Document:

EX-10.2

 Exhibit 10.2 
 LETTER OF GUARANTEE 
 LETTER OF GUARANTEE dated as of May 24,
2012 (the “Letter of Guarantee”) made by the undersigned ZIMMER HOLDINGS, INC., a Delaware corporation (the “Guarantor”), in favor of SUMITOMO MITSUI BANKING CORPORATION, a Japanese banking corporation, and/or any
of its subsidiaries or affiliates (individually or collectively, as the context may require, the “Bank”). 

PRELIMINARY STATEMENTS: The Bank has entered into that certain ¥11,700,000,000 Term Loan Agreement dated as of May 24,
2012 (as it may be amended, supplemented, extended, renewed, or otherwise modified from time to time, the “Agreement”) with ZIMMER K.K. (the “Borrower”), a corporation organized under the laws of Japan, pursuant to
which the Bank has agreed to extend a loan to the Borrower (the foregoing credit arrangement being the “Facility” and any writing evidencing, supporting or securing the Facility, including the Agreement, being a “Facility
Document”). The Guarantor owns a substantial amount of the stock or other ownership interests of the Borrower and is financially interested in its affairs. 
 THEREFORE, in consideration of this Letter of Guarantee and in order to induce the Bank to extend credit or give financial accommodation under the Facility, the Guarantor agrees as follows:

 Section 1. Guarantee of Payment. The Guarantor absolutely, unconditionally, and irrevocably guarantees to the
Bank the punctual and full payment of all sums now owing or which may in the future be owing by the Borrower under the Facility, when the same are due and payable, whether on demand, at stated maturity, by acceleration or otherwise, and whether for
principal, interest, fees, expenses, indemnification or otherwise (all of the foregoing sums being the “Liabilities”). The Liabilities include, without limitation, interest accruing after the commencement of a proceeding under
bankruptcy, insolvency or similar laws of any jurisdiction at the rate or rates provided in the Facility Documents. This Letter of Guarantee is a guarantee of payment and not of collection only. The Bank shall not be required to exhaust any right or
remedy or take any action against the Borrower or any other person or entity or any collateral. The Guarantor agrees that, as between the Guarantor and the Bank, the Liabilities may be declared to be due and payable for the purposes of this Letter
of Guarantee notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any declaration as regards the Borrower and that in the event of a declaration or attempted declaration, the Liabilities shall immediately
become due and payable by the Guarantor for the purposes of this Letter of Guarantee. 
 Section 2. Guarantee
Absolute. The Guarantor guarantees that the Liabilities shall be paid strictly in accordance with the terms of the Facility. The liability of the Guarantor under this Letter of Guarantee is absolute and unconditional irrespective of:
(a) any change in the time, manner or place of payment of, or in any other term of, all or any of the Facility Documents or Liabilities, or any other amendment or waiver of or any consent to departure from any of the terms of any Facility
Document or Liability, regardless of whether notice is given or further consent is obtained; (b) any exchange, release or non perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other
guarantee, for all or any of the Liabilities; (c) any present or future law, regulation or order of any jurisdiction (whether of right 

 
or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of any Facility Document or Liability; (d) without being limited by the foregoing,
any lack of validity or enforceability of any Facility Document or Liability; or (e) any other defense whatsoever which might constitute a defense available to, or discharge of, the Borrower or a guarantor. 

