Document:

EXHIBIT 10.14

 

CHANGE-IN-CONTROL SEVERANCE AGREEMENT

 

THIS AGREEMENT, dated as of February 26,
2013, by and between SeaChange International, Inc., with its principal place of business at 50 Nagog Park, Acton, MA 01720 (the
"Company"), and Anthony Dias (the "Executive").

 

WHEREAS, the Company considers it essential
to the best interests of its stockholders to foster the continuous employment of key management personnel, and recognizes that,
as is the case with many publicly held corporations, the possibility of a change in control may exist and that such possibility,
and the uncertainty and questions which it may raise among management, may result in the distraction or departure of management
personnel to the detriment of the Company and its stockholders; and

 

WHEREAS, the Board of Directors of the Company
has determined that appropriate steps should be taken to reinforce and encourage the Executive's continued attention and dedication
to the Executive's assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility
of a change in control of the Company, although no such change is presently known to be contemplated.

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Section 1

DEFINITIONS

 

Except as may otherwise be specified or
as the context may otherwise require, the following terms shall have the respective meanings set forth below whenever used herein:

 

"Annual Bonus" shall mean the
full-target annual bonus, if any, for which the Executive is eligible for the fiscal year in which a Covered Termination occurs.

 

"Base Salary" shall mean the annual
base rate of regular compensation of the Executive immediately before a Covered Termination, or if greater, the highest annual
such rate at any time during the 12-month period immediately preceding the Covered Termination.

 

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

 

"Cause" shall mean (i) the Executive's
engaging in willful and repeated gross negligence or gross misconduct, (ii) the Executive's breaching of a material fiduciary duty
to the Employer, or (iii) the Executive's being convicted of a felony, in either case, to the demonstrable and material injury
to the Employer. For purposes hereof, no act, or failure to act, on the Executive's part, shall be deemed "willful" unless
done, or omitted to be done, by the Executive not in good faith and without reasonable belief that any act or omission was in the
best interest of the Employer.

 

    	 

    	 

    

 

"Change in Control" shall mean
the first to occur, after the date hereof, of any of the following:

 

(i)          the
members of the Board at the beginning of any consecutive 12-calendar-month period (the “Incumbent Directors”) cease
for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director
whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the members of the Board then still in office who were members of the Board at the beginning of such 12-calendar-month period,
shall be deemed to be an Incumbent Director;

 

(ii) any consolidation or merger
of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately
after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act),
directly or indirectly, shares of Stock representing in the aggregate 50% or more of the combined voting power of the securities
of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any);

 

(iii) there shall occur (A) any
sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as
a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all
or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the voting securities of
which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale
or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

(iv) Any corporation or other
legal person, pursuant to a tender offer, exchange offer, purchase of stock (whether in a market transaction or otherwise) or other
transaction or event acquires securities representing 40% or more of the combined voting power of the voting securities of the
Company, or there is a report filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form or report), each
as promulgated pursuant to the U.S. Securities Exchange Act, disclosing that any "person" (as such term is used in Section 13(d)(3)
or Section 14(d)(2) of the Securities Exchange Act) has become the "beneficial owner" (as such term is used in Rule 13d-3
under the Securities Exchange Act) of securities representing 40% or more of the combined voting power of the voting securities
of the Company.

 

Notwithstanding the foregoing, none of the
foregoing event(s) shall constitute a Change in Control unless such event(s) constitute a “change in the ownership or effective
control” or a change “in the ownership of a substantial portion of the assets,” in each case within the meaning
of Section 409A(a)(2)(A)(v) of the Code and any regulations and other guidance in effect from time-to-time thereunder including,
without limitation, Notice 2005-1.

 

Upon the occurrence of a Change in Control as provided above,
no subsequent event or condition shall constitute a Change in Control for purposes of this Agreement, with the result that there
can be no more than one Change in Control hereunder.

 

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"Code" shall mean the Internal
Revenue Code of 1986, as amended.

 

"Company" shall mean, subject
to Section 4.1(a), SeaChange International, Inc., a Delaware corporation.

 

"Covered Termination" shall mean
if, within the one-year period immediately following a Change in Control, the Executive (i) is terminated by the Employer without
Cause (other than on account of death or Disability), or (ii) terminates the Executive's employment with the Employer for Good
Reason. The Executive shall not be deemed to have terminated for purposes of this Agreement merely because he or she ceases to
be employed by the Employer and becomes employed by a new employer involved in the Change in Control; provided that such new employer
shall be bound by this Agreement as if it were the Employer hereunder with respect to the Executive. It is expressly understood
that no Covered Termination shall be deemed to have occurred merely because, upon the occurrence of a Change in Control, the Executive
ceases to be employed by the Employer and does not become employed by a successor to the Employer after the Change in Control if
the successor makes an offer to employ the Executive on terms and conditions which, if imposed by the Employer, would not give
the Executive a basis on which to terminate employment for Good Reason.

