The Grantee further agrees that during his employment by the Company or
an Affiliate and for a period of twelve (12) months thereafter, the Grantee shall not, directly or indirectly, induce, attempt to induce, or aid others in inducing, an exempt employee of the Company or an Affiliate to accept employment or
affiliation with another firm or corporation engaging in such business or activity of which the Grantee is an employee, owner, partner or consultant. 

(c) Scope. The Company and the Grantee agree that the duration and geographic scope of the Restrictive Covenant provision set forth in this
Section 7 are reasonable. In the event that any court of competent jurisdiction determines that the duration or the geographic scope, or both, are unreasonable and that such provision is to that extent unenforceable, the Company and the Grantee
agree that the provision shall remain in full force and effect for the greatest time period and in the greatest area that would not render it unenforceable. The Company and the Grantee intend that this provision shall be deemed to be a series of
separate covenants, one for each and every county of each and every state of the United States of America and each and every political subdivision of each and every country outside the United States of America where this provision is intended to be
effective. 
 SECTION 8. CLAW BACK. 

If a Grantee violates the requirements of Section 7 of this Agreement, then in addition to all remedies in law and/or equity available to the
Company, Grantee shall forfeit all unvested Granted Units and vested Granted Units for which delivery of the underlying shares of Common Stock has not occurred. In addition, with respect to Granted Units for which shares of Common Stock were
previously issued to the Grantee pursuant to Section 4 hereof, the Grantee shall immediately pay to the Company the Fair Market Value of such Common Stock on the date(s) such Granted Units vested, without regard to any taxes that may have been
deducted from such amount. 
  

 5 

 SECTION 9. DEFINITIONS. 

(a) “Affiliate” shall mean (i) any entity other than the Subsidiaries in which the Company has a substantial direct or indirect
equity interest, as determined by the Board, and (ii) any Subsidiary. 
 (b) “Agreement” shall mean this Deferred Stock
Award Agreement. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated thereunder. 
 (d) “Effective Registration” shall mean the registration of the shares of Common Stock granted to
the Grantee hereunder pursuant to an effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, and no restrictions under applicable law apply to the resale of such shares of Common Stock at the
time of delivery of such shares of Common Stock. 
 (e) “Grant Date” shall have the meaning described in Section 1(a) of
this Agreement. 
 (f) “Granted Units” shall have the meaning described in Section 1(a) of this Agreement. 

(g) “Grantee” shall have the meaning described in Section 1(a) of this Agreement. 

(h) “Plan” shall have the meaning described in Section 1(c) of this Agreement. 

(i) “Service Termination” shall have the meaning described in Section 3(b) of this Agreement. 

(j) “Termination Date” shall have the meaning described in Section 3(b) of this Agreement. 

(k) “Vesting Date” shall have the meaning described in Section 3(a) of this Agreement. 

(Signature Page Follows) 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as set forth below and this Agreement shall be dated as of the latest date set forth below. 
  

									
	GRANTEE:	 		 	COMVERSE TECHNOLOGY, INC.
				
	/s/ Dror Bin	 		 	By:	 	/s/ Andre Dahan
	Dated:	 	June 20, 2008	 		 	Name:	 	Andre Dahan
		 		 		 	Title:	 	President and Chief Executive Officer
		 		 		 	Dated:	 	 April 20, 2008

 

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