Section 3. Guarantee Irrevocable. This Letter of Guarantee is a continuing guarantee and shall remain in full force and
effect until payment in full of all Liabilities and other amounts payable under this Letter of Guarantee and until the Facility is no longer in effect or, if earlier, when the Guarantor has given the Bank written notice that this Letter of Guarantee
has been revoked; provided that any notice under this Section shall not release the Guarantor from any Liability, absolute or contingent, existing prior to the Bank’s actual receipt of the notice at its branches or departments
responsible for the Facility. 
 Section 4. Reinstatement. This Letter of Guarantee shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Liabilities is rescinded or must otherwise be returned by the Bank on the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though the payment
had not been made. 
 Section 5. Subrogation. The Guarantor shall not exercise any rights which it may acquire by
way of subrogation, by any payment made under this Letter of Guarantee or otherwise, until all the Liabilities have been paid in full and the Facility is no longer in effect; provided that if the Guarantor is an “insider” of the
Borrower, as such term is defined in Section 101 of the Federal Bankruptcy Code, the Guarantor hereby irrevocably waives any and all right to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder, to be
subrogated to the rights of the Bank against the Borrower with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Borrower in respect thereof. If any amount is paid to the Guarantor on account of subrogation
rights under this Letter of Guarantee at any time when all the Liabilities have not been paid in full, the amount shall be held in trust for the benefit of the Bank and shall be promptly paid to the Bank to be credited and applied to the
Liabilities, whether matured or unmatured or absolute or contingent, in accordance with the terms of the Facility. If the Guarantor makes payment to the Bank of all or any part of the Liabilities and all the Liabilities are paid in full and the
Facility is no longer in effect, the Bank shall (subject to the proviso in the first sentence of this Section), at the Guarantor’s request, execute and deliver to the Guarantor appropriate documents, without recourse and without representation
or warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the Liabilities resulting from the payment. 
 Section 6. Subordination. Without limiting the Bank’s rights under any other agreement, any liabilities owed by the Borrower to the Guarantor in connection with any extension of credit or
financial accommodation by the Guarantor to or for the account of the Borrower, including but not limited to interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding, are hereby subordinated to the
Liabilities, and such liabilities of the Borrower to the Guarantor, if the Bank so requests, shall be collected, enforced and received by the Guarantor as trustee for the Bank and shall be paid over to the Bank on account of the Liabilities but
without reducing or affecting in any manner the liability of the Guarantor under the other provisions of this Letter of Guarantee. 

  
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 Section 7. Payments Generally. All payments by the Guarantor shall be made in
the manner, at the place, and in the currency required by the Facility Documents. 
 Section 8. Certain Taxes. The
Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or
restrictions or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by any political subdivision or taxing authority thereof or therein (“Taxes”). If any Taxes are
required to be withheld from any amounts payable to the Bank hereunder, the amounts so payable to the Bank shall be increased to the extent necessary to yield to the Bank (after payment of all Taxes) the amounts payable hereunder in the full amounts
so to be paid. Whenever any Tax is paid by the Guarantor, as promptly as possible thereafter the Guarantor shall send the Bank an official receipt showing payment thereof, together with such additional documentary evidence as may be required from
time to time by the Bank. 
 Section 9. Representations and Warranties. The Guarantor represents and warrants that
this Letter of Guarantee: (a) has been authorized by all necessary action; (b) does not violate any agreement, instrument, law, regulation or order applicable to the Guarantor; (c) does not require the consent or approval of any
person or entity, including but not limited to any governmental authority, or any filing or registration of any kind (other than filing with the United States Securities and Exchange Commission, if deemed necessary or appropriate by counsel for the
Guarantor); and (d) is the legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other
similar laws affecting creditors’ rights generally. 
 Section 10. Remedies Generally. The remedies provided in
this Letter of Guarantee are cumulative and not exclusive of any remedies provided by law. 
 Section 11. Setoff.
The Guarantor agrees that, in addition to (and without limitation of) any right of setoff, banker’s lien or counterclaim the Bank may otherwise have, the Bank shall be entitled, at its option, to offset balances (general or special, time or
demand, provisional or final) held by it for the account of the Guarantor at any of the Bank’s offices, in South Korean won, U.S. dollars, or in any other currency, against any amount payable by the Guarantor under this Letter of Guarantee
which is not paid when due (regardless of whether such balances are then due to the Guarantor), in which case it shall promptly notify the Guarantor thereof; provided that the Bank’s failure to give such notice shall not affect the
validity thereof. 
 Section 12. Rights Cumulative. This Letter of Guarantee shall not be considered to modify other
guaranties, if any, made by the Guarantor in respect of the transactions between the Bank and the Borrower and shall be additional to the maximum amount, if any, undertaken by the Guarantor under other guaranties. The foregoing shall also apply to
the guaranties which may be made by the Guarantor in the future to secure transactions between the Bank and the Borrower. 

