Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 
 by
and between 
 VERINT SYSTEMS INC 

and 
 VALOR PARENT LP 

Dated as of May 7, 2020 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  			
		
	Resale Shelf Registration	  			
		
	 Section 1.1 Resale Shelf Registration Statement
	  	 	1	
	 Section 1.2 Effectiveness Period
	  	 	1	
	 Section 1.3 Subsequent Shelf Registration Statement
	  	 	2	
	 Section 1.4 Supplements and Amendments
	  	 	2	
	 Section 1.5 Subsequent Holder Notice
	  	 	2	
	 Section 1.6 Underwritten Offering
	  	 	3	
	 Section 1.7 Take-Down Notice
	  	 	4	
	 Section 1.8 Piggyback Registration
	  	 	4	
	ARTICLE II	  			
		
	Additional Provisions Regarding Registration Rights	  			
		
	 Section 2.1 Registration Procedures
	  	 	5	
	 Section 2.2 Suspension
	  	 	8	
	 Section 2.3 Expenses of Registration
	  	 	8	
	 Section 2.4 Information by Holders
	  	 	9	
	 Section 2.5 Rule 144 Reporting
	  	 	10	
	 Section 2.6 Holdback Agreement
	  	 	10	
	ARTICLE III	  			
		
	Indemnification	  			
		
	 Section 3.1 Indemnification by Company
	  	 	10	
	 Section 3.2 Indemnification by Holders
	  	 	11	
	 Section 3.3 Notification
	  	 	12	
	 Section 3.4 Contribution
	  	 	13	
	 Section 3.5 Survival
	  	 	13	
	ARTICLE IV	  			
		
	Transfer and Termination of Registration Rights	  			
		
	 Section 4.1 Transfer of Registration Rights
	  	 	13	
	 Section 4.2 Termination of Registration Rights
	  	 	14	

  
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	ARTICLE V	  			
		
	Miscellaneous	  			
	 Section 5.1 Amendments and Waivers
	  	 	14	 
	 Section 5.2 Extension of Time, Waiver, Etc
	  	 	14	 
	 Section 5.3 Assignment
	  	 	14	 
	 Section 5.4 Counterparts
	  	 	14	 
	 Section 5.5 Entire Agreement; No Third Party Beneficiary
	  	 	14	 
	 Section 5.6 Governing Law; Jurisdiction
	  	 	15	 
	 Section 5.7 Specific Enforcement
	  	 	15	 
	 Section 5.8 Waiver of Jury Trial
	  	 	15	 
	 Section 5.9 Notices
	  	 	16	 
	 Section 5.10 Severability
	  	 	17	 
	 Section 5.11 Expenses
	  	 	17	 
	 Section 5.12 Interpretation
	  	 	17	 

  
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 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of May 7, 2020 by and between VERINT SYSTEMS
INC., a Delaware corporation (the “Company”), and VALOR PARENT LP, a Delaware limited partnership (together with its successors and any Person that becomes a party hereto pursuant to Section 4.1, the
“Investor”). Capitalized terms that are used but not defined elsewhere herein are defined in Exhibit A. 
 WHEREAS, the
Company and the Investor are parties to the Investment Agreement, dated as of December 4, 2019 (as amended from time to time, the “Investment Agreement”), pursuant to which the Company is selling to the Investor, and the
Investor is purchasing from the Company, an aggregate of 200,000 shares of the Series A Preferred Stock and up to 200,000 shares of Series B Preferred Stock (collectively, “Preferred Stock”), which are convertible into shares of
Common Stock; 
 WHEREAS, as a condition to the obligations of the Company and the Investor under the Investment Agreement, the Company and
the Investor are entering into this Agreement for the purpose of granting certain registration and other rights to the Investor. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Resale Shelf
Registration 
 Section 1.1 Resale Shelf Registration Statement. Subject to the other applicable provisions of this
Agreement, the Company shall use its commercially reasonable efforts to prepare and file, no later than the first Business Day following the Common Stock Restricted Period, a registration statement covering the sale or distribution from time to time
by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale
the Registrable Securities on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance
with any reasonable method of distribution elected by the Investor) (the “Resale Shelf Registration Statement”) and shall use its commercially reasonable efforts to cause such Resale Shelf Registration Statement to be declared
effective by the SEC as promptly as is reasonably practicable after the filing thereof (it being agreed that the Resale Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the
SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company). 
 Section 1.2 Effectiveness Period. Once declared
effective, the Company shall, subject to the other applicable provisions of this Agreement, use its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are
no longer any Registrable Securities (the “Effectiveness Period”). 

 Section 1.3 Subsequent Shelf Registration Statement. If any Shelf Registration
Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf Registration
Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its commercially reasonable efforts to as promptly
as is reasonably practicable amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration
statement (a “Subsequent Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Holders thereof of all
securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration Statement
to become effective under the Securities Act as promptly as reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become
effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company) and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period. Any
such Subsequent Shelf Registration Statement shall be a registration statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement
shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Investor. 

Section 1.4 Supplements and Amendments. The Company shall supplement and amend any Shelf Registration Statement if required by the
Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement. 

Section 1.5 Subsequent Holder Notice. If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable
Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and
requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent Holder Notice”): 

(a)    if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a
post-effective amendment to the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to
purchasers of the Registrable Securities in accordance with applicable law; 
 (b)    if, pursuant to
Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration Statement that is not automatically effective, use its commercially reasonable efforts to cause such post-effective amendment
to become effective under the Securities Act as promptly as is reasonably practicable; and 

  
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 (c)    notify such Holder as promptly as is reasonably practicable after
the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 1.5(a). 

Section 1.6 Underwritten Offering. 

(a)    Subject to any applicable restrictions on transfer in the Investment Agreement or otherwise, the Investor may, after
the Resale Shelf Registration Statement becomes effective, deliver a written notice to the Company (the “Underwritten Offering Notice”) specifying that the sale of some or all of the Registrable Securities subject to the Shelf
Registration Statement is intended to be conducted through an underwritten offering (the “Underwritten Offering”); provided, that the Holders of Registrable Securities may not, without the Company’s prior written
consent, (i) launch an Underwritten Offering the anticipated gross proceeds of which shall be less than $50,000,000 (unless the Holders are proposing to sell all of their remaining Registrable Securities), (ii) launch more than three
(3) Underwritten Offerings at the request of the Holders within any twelve (12) month period or (iii) launch an Underwritten Offering within the period commencing fourteen (14) days prior to and ending two (2) Business Days
following the Company’s scheduled earnings release date for any fiscal quarter or year (or such shorter period as is the Company’s customary “blackout window” applicable to directors and officers). 