 

"Date of Termination" shall mean
the date on which a Covered Termination occurs.

 

"Disability" shall mean the occurrence
after a Change in Control of the incapacity of the Executive due to physical or mental illness, whereby the Executive shall have
been absent from the full-time performance of the Executive's duties with the Employer for six consecutive months or, in any one
year period, for an aggregate of six months.

 

"Employer" shall mean the Company
(if and for so long as the Executive is employed thereby) and each Subsidiary which may now or hereafter employ the Executive or,
where the context so requires, the Company and such Subsidiaries collectively. A subsidiary which ceases to be, directly or indirectly,
through one or more intermediaries, controlling, controlled by or under common control with the Company prior to a Change in Control
(other than in connection with and as an integral part of a series of transactions resulting in a Change in Control) shall, automatically
and without any further action, cease to be (or be part of) the Employer for purposes hereof.

 

"Good Reason" shall mean, without
the express written consent of the Executive, the occurrence after a Change in Control of any of the following circumstances, unless
such circumstances are fully corrected prior to the Date of Termination specified in the Notice of Termination given in respect
thereof:

 

(i) the material reduction of
the Executive's title, or the reduction of the Executive's authority, duties or responsibilities, or the assignment to the Executive
of any duties inconsistent with Executive's position, authority, duties or responsibilities from those in effect immediately prior
to the Change in Control;

 

(ii) a reduction in the Executive's
Base Salary as in effect immediately before the Change in Control;

 

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(iii) a material reduction in
the Executive's aggregate compensation opportunity, comprised only of the Executive's (A) Base Salary, and (B) bonus opportunity
(taking into account, without limitation, any target, minimum and maximum amounts payable and the attainability and otherwise the
reasonableness of any performance hurdles, goals and other measures), if any;

 

(iv) the Company's requiring the
Executive to be based at any office or location more than 75 miles from that location at which the Executive performed Executive's
services immediately prior to the occurrence of a Change in Control, except for travel reasonably required in the performance of
the Executive's responsibilities;

 

(v) the failure of the Company
to obtain a reasonable agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 4.1(a);

 

(vi) the failure of the Company
to pay the Executive any amounts due hereunder; or

 

(vii) any other material breach
by the Company of this Agreement.

 

"Notice of Termination" shall
mean a notice given by the Employer or Executive, as applicable, which shall indicate the date of termination and the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the provisions so indicated.

 

"Person" shall have the meaning
ascribed thereto by Section 3(a)(9) of the Securities Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof (except
that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant
to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportion as their ownership of stock of the Company, or (v) such Executive or any "group" (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act) which includes the Executive).

 

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

 

"Stock" shall mean the common
stock, $.01 par value, of the Company

 

"Subsidiary" shall mean any entity,
directly or indirectly, through one or more intermediaries, controlled by the Company.

 

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Section 2

BENEFITS

 

2.1           If
a Change in Control occurs, then:

 

(a) (i) any and all outstanding unvested stock
options and stock appreciation rights held by the Executive shall immediately prior to the Change in Control automatically vest
and become immediately exercisable in accordance with their terms, and (ii) notwithstanding anything to the contrary contained
in clause (i), upon a termination of employment (regardless of the party initiating the termination, for any reason or no reason),
all stock options and stock appreciation rights held by the Executive shall be exercisable for the lesser of (A) the remainder
of the generally applicable term of the stock options or stock appreciation rights, which is measured from the date of grant thereof,
and (B) three years from the date of such termination; provided that nothing in this Section 2.1(a) shall reduce or otherwise adversely
affect the rights under such stock options and stock appreciation rights that the Executive would have without regard to this Section
2.1(a); and

 

(b) any and all restricted stock and restricted
stock rights then held by the Executive shall immediately prior to the Change in Control fully vest and become immediately transferable
free of restrictions, other than restrictions imposed by applicable law.

 

2.2           If
a Covered Termination occurs, then (subject to the provisions of Section 2.3(b)) the Executive shall be entitled hereunder
to the following:

 

(a) the Company shall pay to the Executive
an amount equal to the sum of twelve (12) months of (i) the Executive's Base Salary and (ii) the Executive's Annual Bonus;

 

(b) for a period of one (1) year after
such termination, the Employer shall arrange to make available to the Executive medical, dental, group life that are at least at
a level (and cost to the Executive) that is substantially similar in the aggregate to the level of such benefits which was available
to the Executive immediately prior to the Change in Control;

 

(c) the Employer shall provide the Executive
with outplacement service through a bona fide outplacement organization reasonably acceptable to the Executive that agrees to supply
the Executive with outplacement counseling, a private office and administrative support including telephone service until the earlier
of one year from the Date of Termination or until such time that Executive secures employment;

 

(d) the Company shall pay for the Executive
to receive financial planning services for which the Company pays not more than $5,000; and

 

(e) the Company shall provide the Executive
with a payment for any accrued but unused vacation.