  
 - 3 -

 Section 13. Formalities. The Guarantor waives presentment, notice of dishonor,
protest, notice of acceptance of this Letter of Guarantee or incurrence of any Liability and any other formality with respect to any of the Liabilities or this Letter of Guarantee. 

Section 14. Amendments and Waivers. No amendment or waiver of any provision of this Letter of Guarantee, nor consent to any
departure by the Guarantor therefrom, shall be effective unless it is in writing and signed by the Bank, and then the waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the
part of the Bank to exercise, and no delay in exercising, any right under this Letter of Guarantee shall operate as a waiver or preclude any other or further exercise thereof or the exercise of any other right. 

Section 15. Expenses. The Guarantor shall reimburse the Bank on demand for all costs, expenses and charges (including without
limitation fees and charges of external legal counsel for the Bank and costs allocated by its internal legal department) incurred by the Bank in connection with the preparation, performance or enforcement of this Letter of Guarantee. The obligations
of the Guarantor under this Section shall survive the termination of this Letter of Guarantee. 
 Section 16.
Assignment. This Letter of Guarantee shall be binding on, and shall inure to the benefit of the Guarantor, the Bank and their respective successors and assigns; provided that the Guarantor may not assign or transfer its rights or
obligations under this Letter of Guarantee. Without limiting the generality of the foregoing: (a) the obligations of the Guarantor under this Letter of Guarantee shall continue in full force and effect and shall be binding on: (i) the
estate of the Guarantor if the Guarantor is an individual; and (ii) any successor partnership and on previous partners and their respective estates if the Guarantor is a partnership, regardless of any change in the partnership as a result of
death retirement or otherwise; and (b) the Bank may assign, sell participations in or otherwise transfer its rights under the Facility to any other person or entity, and the other person or entity shall then become vested with all the rights
granted to the Bank in this Letter of Guarantee or otherwise. 
 Section 17. Captions. The headings and captions in
this Letter of Guarantee are for convenience only and shall not affect the interpretation or construction of this Letter of Guarantee. 
 Section 18. Governing Law, Etc. This Letter of Guarantee shall be governed by the law of the state of New York. Any legal action or proceeding with respect to this Letter of Guarantee, and any
other Facility Document, may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York, and, by execution and delivery of this Letter of Guarantee, the Guarantor hereby accepts for
itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of
forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions. The Guarantor hereby irrevocably consents to the service of any and all legal process,
summons, notices and documents in any suit, action or proceeding brought in the United States of America arising out of or in connection with this Letter of Guarantee or any other Facility Document by

  
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the mailing (by registered or certified mail, postage prepaid) or delivering of a copy of such process to the Guarantor at its address set forth on the signature page hereof or as otherwise
specified by the Guarantor from time to time. The Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing contained in this Section 18 shall affect the right of the Bank to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against the Guarantor in any other jurisdiction. THE GUARANTOR
WAIVES ANY RIGHT THE GUARANTOR MAY HAVE TO JURY TRIAL. TO THE EXTENT THAT THE GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), THE GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS LETTER OF GUARANTEE. 

IN WITNESS WHEREOF, the Guarantor has caused this Letter of Guarantee to be executed and delivered by its authorized officers.

  

			
	ZIMMER HOLDINGS, INC.
		
	By:	 	/s/ James T. Crines
		 	 James T. Crines
 Executive
Vice President, Finance and Chief
 Financial Officer

  

			
		
	By:	 	/s/ Robert J. Marshall Jr.
		 	 Robert J. Marshall Jr.
 Vice
President, Investor Relations and Treasurer

 
			
		
	Address:	 	 345 East Main Street

Warsaw, IN 46580

	 Attention:
	 	Robert J. Marshall Jr.
	 Phone:
	 	(574) 371-8096
	 Fax:
	 	(574) 372-4864

  
 - 5 -Letter Agreement, dated May 30, 2012

 Exhibit 10.1 

 
 

 
 May 30, 2012 
 Cadian Capital Management, LLC 
 535 Madison Avenue, 36th Floor 
 New York, NY 10022 
 Ladies and Gentlemen: 

