Document:

EX-10.23

 Exhibit 10.23 
 BIOCEPT, INC. 
 RESTRICTED
STOCK UNIT GRANT NOTICE 
 (2007 EQUITY
INCENTIVE PLAN) 
 Biocept, Inc. (the “Company”), hereby awards to Participant a
Restricted Stock Unit Award for the number of shares of the Company’s Series BB Preferred Stock set forth below (the “Award”). The Award is granted outside the Company’s 2007 Equity Incentive Plan (the
“Plan”), but shall be governed by the terms of the Plan as if the Award had been granted under the Plan. The Award is subject to all of the terms and conditions as set forth herein and in the Plan and the Restricted Stock
Unit Agreement, both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan or the Restricted Stock Unit Agreement. In the event of any
conflict between the terms in the Award and the Plan, the terms of the Plan shall control. 
  

			
	 Participant:
 Date of
Grant:
 Vesting Commencement Date:

Number of Shares Subject to Award:

Consideration:
	  	 Ivor Royston, M.D.

November 8, 2010
 October 11,
2010
 390,000
 Participant’s
Services

  

			
	Vesting Schedule:	  	No shares subject to the Award shall vest unless a Change in Control (as defined in the Plan) or Initial Public Offering (as defined below) occurs within 10 years of the Vesting
Commencement Date (the “Vesting Event”). Upon a Vesting Event, the Participant shall vest in a number of shares underlying the Award determined by multiplying the number of shares subject to the Award by a fraction (not to
exceed 1), with the numerator being the number of months the Participant served as a member of the Board of the Company, and the denominator being 48*. If a Change of Control or Initial Public Offering occurs while the Participant is serving as a
member of the Board but before the Participant served in such capacity for 48 consecutive months, then the Award shall vest in full. An Initial Public Offering means the effectiveness of an underwriting agreement between the Company and the
underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering.
		
	Issuance Schedule:	  	The shares will be issued in accordance with the issuance schedule set forth in Section 6 of the Restricted Stock Unit Agreement.

 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and agrees
to, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan
set forth the entire understanding between Participant and the Company regarding the Award and supersedes all prior oral and written agreements on that subject. 
  

									
	BIOCEPT, INC.	 		 	PARTICIPANT:
					
	By:	 	/s/ Meg McGilley	 		 	 	 	/s/ Ivor Royston
		 	Signature	 		 		 	Signature
					
	Title:	 	CFO	 		 	Date:	 	12/6/10
					
	Date:	 	12/13/10	 		 		 	

 ATTACHMENTS: Restricted Stock Unit Agreement, 2007 Equity Incentive Plan 

 

	*	2012 amendment: ; provided, that in the event of Participant’s involuntary removal from the Board of the Company by the Company’s shareholders without Cause
(as defined in the Plan) before the Participant has served in such capacity for 48 consecutive months and Participant furnished to the Company an effective waiver and release of claims in a form specified by the Company and consistent with standard
practices, such numerator shall be 48. 

 BIOCEPT, INC. 

2007 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

Pursuant to the Restricted Stock Unit Grant Notice (“Grant Notice”) and this Restricted Stock Unit Agreement and
in consideration of your services, Biocept, Inc. (the “Company”) has awarded you a Restricted Stock Unit Award (the “Award”) to be governed by the terms of the Company’s 2007 Equity Incentive Plan
(the “Plan”) as if the Award had been granted under the Plan. Your Award is granted to you effective as of the Date of Grant set forth in the Grant Notice for this Award. This Restricted Stock Unit Award Agreement shall be
deemed to be agreed to by the Company and you upon the signing by you of the Restricted Stock Unit Grant Notice to which it is attached. Defined terms not explicitly defined in this Restricted Stock Unit Agreement shall have the same meanings given
to them in the Plan. In the event of any conflict between the terms in this Restricted Stock Unit Agreement and the Plan, the terms of the Plan shall control. The details of your Award, in addition to those set forth in the Grant Notice and the
Plan, are as follows. 
 1. GRANT OF THE AWARD. This Award
represents the right to be issued on a future date the number of shares of the Company’s Series BB Preferred Stock as indicated in the Grant Notice. As of the Date of Grant, the Company will credit to a bookkeeping account maintained by the
Company for your benefit (the “Account”) the number of shares of Series BB Preferred Stock subject to the Award. This Award was granted in consideration of your services to the Company. Except as otherwise provided herein,
you will not be required to make any payment to the Company (other than past and future services to the Company) with respect to your receipt of the Award, the vesting of the shares or the delivery of the underlying Series BB Preferred Stock.