 

2.3           (a)
The payments provided for in Section 2.2 shall (except as otherwise expressly provided therein or as provided in Section 2.3(b)
or Section 2.4(b), or as otherwise expressly provided hereunder) be made on the business day coinciding with or next following
the 30th day following the Date of Termination (the “Payment Date”).

 

Notwithstanding any other provision
of this Agreement, if the Executive is a “specified employee” as defined in Section 409A of the Code, any payment under
this Agreement that would constitute deferred compensation for purposes of Section 409A of the Code that is payable on account
of the Executive’s separation from service shall be made in accordance with Section 2.4(b) hereof.

 

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(b) Notwithstanding any other provision
of this Agreement to the contrary, no payment or benefit otherwise provided for under or by virtue of the foregoing provisions
of this Agreement shall be paid or otherwise made available unless, on or before the Payment Date, the Executive has executed and
not revoked a valid, binding and irrevocable general release of claims in favor of the Employer, in form and substance reasonably
acceptable to the Employer. The failure by the Executive to timely deliver (and not revoke) a valid and binding release shall result
in the forfeiture of all payments and benefits under this Agreement.

 

2.4 The Company and the Executive acknowledge
and agree that the provisions for payments and benefits or reimbursements in Sections 2.2 and 3.1 of this Agreement (the “Deferred
Compensation”) may constitute a “nonqualified deferred compensation plan” that is subject to Section 409A. The
Company and the Executive intend to administer the Deferred Compensation in a manner that at all times is either exempt from or
complies in form and operation with the applicable limitations and standards of Section 409A. Therefore, notwithstanding anything
else contained herein, the following limitations are expressly imposed with respect to the Deferred Compensation.

 

(a) The Executive’s entitlement to receive
or begin receiving payment of the Deferred Compensation is conditioned upon the Executive’s separation from service. For
this purpose, the Executive shall have separated from service if and only if his level of services to the Company and its affiliates
decreases and is expected to remain at a level equal to twenty percent (20%) or less of the average level of services performed
by the Executive during the immediately preceding 36-month period.

 

(b) If the Executive is a “specified
employee” as defined in Section 409A with respect to the Company upon his separation from service, then any payment required
hereunder, to the extent such payment would constitute deferred compensation for purposes of Section 409A that is payable on account
of the Executive’s separation from service, shall be deferred and shall not be paid to the Executive until the date that
is the later of (1) the date such payment is due under the terms of this Agreement, or (2) 6 months and 1 day following the date
of the Executive’s separation from service.

 

(c) It is intended that each installment,
if any of the payments and benefits constituting Deferred Compensation shall be treated as a separate “payment” for
purposes of Section 409A. Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any
such payments or benefits except to the extent specifically permitted or required by Section 409A.

 

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(d) All reimbursements and in-kind benefits
provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent
that such reimbursements or in-kind benefits are subject to Section 409A. All expenses or other reimbursements that are taxable
income to the Executive shall in no event be paid later than the last day of the second taxable year following the taxable year
in which the Executive separated from service. With regard to any provision herein for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section 409A, the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable
year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided
that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b)
of the Internal Revenue Code solely because such expenses are subject to a limit related to the period the arrangement is in effect
and such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which
the expense was incurred.

 

Section 3

PARACHUTE TAX PROVISIONS

 

3.1           If
all, or any portion, of the payments and benefits provided under this Agreement, if any, either alone or together with other payments
and benefits which the Executive receives or is entitled to receive from the Company or its affiliates, (the “Total Payments”)
would constitute an excess "parachute payment" within the meaning of Section 280G of the Code (whether or not under an
existing plan, arrangement or other agreement) and would result in the imposition on the Executive of an excise tax under Section
4999 of the Code (the “Excise Tax”), then the Executive shall be paid or provided, as the case may be, the Total Payments
unless the after-tax amount that would be retained by the Executive (after taking into account any and all applicable federal,
state and local excise, income or other taxes payable by the Executive, including the Excise Tax) is less than the after-tax amount
that would be retained by the Executive (after taking into account any and all applicable federal, state and local excise, income
or other taxes payable by the Executive, including the Excise Tax) if the Executive were instead to be paid or provided, as the
case may be, the maximum amount of the Total Payments that the Executive could receive without being subject to the Excise Tax
(the “Reduced Payments”), in which case the Executive shall be entitled only to the Reduced Payments.

 

3.2           Except
as may otherwise be agreed to by the Company and the Executive, the amount or amounts (if any) payable under this Section 3 shall
be determined, at the sole cost of the Company, by the Company's independent auditors (who served in such capacity immediately
prior to the Change in Control), whose determination or determinations shall be final and binding on all parties. The Executive
hereby agrees to utilize such determination or determinations, as applicable, in filing all of the Executive's tax returns with
respect to the excise tax imposed by Section 4999 of the Code. If such independent auditors refuse to make the required determinations,
then such determinations shall be made by a comparable independent accounting firm of national reputation reasonably selected by
the Company. Notwithstanding any other provision of this Agreement, the Executive hereby agrees to be bound by and comply with
the provisions of this Section 3.2.