This letter confirms the understanding and agreement between Comverse Technology, Inc., a New York corporation (“CTI”),
on the one hand, and Cadian Capital Management, LLC (“Cadian Capital”), Cadian Fund LP, Cadian Master Fund LP and Cadian GP LLC (Cadian Capital, together with the aforementioned entities other than CTI being referred to collectively
herein as the “Cadian Group”), on the other hand, as follows: 
 1. It is our mutual understanding that three
nominees (the “CTI-Cadian Verint Nominees”) designated by Cadian Capital and acceptable to the CTI Board under the “Applicable Standard” (as defined in Section 11 below) should replace Augustus Oliver, Theodore Schell
and Mark Terrell on the Board of Directors (the “Verint Board”) of Verint Systems Inc. (“Verint”). In furtherance of the foregoing: 

(a) On or before June 15, 2012, the CTI-Cadian Verint Nominees shall be identified by Cadian Capital, who shall
qualify as “independent” pursuant to NASDAQ Stock Market (“NASDAQ”) listing standards and who have relevant financial and business experience, subject to the approval of each nominee by each of the CTI Board and the Verint
Board under the Applicable Standard. CTI acknowledges and agrees to (i) use reasonable best efforts (including, if and to the extent required, acting by written consent and taking all such other actions as are necessary or appropriate in
consideration therewith under Delaware law, the rules and regulations of the Securities and Exchange Commission (the “SEC”) and the listing standards of NASDAQ) to cause (A) the upcoming annual meeting of Verint stockholders
currently scheduled to be held on June 15, 2012 (including any postponement, suspension or adjournment thereof, the “Verint AGM”) to be postponed to a date no later than July 2, 2012, (B) each of Augustus Oliver,
Theodore Schell and Mark Terrell to agree to not stand for reelection at the Verint AGM and (C) the Verint definitive proxy statement filed with the SEC in connection with the Verint AGM to be amended to include the three CTI-Cadian Verint
Nominees for election as directors of Verint and (ii) vote all of the shares of common stock and preferred stock of Verint owned by it, which represent a majority of the voting securities

 
of Verint, in favor of the election of the CTI-Cadian Verint Nominees at the Verint AGM. For purposes of clarification, if one or two (but not three) CTI-Cadian Verint Nominees are approved for
nomination for election as directors at the Verint AGM, clause (a)(i)(C) above shall be deemed to refer to such one or two CTI-Verint Nominees and clause (a)(i)(B) above shall be deemed to refer to the first one or first two of the three directors
listed therein. 
 (b) If for any reason any CTI-Cadian Verint Nominee shall be unable to stand for election at
the Verint AGM or the CTI Board and/or Verint Board does not accept any CTI-Cadian Verint Nominee prior to June 15, 2012, Cadian Capital shall have the opportunity to recommend one or more substitute nominees for any such CTI-Cadian Verint
Nominee, who shall qualify as “independent” pursuant to NASDAQ listing standards and have relevant financial and business experience, for approval by each of the CTI Board and the Verint Board under the Applicable Standard. In the event a
substitute nominee is not approved by the CTI Board and/or the Verint Board, CTI shall promptly use reasonable best efforts to cause Verint to identify potential individuals to act as a CTI-Cadian Verint Nominee, with such individuals being subject
to vetting and approval by the independent directors of the Verint Board (none of whom shall include any directors designated by CTI or Cadian) under the Applicable Standard. Verint may engage, at its own expense, a nationally recognized search firm
to assist in identifying such potential individuals to act as a substitute CTI-Cadian Verint Nominee. Upon the approval by the independent directors of the Verint Board of any substitute CTI-Cadian Verint Nominee, CTI shall use reasonable best
efforts to cause Verint to use reasonable best efforts (including, if and to the extent required, acting by written consent and taking all such other actions as are necessary or appropriate in consideration therewith under Delaware law, the rules
and regulations of the SEC and the listing standards of NASDAQ) to promptly cause Augustus Oliver, Theodore Schell and/or Mark Terrell, to the extent such directors have not earlier resigned, to resign from the Verint Board contemporaneously with
the appointment or election of the substitute CTI-Cadian Verint Nominee(s) identified pursuant to this paragraph 1(b) as their replacements (i.e., one director resignation for each replacement). 

