Document:

SERVICE AGREEMENT - NEWMARKET CORPORATION

  
 Exhibit 10.4

  
 SERVICES AGREEMENT 
  
 This Services Agreement, dated as of July 1, 2004, by and between NewMarket
Services Corporation, a Virginia corporation (“NewMarket Services”), and NewMarket Corporation, a Virginia corporation (“New Market Corporation”), recites and provides: 
  
 WHEREAS, NewMarket Services and NewMarket Corporation desire to enter into
this Agreement to set forth the roles and responsibilities with regard to services to be provided by NewMarket Services to NewMarket Corporation. 
  
 NOW, THEREFORE, the parties agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1. Affiliate 
  
 “Affiliate” of a Person shall mean a Person that
directly or indirectly controls, is controlled by, or is under common control with, the first Person. For purposes of this definition, “Control” when used with respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlling” and “Controlled” have meanings correlative to the foregoing. 
  
 1.2. AOP 
  
 “AOP” shall have the meaning specified in
Section 5.1. 
  
 1.3. Confidential Information

  
 “Confidential Information” shall
have the meaning specified in Section 7.1. 
  
 1.4.
Governmental Authority 
  
 “Governmental Authority shall mean any federal, state, local, or foreign government or governmental, quasi-governmental, administrative or regulatory authority, agency, body, or entity, including any court or other tribunal.

  
 1.5. Parties 
  
 “Parties shall mean NewMarket Services and NewMarket
Corporation (Party means either NewMarket Services or NewMarket Corporation). 
  
 1.6. Person 
  
 “Person” shall mean an individual, corporation, partnership, trust, association, or entity of any kind or nature; or a Governmental Authority. 
  

 1.7. Records 
  
 “Records” shall have the meaning specified in Section 2.3. 
  
 1.8. Representative 
  
 “Representative” shall have the meaning specified
in Section 4.1. 
  
 1.9. Services 
  
 “Services” shall have the meaning specified in
Section 2.1. 
  
 ARTICLE II 
 SERVICES TO BE PROVIDED 
  
 2.1. Exhibits. 
  
 (a) Exhibits 1 through 4 attached to and made a part of this Agreement describe the services to be provided by NewMarket Services to
NewMarket Corporation (the “Services”). The Parties have made a good faith effort as of the date hereof to identify each Service and to complete the content of the Exhibits accurately. It is anticipated that the Parties will modify the
Services from time to time. There are certain terms that are specifically addressed in the Exhibits attached hereto that may differ from the terms provided hereunder. In those cases, the specific terms described in the Exhibits shall govern that
Service. 
  
 (b) The Parties may also identify
additional Services that they wish to incorporate into this Agreement. The Parties will create additional Exhibits setting forth the description of such Services, the Fees for such Services and any other applicable terms. 
  
 2.2. Independent Contractors. 
  
 NewMarket Services will provide the Services either through
its own resources, the resources of its subsidiaries or Affiliates, or by contracting with independent contractors as agreed hereunder. 
  
 2.3. Records. 
  
 NewMarket Services shall keep full and detailed records dealing with all aspects of the Services performed by it hereunder (the
“Records”) and: 
  
 (a) shall provide
access to the Records to NewMarket Corporation at all reasonable times; and 
  
 (b) shall maintain the Records in accordance with good record management practices. 
  

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 ARTICLE III 
 FEES 
  
 3.1. General.

  
 NewMarket Corporation will pay to NewMarket
Services a fixed annual fee for each Service as set forth in the attached Exhibits (collectively, the “Fees”). In addition, NewMarket Corporation will pay to NewMarket Services properly documented expenses incurred by NewMarket Services on
NewMarket Corporation’s behalf that were not foreseen in the AOP (the “Expenses”). The Fees and Expenses constitute full compensation to NewMarket Services for all charges and costs incurred by NewMarket Services on behalf of
NewMarket Corporation in providing the Services, unless otherwise specifically provided in the Exhibits or agreed in an AOP. 
  
 3.2. Payments. 
  
 NewMarket Services will deliver to NewMarket Corporation, no later than the last day of each month, an invoice for the aggregate Fees and
Expenses incurred for that month. NewMarket Corporation will pay to NewMarket Services, monthly no later than the end of the following month, the aggregate Fees and Expenses incurred during the previous month. 
  
 3.3. Review of Fees. 
  
 (a) At the end of each year during the term of the
Agreement, commencing as of the date of the Agreement, NewMarket Services will review the charges and costs actually incurred by NewMarket Services in providing any Service, as well as the calculation of any related Fee and Expense (collectively,
“Actual Cost”) during the previous year. In the event that NewMarket Services determines that the Actual Cost for any Service differs from the aggregate Fees and Expenses for that Service for that period by more than two percent (2%),
NewMarket Services will deliver to NewMarket Corporation documentation for such Actual Cost and the Parties will renegotiate in good faith to adjust the appropriate Fees and/or Expenses accordingly, retroactively or prospectively. 
  
 (b) As a part of the AOP process referred to in Section
5.1, the Parties will set Fees or new budgets for each ensuing year, and may make other changes to the Fees with respect to each Service, based upon an increase or reduction to such Service. Once an AOP has been finalized (whether by agreement
or pursuant to the provisions of Section 5.1), the Fee for each Service set out in that AOP will apply for the ensuing year, subject to any subsequent written agreements between Parties. 
  