 

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Section 4

MISCELLANEOUS

 

4.1           (a)
The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume and agree to perform under the terms of this Agreement
in the same manner and to the same extent that the Company and its affiliates would be required to perform it if no such succession
had taken place (provided that such a requirement to perform which arises by operation of law shall be deemed to satisfy the requirements
for such an express assumption and agreement), and in such event the Company (as constituted prior to such succession) shall have
no further obligation under or with respect to this Agreement. Failure of the Company to obtain such assumption and agreement with
respect to the Executive prior to the effectiveness of any such succession shall be a breach of the terms of this Agreement with
respect to the Executive and shall entitle the Executive to compensation from the Employer (as constituted prior to such succession)
in the same amount and on the same terms as the Executive would be entitled to hereunder were the Executive's employment terminated
for Good Reason following a Change in Control, except that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination. As used in this Agreement, "Company" shall mean
the Company as hereinbefore defined and any successor to its business or assets as aforesaid which assumes and agrees (or is otherwise
required) to perform this Agreement. Nothing in this Section 4.1(a) shall be deemed to cause any event or condition which would
otherwise constitute a Change in Control not to constitute a Change in Control.

 

(b) Notwithstanding Section 4.1(a), the
Company shall remain liable to the Executive upon a Covered Termination after a Change in Control if the Executive is not offered
continuing employment by a successor to the Employer on a basis which would not constitute a termination for Good Reason.

 

(c) This Agreement, and the Executive's
and the Company's rights and obligations hereunder, may not be assigned by the Executive or, except as provided in Section 4.1(a),
the Company, respectively; any purported assignment by the Executive or the Company in violation hereof shall be null and void.

 

(d) The terms of this Agreement shall inure
to the benefit of and be enforceable by the personal or legal representatives, executors, administrators, permitted successors,
heirs, distributees, devisees and legatees of the Executive. If the Executive shall die while an amount would still be payable
to the Executive hereunder if they had continued to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's devisee, legatee or other designee or, if there is no such designee,
the Executive's estate.

 

4.2           Except
as expressly provided in Section 2.2, the Executive shall not be required to mitigate damages or the amount of any payment or benefit
provided for under this Agreement by seeking other employment or otherwise, nor will any payments or benefits hereunder be subject
to offset in the event the Executive does mitigate.

 

4.3           The
Employer shall pay all reasonable legal fees and expenses incurred in a legal proceeding by the Executive in seeking to obtain
or enforce any right or benefit provided by this Agreement. Such payments are to be made within twenty days after the Executive's
request for payment accompanied with such evidence of fees and expenses incurred as the Employer reasonably may require; provided
that if the Executive institutes a proceeding and the judge or other decision-maker presiding over the proceeding affirmatively
finds that the Executive has failed to prevail substantially, the Executive shall pay Executive's own costs and expenses (and,
if applicable, return any amounts theretofore paid on the Executive's behalf under this Section 4.3).

 

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4.4           For
the purposes of this Agreement, notice and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given when hand delivered or mailed by United States certified or registered express mail, return receipt
requested, postage prepaid, if to the Executive, addressed to the Executive at his or her respective address on file with the Company;
if to the Company, addressed to SeaChange International, Inc., 50 Nagog Park, Acton, MA 01720, and directed to the attention of
its Chief Financial Officer; if to the Board, addressed to the Board of Directors, c/o 50 Nagog Park, Acton, MA 01720, and directed
to the Company's Chief Financial Officer; or to such other address as any party may have furnished to the others in writing in
accordance herewith, except that notice of change of address shall be effective only upon receipt.

 

4.5           Unless
otherwise determined by the Employer in an applicable plan or arrangement, no amounts payable hereunder upon a Covered Termination
shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement
of the Employer for the benefit of its employees.

 

4.6           This
Agreement is the exclusive arrangement with the Executive applicable to payments and benefits in connection with a change in control
of the Company (whether or not a Change in Control), and supersedes any prior arrangements involving the Company or its predecessors
or affiliates relating to changes in control (whether or not Changes in Control). This Agreement shall not limit any right of the
Executive to receive any payments or benefits under an employee benefit or executive compensation plan of the Employer, initially
adopted as of or after the date hereof, which are expressly contingent thereunder upon the occurrence of a change in control (including,
but not limited to, the acceleration of any rights or benefits thereunder); provided that in no event shall the Executive be entitled
to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by the Executive under
any severance or similar plan or policy of the Employer, and in any such case the Executive shall only be entitled to receive the
greater of the two payments.

 

4.7           Any
payments hereunder shall be made out of the general assets of the Employer. The Executive shall have the status of general unsecured
creditor of the Employer, and this Agreement constitutes a mere promise by the Employer to make payments under this Agreement in
the future as and to the extent provided herein.