(b)    In the event of an Underwritten Offering, the Holders of a majority of the Registrable Securities participating in
an Underwritten Offering shall select the managing underwriter(s) to administer the Underwritten Offering; provided, that the choice of such managing underwriter(s) shall be subject to the consent of the Company, which is not to be
unreasonably withheld, conditioned or delayed; provided, further, that in making the determination to consent to the Holder’s choice of managing underwriter(s), the Company may take into account its business and strategic
interests. The Company and the Holders of Registrable Securities participating in an Underwritten Offering will enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such offering. 

(c)    The Company will not include in any Underwritten Offering pursuant to this Section 1.6
any securities that are not Registrable Securities without the prior written consent of the Investor. If the managing underwriter or underwriters advise the Company and the Investor in writing that in its or their good faith opinion the number of
Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect
the success of such offering, the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of
priority: (i) first, the Registrable Securities of the Holders that have requested to participate in such Underwritten Offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable Securities
then-owned by such Holders, and (ii) second, any other securities of the Company that have been requested to be so included. 

  
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 Section 1.7 Take-Down Notice. Subject to the other applicable provisions of this
Agreement, at any time that any Shelf Registration Statement is effective, if the Investor delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its
Registrable Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend, subject
to the other applicable provisions of this Agreement or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

Section 1.8 Piggyback Registration. 

(a)    If the Company proposes to file a registration statement under the Securities Act with respect to an offering of
Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, whether or not for sale for its own account (other than a Registration Statement (i) on Form S-4, Form S-8 or any successor forms thereto or any successor forms thereto or (ii) filed to effectuate an exchange offer or any employee benefit or dividend reinvestment plan), then the Company shall give prompt written
notice of such filing, which notice shall be given, to the extent reasonably practicable, no later than five (5) Business Days prior to the filing date (the “Piggyback Notice”) to the Holders of Registrable Securities. The
Piggyback Notice shall offer such Holders the opportunity to include (or cause to be included) in such registration statement the number of shares of Registrable Securities as each such Holder may request (each, a “Piggyback Registration
Statement”). Subject to Section 1.8(b), the Company shall include in each Piggyback Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion
therein (each a “Piggyback Request”) promptly following delivery of the Piggyback Notice but in any event no later than one (1) Business Day prior to the filing date of a Piggyback Registration Statement. The Company shall not
be required to maintain the effectiveness of a Piggyback Registration Statement beyond the earlier of (x) 180 days after the effective date thereof and (y) consummation of the distribution by the Holders of the Registrable Securities included
in such registration statement. 
 (b)    If any of the securities to be registered pursuant to the registration giving
rise to the rights under this Section 1.8 are to be sold in an underwritten offering, the Company shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten
offering to permit Holders of Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each Holder’s Piggyback Request on the same
terms and subject to the same conditions as any other shares of capital stock, if any, of the Company included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the
Company in writing that in its or their good faith opinion the number of securities exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering,
the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the
securities proposed to be sold by the Company for its own account; (ii) second, the Registrable Securities of the Holders that have 

  
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requested to participate in such underwritten offering, allocated pro rata among such Holders on the basis of the percentage of the Registrable Securities then-owned by such Holders;
(iii) third, any other securities of the Company that have been requested to be included in such offering; provided that Holders may, prior to the earlier of the (a) effectiveness of the registration statement and (b) the time
at which the offering price or underwriter’s discount is determined with the managing underwriter or underwriters, withdraw their request to be included in such registration pursuant to this Section 1.8. 

ARTICLE II 
 Additional
Provisions Regarding Registration Rights 
 Section 2.1 Registration Procedures. Subject to the other applicable provisions
of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to Article I, the Company shall: 

(a)    prepare and promptly file with the SEC a registration statement with respect to such securities and use
commercially reasonable efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement; 

(b)    prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective for the period specified in paragraph (a) above and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement in accordance with the Investor’s intended method of distribution set forth in such registration statement for such period; 

(c)    furnish to the Investor’s legal counsel copies of the registration statement and the prospectus included
therein (including each preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement; 

(d)    if requested by the managing underwriter or underwriters, if any, or the Investor, promptly include in any
prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Investor may reasonably request in order to permit the intended method of distribution of such securities and make all
required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after the Company has received such request; 

(e)    in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Investor
and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the Investor or such underwriters may reasonably request in order to facilitate
the public offering or other disposition of such securities; 

  
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 (f)    as promptly as is reasonably practicable notify the Investor at
any time when a prospectus relating thereto is required to be delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such registration statement, as then
in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and,
subject to Section 2.2, at the request of the Investor, prepare promptly and furnish to the Investor a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading or incomplete in the light of the circumstances then existing; 
 (g)    use commercially reasonable efforts
to register and qualify (or exempt from such registration or qualification) the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be
reasonably requested in writing by the Investor; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not
otherwise be required to qualify but for this subsection or (ii) take any action that would subject it to general service of process in any such jurisdictions; 

(h)    in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an
underwriting agreement in accordance with the applicable provisions of this Agreement; 
 (i)    in connection with an
Underwritten Offering, the Company shall cause its officers to use their commercially reasonable efforts to support the marketing of the Registrable Securities covered by such offering (including participation in “road shows” or
other similar marketing efforts); 
 (j)    use commercially reasonable efforts to furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the legal counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and (iii) a letter dated such date from the independent certified public accountants of the Company, in form
and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(k)    use commercially reasonable efforts to list the Registrable Securities covered by such registration statement with
any securities exchange on which the Common Stock is then listed; 

  
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 (l)    provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
 (m)    in connection with a customary
due diligence review, make available for inspection by the Investor, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Investor or underwriter (collectively, the
“Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers,
directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection
with such Registration Statement, provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure of
such information is required by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure of such
information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information
is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement or (iv) such
information (A) was known to such Offering Persons or their representatives from a source other than the Company when such source, to the knowledge of the Offering Persons, was not bound by any contractual, legal or fiduciary obligation of
confidentiality to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of the Offering Persons, is not bound by any contractual,
legal or fiduciary obligation of confidentiality to the Company with respect to such information or (C) was developed independently by the Offering Persons or their respective representatives without the use of, or reliance on, information
provided by the Company; 
 (n)    cooperate with the Investor and each underwriter or agent participating in the
disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of commercially reasonable efforts to obtain FINRA’s
pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; and 

(o)    as promptly as is reasonably practicable notify the Investor (i) when the prospectus or any prospectus
supplement or post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state governmental
authority for amendments or supplements to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement
(including any underwriting agreement contemplated by Section 2.1(f) above) cease to be true and correct or (v) 

  
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of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose. 
 The Investor agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Sections 2.1(f), 2.1(o)(ii) or 2.1(o)(iii), the Investor shall discontinue disposition of any Registrable Securities covered by such
registration statement or the related prospectus until receipt of the copies of the supplemented or amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as
soon as reasonably practicable, or until the Investor is advised in writing by the Company that the use of the applicable prospectus may be resumed, and have received copies of any amended or supplemented prospectus or any additional or supplemental
filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company in writing, the
Investor shall use commercially reasonable efforts to return to the Company all copies then in their possession, of the prospectus covering such Registrable Securities at the time of receipt of such request. As soon as is reasonably practicable
after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Investor thereof. In the event the Company invokes an Interruption Period hereunder and in the reasonable discretion of the
Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall provide written notice, as soon as is reasonably practicable, to the Investor that such Interruption Period is no longer applicable. 