 ARTICLE IV 
 REPRESENTATIVES 
  
 4.1. Representatives. 
  
 (a) A
named representative of NewMarket Services and a named representative of NewMarket Corporation will serve as administrative representatives (“Representative(s)”) of NewMarket Services and NewMarket Corporation, respectively, to facilitate
day-to-day communications and performance under this Agreement. Each Party may treat an act of a Representative of the other Party as being authorized by such other Party. Each Party may replace its Representative by giving written notice of the
replacement to the other Party.  
  

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 (b) No additional Exhibits, modifications to existing Exhibits, modifications to an AOP
approved pursuant to Section 5.1, or amendments to this Agreement shall be effective unless and until executed by the Representatives of each of NewMarket Services and NewMarket Corporation. 
  
 ARTICLE V 
 PLANNING PROCESS 
  
 5.1. Annual Operating Plan. 
  
 The Representative of each Party will coordinate the development of an annual operating plan (“AOP”) setting forth the activity levels and a budget for each of the Services. In the AOP process, the Parties agree to use their best
efforts to harmonize the interests of NewMarket Corporation to have quality services at affordable cost and the interest of NewMarket Services to recover its costs of performing the Services. During each calendar year, an AOP for each Service for
the next calendar year will be submitted by the Representative of NewMarket Services for review and approval. Approval by the Representative of NewMarket Corporation will constitute approval and acceptance by NewMarket Corporation of the AOP.

  
 5.2. Performance Review. 
  
 The Parties will meet annually to review progress against
the AOP objectives, Service standards, performance measures and activity levels. The Parties will use their good faith efforts to resolve any issues concerning Service standards, performance measures or changes in Fees from the AOP during these
meetings. 
  
 ARTICLE VI 
 AUTHORITY; INFORMATION; COOPERATION; CONSENTS 
  
 6.1. Authority. 
  
 Each Party warrants to the other Party that: 
  
 (a) it has the requisite corporate authority to enter into and perform this Agreement; 
  
 (b) this Agreement is enforceable against it; and

  
 (c) it has obtained all consents or approvals
of Governmental Authorities and other Persons that are conditions to its entering into this Agreement. 
  
 6.2. Information Regarding Services. 
  
 Each Party shall make available to the other Party any information required or reasonably requested by that other Party regarding the
performance of any Service and shall be responsible for timely providing that information and for the accuracy and completeness of that information; provided, however, that a Party shall not be liable for not providing any information
that is subject to a confidentiality obligation owed by it to a Person other than an Affiliate of it or 

  

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the other Party. NewMarket Services shall not be liable for any impairment of any Service caused by its not receiving information, either timely or at all,
or by its receiving inaccurate or incomplete information from NewMarket Corporation that is required or reasonably requested regarding that Service. 
  
 6.3. Cooperation. 
  
 The Parties will use good faith efforts to cooperate with each other in all matters relating to the provision and receipt of Services.
Such good faith cooperation will include providing electronic access to systems used in connection with Services and using commercially reasonable efforts to obtain all consents, licenses, sublicenses or approvals necessary to permit each Party to
perform its obligations. The Parties will cooperate with each other in making such information available as needed in the event of any and all internal or external audits, whether in the United States or any other country. If this Agreement is
terminated in whole or in part, the Parties will cooperate with each other in all reasonable respects in order to effect an efficient transition and to minimize the disruption to the business of both Parties, including the assignment or transfer of
the rights and obligations under any contracts. 
  
 6.4.
Further Assurances. 
  
 Each Party shall
take such actions, upon request of the other Party and in addition to the actions specified in this Agreement, as may be necessary or reasonably appropriate to implement or give effect to this Agreement. 
  
 ARTICLE VII 
 CONFIDENTIAL INFORMATION 
  
 7.1. Definition. 
  
 For the purposes of this Agreement, “Confidential Information” means non-public information about the disclosing Party’s or any of its Affiliates’ business or activities that is proprietary and
confidential, which shall include, without limitation, all business, financial, technical and other information, including software (source and object code) and programming code, of a Party or its Affiliates marked or designated
“confidential” or “proprietary” or by its nature or the circumstances surrounding its disclosure should reasonably be regarded as confidential. Confidential Information includes not only written or other tangible information, but
also information transferred orally, visually, electronically or by any other means. Confidential Information will not include information that (i) is in or enters the public domain without breach of this Agreement, or (ii) the receiving Party
lawfully receives from a third party without restriction on disclosure and to the receiving Party’s knowledge without breach of a nondisclosure obligation. 
  

7.2. Nondisclosure. 
  
 Each of NewMarket Services and NewMarket Corporation agree that (i) it will not disclose to any third party or use any Confidential
Information disclosed to it by the other except as expressly permitted in this Agreement, and (ii) it will take all reasonable measures to 

  

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maintain the confidentiality of all Confidential Information of the other Party in its possession or control. 
  
 7.3. Permitted Disclosure. 
  
 Notwithstanding the foregoing, each Party may disclose
Confidential Information (i) to the extent required by a court of competent jurisdiction or other governmental authority or otherwise as required by law, including without limitation disclosure obligations imposed under the federal securities laws,
or (ii) on a “need-to-know” basis under an obligation of confidentiality to its consultants, legal counsel, Affiliates, accountants, banks and other financing sources and their advisors. 
  
 7.4. Ownership of Confidential Information. 
  
 All Confidential Information supplied or developed by either
Party shall be and remain the sole and exclusive property of the Party who supplied or developed it. 
  