 

4.8           Nothing
in this Agreement shall confer on the Executive any right to continue in the employ of the Employer or interfere in any way (other
than by virtue of requiring payments or benefits as may expressly be provided herein) with the right of the Employer to terminate
the Executive's employment at any time.

 

4.9           The
Employer shall be entitled to withhold from any payments or deemed payments any amount of tax withholding required by law.

 

4.10         Any
controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that is not resolved by the Employer
and the Executive shall be submitted to arbitration in Boston, Massachusetts, in accordance with Massachusetts law and the procedures
of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Employer
and Executive and judgment may be entered on the arbitrator(s)' award in any court having jurisdiction.

 

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4.11         This
Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument
signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any
such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or
further exercise thereof or the exercise of any other such right, power or privilege.

 

4.12         The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement which shall remain in full force and effect.

 

4.13         The
use of captions in this Agreement is for convenience. The captions are not intended to and do not provide substantive rights.

 

4.14         THIS
AGREEMENT SHALL BE CONSTRUED, ADMINISTERED AND ENFORCED ACCORDING TO THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAW, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.

 

IN WITNESS WHEREOF, the parties hereto
have signed their names, effective as of the date first above written.

 

	 	SEACHANGE INTERNATIONAL, INC.
	 	 	 
	 	By:	  /s/ Raghu Rau	 
	 	Name:  Raghu Rau	 
	 	Title:  Chief Executive Officer	 
	 	 	 
	 	EXECUTIVE:	 
	 	 	 
	 	/s/ Anthony Dias	 
	 	Name:  Anthony Dias	 
	 	 	 	 

 

    	- 10 -EXHIBIT 10.15

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is made and entered into as of February 26, 2013 by and between SeaChange International,
Inc., a Delaware corporation (the “Company”), and _______________ (“Indemnitee”).

 

RECITALS

 

A.           It
is essential that the Company be able to attract and retain well qualified directors and officers;

 

B.           Competent
and experienced persons may be reluctant to serve or to continue to serve as directors or officers of corporations unless they
are protected by comprehensive liability insurance or indemnification, or both, due to increased exposure to litigation costs and
risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no reasonable relationship
to the compensation of such directors or officers and the defense or settlement of such litigation is often beyond the personal
resources of such directors or officers;

 

C.           The
Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) provides
for the indemnification of the officers and directors of the Company to the maximum extent authorized by Section 145 of the Delaware
General Corporation Law, as amended (“DGCL”);

 

D.           The
Certificate of Incorporation and DGCL, by their non-exclusive nature, permit agreements between the Company and the directors or
officers of the Company with respect to indemnification of such directors or officers;

 

E.           In
accordance with the authorization as provided by the Certificate of Incorporation and DGCL, the Company may purchase and maintain
a policy or policies of directors’ and officers’ liability insurance (“D & O Insurance”), covering
certain liabilities which may be incurred by its directors or officers in the performance of their obligations of the Company;

 

F.           It
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, its directors and officers to the fullest extent permitted by applicable law so that they will serve or continue to
serve the Company free from undue concern that they will not be so indemnified;

 

G.           In
order to induce Indemnitee to continue to serve as a director or officer of the Company, the Company has agreed to enter into this
Agreement with Indemnitee; and

 

H.           This
Agreement is intended to be an “accountable plan” within the meaning of Treas. Reg. 1.62-2(c), and shall be interpreted
to achieve that purpose.

 

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NOW, THEREFORE, in
consideration of Indemnitee’s service as a director after the date hereof, the parties hereto agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the meanings indicated:

 

(a) “Board”
shall mean the Board of Directors of the Company.

 

(b) “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

		(i)	the members of the Board at the beginning of any consecutive 12-calendar-month period (the “Incumbent Directors”)
cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director
whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the members of the Board then still in office who were members of the Board at the beginning of such 12-calendar-month period,
shall be deemed to be an Incumbent Director;

 

		(ii)	any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or
merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, shares of the Company’s common stock, $0.01 par value, representing in the aggregate
50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or
merger (or of its ultimate parent corporation, if any);

 

		(iii)	there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated
or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition
by the Company of all or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned by persons in substantially the same proportion as their ownership of the Company immediately
prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution
of the Company; or

 

		(iv)	Any corporation or other legal person, pursuant to a tender offer, exchange offer, purchase of stock (whether in a market transaction
or otherwise) or other transaction or event acquires securities representing 40% or more of the combined voting power of the voting
securities of the Company, or there is a report filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form
or report), each as promulgated pursuant to the Exchange Act, disclosing that any "person" (as such term is used in Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act) has become the "beneficial owner" (as such term is used in Rule 13d-3
under the Exchange Act) of securities representing 40% or more of the combined voting power of the voting securities of the Company.