 2. VESTING.  
 (a) In General. Subject to the limitations contained herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice. 

3. NUMBER OF SHARES. 

(a) The number of shares subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the
Plan. 
 (b) Any shares, cash or other property that becomes subject to the Award pursuant to this Section 3 and
Section 7, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other shares covered by your Award. 

(c) Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Series BB
Preferred Stock shall be created pursuant to this Section 

  
 1. 

 
3. The Board shall, in its discretion, determine an equivalent benefit for any fractional shares or fractional shares that might be created by the adjustments referred to in this Section 3.

 4. SECURITIES LAW COMPLIANCE. You may not be issued any shares under your
Award unless either (i) the shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with
other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. 

5. TRANSFER RESTRICTIONS. Prior to the time that shares of Series BB Preferred Stock have been
delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except as expressly provided in this Section 5. For example, you may not use shares that may be issued in
respect of your Award as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of shares in respect of your vested Award. 
 (a) Death. Your Award is transferable by will and by the laws of descent and distribution. In addition, upon receiving written permission from the Board or its duly authorized designee, you
may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company and any broker designated by the Company to effect transactions under the Plan, designate a third party who, in the event of your death,
shall thereafter be entitled to receive any distribution of Series BB Preferred Stock or other consideration to which you were entitled at the time of your death pursuant to this Agreement. In the absence of such a designation, your executor or
administrator of your estate shall be entitled to receive, on behalf of your estate, such Series BB Preferred Stock or other consideration. 
 (b) Certain Trusts. Upon receiving written permission from the Board or its duly authorized designee, you may transfer your Award to a trust if you are considered to be the sole beneficial owner
(determined under Section 671 of the Code and applicable state law) while the Award is held in the trust, provided that you and the trustee enter into transfer and other agreements required by the Company. 

(c) Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that
you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your Award or your right to receive the distribution of Series BB Preferred Stock or other consideration thereunder, pursuant to a
domestic relations order that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this Award with the Company prior to finalizing the domestic relations
order to help ensure the required information is contained within the domestic relations order. 
 6. DATE
OF ISSUANCE. 
 (a) The Company will deliver to you a number of shares of the
Company’s Series BB Preferred Stock equal to the number of vested shares subject to your Award, including 

  
 2. 

 
any additional shares received pursuant to Section 3 above that relate to those vested shares on the applicable vesting date(s). However, if a scheduled delivery date falls on a date that is
not a business day, such delivery date shall instead fall on the next following business day. 
 (b) Notwithstanding the
foregoing, in the event that (i) you are subject to the Company’s policy permitting officers and directors to sell shares only during certain “window” periods, in effect from time to time or you are otherwise prohibited from
selling shares of the Company’s Series BB Preferred Stock in the public market and any shares covered by your Award are scheduled to be delivered on a day (the “Original Distribution Date”) that does not occur during an
open “window period” applicable to you, as determined by the Company in accordance with such policy, or does not occur on a date when you are otherwise permitted to sell shares of the Company’s Series BB Preferred Stock on the open
market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall not be delivered on such Original Distribution Date and shall instead be delivered on the
first business day of the next occurring open “window period” applicable to you pursuant to such policy (regardless of whether you are still providing continuous services at such time) or the next business day when you are not prohibited
from selling shares of the Company’s Series BB Preferred Stock in the open market, but in no event later than the fifteenth (15th) day of the third calendar month of the calendar year following the calendar year in which the Original
Distribution Date occurs. The form of such delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company. 
 (c) Notwithstanding the foregoing, the following provisions shall apply if you elect to defer delivery of the shares subject to your Award beyond the vesting date in accordance with this Section:

 (i) With respect to shares subject to the Award that vest no sooner than 13 months following the Date of Grant
specified in your Grant Notice and if, within the 30-day period following the Date of Grant indicated on your Grant Notice, you elect to defer delivery of such shares of Common Stock beyond the vesting date, then the Company will not deliver such
shares on the vesting date or dates provided in your Grant Notice, but will instead deliver such shares to you on the date or dates that you so elect (the “Settlement Date”) If such deferral election is made, the Committee
shall, in its sole discretion, establish the rules and procedures for such election which shall be evidenced by a Restricted Stock Unit Election Agreement. 
 (ii) If the Company determines that you are subject to its policy regarding insider trading of the Company’s stock or you are otherwise prohibited from selling shares of the Company’s
stock in the public market and any shares of Common Stock subject to your Award are scheduled to be delivered on a Settlement Date that does not occur during an open “window period” applicable to you, as determined by the Company in
accordance with such policy, or a day when you are prohibited from selling shares of the Company’s stock in the public market and the Company elects not to satisfy its tax withholding obligations by withholding shares from your
distribution, then such shares shall not be delivered on such Settlement Date and shall instead be delivered as soon as practicable on the first business day within the next open “window period” applicable to you pursuant to such policy or
the next day when you are not prohibited from selling shares of the Company’s stock in the public market 

  
 3. 

 
(regardless of whether you are still providing continuous services at such time); provided, however, that unless the delay until the next open window period or the next day when you are
not prohibited from selling shares of the Company’s stock in the public market would not result in the imposition of any additional taxes under the Code (including section 409A of the Code), the delivery of the shares shall not be delayed
pursuant to this provision beyond sixty (60) days following the selected Settlement Date. The form of such delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company. 

(iii) Notwithstanding anything to the contrary set forth in the Plan, in the event of a Corporate Transaction that is not a 409A
Change of Control, then the surviving or acquiring corporation (or its parent company) (the “Acquiring Entity”) must either assume, continue or substitute your Award, and shares subject to your Award that vest, if any, shall be issued to
you by the Acquiring Entity in accordance with the terms of this Agreement and your deferral election. For such purposes, a “409A Change in Control” is a change in the ownership or effective control of the Company, or in the ownership of a
substantial portion of the Company’s assets, as provided in Internal Revenue Code Section 409A(a)(2)(A)(v) and applicable guidance thereunder. 
 7. DIVIDENDS. You shall be entitled to receive payments equal to any cash dividends and other distributions paid with respect to a corresponding number of shares covered by your
Award, provided that if any such dividends or distributions are paid in shares, the Fair Market Value of such shares shall be converted into additional shares covered by the Award, and further provided that such additional shares shall be subject to
the same forfeiture restrictions and restrictions on transferability as apply to the shares subject to the Award with respect to which they relate. 
 8. RESTRICTIVE LEGENDS. The shares issued under your Award shall be endorsed with appropriate legends determined by the Company. 

9. AWARD NOT A SERVICE CONTRACT.  

(a) Your service as a member of the Board is not for any specified term and may be terminated by you or by the Company at any time,
for any reason, with or without cause and with or without notice. Nothing in this Restricted Stock Unit Agreement (including, but not limited to, the vesting of your Award pursuant to the schedule set forth in Section 2 herein or the
issuance of the shares subject to your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Restricted Stock Unit Agreement or the Plan shall: (i) confer upon you any right to continue in the
employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other
term or condition of employment or affiliation; (iii) confer any right or benefit under this Restricted Stock Unit Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan; or
(iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have. 
 (b) By accepting this Award, you acknowledge and agree that the right to a number of shares of Series BB Preferred Stock is earned only by service as a member of the

  
 4. 

 
Board and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems
appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could result in the termination of your termination from the Board. You further acknowledge and agree that this Restricted Stock Unit
Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of
continued engagement for the term of this Agreement, for any period, or at all, and shall not interfere in any way with your right or the Company’s right to terminate your service at any time, with or without cause and with or without notice.