Section 2.2 Suspension. (a) The Company shall be entitled, on one (1) occasion in any 6 month period, for a period of
time not to exceed 60 days in the aggregate in any such 6 month period, to (x) defer any registration of Registrable Securities and shall have the right not to file and not to cause the effectiveness of any registration covering any Registrable
Securities, (y) suspend the use of any prospectus and registration statement covering any Registrable Securities, and (z) require the Holders of Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to
a registration statement, if the Company delivers to the Investor a certificate signed by an executive officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially
interfere with any bona fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for
such suspension and the anticipated length of such suspension. The Investor shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 2.1(m). If the Company defers
any registration of Registrable Securities in response to a Underwritten Offering Notice, or requires the Holders to suspend any Underwritten Offering, the Investor shall be entitled to withdraw such Underwritten Offering Notice and if they do so,
such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section 1.6. 

Section 2.3 Expenses of Registration. All Registration Expenses incurred in connection with any registration shall be borne by the
Company, provided that each holder of Registrable Securities participating in an offering shall pay all applicable underwriting discounts and commissions, brokers’ commissions and stock transfer taxes, if any, on the Registrable
Securities sold by such holder and the fees and expenses of any counsel to the Holders (other than such fees and expenses expressly included in Registration Expenses). 

  
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 Section 2.4 Information by Holders. The Holder or Holders of Registrable
Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders and their
Affiliates as the Company may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under
Article I are conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following: 

(a)    such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in
connection with the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will and will cause their respective
Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other
information as may be required by applicable law to enable the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable Securities owned by
such Holder or Holders and to maintain the currency and effectiveness thereof; 
 (b)    during such time as such Holder
or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including
Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to, among other things (i) not engage in any stabilization activity in connection with the securities of the
Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by them solely in the manner described in the applicable registration statement and (iii) if required by applicable law, cause to be furnished to
each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such copies of the applicable prospectus (as amended
and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree; 

(c)    such Holder or Holders shall, and they shall cause their respective Affiliates to, (i) permit the Company and
its representatives to examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to provide in connection with the offering or other distribution of Registrable Securities by such
Holder or Holders and (ii) execute, deliver and perform under any agreements and instruments reasonably requested by the Company or its representatives to effectuate such registered offering, including opinions of counsel and questionnaires;
and 

  
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 (d)    on receipt of any notice from the Company of the occurrence of
any of the events specified in Section 2.1(f) or clauses (ii) or (iii) of Section 2.1(o), or that otherwise requires the suspension by such Holder or Holders and their respective
Affiliates of the offering, sale or distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable
Securities owned by such Holder or Holders until the offering. sale and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law. 

Section 2.5 Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company
agrees that, for so long as a Holder owns Registrable Securities, the Company will use its commercially reasonable efforts to: 

(a)    make and keep public information available, as those terms are understood and defined in Rule 144, at all times
after the date of this Agreement; and 
 (b)    so long as a Holder owns any Restricted Securities, furnish to the
Holder upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act. 

Section 2.6 Holdback Agreement. If during the Effectiveness Period, the Company shall file a registration statement (other than in
connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or similar plan or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) with
respect to an underwritten public offering of Common Stock or securities convertible into, or exchangeable or exercisable for, such securities or otherwise informs the Investor that it intends to conduct such an offering utilizing an effective
registration statement or pursuant to an underwritten Rule 144A and/or Regulation S offering and provides the Investor the opportunity to participate in such offering in accordance with and to the extent required by
Section 1.8, the Investor shall, if requested by the managing underwriter or underwriters, enter into a customary “lock-up” agreement relating to the sale, offering or
distribution of Registrable Securities, in the form reasonably requested by the managing underwriter or underwriters, covering the period commencing on the date of the prospectus pursuant to which such offering may be made and continuing until no
more than 90 days from the date of such prospectus, or such shorter period as shall be required by any director, executive officer or other shareholder. 

ARTICLE III 
 Indemnification

 Section 3.1 Indemnification by Company. To the fullest extent permitted by applicable law, the Company will, with respect
to any Registrable Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and hold
harmless each Holder, each Holder’s current and former officers, directors, partners, 

  
 10 

 
members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act and such
Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each underwriter thereof, if any, and each Person who controls any such underwriter within the meaning
of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney’s fees
and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities, joint or several, (or actions in
respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus,
offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of
the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of this Section 3.1), the Company will reimburse
each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.1, settling
any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior
written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such Losses or action to the extent that it arises out of or is based upon a violation
or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance
upon and in conformity with written information regarding such Holder furnished to the Company by such Holder expressly for use in connection with such registration by any such Holder. 

Section 3.2 Indemnification by Holders. To the fullest extent permitted by applicable law, each Holder will, if Registrable
Securities held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and not jointly with any other Holders of
Registrable Securities, the Company, each of its Representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”),
against all Losses (or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering
circular, “issuer free writing prospectus” or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and 

  
 11 

 
will reimburse each of the Holder Indemnified Parties for any reasonable and documented out-of-pocket legal
expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of
this Section 3.2, settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity with written information regarding such Holder furnished to the Company
by such Holder and stated to be specifically for use therein; provided, however, that in no event shall any indemnity under this Section 3.2 payable by any Holder exceed an amount equal to the net
proceeds received by such Holder in respect of the Registrable Securities sold pursuant to the registration statement. The indemnity agreement contained in this Section 3.2 shall not apply to amounts paid in settlement of
any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed). 

Section 3.3 Notification. If any Person shall be entitled to indemnification under this Article III (each, an
“Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of any proceeding as to
which indemnity is sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as is reasonably practicable after the receipt of written notice from such Indemnified Party of such
claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified
Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such
Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to employ
separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense
and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this
Article III only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation,
shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this Article III shall not apply to amounts paid in
settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this
Article III shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a

  
 12 

 
claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable
judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim. 