 ARTICLE VIII 
 TERM AND TERMINATION 
  
 8.1. Term. 
  
 This Agreement shall remain in effect until such time as it
has been terminated as to all Services in accordance with Section 8.2 below. 
  
 8.2. Termination. 
  
 Either Party may terminate this Agreement without cause with respect to one or more Services under this Agreement by providing twelve (12) months written notice to the other Party or as otherwise agreed between the
Parties hereto. 
  
 8.3. Termination Assistance Services.

  
 NewMarket Services agrees that, upon
termination of this Agreement or any of the Exhibits, NewMarket Services will cooperate in good faith with NewMarket Corporation to provide NewMarket Corporation (or its designee) with reasonable assistance to make an orderly transition from
NewMarket Services to another supplier of the Services. 
  
 ARTICLE
IX 
 LIMITATION OF LIABILITY; INDEMNIFICATION 
  
 9.1. Limitation of Liability. 
  
 Except as may be provided in Section 9.2 below, NewMarket Services, its controlling persons, if any, directors, officers,
employees, agents and permitted assigns (each, a “NewMarket Services Party”) shall not be liable to NewMarket Corporation and its directors, officers, employees, agents or permitted assigns (each, an “NewMarket Corporation
Party”) and each NewMarket Services Party shall not be liable to any NewMarket Corporation Party, in each 

  

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case, for any liabilities, claims, damages, losses or expenses, including, but not limited to, any special, indirect, incidental or consequential damages, of
a NewMarket Services Party or an NewMarket Corporation Party arising in connection with this Agreement and the Services provided hereunder. 
  
 9.2. Indemnification. 
  
 (a) NewMarket Services shall indemnify, defend and hold harmless each of the NewMarket Corporation Parties from and against all
liabilities, claims, damages, losses and expenses (including, but not limited to, court costs and reasonable attorneys’ fees) (collectively referred to as “Damages”) of any kind or nature, of third parties unrelated to any NewMarket
Corporation Party caused by or arising in connection with the gross negligence or willful misconduct of any employee of NewMarket Services in connection with the performance of the Services, except to the extent that Damages were caused directly or
indirectly by acts or omissions of any NewMarket Corporation Party. Notwithstanding the foregoing, NewMarket Services shall not be liable for any special, indirect, incidental, or consequential damages relating to such third party claims.

  
 (b) NewMarket Corporation shall indemnify,
defend and hold harmless each of the NewMarket Services Parties from and against all Damages of any kind or nature, of third parties unrelated to any NewMarket Services Party caused by or arising in connection with the gross negligence or willful
misconduct of any employee of NewMarket Corporation in connection with NewMarket Corporation’s performance under this Agreement, except to the extent that Damages were caused directly or indirectly by acts or omissions of any NewMarket Services
Party. Notwithstanding the foregoing, NewMarket Corporation shall not be liable for any special, indirect, incidental, or consequential damages relating to such third party claims. 
  
 9.3. Indemnification Procedures. 
  
 (a) A party entitled to indemnification pursuant to this Agreement (an “Indemnified Party”) shall,
with respect to any claim made against such Indemnified Party for which indemnification is available, notify the other party (the “Indemnifying Party”) in writing of the nature of the claim as soon as practicable but not more than ten (10)
days after the Indemnified Party receives notice of the assertion of the claim. (The failure by an Indemnified Party to give notice shall not relieve the Indemnifying Party of its obligations under this Section 9.3, except to the extent that
the failure results in the failure of actual notice and the Indemnifying Party is damaged as a result of the failure to give notice.) Upon receipt of notice of the assertion of a claim, the Indemnifying Party may, at its option, assume the defense
of the claim. If the Indemnifying Party assumes the defense, the Indemnified Party shall have the right to employ separate counsel and to participate in (but not control) any such action, but the fees and expenses of such counsel shall be at the
expense of the Indemnified Party unless (a) the employment of counsel by the Indemnified Party has been authorized by the Indemnifying Party, or (b) the Indemnified Party has been advised by its counsel in writing that there is a conflict of
interest between the Indemnifying Party and the Indemnified Party in the conduct of the defense of the action (in which case the Indemnifying Party shall not have the right to direct the defense of the action on behalf of the Indemnified Party), in
each of which cases the reasonable fees and expenses of such counsel shall be at the expense of the Indemnifying Party. If the Indemnifying 

  

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Party does not assume the defense, the Indemnified Party shall have the right to employ counsel and to control any such action, and the reasonable fees and
expenses of such counsel shall be at the expense of the Indemnifying Party. An Indemnifying Party shall not be liable for any settlement of an action effected without its written consent (which consent shall not be unreasonably withheld), nor shall
an Indemnifying Party settle any such action without the written consent of the Indemnified Party (which consent shall not be unreasonably withheld). No Indemnifying Party will consent to the 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 the Indemnified Party a release from all liability with respect to the claim. Each of the Indemnifying Party and the Indemnified Party shall cooperate in
the defense of any claim for which indemnification is available and shall furnish such records, information, testimony and attend such conferences, discovery proceedings, hearings, trials and appeals as may reasonably be requested. 
  
 ARTICLE X 
 DISPUTE RESOLUTION 
  
 If any AOP is not submitted or is not approved by the Parties, or if the Parties are unable to resolve any service, performance or budget issues or if there is a material breach of this Agreement that has not been
corrected within thirty (30) days of receipt of notice of such breach, Representatives of NewMarket Services and NewMarket Corporation will meet promptly to review and resolve those issues in good faith. 
  