 10. WITHHOLDING OBLIGATIONS. 

(a) On or before the time you receive a distribution of the shares subject to your Award, or at any time thereafter as requested by
the Company, you hereby authorize any required withholding from the Series BB Preferred Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or any Affiliate which arise in connection with your Award (the “Withholding Taxes”). Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding
Taxes obligation relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; or
(iii) withholding shares of Series BB Preferred Stock from the shares of Series BB Preferred Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date shares of Series BB Preferred
Stock are issued to pursuant to Section 6) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Series BB Preferred Stock so withheld shall not exceed the amount necessary to satisfy the
Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income. 

(b) Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation
to deliver to you any Series BB Preferred Stock. 
 (c) In the event the Company’s obligation to withhold arises
prior to the delivery to you of Series BB Preferred Stock or it is determined after the delivery of Series BB Preferred Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company,
you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
 11.
UNSECURED OBLIGATION. Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares
pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this
Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of 

  
 5. 

 
the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between
you and the Company or any other person. 
 12. OTHER DOCUMENTS. You hereby
acknowledge receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy
permitting officers and directors to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 
 13. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by
the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to
deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to participate in the Plan by electronic means. You hereby consents to receive such documents by electronic delivery and, if
requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

14. MISCELLANEOUS. 
 (a) The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit
of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under your Award may only be assigned with the prior written consent of the Company. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your
Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award. 
 (d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 (e) All obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

15. GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan,
the provisions of which are hereby made a part of your Award, and is further subject to 

  
 6. 

 
all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Except as expressly provided herein, in the event of any
conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 
 16.
SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the
Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of
a Section to the fullest extent possible while remaining lawful and valid. 
 17. EFFECT ON
OTHER EMPLOYEE BENEFIT PLANS. The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating
the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the
Company’s or any Affiliate’s employee benefit plans. 
 18. CHOICE OF
LAW. The interpretation, performance and enforcement of this Agreement will be governed by the law of the state of California without regard to such state’s conflicts of laws rules. 

19. AMENDMENT. This Agreement may not be modified, amended or terminated except by an instrument in writing, signed
by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement, so long as a copy of such
amendment is delivered to you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to you,
the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided
that any such change shall be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 

  
 7.EX-10.1

 Exhibit 10.1 
  

 
 VERIFONE SYSTEMS, INC. 

2099 Gateway Place, Suite 600 
 San
Jose, CA 95110 
 September 15, 2013 

Mr. Paul Galant 
  

	 	Re:	Offer Letter 

 Dear Paul: 

The purpose of this letter (this “Agreement”) is to set forth the terms of your offer of employment with VeriFone
Systems, Inc., a Delaware corporation (the “Company”) and VeriFone, Inc., a Delaware corporation (the “Employer”).  
  

	1.	Term of Your Employment 

 Your employment under this Agreement will begin on
October 1, 2013 (the “Start Date”) and will continue until terminated in accordance with the terms of this Agreement (the “Employment Period”). The terms of this Agreement will be subject to review and revision
after the date that is four years following the Start Date at the discretion of the Compensation Committee (as defined below), provided that you will receive at least six months’ notice of such a review and revision or if the Agreement
will not be renewed. If your employment does not commence on the Start Date for any reason, this Agreement will become void and have no effect. 
  

	2.	Your Position, Performance and Other Activities 

 (a) Position; Duties. During
your Employment Period, you will be employed as Chief Executive Officer of the Company with duties and responsibilities commensurate with such positions and such other duties as assigned by Board of Directors of the Company (the “Board”),
you will be appointed as a member of the Board, you will be nominated to the Board for each year during the Employment Period and you will report to the Board. 

(b) Other Activities. During your employment, you shall devote your reasonable best efforts and your full business time and attention
to the business and affairs of the 

 
Company, Employer and their subsidiaries; provided that, you may (A) serve, after appropriate consultation with the Board, on corporate, civic or charitable boards or committees,
(B) deliver lectures and fulfill speaking engagements, and (C) manage your personal and family investments, so long as such activities do not interfere substantially with the performance of your responsibilities under this Agreement. 

 

	3.	Your Compensation 

 (a) Annual Base Salary. During the Employment Period, you
shall receive an annual base salary (“Annual Base Salary”) of at least $800,000, payable in accordance with the Employer’s normal payroll practice as in effect from time to time. 