Section 3.4 Contribution. If the indemnification provided for in this Article III is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this Article III, the Indemnifying Party, in
lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations. The relative fault
of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent any such action, statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.4 was determined solely upon
pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this Section 3.4. Notwithstanding the
foregoing, the amount any Holder will be obligated to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net proceeds received by such Holder in respect of the Registrable Securities sold
pursuant to the registration statement which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. 
 Section 3.5 Survival. The indemnification provided for under
this Article III shall survive the sale or other transfer of the Registrable Securities and the termination of this Agreement. 

ARTICLE IV 
 Transfer and
Termination of Registration Rights 
 Section 4.1 Transfer of Registration Rights. Any rights to cause the Company to
register securities granted to a Holder under this Agreement may be transferred or assigned to any Person in connection with a Transfer (as defined in the Investment Agreement) of Series A Preferred Stock, Series B Preferred Stock or Common Stock
issued upon conversion of Series A Preferred Stock or Series B Preferred Stock to such Person in a Transfer permitted by the Investment Agreement; provided, however, that (i) prior written notice of such assignment of rights is
given to the Company, and (ii) such transferree agrees in writing to be bound by, and subject to, this Agreement as a “Holder” pursuant to a written instrument in the form of Exhibit B hereto. 

  
 13 

 Section 4.2 Termination of Registration Rights. The rights of any particular
Holder to cause the Company to register securities under Article I shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Series A Preferred Stock, Series B Preferred Stock or Registrable
Securities. The registration rights set forth in this Agreement shall terminate on the date on which all shares of Common Stock issuable (or actually issued) upon conversion of the Series A Preferred Stock and the Series B Preferred Stock cease to
be Registrable Securities. 
 ARTICLE V 

Miscellaneous 

Section 5.1 Amendments and Waivers. Subject to compliance with applicable law, this Agreement may be amended or supplemented in
any and all respects by written agreement of the Company and the Investor. 
 Section 5.2 Extension of Time, Waiver, Etc. The
parties hereto may, subject to applicable law, (a) extend the time for the performance of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the agreements contained herein applicable
to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an
instrument in writing signed on behalf of such party. 
 Section 5.3 Assignment. Except as provided in
Section 4.1, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written
consent of the other party hereto. 
 Section 5.4 Counterparts. This Agreement may be executed in one or more counterparts
(including by facsimile or electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by
each of the parties hereto and delivered to the other parties hereto. 
 Section 5.5 Entire Agreement; No Third Party
Beneficiary. This Agreement, including the Transaction Documents, constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with
respect to the subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder. 

  
 14 

 Section 5.6 Governing Law; Jurisdiction. 

(a)    This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable
to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of laws principles. 

(b)    All legal or administrative proceedings, suits, investigations, arbitrations or actions
(“Actions”) arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over
any Action, any state or federal court within the State of Delaware) and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient
forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 5.6 shall not constitute general consents to service of process in the State of Delaware
and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process upon such party in any Action
arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 5.9 of this Agreement. The parties hereto agree that a final judgment in any such
Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however, that nothing in the foregoing shall restrict any party’s rights to
seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 
 Section 5.7 Specific Enforcement.
The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to enforce specifically the terms and provisions hereof in the courts described in
Section 5.6 without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of this
Agreement and without that right, neither the Company nor the Investor would have entered into this Agreement. The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for
any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties hereto acknowledge and agree that any party seeking an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 5.7 shall not be required to provide any bond or other security in
connection with any such order or injunction. 
 Section 5.8 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS 

  
 15 

 
DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER
VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.8. 

Section 5.9 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed
given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

(a)    If to the Company, to it at: 

Verint Systems Inc. 
 175
Broadhollow Road 
 Melville, New York 11747 

Attention: Chief Administrative Officer 

Email: peter.fante@verint.com 

with a copy to (which shall not constitute notice): 

Jones Day 
 250 Vesey Street 

New York, NY 10281 
 Attention:
Randi Lesnick and Brad Brasser 
 Email: rclesnick@jonesday.com, bcbrasser@jonesday.com 

(b)     If to the Investor at: 

c/o Apax Partners, L.P. 
 601
Lexington Avenue, 53rd Floor 
 New York, NY 10022 

Attn: Jason Wright 
 Email:
Jason.Wright@apax.com 

  
 16 

 with a copy to (which will not constitute notice): 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Attention: Leo M. Greenberg; Joshua N. Korf; Ross Leff 

Email: leo.greenberg@kirkland.com; joshua.korff@kirkland.com; 

ross.leff@kirkland.com 
 or such other address or
email address as such party may hereafter specify by like notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to
5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the
place of receipt. 
 Section 5.10 Severability. If any term, condition or other provision of this Agreement is determined by a
court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible to the fullest extent permitted by applicable law. 
 Section 5.11 Expenses. Except as provided in
Section 2.3, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such costs and expenses. 
 Section 5.12 Interpretation. The rules of interpretation set forth in
Section 8.12 of the Investment Agreement shall apply to this Agreement, mutatis mutandis. 
 [Signature pages follow] 

  
 17 

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

			
	COMPANY:
	
	VERINT SYSTEMS INC.
		
	By:	 	 /s/ Douglas E. Robinson

	Name:	 	Douglas E. Robinson
	Title:	 	Chief Financial Officer

 SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT 

			
	INVESTOR:
	
	VALOR PARENT LP
	
	By: Valor GP LLC
	Its: General Partner
		
	By:	 	 /s/ Jason Wright

	Name:	 	Jason Wright
	Title:	 	President

 SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT 

 EXHIBIT A 

DEFINED TERMS 
 1.
The following capitalized terms have the meanings indicated: 
 “Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Company (after consultation with external legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the
Company so that such registration statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has
a bona fide business purpose for not disclosing publicly. 
 “Affiliates” shall have the meaning given to such term in the
Investment Agreement. 
 “Business Day” shall have the meaning given to such term in the Investment Agreement. 

“Common Stock” means all shares currently or hereafter existing of the Company’s common stock, par value $0.001 per
share. 
 “Common Stock Restricted Period” shall have the meaning given to such term in the Investment Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Holder” means any Person holding Registrable Securities. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, trust,
unincorporated organization or any other entity, including a governmental authority. 
 “register”,
“registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such
registration statement or the automatic effectiveness of such registration statement, as applicable. 
 “Registration
Expenses” means all expenses incurred by the Company in complying with Article I, including all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements of counsel and accountants,
fees and expenses in connection with complying with state securities or “blue sky” laws, FINRA fees, fees of transfer agents and registrars, transfer taxes, and fees and expenses of one outside legal counsel to the Investor and all Holders
retained in connection with registrations contemplated hereby, but excluding underwriting discounts and commissions, brokers’ commissions and stock transfer taxes, if any, in each case to the extent applicable to the Registrable Securities of
any selling Holders. 