 ARTICLE XI 
 MISCELLANEOUS 
  
 11.1. Governing Law. 
  
 This
Agreement and performance hereunder will be governed by and construed in accordance with the laws of the Commonwealth of Virginia without regard to the principles of conflict of laws. 
  
 11.2. Assignment. 
  
 This Agreement is not assignable in whole or in part by either Party without the prior written consent of the other; provided
that either Party may assign this Agreement in whole or in part to a parent, a direct or indirect wholly-owned subsidiary, an Affiliate or a successor thereto. 
  
 11.3. Entire Agreement. 
  
 This Agreement, including the attached Exhibits, is the complete and exclusive statement of the agreement between the Parties and
supersedes all prior proposals, understandings and all other agreements, oral and written, between the Parties relating to the subject matter of this Agreement. This Agreement may not be modified or altered except by written instrument duly executed
by both Parties. 
  

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 11.4. Force Majeure. 
  
 Any delay or failure by either Party in the performance of this Agreement will be excused to the extent that
the delay or failure is due solely to causes or contingencies beyond the reasonable control of such Party. 
  
 11.5. Severability. 
  
 If any provision, clause or part of this Agreement, or the application thereof under certain circumstances is held invalid or
unenforceable for any reason, the remainder of this Agreement, or the application of such provision, clause or part under other circumstances shall not be affected thereby. 
  
 11.6. Notices. 
  
 All communications, notices and disclosures required or permitted by this Agreement shall be in writing and shall be deemed to have been
given one day after being delivered personally or by messenger or being received via telecopy, telex or other electronic transmission, or two days after being sent by overnight delivery service, in all cases addressed to the person for whom it is
intended at the addresses as follows: 
  
 If to NewMarket
Services: 
  
 330 South Fourth Street 
 Richmond, Virginia 23219 
 Attention: Vice
President & General Counsel 
  
 If to NewMarket Corporation:

  
 330 South Fourth Street 
 Richmond, Virginia 23219 
 Attention:
President 
  
 or to such other address as a Party
shall have designated by notice in writing to the other Party in the manner provided by this Section 11.6. 
  
 11.7. Counterparts; Headings. 
  
 This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. The Article and Section headings in this Agreement are inserted for convenience of reference only and shall not constitute a part hereof. 
  

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 IN WITNESS WHEREOF, the Parties have signed this Agreement on the date first set forth above. 
  

			
	 NEWMARKET SERVICES CORPORATION

		
	 By:
	 	 /s/ M. Rudolph West

		
	 Name:
	 	 M. Rudolph West

		
	 Title:
	 	 Secretary

  

			
	 NEWMARKET CORPORATION

		
	 By:
	 	 /s/ Steven M. Edmonds

		
	 Name:
	 	 Steven M. Edmonds

		
	 Title:
	 	 Vice President – General Counsel

  

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 EXHIBIT 1 

 
 LEGAL SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  
 NewMarket Services will provide all necessary legal services to NewMarket Corporation during the term of the Agreement, including, but not limited to, handling litigation and intellectual property matters, reviewing
commercial agreements and addressing matters related to corporate law. 
  

	II.	SERVICE FEES 

  
 Service Fees are as set forth in Attachment A, attached hereto and incorporated by reference. 
  

 3.1 

  
 EXHIBIT 2

  
 FINANCIAL SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  
 NewMarket Services will provide the following financial services to NewMarket Corporation during the term of the Agreement: 
  

	 	A.	Treasury & Accounts Receivable, including: (1) cash management forecasting; (2) bank account management; (3) bank loan management; (4) shareholder interface; and (5) Board of
Directors interface. 

  

	 	B.	Risk Management, including: (1) risk profile definition; (2) purchase insurance; (3) claims management; (4) non-insurance risk management; (5) employee education of coverages and
procedures; and (6) continual assessment on ways to lower risk. 

  

	 	C.	Accounts Payable, including: (1) pay invoices; (2) procurement card processing; and (3) vendor interface support. 

  

	 	D.	External Reporting, including: (1) SEC reporting; (2) bond guarantor reporting; (3) SEC and FASB expertise and compliance; (4) auditor interface; and (2) internal auditor interface.

  

	 	E.	Tax Planning and Compliance, including: (1) federal, state and foreign income tax compliance; (2) federal, state and foreign tax planning; and (3) property, sales and use tax.

  

	II.	SERVICE FEES 

  
 Service Fees are as set forth in Attachment A, attached hereto and incorporated by reference. 
  

 3.2 

  
 EXHIBIT 3

  
 CORPORATE SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  

	 	A.	Information Technology, including: (1) provide, maintain and support infrastructure; (2) hardware and software support; and (3) technology support and solutions.

  

	 	B.	External Affairs/Government Relations, including federal lobbying efforts and legislative resources. 

  

	 	C.	Resources, including: (1) real estate/facility maintenance and management services; and (2) aviation management services. 

  

	II.	SERVICE FEES 

  
 Service Fees are as set forth in Attachment A, attached hereto and incorporated by reference. 
  

 3.3 

  
 EXHIBIT 4

  
 MISCELLANEOUS SERVICES 
  

	I.	DESCRIPTION OF SERVICES 

  
 There are no miscellaneous services to by provided by NewMarket Services to NewMarket Corporation. 
  