(b) Annual Bonus. During the Employment Period, you shall be eligible to receive an annual cash bonus (“Annual Bonus”)
under the Amended and Restated VeriFone Bonus Plan or any successor plan thereto (the “Annual Bonus Plan”) with a target level of not less than 125% percent of Annual Base Salary, payable in accordance with the terms of the Annual
Bonus Plan and procedures established by the Compensation Committee of the Board (the “Compensation Committee”). The actual amount of your Annual Bonus will be determined by the Compensation Committee and will be payable by the
Company within two and one-half months after the end of the Company’s fiscal year to which it relates.  
 (c) Signing
Bonus. Within fifteen (15) days after the Start Date, the Company will pay you a one-time lump sum cash payment in the amount of $2,250,000. 

 

	 	(d)	Long-Term Incentive Compensation. 

 (1) Upfront Stock Options. On your Start
Date, you shall be granted stock options under the Company’s Amended and Restated 2006 Equity Incentive Plan (the “Equity Plan”) to purchase 500,000 shares of Common Stock (as defined in the Equity Plan) (the “Upfront
Stock Options”). Such Upfront Stock Options shall vest 25% on the first anniversary of the date of grant and in twelve (12) equal installments thereafter commencing on the fifteen (15) month anniversary of the date of grant and
the end of each three (3) month period thereafter, shall have a term of seven years and are not intended to qualify as incentive stock options. 

(2) Upfront Restricted Stock. On your Start Date, you will be granted 300,000 shares of restricted Common Stock under the Equity Plan
(the “Upfront Restricted Stock”). Such Upfront Restricted Stock will vest in two (2) equal installments on each of the Start Date and the first anniversary of the Start Date. The Upfront Restricted Stock will be entitled to any
dividends paid, provided that any dividends with regard to unvested stock shall remain forfeitable on the same basis as the restricted stock and any cash dividends will be paid out immediately following vesting. 

(3) Upfront TSR Shares. On your Start Date, you shall be granted restricted stock units in an amount at target of 200,000 shares of
Common Stock (the “Upfront TSR Shares”), with payout opportunity ranging from 0% to 200% of target, based on the level of achievement of the Company’s total shareholder return (“TSR”) relative to the companies
in the S&P North America Technology Index over the 3-year performance period through the third anniversary of the Start Date. For purposes of the Upfront TSR Shares, TSR shall be calculated on a stack-ranked basis using a 60-trading day average
closing prices immediately 

  
 -2- 

 
preceding the beginning and end of the performance period. Payout shall be at target (i.e., 200,000 shares of Common Stock) for TSR at the 50th percentile, scaling for performance above
and below the 50th percentile (e.g., 60th percentile ranking results in payout at 120% of target or 240,000 shares of Common Stock). The threshold for any payout under the Upfront TSR Shares is the 25th percentile (i.e., no shares of
Common Stock will be awarded for performance below the 25th percentile) and the maximum payout shall equal 200% of target (i.e., 400,000 shares) at the 100th percentile. In the event of a Change in Control, the performance period for the Upfront TSR Shares shall terminate effective immediately prior to the Change in Control and the level of payout under
the Upfront TSR Shares shall be measured at that time. The Upfront TSR Share payout as so determined will be subject to time-based 3-year cliff vesting (from the original grant date), subject to the applicable acceleration provisions of
Section 5 below. 
 (4) You will be eligible to receive additional equity award grants on an annual basis as determined by the
Compensation Committee with due regard for your position at such time as grants are made to other senior officers of the Company. 
  

	4.	Your Benefits 

 (a) Employee Benefit Plans. During the Employment Period, except
as otherwise expressly provided herein, you shall be entitled to participate in the Company’s employee benefit plans, policies and programs, as in effect from time to time, on the same basis as made available generally to other senior executive
officers of the Company. 
 (b) Relocation. The Company will reimburse you for reasonable expenses involved in your relocation, which
will cover the actual movement of household and personal belongings and other relocation expenses associated with joining the Company, as well as reasonable travel for you and your family for house-hunting trips and the cost of temporary housing
(not to exceed twelve (12) months) and associated expenses. 
 (c) Indemnification. Upon the Start Date, the Company will enter
into an indemnification agreement with you in the form of the Company’s existing form of indemnification agreement for directors and executive officers and will provide you with D&O insurance coverage under the existing D&O coverage for
other directors and executive officers. 
  