2. In the event that CTI, acting in its capacity as the majority voting stockholder of Verint, causes Verint to remove any of the
CTI-Cadian Verint Nominees who were elected to the Verint Board (“New Verint Directors”) without the consent of Cadian Capital, or any New Verint Director nominated by Cadian Capital resigns for any reason during the term of this
letter agreement, then Cadian Capital shall designate a replacement nominee or nominees, who shall qualify as “independent” pursuant to NASDAQ listing standards and have relevant financial and business experience, for approval by each of
the CTI Board and the Verint Board (i.e., by action of a majority of the directors at a meeting at which a quorum is present) under the Applicable Standard. In the event Cadian Capital does not designate a replacement nominee or a
replacement nominee is not approved by the CTI Board and/or the Verint Board, CTI shall promptly use reasonable best efforts to cause Verint to identify potential individuals to act as a replacement nominee, with such individuals being subject to
vetting and approval by the Verint Board under the Applicable Standard. Verint may engage, at its own expense, a nationally recognized search firm to assist in identifying such potential individuals to act as a substitute

  
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replacement nominee. Upon the approval by the Verint Board of any replacement nominee, CTI agrees to use reasonable best efforts (including, if and to the extent required, acting by written
consent and taking all such other actions as are necessary or appropriate in consideration therewith under Delaware law, the rules and regulations of the SEC and the listing standards of NASDAQ) to cause any such replacements to be nominated to the
Verint Board as directors. 
 3. CTI agrees that, by action as the sole stockholder of Comverse, Inc., a Delaware corporation
(“CNS”), immediately prior to the planned distribution of shares of CNS to its shareholders for the purpose of becoming an independent public company (the “Spin-Off”), CTI will cause the board of directors of CNS
(the “CNS Board”) to be comprised of seven directors, one of whom shall be the chief executive officer of CNS, three of whom shall be designated by the CTI Board (which three shall be Charles Burdick, Susan Bowick and Mark Terrell),
and three of whom shall be designated by Cadian Capital (which three shall be James Budge, Steven Andrews and Doron Inbar, each of whom as of the date hereof are reasonably acceptable to the CTI Board to serve as directors of the CNS Board;
provided, however, that if any facts or circumstances arise after the date hereof which the CTI Board determines under the Applicable Standard make any Cadian Capital designee unacceptable to serve on the CNS Board, Cadian Capital
shall recommend one or more substitute nominees, who shall qualify as “independent” pursuant to NASDAQ listing standards and have relevant financial and business experience, for approval by the CTI Board under the Applicable Standard. The
persons designated by Cadian Capital and added to the CNS Board as described above are collectively referred to as the “New CNS Directors”. 
 4. In the event that either the Spin-Off has not occurred by October 31, 2012 or CTI has publicly announced that the Spin-Off is delayed beyond October 31, 2012 or announced its intent to
abandon the Spin-Off at any time prior to October 31, 2012, CTI shall use reasonable best efforts (subject to New York law, the rules and regulations of the SEC and the listing standards of NASDAQ) to cause (a) the CTI Board to be
immediately expanded and for each of James Budge, Steven Andrews and Doron Inbar to be promptly appointed to the CTI Board to fill such vacancies, subject to each aforementioned nominee being properly vetted and approved by the CTI Board under the
Applicable Standard and (b) each of Augustus Oliver, Theodore Schell and Robert Dubner to resign from the CTI Board by the earlier of (i) the consummation of the Spin-Off and (ii) January 31, 2013. Any designee so elected to
the CTI Board is referred to herein as a “New CTI Director”. 