	II.	SERVICE FEES 

  
 Not applicable. 
  

 3.4 

  
 Attachment A

  
 NewMarket Services 
  

			
	 Annual thousand$
	  	

	 	  	Svs->NEU

	 Controller
	  	690
	 Controller Audit Fees
	  	—  
	 Treasury
	  	210
	 Treasury Bank/Shareholder
	  	—  
	 Tax
	  	80
	 Accounts Payable
	  	50
	 Cost Accounting
	  	—  
	 Business Decision Support
	  	—  
	 Admin + Planning
	  	1,170
	 Admin Dir/Shareholders
	  	—  
	 General Services
	  	140
	 Riverfront
	  	40
	 Medical
	  	30
	 External Affairs
	  	10
	 H/R
	  	60
	 Info Resources
	  	230
	 Old Town Lodge
	  	20
	 Old Town Farm
	  	10
	 Aircraft Related
	  	390
	 Legal
	  	950
	 Legal Directors
	  	—  
	 Total
	  	4,080
	 	  	

  
 Trade Membership of
$220M not included in any numbers above 
  

 3.5Registration Rights Agreement

 Exhibit 4.1 
  

EXECUTION VERSION 
  
 VERINT SYSTEMS INC. 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 This Agreement is made as of September 2, 2004 (this “Agreement”), by and among Verint Systems Inc., a Delaware corporation (the
“Company”), and Nic. Christiansen Invest A/G and Ulrik Ortiz Rasmussen (each, a “Holder” and, collectively, the “Holders”). 
  
 PREAMBLE 
  
 WHEREAS, pursuant to that certain Share Purchase Agreement dated the date hereof by and among the Company and the other parties thereto (the
“Purchase Agreement”), 90,144 shares (the “Subject Shares”) of common stock, par value $0.001 per share (the “Common Stock”) of the Company are being issued to the Holders; and 
  
 WHEREAS, the Company desires to grant registration rights to the Holders with
respect to the Subject Shares on the terms hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, the Company and the Holders agree as follows: 
  
 Section 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 (a) “Commission” shall mean the United States Securities and
Exchange Commission, or any other Federal agency at the time administering the Securities Act. 
  
 (b) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar Federal statute and the rules and regulations thereunder, all as the same shall be in effect at the time.

  
 (c) “Holders” shall have the meaning set forth in
the preamble, together with any assignee. 
  
 (d)
“Register,” “registered” and “registration” shall 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, and compliance with applicable state securities laws. 
  
 (e) “Registrable Securities” shall mean all of the following to the extent the same have not been sold to the public: (i) any and all
unregistered Subject Shares; or (ii) stock issued in respect of the securities referred to in (i) as a result of a stock split, stock dividend, reclassification, exchange, recapitalization or combination. Notwithstanding the foregoing, Registrable
Securities shall not include otherwise Registrable Securities (A) that have been sold 

 by a Holder; or (B) (I) sold to or through a broker or dealer or underwriter in a public distribution or a public
securities transaction, (II) sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if
any, are removed upon the consummation of such sale or (III) for which the registration rights associated with such securities have been terminated pursuant to this Agreement. 
  
 (f) “Rule 144” shall mean Rule 144 under the Securities Act or any successor or similar rule as may be enacted by
the Commission from time to time, but shall not include Rule 144A. 
  
 (g) “Rule 144A” shall mean Rule 144A under the Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, but shall not include Rule 144. 
  
 (h) “Securities Act” shall mean the Securities Act of 1933, as
amended, or any similar Federal statute and the rules and regulations thereunder, all as the same shall be in effect at the time. 
  
 (i) “Shelf Registration” means a registration effected pursuant to Section 2 hereof. 
  
 (j) “Shelf Registration Statement” means a shelf registration
statement filed by the Company with the Commission pursuant to the provisions of Section 2 hereof which covers all of the Registrable Securities and, at the option of the Company, such shares of capital stock (or other securities of the Company) as
the Company shall designate therein (the “Company Shelf Securities”) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the Commission (“Rule 415”), amendment and
supplements to such registration statement, including post-effective amendments, in each case including the prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
  
 As used herein, all capitalized terms not otherwise defined herein shall have
the meanings set forth in the Purchase Agreement. 
  
 Section 2. Shelf
Registration. Subject to Section 3 hereof: 
  
 (a) Within 60
days following the date hereof, the Company shall file a single Shelf Registration Statement relating to (i) the offer and sale of all of the Registrable Securities issued and outstandingly on the date of such filing and (ii) such number of Company
Shelf Securities as the Company shall designate in such Shelf Registration Statement. Thereafter, the Company shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective under the Act as promptly as
commercially practicable; provided, however, that no Holder shall be entitled to have the Registrable Securities held by him covered by such Shelf Registration unless such Holder is in compliance with the terms of this Agreement; and, provided
further, however, that no sale utilizing the Shelf Registration shall be for less than 5,000 Subject Shares, and that the number of Subject Shares that may be sold utilizing the Shelf Registration on any day shall not exceed 30,000 Subject Shares in
the aggregate. 
  

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 (b) the Company shall use commercially reasonable efforts (i) to keep the Shelf Registration Statement
continuously effective in order to permit the prospectus forming part thereof to be useable by the Holders until two (2) years from its effective date or such shorter period that will terminate when all the Registrable Securities covered by the
Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement, and (ii) after the effectiveness of the Shelf Registration Statement and promptly upon the request of any Holder, to take any action reasonably necessary to
register the sale of any Registrable Securities of such Holder and to identify such Holder as a selling securityholder under such Shelf Registration Statement. 
  