  
 A-1 

 “Registrable Securities” means, as of any date of determination, any shares
of Common Stock acquired by any Investor pursuant to the conversion of any Preferred Stock, and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split, share dividend, distribution,
recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise
transferred pursuant to an effective Registration Statement under the Securities Act, (ii) such securities shall have ceased to be outstanding, (iii) such securities have been transferred in a transaction in which the Holder’s rights
under this Agreement are not assigned to the transferee of the securities or (iv) such securities are sold in a broker’s transaction under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then
in force) under the Securities Act are met. 
 “Restricted Securities” means any Common Stock required to bear the legend
set forth in Section 5.09(a) of the Investment Agreement. 
 “Rule 144” means Rule 144 promulgated under the
Securities Act and any successor provision. 
 “Rule 462(e)” means Rule 462(e) promulgated under the Securities Act and any
successor provision. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Shelf Registration Statement” means the Resale Shelf Registration
Statement or a Subsequent Shelf Registration Statement, as applicable. 
 “Transaction Documents” shall have the meaning
given to such term in the Investment Agreement 
 2. The following terms are defined in the Sections of the Agreement indicated: 

INDEX OF TERMS 
  

			
	 Term
	  	 Section

	Actions	  	Section 5.6(b)
	Agreement	  	Preamble
	Company	  	Preamble
	Company Indemnified Parties	  	Section 3.1
	Effectiveness Period	  	Section 1.2
	Holder Indemnified Parties	  	Section 3.2
	Indemnified Party	  	Section 3.3
	Indemnifying Party	  	Section 3.3
	Interruption Period	  	Section 2.1(o)

  
 A-2 

			
	 Term
	  	 Section

	Investment Agreement	  	Recitals
	Investor	  	Preamble
	Losses	  	Section 3.1
	Offering Persons	  	Section 2.1(m)
	Piggyback Notice	  	Section 1.8(a)
	Piggyback Registration Statement	  	Section 1.8(a)
	Piggyback Request	  	Section 1.8(a)
	Preferred Stock	  	Recitals
	Resale Shelf Registration Statement	  	Section 1.1
	Shelf Offering	  	Section 1.7
	Subsequent Holder Notice	  	Section 1.5
	Subsequent Shelf Registration Statement	  	Section 1.3
	Take-Down Notice	  	Section 1.7
	Underwritten Offering	  	Section 1.6(a)
	Underwritten Offering Notice	  	Section 1.6(a)

  
 A-3 

 EXHIBIT B 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement, dated as of [●] (the
“Registration Rights Agreement”), by and between Verint Systems Inc. (the “Company”) and Valor Parent LP (the “Investor”). Capitalized terms used and not defined herein shall have the meanings set forth in
the Registration Rights Agreement. 
 By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a
party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder and an Investor as of the date hereof in the same manner as if the undersigned were an original signatory to the Registration Rights
Agreement. 
 Accordingly, the undersigned has executed and delivered this Joinder as of [●], 20[    ]. 

 

			
	[HOLDER]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-1Exhibit

    

   EXHIBIT 10.1        

Term Sheet – Stephen J. Boyle (“Executive”) 

Certain capitalized terms used in this Term Sheet have the meanings set forth in Schedule A.

		
	Position:
	Interim President and CEO

		
	Effective Date:
	November 20, 2019

		
	Term:
	Executive shall serve as interim President and CEO from the Effective Date through the earliest to occur of (1) the effective date of the closing (the “Transaction Closing Date”) of the acquisition of TD Ameritrade Holding Corporation (the “Company”) by The Charles Schwab Corporation (“Parent”) pursuant to the terms of the Agreement and Plan of Merger dated November 24, 2019 (the “Merger Agreement”), (2) the date on which Executive ceases serving as the interim President and CEO, and (3) the date on which Executive’s employment with the Company terminates.

		
	  
	The provisions of this Term Sheet shall apply during Executive’s service as interim President and CEO and in the event of a Severance Termination.  

		
	Compensation Target:  
	Base Salary:        $800,000 

Target Annual
		
	Incentive Award:
	Executive will be eligible to receive an annual incentive award (the “MIP Award”) with a total blended target opportunity of $4,400,000 for FY2020 (the “FY2020 Target Incentive Opportunity”) and with a total target opportunity of $4,750,000 for FY2021 (the “FY2021 Target Incentive Opportunity”). 

    
Except as provided below in the case of certain terminations of employment, the MIP Award will be 50% in cash and 50% in the form of equity awards. Parent shall determine the amount and form of incentives, if any, following the Transaction Closing Date.

Share Ownership
		
	Requirement:
	Five (5) times base salary

		
	Vacation:
	200 hours of Paid Time Off annually to accrue in accordance with Company PTO Accrual Schedule

		
	Retirement Programs:
	401(k) – employer match plus discretionary annual profit sharing

		
	Health and Welfare Plans:
	Company Benefits Plan Coverage

    

		
	Company Paid Apartment:
	The Company agrees to continue to pay for Executive’s New York City apartment in accordance with the arrangement in effect on the Effective Date through the expiration of the current lease on July 13, 2020.

Severance Termination 
During the Severance 
		
	Protection Period:
	The provisions of this section shall apply from the Effective Date through the earlier to occur of (1) 12 months after the Transaction Closing Date, and (2) the date on which the Merger Agreement is terminated in accordance with its terms without the occurrence of the Transaction Closing Date, (such period, the “Severance Protection Period”).  In the event of Executive’s termination (i) by the Company without Cause or (ii) by Executive for Good Reason, in each case, during the Severance Protection Period, subject to Executive’s execution of a Release of Claims Agreement substantially in the form attached hereto as Exhibit A (the “Release”), Executive will be entitled to the following severance benefits:

		
	•
	A lump sum cash severance payment equal to $2,875,000 (the “Cash Severance”); 

		
	•
	To the extent not previously paid, a lump sum cash payment in respect the FY2020 MIP Award based on the FY2020 Target Incentive Opportunity, (A) prorated for the portion of FY2020 elapsed through the date of termination, if such termination occurs prior to the Transaction Closing Date or (B) prorated from the Transaction Closing Date through the date of termination, if such termination occurs on or after the Transaction Closing Date (in order to account for the payment of the pro-rata FY2020 MIP Award pursuant to the Merger Agreement);

		
	•
	If the date of termination occurs in FY2021, a lump sum cash payment in respect of the FY2021 MIP Award based on (A) the FY2021 Target Incentive Opportunity, if the termination is prior to the Transaction Closing Date, or (B) $2,150,000 (or, if greater, the Executive’s incentive opportunity for his role following the Transaction Closing Date), if the termination is after the Transaction Closing Date, in each case, prorated for the portion of FY2021 elapsed through the date of termination;

		
	•
	A lump sum payment equal to 18 months of the employer portion of premiums for group health plan coverage for active employees based on Executive’s coverage elections in effect on his termination date to assist in payment of COBRA premiums; and  

		
	•
	Terms of existing award agreements govern accelerated vesting for all awarded and unvested equity awards, which for the avoidance of doubt provide for accelerated vesting in the event of involuntary termination upon retirement or within 24 months of a change in control.