 

    	- 2 -

    	 

    

 

(c) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent, trustee or fiduciary of
the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such
person is or was serving at the express written request of the Company.

 

(d) “Court”
means the Court of Chancery of the State of Delaware, the court in which the Proceeding in respect of which indemnification is
sought by Indemnitee shall have been brought or is pending, or another court having subject jurisdiction and personal jurisdiction
over the parties.

 

(e) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(f) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
of which Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent, trustee
or fiduciary.

 

(g) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

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

 

(i) “Good
Faith” means Indemnitee having acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interest of the Company or, in the case of an Enterprise which is an employee benefit plan, the best interests of the
participants or beneficiaries of said plan, as the case may be, and, with respect to any Proceeding which is criminal in nature,
having had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 

    	- 3 -

    	 

    

 

(j) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the standards of professional
conduct then prevailing and applicable to such counsel, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(k) “Proceeding”
includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any internal corporate
investigation), inquiry, administrative hearing or any other actual, threatened, or completed proceeding whether civil, criminal,
administrative or investigative, other than one initiated by Indemnitee without the approval of the Board. For purposes of the
foregoing sentence, a “Proceeding” shall not be deemed to have been initiated by Indemnitee where Indemnitee
seeks to enforce Indemnitee’s rights under this Agreement.

 

2.        Indemnification.

 

(a)          In
General. In connection with any Proceeding, the Company shall indemnify, and advance Expenses to, Indemnitee as provided in
this Agreement to the fullest extent permitted by applicable law, as such may be amended from time to time.

 

(b)          Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section 2(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a
party to or is otherwise involved in any Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this
Section 2(b), Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in Good Faith.

 

(c)          Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
2(c) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or is otherwise
involved in any Proceeding brought by or in the right of the Company. Pursuant to this Section 2(c), Indemnitee shall be
indemnified against all Expenses and amounts paid in settlement, actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding if Indemnitee acted in Good Faith. Notwithstanding the foregoing, no such indemnification
shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be
liable to the Company or if applicable law prohibits such indemnification; provided, however, that, if applicable law so
permits, indemnification may nevertheless be made by the Company in such event if and only to the extent that the Court which is
considering the matter shall determine.

 

    	- 4 -

    	 

    

 

(d)          Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, Indemnitee shall be indemnified to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee to the maximum extent permitted
by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 2(d) and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter.

 

(e)          Indemnification
for Expenses in Enforcing Rights.    To the fullest extent allowable under applicable law, the Company
shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section
5, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee
for (a) indemnification, contribution or reimbursement or advance payment of Expenses by the Company under any provision of this
Agreement, or under any other agreement or provision of the Certificate of Incorporation now or hereafter in effect relating to
a Proceeding, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the
Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery,
as the case may be. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is
made that such action brought by Indemnitee was frivolous or not made in good faith.         

 

3.          Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee with respect to any Proceeding, or any claim, issue, or matter in a Proceeding, and the Company is jointly liable with
Indemnitee for such Proceeding, claim, issue, or matter, the Company, in lieu of indemnifying Indemnitee, shall contribute to the
amount incurred by Indemnitee (whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement
and for reasonably incurred Expenses in connection with such claim), in such proportion as is deemed fair and reasonable in light
of the circumstances. The following factors shall be considered when determining the amount of such contribution: (i) the relative
benefits received by the Company and Indemnitee as a result of the event(s) or transaction(s) giving cause to such Proceeding,
claim, issue or matter, and (ii) the relative fault of the Company (and its other directors, officers, employees and agents) and
Indemnitee in connection with such event(s) or transaction(s).

 

4.          Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of Indemnitee’s Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to
which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

    	- 5 -

    	 

    

 

5.          Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all reasonable Expenses, which,
by reason of Indemnitee’s Corporate Status, were or are expected to be incurred by or on behalf of Indemnitee in connection
with any Proceeding, within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred or are expected to be incurred by Indemnitee. The amount advanced shall not exceed the amount of
anticipated expenditures, and the advance shall be made not more than thirty (30) days before the anticipated expenditures are
expected to be incurred. Execution and delivery to the Company of this Agreement by Indemnitee constitutes an undertaking by the
Indemnitee to repay within thirty (30) days any amounts paid, advanced or reimbursed by the Company pursuant to this Section
5 in respect of Expenses relating to, arising out of or resulting from any Proceeding in respect of which (a) it shall be determined
pursuant to Section 6, following the final disposition of such Proceeding, that Indemnitee is not entitled to indemnification
hereunder or (b) the amount paid, advanced or reimbursed exceeds the amount substantiated pursuant to Section 6(a). No other
form of undertaking shall be required other than the execution of this Agreement. Any advances and undertakings to repay pursuant
to this Section 5 shall be unsecured and interest free. Advancement of Expenses pursuant to this Section 5 shall
not require approval of the Board or the stockholders of the Company, or of any other person or body. The Secretary of the Company
shall promptly advise the Board in writing of the request for advancement of Expenses, of the amount and other details of the advance
and of the written undertaking to make repayment pursuant to this Section 5.