	5.	Termination of Your Employment 

 (a) No Reason Required. Either you or the Company
may terminate your employment at any time for any reason, or for no reason, subject to compliance with Section 5(c). 
 (b) Related
Definitions.  
 (1) “Cause” means your (i) conviction of, or plea of nolo contendere to, a felony or any
crime or offense lesser than a felony involving dishonesty, disloyalty or fraud with respect to the Company or any Related Entity or any of their respective properties or assets; (ii) gross negligence or willful misconduct that has caused
demonstrable and serious injury to the Company or a Related Entity, monetary or otherwise; (iii) willful refusal to perform or substantial disregard of your duties under this Agreement; (iv) breach of duty of loyalty to the Company or a
Related Entity or any act of fraud or dishonesty with respect to 

  
 -3- 

 
the Company or a Related Entity; (v) engagement in insider trading; (vi) breach of the Company’s ethics policy, as in effect from time to time; (vii) engagement in accounting
improprieties as determined by the Board; (viii) failure or refusal to cooperate with governmental or regulatory investigations involving the Company; or (ix) disqualification or bar by any governmental or
self-regulatory authority from serving as an officer or director of the Company or any Related Entity. 

(2) “Good Reason” means the occurrence of one or more of the following circumstances, without your express written consent,
and which circumstance(s) are not remedied by the Company within thirty (30) days of receipt of a Termination Notice (defined below) from you describing in reasonable detail the Good Reason event that has occurred (which notice must be provided
within ninety (90) days of your obtaining knowledge of the event): (i) the assignment to you of substantial duties that are inconsistent with your title, position, authority, duties or responsibilities as contemplated under this Agreement,
or any other action by the Board that results in a diminution in your title, position, authority, duties or responsibilities; (ii) any failure by the Company or the Employer to comply with any of the provisions of Section 3 hereof, other
than insubstantial or inadvertent failures not in bad faith which are remedied by the Company or the Employer promptly after receipt of notice thereof given by you; or (iii) failure by the Company to obtain the assumption of the Company’s
obligations hereunder from any successor. 
 (3) “Change in Control” shall have the same meaning as under the Equity Plan
as currently in effect. 
 (4) “Disability” means your disability, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, as determined by the Board. If the Company determines in good faith that your Disability has
occurred, it may give you a Termination Notice. If within 90 days of the Termination Notice you do not return to full-time performance of your responsibilities, your employment will terminate. If you do return to full-time performance in that
90-day period, the Termination Notice will be cancelled for all purposes of this Agreement. 
 (5) “Related Entity” is any
subsidiary or entity in which the Company holds at least 25% ownership interest, and any other entity designated by the Board. 
 (c)
Advance Notice Generally Required. 
 (1) To terminate your employment, either you or the Company must provide a Termination Notice
to the other. A “Termination Notice” is a written notice that states the specific provision of this Agreement on which termination is based, including, if applicable, the specific clause of the definition of Cause or Good Reason and
a reasonably detailed description of the facts that permit termination under that clause; provided, that the failure to include any fact in a Termination Notice that contributes to a showing of Cause or Good Reason does not preclude either party
from asserting that fact in enforcing its rights under this Agreement. 
 (2) You and the Company agree to provide 90 days’ advance
Termination Notice of any termination, unless your employment is terminated by the Company for Cause or because of your Disability or death. If you die or suffer a Disability after you provide a valid

  
 -4- 

 
Termination Notice with Good Reason or the Company provides a Termination Notice without Cause, your termination will be treated as a termination with Good Reason or without Cause, as applicable,
effective as of the date of your death or Disability. 
 (3) Following receipt of such Termination Notice, the Company may, at its sole
discretion, choose to place you on paid leave for any or all of the applicable notice period. 
 (d) Without Cause other than during a
Change of Control Protection Period. If, during your Employment Period, other than during a Change of Control Protection Period (as defined below), the Company terminates your employment without Cause: 

(1) The Company will pay you any unpaid accrued salary or earned but unpaid Annual Bonus (“Accrued Compensation”), a lump sum
cash severance payment equal to the sum of your Annual Base Salary and your actual Annual Bonus for the preceding fiscal year within sixty (60) days following the date of termination of your employment. 