Severance Termination 
After the Severance 
		
	Protection Period:
	The provisions of this section shall apply after the Severance Protection Period.  In the event of Executive’s involuntary termination by the Company without Cause after the expiration of the Severance Protection Period, subject to Executive’s execution of a Release, Executive will be entitled to the following severance benefits:

2

    

		
	•
	4 weeks of base salary for each completed year of service up to a maximum of 104 weeks (2 years) 

		
	•
	4 weeks of target cash incentive for each completed year of service up to a maximum of 104 weeks (2 years) 

		
	•
	Immediate full vesting of all outstanding RSUs 

		
	•
	A lump sum payment equal to 12 months of the employer portion of premiums for group health plan coverage for active employees based on Executive’s coverage elections in effect on his termination date to assist in payment of COBRA premiums.  Executive may elect COBRA coverage for up to a maximum of 18 months or as otherwise provided by law. 

For the avoidance of doubt, in the event of Executive’s termination, Executive shall remain entitled to (i) unpaid base salary through the date of termination; (ii) payment for accrued but unused paid time off; (iii) except in the event of a termination for Cause, payment of any earned but unpaid incentive for a previously completed fiscal year; and (iv) and other rights due Executive under any Company policy, plan or other agreement.

All payments and benefits are intended to be exempt from, or comply with, Code section 409A and this Term Sheet will be administered and interpreted accordingly.  Payments (and delivery of shares in the case of equity awards) will be made as soon as administratively possible following the Company’s receipt of Executive’s executed and non-revoked Release, provided, however, that if the Company reasonably determines that Code Section 409A will result in the imposition of additional tax upon the earlier payment of any severance or other benefits otherwise due to Executive on or within the 6 month period following Executive’s date of termination, the severance benefits (or shares in the case of equity awards) will accrue during such 6 month period and will become payable (or delivered) in a lump sum payment on the date that is 6 months and 1 day following the date of Executive’s termination (which constitutes a separation from service for purposes of Code Section 409A).  All subsequent payments, if any, will be payable as provided above.  Any severance payments (and delivery of shares in respect of equity awards) will be subject to applicable withholdings.  In no event will the Company pay or reimburse Executive for any taxes or other costs owed by Executive on account of the payments and benefits from this Term Sheet. 

		
	Golden Parachute Tax:
	The provisions of this section shall apply indefinitely following the Effective Date.  Executive will either receive the full payments and benefits due to him or a lesser amount so that Executive will not be subject to the golden parachute excise tax under Code Section 4999 as a result of the application of Code Section 280G, whichever results in Executive receiving more on an after-tax basis. No Section 280G excise gross-up will be provided.  All determinations to be made by an accounting firm selected by the Company prior to the Transaction Closing Date, and the Company shall cooperate with Executive in good faith in valuing services (including refraining from performing services) to be provided by Executive prior to or following the Transaction 

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Closing Date, such that payments in respect of such services may be considered reasonable compensation for purposes of Code Section 280G.

In addition, in order to mitigate the impact of Code Section 280G on Executive’s change in control related payments and benefits, the Company will accelerate into 2019 the vesting and settlement of 24,304 Company restricted stock units (the “2019 RSUs”) granted on December 5, 2019 and scheduled to vest in equal one-third installments on each of the first three anniversaries of the grant date (each, a “Scheduled Vesting Date”).  Such accelerated vesting will be subject to the following conditions, and Executive hereby expressly agrees to such conditions:  (1) upon Executive’s termination of employment with the Company and its affiliates prior to the last Scheduled Vesting Date due to Executive’s voluntary resignation or termination for Cause, then Executive shall be obligated to promptly repay to the Company the net after-tax number of shares of Company common stock previously delivered to Executive pursuant to the 2019 RSUs for which the Scheduled Vesting Date has not occurred prior to such termination, (2) Executive shall not be permitted to sell, transfer or otherwise dispose of the net after-tax shares of Company common stock delivered pursuant to the 2019 RSUs unless and until the date on which the 2019 RSUs associated with such shares of Company common stock would have vested under the terms applicable to the 2019 RSUs (either due to the occurrence of a Scheduled Vesting Date or due to Executive’s involuntary termination of employment without Cause, or death or disability), (3) the net after-tax shares of Company common stock delivered pursuant to the 2019 RSUs will bear a transfer restriction legend consistent with the transfer restriction described in the preceding item 2, and (4) after the shares of Company common stock delivered pursuant to the 2019 RSUs are exchanged for shares of Parent common stock in connection with the acquisition of the Company by Parent, the repayment obligations, transfer restriction and transfer restriction legend described in items (1) through (3) will continue to apply to such shares of Parent common stock to the same extent that they applied to the corresponding shares of Company common stock.

		
	Other Agreements:
	The provisions of this section shall apply indefinitely following the Effective Date.  All terms of the Associate Agreement dated March 25, 2015, by and between Executive and the Company (the “Associate Agreement”) are hereby incorporated by reference.  Executive hereby expressly acknowledges that he remains bound by the restrictive covenants applicable to him pursuant to the Associate Agreement, including the non-competition covenant contained in Section 5 of the Associate Agreement (the “Non-Competition Covenant”).  Further, Executive expressly agrees that, if Executive materially breaches the Non-Competition Covenant, then Executive shall forfeit the right to receive, and/or shall promptly repay to the Company upon demand, the following compensation:  (i) Cash Severance, (ii) the FY2020 MIP Award, and (iii) the FY2021 MIP Award.  

Further, Executive expressly agrees that this Term Sheet and any and all disputes, controversies or claims between the Executive and the Company and/or Parent shall be governed by, construed and enforced in accordance with the laws of the State of New York without regard to its conflict of laws provisions.

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In the event of any conflict between the terms of this Term Sheet and the terms of any other agreements to which the Executive may be subject, including, without limitation, the terms of the Offer Summary dated March 25, 2015 (the “Offer Summary”) and the Associate Agreement, by and between Executive and the Company, the terms of this Term Sheet shall govern.  