 

6.          Procedures
and Presumptions for Determination of Entitlement to Indemnification and Defense of Claims.

 

(a)          Initial
Request. To obtain indemnification under this Agreement (other than advancement of Expenses pursuant to Section 5),
Indemnitee shall within a reasonable period of time submit to the Company a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine the specific nature
of each expense and its relationship to the Company’s business activities, and whether and to what extent Indemnitee is entitled
to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the
Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide
such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability
that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of
the Company or such request is not made within a “reasonable period of time” within the meaning of Treas. Reg. 1.62-1(g).

 

(b)          Method
of Determination. A determination with respect to Indemnitee’s entitlement to indemnification shall be made in the specific
case as soon as practicable by one of the following four methods, which shall be at the election of the Board: (1) by a majority
vote of the Disinterested Directors, even though less than a quorum; (2) by a committee of Disinterested Directors designated by
a majority vote of the Disinterested Directors, even though less than a quorum; (3) if there are no Disinterested Directors or
if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to the Indemnitee; or (4) if so directed by the Board, by the stockholders of the Company; notwithstanding the foregoing, following
a Change in Control, a determination with respect to Indemnitee’s entitlement to indemnification shall be made by Independent
Counsel.

 

    	- 6 -

    	 

    

 

(c)          Selection,
Payment, and Discharge of Independent Counsel. In the event the determination of entitlement to indemnification is to be made
by Independent Counsel pursuant to Section 6(b) of this Agreement, the Independent Counsel shall be selected, paid, and
discharged in the following manner:

 

(i) The Independent
Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising the Company of the identity
of the Independent Counsel so selected.

 

(ii) Following
the initial selection described in Section 6(c)(i), the Company may, within ten (10) days after such written notice of selection
has been given, deliver to Indemnitee a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection
is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit.

 

(iii) Either
the Company or Indemnitee may petition a Court if the parties have been unable to agree on the selection of Independent Counsel
within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a)
of this Agreement. Such petition may request resolution of any objection made by the Company to Indemnitee’s selection of
Independent Counsel and/or seek the appointment as Independent Counsel of a person selected by the Court or by such other person
as the Court shall designate. A person so appointed shall act as Independent Counsel under Section 6(b) of this Agreement.

 

(iv) The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection
with acting pursuant to this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of
this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(d)          Standard
of Proof. In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity
making such determination shall presume that Indemnitee has acted in Good Faith. The Company shall indemnify Indemnitee unless,
and only to the extent that, the Company shall prove by clear and convincing evidence to the person or persons or entity making
such determination that Indemnitee has not acted in Good Faith.

 

(e)          Reliance
as Safe Harbor; Actions of Others. For purposes of any determination of Good Faith, Indemnitee shall be deemed to have acted
in Good Faith if Indemnitee’s action is taken in reliance on the records or books of account of the Enterprise, including
financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties,
or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an
independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In
addition, the knowledge and/or actions, or failure to act, of any director, officer, employee, agent, trustee or fiduciary of the
Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

    	- 7 -

    	 

    

 

(f)          Cooperation.
Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement
to indemnification under this Agreement, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available
to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom.

 

(g)          Successful
on the Merits. The Company acknowledges that a settlement or other disposition short of final judgment may be successful if
it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding
to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be
presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome
this presumption shall have the burden of proof by clear and convincing evidence.

 

(h)          Effect
of Other Proceeding. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement
or conviction, or upon a plea of guilty or of nolo contendere or its equivalent, shall not (except as otherwise expressly provided
in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee
did not act in Good Faith.

 

(i)          Defense
of Claim. With respect to any Proceeding to which Indemnitee shall have requested indemnification in accordance with this Section
6:

 

(i)  The Company
shall be entitled to participate in the defense at its own expense.

 

(ii)
Except as otherwise provided below, the Company jointly with any other indemnifying party shall be entitled to assume the
defense with counsel reasonably satisfactory to Indemnitee (“Outside Counsel”). After assumption by the
Company of the defense of a suit, the Company shall not be liable to Indemnitee under this Section for any legal or other
expenses subsequently incurred by Indemnitee in connection with the defense of the Proceeding other than reasonable costs of
investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in
such Proceeding but the fees and expenses of such counsel incurred after assumption by the Company of the defense shall be at
the expense of Indemnitee, unless (i) the employment of counsel by Indemnitee has been authorized in writing by the Company,
(ii) Indemnitee shall have concluded reasonably that there may be a conflict of interest between the Company and Indemnitee
in the conduct of the defense of such action and such conclusion has been confirmed in writing by Independent Counsel, or
(iii) the Company shall not in fact have employed Outside Counsel to assume the defense of such Proceeding. The Company shall
not be entitled to assume the defense of Indemnitee in any Proceeding brought by or in the right of the Company or as to
which Indemnitee shall have made the conclusion provided for in (ii) above and such conclusion shall have been so confirmed
by the Company’s Outside Counsel.