(c) in connection with the Shelf Registration Statement, the Company shall: 
  
 (i) prepare and file with the Commission the Shelf Registration Statement, on an appropriate form pursuant to Rule 415 of
the Securities Act and which the Company is eligible to use, with respect to such securities to be registered thereunder and use its commercially reasonable best efforts to cause such Shelf Registration Statement to become and remain effective as
provided herein; 
  
 (ii) except as provided in this Agreement,
prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and current and to comply with all
of the provisions of the Act with respect to the disposition of all shares covered by such registration statement, including such amendments and supplements as may be necessary to reflect the intended method of disposition from time to time of the
prospective seller of such Registrable Securities; and 
  
 (iii)
use its commercially reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or blue sky or other applicable laws of such jurisdiction within the United States as
each prospective seller shall reasonably request, to enable such seller to consummate the public sale or other disposition in such jurisdictions of the Registrable Securities owned by such prospective seller; provided, however, that in no event
shall the Company be obligated to qualify to do business in any jurisdiction where it is not at the time so qualified or to take any action that would subject it to service of process in suits other than those arising out of the offer or sale of the
Registrable Securities covered by such registration statement in any jurisdiction where it is not at the time so subject. 
  
 (d) (i) notwithstanding the other provisions of this Section 2, if at any time the Company determines, in good faith, that it would be detrimental to the
Company or its stockholders for the Shelf Registration Statement to be filed or become effective at any time, then the Company shall have the right to defer such filings until such time as it determines, in good faith, that such filings would no
longer be detrimental to the Company or its stockholders; provided, however, that no such deferral shall exceed 120 days in the aggregate during any fiscal year. 
  

 3 

 (ii) Anything in this Agreement to the contrary notwithstanding, the Holders shall not offer any
Registrable Securities pursuant to the Shelf Registration Statement if such offering would require the Company (i) to furnish any financial statements other than as of the end of a fiscal quarter or (ii) to furnish any audited financial statements
other than as of the end of a fiscal year. In addition to the foregoing, in the event of a proposed offering by a Holder pursuant to the Shelf Registration Statement, at such time as any registration statement would be required to include audited
financial statement as of a fiscal year-end, the Company may delay the taking of any action to effect a supplement to the Shelf Registration Statement until such time as such audited financial statements are available in the ordinary course of
business. 
  
 (iii) Subject to Section 3 hereof, no Holder shall
offer any Registrable Securities pursuant to the Shelf Registration Statement within 30 days after the effectiveness of any other registration of the Company’s securities (other than a registration statement (A) on Form S-8 or any successor
form to such form or in connection with any employee or director welfare, benefit or compensation plan, (B) on Form S-4 or any successor form to such form or in connection with an exchange offer or merger transaction, (C) in connection with a rights
offering exclusively to existing holders of Common Stock, (D) in connection solely with an offering to employees of the Company or its subsidiaries or (E) relating to a transaction pursuant to Rule 145 of the Securities Act). 
  
 Section 3. “Piggy-Back” Registrations. (a) If at any time the Company
proposes to register any of its securities under the Securities Act and, in connection with such offering, it determines that it shall include all Registrable Securities then issued and outstanding in such registration, the Company shall have the
right (but not the obligation), at any time prior to the date on which the Shelf Registration Statement is declared effective by the Commission, to require each Holder by written notice, and each Holder hereby agrees, to include in such registration
all of such Holder’s Registrable Securities (a “Piggy-Back Registration”); provided, however, that such Registrable Securities shall be subject to the Company’s or the underwriter’s right, in view of market conditions, to
refuse or reduce the number of Registrable Securities to be included in the Piggy-Back Registration. In the event that at the time of such election, the Company has filed a Shelf Registration Statement, it shall have the right to immediately abandon
and withdraw such Shelf Registration Statement solely in the event that it has included all of the Registrable Securities in the Piggy-Back Registration. 
  
 (b) Nothing in Section 3 hereof shall create any liability on the part of the Company, or any other person, to the Holders if the Company or any other
person should, for any reason, decide not to file a registration statement proposed to be filed pursuant to Section 3(a) or to withdraw such registration statement subsequent to its filing, regardless of any action whatsoever that a Holder may have
taken, whether as a result of the issuance by the Company of any notice under Section 3(a) or otherwise; provided, however, that if the Piggy-Back Registration includes all Registrable Securities issued and outstanding at the time it is filed, such
Piggy-Back Registration is declared effective by the Commission, and remains effective for the period set forth in Section 2(b) hereof, all of the Company’s obligations under Section 2 of this Agreement shall thereupon terminate and the Company
shall have no further obligations with respect to any Shelf Registration Statement. 
  

 4 

 Section 4. Expenses of Registration. In addition to the fees and expenses contemplated by Section 4 hereof, all
expenses incurred in connection with one Shelf Registration Statement and all expenses incurred in connection with Piggy-Back Registrations, including without limitation all registration, filing and qualification fees, printing expenses, fees and
disbursements of counsel for the Company and expenses of any special audits of the Company’s financial statements incidental to or required by such registration, shall be borne solely by the Company, except that the Company shall not be
required to pay underwriters’ fees, discounts or commissions relating to Registrable Securities sold for the account of any Holder or fees of legal counsel for the Holders. 
  