For the avoidance of doubt,  this Term Sheet supersedes the Offer Summary, except Executive hereby expressly acknowledges that he remains bound by the following language from the Offer Summary:  “Forfeiture Events.  The Administrator may specify in an award agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, fraud, breach of a fiduciary duty, restatement of financial statements as a result of fraud or willful errors or omissions, termination of employment for cause, violation of material Company and/or Subsidiary policies, breach of non-competition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Subsidiaries.”

For the avoidance of doubt, the Associate Agreement will survive and continue in effect in accordance with its terms, except to the extent it conflicts with the Term Sheet.   

AGREED AND ACCEPTED:    

Stephen J. Boyle            
Executive        
    
/s/ STEPHEN J. BOYLE    

Date:  February 4, 2020

Wilbur J. Prezzano
Chairman, HR & Compensation Committee

		
	/s/ WILBUR J. PREZZANO
	 

Date:  February 4, 2020            

                                                                                

                    

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Schedule A

CERTAIN DEFINITIONS AND OTHER ADDITIONAL TERMS

As used in this Term Sheet, and unless the context requires a different meaning, the following terms, when capitalized, have the meaning indicated:

“Base Salary” means Executive’s annual rate of base salary as set forth in this Term Sheet or such higher rate as in effect after the Effective Date.

“Cause” means conduct involving one or more of the following: (1) the conviction of Executive of, or plea of nolo contendere by Executive to, a felony that the Board of Directors of Company or Parent reasonably believes has had or will have a material detrimental effect on Company’s or Parent’s reputation or business; (2) any act of personal dishonesty taken by Executive in connection with his responsibilities as an employee of Company or Parent with the intention or reasonable expectation that such action may result in the substantial personal enrichment of Executive; (3) breach of any fiduciary duty owed to the Company or Parent by Executive that has a material detrimental effect on the Company’s or Parent’s reputation or business; (4) the willful, substantial and continuing failure of Executive to perform the reasonable duties of his position (which duties are consistent with his position as Interim President or CEO of the Company, as applicable) for a period of at least thirty (30) days following written notice from the Board of Company or Parent to the Executive that describes the basis for the Board’s belief that Executive has not substantially performed his reasonable duties for reasons other than illness or incapacity; (5) Executive being found liable in any Securities and Exchange Commission or other civil or criminal securities law action or entering any cease and desist order with respect to such action (regardless of whether or not Executive admits or denies liability); willful misconduct, gross negligence, fraud or embezzlement, in each case that results in substantial, material harm to Company or Parent; (6) Executive (a) obstructing or impeding, (b) endeavoring to influence, obstruct or impede, or (c) failing to materially cooperate with, any investigation authorized by the Board of Directors of Company or Parent or any governmental or self-regulatory entity (an “Investigation”). However, Executive’s failure to waive attorney-client privilege relating to communications with Executive’s own attorney in connection with an Investigation will not constitute “Cause” and (7) Executive’s disqualification or bar by any governmental or self-regulatory authority from serving in the capacity contemplated by this Term Sheet or Executive’s loss of any governmental or self-regulatory license that is reasonably necessary for Executive to perform his responsibilities to Company under this Term Sheet, if (a) the disqualification, bar or loss continues for more than thirty (30) days, and (b) during that period Company uses its good faith efforts to cause the disqualification or bar to be lifted or the license replaced. While any disqualification, bar or loss continues during Executive’s employment, Executive will serve in the capacity contemplated by this Term Sheet to whatever extent legally permissible and, if Executive’s employment is not permissible, Executive will be placed on leave (which will be paid to the extent legally permissible).  
    
“Change in Control” has the same meaning as under the Company’s Long-Term Incentive Plan, which is the Company’s stockholder-approved equity compensation plan.  

“Code” mean the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder. 

“Good Reason” shall mean Executive’s voluntary resignation after the occurrence of any of the following events or actions taken by the Company or any of its Affiliates without Executive’s written consent: (i) a material diminution in Executive’s title or position with the Company, which for purposes hereof shall occur if (A) prior to the Transaction Closing Date, Executive’s title or position are changed such that he ceases serving as Interim President and CEO of the Company and is not immediately reinstated to his prior position of Chief Financial Officer of the Company; or (B) during the one-year 

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period commencing on the Transaction Closing Date, Executive is not serving in the position of Chief Financial Officer of the Company or other executive role of the Company with (x) a base salary of not less than $550,000, and (y) a total annual incentive compensation opportunity (comprised of cash and long-term incentive) that is not materially less than $2,150,000, and; or (ii) during the one-year period following the Transaction Closing Date, Executive’s designated work location is changed to a location that is greater than fifty (50) miles from that in effect immediately prior to the Transaction Closing Date.  

In order to invoke a termination for Good Reason, Executive must (i) provide the Company and Parent with written notice within ninety (90) days of the event that Executive believes constitutes Good Reason specifically identifying the acts or omissions constituting the grounds for Good Reason, (ii) provide a reasonable cure period of not less than thirty (30) days following Executive’s submission of the written notice, and (iii) actually resign from employment within ninety (90) days following the expiration of the cure period if the applicable event is not cured.  

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Exhibit A
FORM OF RELEASE
THIS RELEASE (this “Release”) is entered into between Stephen J. Boyle (“Executive”) and TD Ameritrade Holding Corporation (the “Company”) for the benefit of the Company and its affiliates and their respective successors, including The Charles Schwab Corporation (“Parent”).  The entering into and non-revocation of this Release is a condition to Executive’s right to receive certain payments and benefits under the Term Sheet entered into by and between Executive and the Company, dated as of [_____________], 20__ (the “Term Sheet”).  Capitalized terms used and not defined herein shall have the meaning provided in the Term Sheet.
Accordingly, Executive and the Company agree as follows.
1.    General Release and Waiver of Claims.  In consideration for the payments and other benefits provided to Executive pursuant to the Term Sheet, to which Executive is not otherwise entitled, and the sufficiency of which Executive acknowledges, Executive represents and agrees, as follows:
(a)    Release.  Executive, for himself, his heirs, administrators, representatives, executors, successors and assigns (collectively “Releasers”), hereby irrevocably and unconditionally releases, acquits and forever discharges and agrees not to sue the Parent or Company or any of their subsidiaries, divisions, affiliates and related entities and their current and former directors, officers, shareholders, trustees, employees, consultants, independent contractors, representatives, agents, servants, successors and assigns and all persons acting by, through or under or in concert with any of them (collectively “Releasees”), from any and all claims, rights and liabilities up to and including the date of this Release arising from or relating to Executive’s employment with, or termination of employment from, the Company and or Parent, under the Term Sheet and from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of actions, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected and any claims of wrongful discharge, breach of contract, implied contract, promissory estoppel, defamation, slander, libel, tortious conduct, employment discrimination or claims under any federal, state or local employment statute, law, order or ordinance, including any rights or claims arising under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), or any other federal, state or municipal ordinance relating to discrimination in employment.  Nothing contained herein shall restrict the parties’ rights to enforce the terms of this Release.
(b)    Proceedings; Whistleblower Rights.  To the maximum extent permitted by law, Executive agrees that he has not filed, nor will he ever file, a lawsuit asserting any claims that are released by this Release, or to accept any benefit from any lawsuit that might be filed by another person or government entity based in whole or in part on any event, act, or omission that is the subject of this Release.  Notwithstanding the foregoing, nothing in this Release shall impair Executive’s rights under the whistleblower provisions of any applicable federal law or regulation or, for the avoidance of doubt, limit Executive’s right to receive an award for information provided to any government authority under such law or regulation.
(c)    Exclusions.  Excluded from this Release are:  (i) any claims that cannot be waived by law; (ii) Executive’s rights to receive any payments of (x) base salary through the effective date of termination; (y) payment for accrued but unused paid time off; and (z) except in the event of a termination for Cause, payment of any earned but unpaid incentive; (iii) any rights Executive may have to receive vested amounts under any of the Company’s employee benefit plans and/or pension plans or programs; (iv) Executive’s rights in and to any equity or ownership interest that Executive continues to hold following his termination of employment; (v) Executive’s rights to medical benefit continuation 