 

    	- 8 -

    	 

    

 

(iii) Notwithstanding
any provision of this Section to the contrary, the Company shall not be liable to indemnify Indemnitee under this Section for any
amounts paid in settlement of any Proceeding or claim effected without the Company’s written consent, which shall not unreasonably
be withheld or delayed. The Company shall not settle any Proceeding or claim in any manner which would impose any penalty or limitation
on, or disqualification of, Indemnitee for any purpose or would materially harm the reputation of Indemnitee without Indemnitee’s
written consent. Neither the Company nor Indemnitee will unreasonably withhold their consent to any proposed settlement.

 

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

 

7.          Non-Exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)          Non-Exclusivity.
The rights of indemnification, contribution and to receive advancement of Expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation,
the Amended and Restated By-Laws of the Company (“By-Laws”), any agreement, a vote of stockholders, a resolution
of directors, or otherwise. No amendment, alteration, or repeal of this Agreement or any provision hereof shall be effective as
to Indemnitee with respect to any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such
amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater
indemnification than would be afforded currently under the Certificate of Incorporation, the By-Laws and this Agreement, it is
the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change
and Indemnitee shall be deemed to have such greater right hereunder. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

    	- 9 -

    	 

    

 

(b)          Insurance.
The Company may maintain an insurance policy or policies against liability arising out of this Agreement or otherwise. To the extent
that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or
agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, the Company shall obtain coverage for Indemnitee under such policy
or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee,
agent or fiduciary under such policy or policies. To the extent the Company maintains an insurance policy or policies and obtains
coverage for Indemnitee in accordance with the immediately preceding sentence, in the event of a Change in Control, the Company
shall make reasonable efforts to ensure that the entity surviving such Change in Control (the “Surviving Entity”)
maintains such coverage for a period of six (6) years after such Change in Control. If, at the time of the receipt of a notice
of a claim pursuant to the terms hereof, the Company or Surviving Entity has directors' and officers' liability insurance in effect,
the Company or Surviving Entity shall give prompt notice of the commencement of such proceeding to the insurers in accordance with
the procedures set forth in the respective policies. The Company or Surviving Entity shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

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

 

(d)          No
Duplicate Payment. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise. The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, employee, agent, trustee or fiduciary of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise. If the Indemnitee receives such an amount after payment by the Company to the Indemnitee, then the Indemnitee
shall return such amount to the Company within thirty (30) days.

 

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

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the intent
of the parties is that the Company shall be the indemnitor of first resort of Indemnitee with respect to matters for which indemnification,
contribution and advancement or reimbursement of Expenses is provided under this Agreement and that the Company will be obligated
to make all payments due to or for the benefit of Indemnitee under this Agreement without regard to any rights that Indemnitee
may have against a third party; or

 

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

 

    	- 10 -

    	 

    

 

9.          Term
of Agreement. This Agreement shall continue until and terminate upon the later of: (i) ten (10) years after the date that Indemnitee
shall have ceased to serve as a director, officer, employee, agent, trustee or fiduciary of the Company or of any other Enterprise;
or (ii) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or
advancement of expenses hereunder; or (iii) the expiration of the statute of limitations with respect to any cause of action that
arose or is alleged to have arisen during Indemnitee’s service as a director, officer, employee, agent, trustee or fiduciary
of the Company or of any other Enterprise and that could be asserted in a Proceeding in respect of which Indemnitee is entitled
to be indemnified hereunder.

 

10.         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors, administrators and personal
and legal representatives.

 

11.         Enforcement.

 

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

 

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

 

(c)          The
Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting
Indemnitee's rights to receive advancement of expenses under this Agreement.

 

12.         Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision
shall be deemed modified, consistent with the intent manifested by such provision, to the extent necessary to resolve such conflict.

 

13.         Modification
and Waiver. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

    	- 11 -

    	 

    

 

14.         Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay actually
and materially prejudices the Company.

 

15.         Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been
duly given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if
sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:

 

(a)          To
Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)          To
the Company at:

 

SeaChange International,
Inc.

50 Nagog Park

Acton, MA 01720

Attention: Chief Financial Officer

 

With a copy to:

< --- >

 

or to such other address
as may be furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

16.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

17.         Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

18.         Governing
Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws rules.

 

    	- 12 -

    	 

    

 

19.         Section
409A Compliance. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code of 1986,
as amended, and it shall be interpreted for that purpose. No reimbursement shall be made after the last day of the Indemnitee’s
taxable year following the taxable year in which the expense was incurred.

 

SIGNATURE PAGE TO
FOLLOW

 

    	- 13 -

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	SEACHANGE INTERNATIONAL, INC. 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 

 

    	- 14 -

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