 Section 5. Registration Procedures. In the case of each registration effected by the Company pursuant to this Agreement, the Company
will keep each Holder participating therein advised, promptly as soon as practicable, in writing as to the initiation of each registration and as to the completion thereof. At its expense the Company will: 
  
 (a) promptly prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act; 
  
 (b) furnish such number of prospectuses and other documents incident thereto as a Holder from time to time may reasonably
request in order to facilitate the disposition of Registrable Securities owned by such Holder; 
  
 (c) use commercially reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement, or the lifting of any suspension of the qualification of any of the
Registrable Securities for sale in any jurisdiction, at the earliest possible moment; 
  
 (d) subject to Section 2(c)(iii), register or qualify such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as any Holder or underwriter reasonably requires;

  
 (e) cause all Registrable Securities covered by such
registrations to be listed on The NASDAQ National Market; 
  
 (f)
in the event of any underwritten public offering, enter into and perform obligations under an underwriting agreement, in form and substance reasonably satisfactory to the company, with the managing underwriter of such offering; 
  
 (g) cause its accountants to issue to the underwriter, if any, comfort
letters and updates thereof, in customary form and covering matters of the type customarily covered in such letters with respect to underwritten offerings; 
  

 5 

 (h) cause its counsel to issue to the underwriter, if any, opinions in customary form and covering
matters of the type customarily covered in such opinions with respect to underwritten offerings; 
  
 (i) enter into such customary agreements (including underwriting agreements in customary form); 
  
 (j) make available for inspection by any seller of Registrable Securities,
any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such
registration statement; and 
  
 (k) immediately notify each
Holder, at any time a prospectus covered by such registration statement is required to be delivered under the Securities Act, of the happening of any event of which it has knowledge 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 in the light of the circumstances then existing.

  
 Section 6. Indemnification. 
  
 (a) In the event of a registration, qualification or compliance of any of
the Registrable Securities under the Securities Act pursuant to Section 2 or Section 3, the Company will indemnify and hold harmless each Holder of such Registrable Securities thereunder, each underwriter of such Registrable Securities thereunder
and each other person, if any, who controls such Holder or underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such Holder, underwriter or controlling person may become
subject under the Securities Act, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any
registration statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, any offering circular or other
offering document or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of any
rule or regulation promulgated under the Securities Act or any state securities law or rule or regulation promulgated under the Securities Act or any state securities law applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration, qualification or compliance, and will reimburse each such Holder, each of its officers, directors and partners, and each person controlling such Holder, each such underwriter and each person who
controls any such underwriter, for any reasonable legal and any other expenses incurred in connection with investigating, defending or settling any such claim, loss, damage, liability or action; provided, that, notwithstanding the foregoing,
the Company will not be liable in any such case to 
  

 6 

 the extent that any such loss, claim, expense, damage or liability occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by any Holder or underwriter. 
  
 (b) Each Holder will, if Registrable Securities held by or issuable to such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors and officers, each underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls
the Company and each underwriter within the meaning of the Securities Act, and each other Holder, each of such other Holder’s officers, directors and partners and each person controlling such other Holder, against all losses, claims, expenses,
damages and liabilities which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with any registration statement under which such Registrable Securities were registered under the Securities
Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, any offering circular or other offering document, and will reimburse the Company, such Holders, such directors, officers, partners,
persons or underwriters for any reasonable legal or any other expenses incurred in connection with investigating, defending or settling any such claim, loss, damage, liability or action, 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, preliminary prospectus, final prospectus, any amendment or supplement thereof, any offering circular or other offering document in
reliance upon and in conformity with written information expressly furnished to the Company by such Holder specifically for use therein. 
  
 (c) Each party entitled to indemnification under this Section 5 (the “Indemnified Party”) shall give notice to the party required to provide
indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claims as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to give notice as provided herein shall not
relieve the Indemnifying Party of its obligations hereunder, unless such failure resulted in actual detriment to the Indemnifying Party. The Indemnifying Party shall not be liable to indemnify any Indemnified Party for any settlement of any such
action effected without the Indemnifying Party’s consent. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, 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 of such claim or litigation. 
  
 (d) Notwithstanding the foregoing, to the extent that the provisions on
indemnification contained in the underwriting agreements entered into among the selling Holders, the Company and the underwriters in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in
the underwriting agreement shall be controlling as to the Registrable Securities included in the public offering. 
  

 7 

 (e) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to
be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other
hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relevant fault of the Indemnifying Party and the Indemnified Party shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount any Holder shall be obligated to contribute pursuant to this Section 6(e)
shall be limited to an amount equal to the proceeds to such Holder of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. 
  
 (f) The indemnification provided by this Section 6 shall be a continuing
right to indemnification and shall survive the registration and sale of any securities by any definition entitled to indemnification hereunder and the expiration or termination of this Agreement. 
  
 Section 7. Lockup Agreement. In consideration for the Company agreeing to its
obligations under this Agreement, each Holder agrees in connection with any underwritten registration of the Company’s securities upon the request of the Company and the underwriters managing the underwritten offering of the Company’s
securities, not to publicly sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities (other than those included in the registration) without the prior written consent of the Company
and such underwriters for such period of time up to ninety (90) days (but in no event shall such period of time exceed that to which the directors and officers of the Company are subject in such underwritten offering of the Company’s
securities) from the effective date of such registration as the Company and the underwriters may specify (the “Lock Up”); provided, however, that the Company shall use all commercially reasonable efforts to have the Holders excluded from
any Lock Up. 
  