  
 3 

 5. Each member of the Cadian Group agrees that: 

(a) in connection with the Annual Meeting of Shareholders of CTI currently scheduled for June 28, 2012
(including any postponement, suspension or adjournment thereof, the “CTI AGM”), (i) it will withdraw its letter to the Company dated March 28, 2012, (ii) notify the SEC that it shall not proceed with a solicitation of
its nominees for election at the CTI AGM, (iii) will cause its affiliates and associates to, immediately abandon its solicitation for the election of its or any other person’s nominees as directors of CTI other than those nominees proposed
by CTI in connection with the CTI AGM, (iv) it will not, and will cause its affiliates and associates not to, solicit for or in any way participate in, directly or indirectly, the election of directors at the CTI AGM, and (v) will vote all
securities of CTI over which they have beneficial ownership in favor of the slate of directors named in CTI’s proxy statement filed in connection with the CTI AGM; 

(b) it will vote all securities of CTI over which it has beneficial ownership in favor of the Spin-Off and publicly
announce its intention to vote in favor of the Spin-Off; provided, that the terms and conditions of the Spin-Off are, in the reasonable business judgment of Cadian Capital, fair and reasonable to, and in the best interests of, CTI shareholders; and

 (c) if a merger between CTI and Verint is proposed on terms and conditions that, in the reasonable business
judgment of Cadian Capital acting in good faith, are fair and reasonable to, and in the best interests of, both CTI shareholders and Verint stockholders, it will vote all securities of CTI and Verint over which it has beneficial ownership in favor
of such merger and publicly announce its intention to vote in favor of such merger. 
 6. Any person who is proposed by the
Cadian Group for designation as a director for the CNS Board shall have reasonable access to (a) the chief executive officer of CTI and CNS during normal business hours and (b) material, non-public information relating to CNS provided to
the CTI Board, in each case, provided that such person (x) executes and delivers a confidentiality agreement in form and substance reasonably satisfactory to CTI and (y) reasonably requests such access or information in writing and such
access to the chief executive officer or information are not unreasonably burdensome to, or unreasonably disrupt, the operations of, CTI or CNS. 
 7. In consideration of the foregoing, CTI agrees that it will reimburse up to $300,000 of the reasonable, out-of-pocket and documented expenses (including the Cadian Group’s fees and expenses of its
currently retained counsel and proxy solicitation firm) of the Cadian Group that have been actually incurred by the Cadian Group since March 2012 in connection with its solicitation for the election of its nominees as directors of CTI at the CTI
AGM. 
 8. The rights and obligations of Cadian and CTI hereunder (a) with respect to the Comverse Board shall terminate
and be of no further force or effect in the event that the Cadian Group at any time ceases to own, in the aggregate, at least 1,000,000 shares of CTI common stock, (b) with respect to the Verint Board shall terminate and be of no further force
and effect (i)

  
 4 

 
in the event that the Cadian Group ceases to own, in the aggregate, at least 1,000,000 shares of Verint common stock or (ii) in the event that CTI ceases to be the beneficial owner of a
majority of the outstanding voting securities of Verint. In addition, this letter agreement shall terminate and be of no further force or effect (x) from and after June 28, 2013 or (y) earlier, in the event that any member of the
Cadian Group breaches in any material respect its obligations under Section 5 hereof and fails to cure such breach within five business days after Cadian Capital receives written notice of such breach from CTI, which notice shall provide
reasonable specificity as to the nature of such breach. 
 9. Each member of the Cadian Group hereby acknowledges that it is
aware that the United States securities laws prohibit any person who has material, non public information with respect to CTI, Verint or CNS from transacting in the securities of CTI, Verint and, following the Spin-Off, CNS or from communicating
such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to transact in such securities. Each member of the Cadian Group agrees to comply with such laws and recognizes that CTI, Verint
and CNS would be damaged by its non-compliance. In addition, as a condition to serving on the CTI Board, the Verint Board or the CNS Board, each Cadian designee will agree that for so long as such designee is a member of such board, as applicable,
such designee shall be bound in the same manner as existing directors with such company’s internal policies, including any policies relating to insider trading, it being understood that such policies may restrict such designee’s
communications with other members of the Cadian Group concerning information with respect to CTI, Verint or CNS, as applicable. 

10. No later than the first business day after the execution and deliver of this letter agreement, each of CTI and the Cadian Group will
issue a press release announcing the matters referred to herein, with the CTI press release being substantially in the form attached hereto as Exhibit A and the Cadian Group press release being substantially in the form attached hereto
as Exhibit B, with the final version of each such press release being subject to the consent (not to be unreasonably withheld) of the non-issuing party. Furthermore, the Cadian Group acknowledges and agrees that CTI and Verint may each
disclose the matters set forth in this letter agreement in a Current Report on Form 8-K or in other filings with the SEC as and to the extent required by applicable securities laws or requested by the SEC. 