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coverage pursuant to federal law (COBRA); (vi) any rights or claims that the law does not allow to be released and/or waived by private agreement; (vii) any rights or claims that are based on events occurring after the date on which Executive signs this Release; or (viii) any claims to indemnification or insurance coverage, including but not limited to “D&O coverage”, that Executive may have with respect to any claims made or threatened against Executive in Executive’s capacity as a director, officer or employee of the Company or the Releasees.  Nothing contained in this Release shall release Executive from his obligations, including any obligations to abide by the covenants set forth in the Term Sheet, the Associate Agreement dated March 25, 2015, by and between Executive and TD Ameritrade and any other restrictive covenants applicable to Executive that continue or are to be performed following termination of employment. 
(d)    EEOC Matters.  The parties agree that this Release shall not affect the rights and responsibilities of the U.S. Equal Employment Opportunity Commission (the “EEOC”) to enforce ADEA and other laws.  In addition, the parties agree that this Release shall not be used to justify interfering with Executive’s protected right to file a charge or participate in an investigation or proceeding conducted by the EEOC.  The parties further agree that Executive knowingly and voluntarily waives all rights or claims (that arose prior to Executive’s execution of this Release) the Releasers may have against the Releasees, or any of them, to receive any benefit or remedial relief (including, but not limited to, reinstatement, back pay, front pay, damages, attorneys’ fees, experts’ fees) as a consequence of any investigation or proceeding conducted by the EEOC.
(e)    Non-Disparagement.  Executive agrees that he will not in any way impair, harm or prejudice the name or reputation of the Company or the Parent or cause the Company or the Parent to appear in an unfavorable light, embarrass the Company or the Parent in any way or reduce or damage the business interests of the Company or the Parent and will refrain from making any statement about the Company or the Parent, whether true or untrue, that prejudices the Parent’s or the Company’s name, reputation or business in any way.  All inquiries by potential future employers of Executive shall be directed to the Parent’s or Company’s Human Resources Department.  Upon inquiry, the Company and/or the Parent shall only state the following:  Executive’s last position and dates of employment.
(f)    Cooperation.  Executive agrees to cooperate fully with the Company and/or the Parent in any matters that have or may result in a legal claim against the Company and/or the Parent (including but not limited to any audit, tax proceeding, litigation, arbitration, external or internal investigation, or government proceeding), and of which Executive may have knowledge as a result of Executive’s employment with the Company and/or the Parent.  This requires Executive, without limitation, to (1) make himself available upon reasonable request to provide information and assistance to the Company and/or the Parent on such matters without additional compensation, except for Executive’s out-of-pocket costs, and (2) notify the Company and/or the Parent promptly of any requests to Executive for information related to any pending or potential legal claim or litigation involving the Company and/or the Parent (including but not limited to any audit, tax proceeding, litigation, arbitration, external or internal investigation, or government proceeding), reviewing any such request with a designated representative of the Company and/or the Parent prior to disclosing any such information, and permitting the representative of the Company and/or the Parent to be present during any communication of such information.  The Company and/or the Parent hereby agrees to reimburse Executive for his reasonable and appropriate out-of-pocket costs and expenses incurred in connection with Executive’s cooperation in accordance with this Section.  
2.    Acknowledgements.  Executive acknowledges that the Company has specifically advised him of the right to seek the advice of an attorney concerning the terms and conditions of this Release.  Executive further acknowledges that he has been furnished with a copy of this Release, and he has been afforded [twenty-one (21)/forty-five (45)] days in which to consider the terms and conditions set forth above prior to this Release.  By executing this Release, Executive affirmatively states that he has had sufficient and reasonable time to review this Release and to consult with an attorney concerning his legal rights prior to the final execution of this Release.  Executive further agrees that he has carefully read this Release and fully understands its terms.  Executive understands that he may revoke this Release 

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within seven (7) days after signing this Release.  Revocation of this Release must be made in writing and must be received by [Name, Title and Address] within the time period set forth above.
3.    Governing Law.  This Release shall be governed by and construed in accordance with the laws of the state of New York, without giving effect to any choice of law or conflicting provision or rule (whether of the state of Texas or any other jurisdiction) that would cause the laws of any jurisdiction other than the state of New York to be applied.  In furtherance of the foregoing, the internal law of the state of New York shall control the interpretation and construction of this Release, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.  The provisions of this Release are severable, and if any part or portion of it is found to be unenforceable, all other parts and provisions shall remain fully valid and enforceable.
4.    Effectiveness.  This Release shall become effective and enforceable on the eighth day following its execution by Executive, provided that he does not exercise his right of revocation as described above.  If Executive fails to sign and deliver this Release or revokes his signature, this Release shall be without force or effect, and Executive shall not be entitled to the payments and benefits described in the Termination Section of the Term Sheet, except as otherwise explicitly stated therein.
EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS RELEASE AND THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY EXECUTES THE SAME AND MAKES THIS RELEASE AND THE RELEASE PROVIDED FOR HEREIN VOLUNTARILY AND OF EXECUTIVE’S OWN FREE WILL.	
					
	 
	 
	 
	

	 

	Date:
	 
	 
	 
	 

	 
	Stephen J. Boyle

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