 Section 8. Obligations of the Holders. (a) It shall be a
condition precedent to the obligation of the Company to include any Registrable Securities of any Holder in a registration statement pursuant to Section 2 or Section 3 of this Agreement that the Holder shall promptly furnish to the Company such
information regarding such Holder or Holders and the intended method of distribution proposed by such Holder or Holders as the Company may request in writing and as shall be reasonably required in connection with any registration referred to herein.
Any such information, or any comments on any such information included in a draft of a registration statement provided to a Holder for its comment, shall be provided to the Company within any reasonable time period requested by the Company.

  

 8 

 (b) Each Holder shall notify the Company, at any time when a prospectus is required to be delivered under
applicable law, of the happening of any event as a result of which the prospectus included in the applicable registration statement, as then in effect, in each case only with respect to information provided by such Holder, 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 in light of the circumstances then existing. Such Holder shall immediately upon the happening of
any such event cease using such prospectus. Any other Holders shall cease using such prospectus immediately upon receipt of notice from the Company to that effect. Each Holder promptly shall return to the Company any copies of any prospectus in its
possession (other than permanent file copies) that contains 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 in light of the
circumstances then existing. 
  
 Section 9. Sales. With a view to making
available to Holders of Registrable Securities the benefits of certain rules and regulations of the Commission which may permit the sale of the Registrable Securities by the Holders to the public without registration, the Company agrees at all times
prior to the termination of this Agreement: 
  
 (i) make and keep
public information available, as those terms are understood and defined in Rule 144 and Rule 144A; 
  
 (ii) use its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act
and the Exchange Act; and 
  
 (iii) furnish to each Holder so long
as such Holder owns any Registrable Securities forthwith, upon written request, a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act (to the extent that it is
then subject to any such reporting requirements), a copy of the most recent annual and quarterly report of the Company, and such other reports and documents filed by the Company under the Exchange Act as may be reasonably requested by such Holder in
connection with availing the Holder of any rule or regulation of the Commission permitting the selling of such securities without registration. 
  
 Section 10. Transfer of Registration Rights. The rights and obligations of a Holder under this Agreement are transferable, and may be assigned, sold or otherwise
transferred, to any purchaser of all of any Holder’s Registrable Securities; provided, that, (a) such purchase of Registrable Securities has been effected in accordance with applicable securities laws; (b) such purchaser agrees in writing to be
subject to the terms of this Agreement; and (c) the Company is given written notice by such Holder of such transfer or assignment of such Holder’s rights and obligations hereunder, stating the name and address of the transferee or assignee and
identifying the Registrable Securities with respect to which such rights are being transferred or assigned. 
  
 Section 11. Termination of Rights. This Agreement shall terminate at 5:00 p.m. Eastern time on September 2, 2006; provided, however, that such termination date shall be extended for the number of days equal to
the greater of (i) the days that the Company is not materially in compliance with this Agreement and (ii) the days that a registration statement including all of the Registrable Securities is not in effect hereunder. 
  

 9 

 Section 12. Miscellaneous. 
  
 (a) Entire Agreement; Amendments. This Agreement, together with the Purchase Agreement and the Transaction Agreements
(as such term is defined in the Purchase Agreement), constitutes the entire agreement of the parties within respect to the subject matter hereof and may be amended or modified only by a writing signed by the Company and the Holders. 
  
 (b) Counterparts. This Agreement may be executed in any number of
counterparts, all of which shall constitute a single instrument. 
  
 (c) Notices, Etc. All notices and other communications required or permitted hereunder shall be in writing and may be sent initially by facsimile transmission and shall be mailed by registered or certified mail, postage prepaid, or
otherwise delivered by hand or by messenger, addressed (i) if to a Holder, at such Holder’s address set forth on the books of the Company, or at such other address as such Holder shall have furnished to the Company in writing, or (ii) if to any
other holder of any Registrable Securities, at such address as such holder shall have furnished the Company in writing, or, until any such holder so furnishes an address to the Company, then to and at the address of the last holder of such
securities who has so furnished an address to the Company, or (iii) if to the Company, one copy should be sent to the Company’s current address at 330 South Service Road, Melville, New York 11747, Attention: Corporate Secretary, or at such
other address as the Company shall have furnished to the Holders. All such notices shall be effective and deemed duly given when received or when attempted delivery is refused. 
  
 (d) Non-Public Information. Any other provisions of this agreement to the contrary notwithstanding, the
Company’s obligation to file a registration statement, or cause such registration statement to become and remain effective, shall be suspended during any period when material non-public information relating to the Company exists which, in the
reasonable opinion of the Company, should not be disclosed. 
  
 (e) Severability. If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or
render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 
  

 10 

 (f) Governing Law. This Agreement shall be governed by and construed under the laws of the State
of New York without regard to principles of conflicts of law which would result in the application of the law of a jurisdiction other than the State of New York. 
  
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 
  

			
	 VERINT SYSTEMS INC.

		
	 By:
	 	 /s/ Christian Franz, Attorney-in-Fact

	
	 Holders

	
	 Nic. Christiansen Invest A/G

		
	 By:
	 	 /s/ Knud Beer

		
	 	 	 /s/ Ulrik Ortiz Rasmussen

	 	 	 Ulrik Ortiz Rasmussen

  

 11

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