11. For purposes hereof, the term “Applicable Standard” shall mean, with respect to any decision of a board of directors or any
individual director with regard to whether to approve or find acceptable any nominee or designee for election or appointment as a director, such board of directors or director acting reasonably and in good faith but in no event constrained from
exercising its, his or her fiduciary duties. 
 12. This letter agreement contains the entire agreement among the parties
concerning the subject matter of this letter agreement and supersedes all prior agreements and understandings with respect to such subject matter. 
 13. (a) Each member of the Cadian Group, for itself and for its members, officers, directors, assigns, agents and successors, past and present, hereby agrees and confirms that, effective from and after
the date of this letter agreement, hereby acknowledges full and complete 

  
 5 

 
satisfaction of, and covenant not to sue, and forever fully release and discharge CTI, and each controlling person, officer, director, shareholder, agent, affiliate, employee, partner, attorney,
heir, assign, executor, administrator, predecessor and successor, past and present, of CTI (CTI and each such person being an “CTI Released Person”) of, and agrees to hold each CTI Released Person harmless from, any and all rights,
claims, warranties, demands, debts, obligations, liabilities, costs, attorneys’ fees, expenses, suits, losses and causes of action of any nature whatsoever, whether known or unknown, suspected or unsuspected (collectively,
“Claims”) that the Cadian Group may have against the CTI Released Persons, in each case with respect to events occurring prior to the date of the execution of this letter agreement in respect of solicitations for election of
directors at the CTI AGM. 
 (b) CTI, for itself and for its affiliates, officers, directors, assigns, agents and successors,
past and present, hereby agrees and confirms that, effective from and after the date of this letter agreement, hereby acknowledges full and complete satisfaction of, and covenants not to sue, and forever fully releases and discharges each member of
the Cadian Group and each controlling person, officer, director, stockholder, agent, affiliate, employee, partner, attorney, heir, assign, executor, administrator, predecessor and successor, past and present, thereof, as well as each director
designated by Cadian Capital hereunder (the Cadian Group and each such person being a “Shareholder Released Person”) of, and agrees to hold each Shareholder Released Person harmless from, any and all Claims of any nature whatsoever,
whether known or unknown, suspected or unsuspected, that CTI may have against the Shareholder Released Persons, in each case with respect to events occurring prior to the date of the execution of this letter agreement in respect of solicitations for
election of directors at the CTI AGM. 
 (c) The parties intend that the foregoing releases be broad with respect to the matter
released, provided, however, these releases of Claims shall not include claims to enforce the terms of this letter agreement. 

14. This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Each of the parties
hereto irrevocably agrees that any legal action or proceeding with respect to this letter agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this letter agreement and the
rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined exclusively in the courts within the State of New York, City of New York. 

15. This letter agreement may be executed in counterparts, each of which will be an original, but all of which together will constitute
one and the same letter agreement. 

  
 6 

 If the foregoing is acceptable, kindly sign and return a duplicate copy of this letter
agreement to the undersigned. 
  

			
	Very truly yours,
	
	COMVERSE TECHNOLOGY, INC.
		
	By:	 	 /s/ Charles Burdick

	Name:	 	Charles Burdick
	Title:	 	Chairman of the Board

  

[Signature Page to Cadian Letter Agreement] 

 AGREED TO BY: 
 CADIAN CAPITAL MANAGEMENT, LLC 
  

			
	By:	 	 /s/ Eric Bannasch

	Name:	 	Eric Bannasch
	Title:	 	Managing Member

 CADIAN FUND LP 
  

			
	By:	 	 /s/ Eric Bannasch

	Name:	 	Eric Bannasch
	Title:	 	Managing Member

 CADIAN MASTER FUND LP 
  

			
	By:	 	 /s/ Eric Bannasch

	Name:	 	Eric Bannasch
	Title:	 	Managing Member

 CADIAN GP LLC 
  

			
	By:	 	 /s/ Eric Bannasch

	Name:	 	Eric Bannasch
	Title:	 	Managing Member

 [Signature Page to Cadian Letter Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]