(2) For twenty-four (24) months following your date of termination of employment, the Company will promptly reimburse you for COBRA
premiums provided you timely elect COBRA coverage and will permit you to continue to participate in the Company’s life insurance plan on the same basis as you participated in it as of immediately prior to your termination of employment
(collectively, “Benefit Continuation”); provided, however, that such Benefit Continuation shall cease upon your commencement of employment with another employer that provides you with eligibility for substantially similar coverage.
You shall notify the Company within ten (10) days following commencement of such new employment. If the Company is unable to reimburse you for COBRA premiums without violating applicable law, the Company shall provide you with a lump sum
payment in an amount equal to the COBRA payment you would be required to pay for such 24-month period. 
 (3) Any portion of any unvested
equity or equity-based awards (including, but not limited to, the Upfront Stock Options and the Upfront Restricted Stock (and any unpaid dividends on Upfront Restricted Stock)) that were granted to you by the Company prior to the date of such
termination of employment and that would have otherwise vested on or before the first anniversary of such date of termination, shall vest in full effective as of such date of termination. Notwithstanding the foregoing, any portion of any unvested
Upfront TSR Shares that would have time-based vested, if such time-based vesting was monthly rather than 3-year cliff vesting, on or before the first anniversary of such termination of employment based on achievement of the TSR hurdle, shall so vest
and shall be paid as soon as practicable following determination of the achievement of the TSR hurdle. 
 (e) For Good Reason or Without
Cause during a Change of Control Protection Period. If a termination by the Company without Cause or by you for Good Reason occurs during the Employment Period and upon or within twelve (12) months after a Change in Control (or if your
employment is terminated by the Company without Cause or by you for Good Reason within ninety (90) days prior to a Change in Control at the request of a third party acquiror) (the “Change of Control Protection Period”): 

(1) The Company will pay you the Accrued Compensation and a lump sum cash severance payment equal to 2 times the sum of your Annual Base
Salary and your target Annual Bonus within sixty (60) days following the date of termination of your employment (or 

  
 -5- 

 
sixty (60) days following the Change in Control, in the event your employment is terminated by the Company without Cause or by you for Good Reason within ninety (90) days prior to the
Change in Control at the request of a third party acquiror). 
 (2) You shall be entitled to receive the Benefit Continuation benefits in
accordance with the terms of Section 5(d)(2) above. 
 (3) Any portion of any unvested equity or equity-based awards (including, but
not limited to, the Upfront Stock Options, the Upfront Restricted Stock (and any unpaid dividends on Restricted Stock) and the Upfront TSR Shares (as modified in accordance with the second to last sentence of Section 3(d)(3) above)) granted to
you by the Company prior to the date of such termination of employment shall vest in full effective as of such date of termination (or as of the Change in Control, in the event your employment is terminated by the Company without Cause or by you for
Good Reason within ninety (90) days prior to the Change in Control at the request of a third party acquiror). 
 (f) Condition.
The Company shall not be required to make the payments and provide the benefits (other than payment of Accrued Compensation) specified in Section 5(d), Section 5(e) or (in the case of termination due to Disability) the last sentence of
Section 5(g) hereof unless you execute and deliver to the Company a general release and waiver of claims in favor of the Company, its affiliates and each of their respective officers, directors and employees in the form attached hereto as
Exhibit A, (the “Release”), provided, that, such Release (i) will be provided to you within five (5) days following your date of termination, (ii) will not release indemnification or fiduciary insurance
rights set forth in Section 4(c) above, and (iii) you execute such release and any applicable revocation period lapses on or prior to the fifty-seventh (57th) day following the date
of your termination of employment. If you breach any provision of Section 6 of this Agreement in more than a minor, de minimis or trivial manner (and, if such breach is susceptible to cure, you do not cure such breach within ten (10) days
after your receipt of written notice of such breach from the Company which specifies in reasonable detail the facts and circumstances claimed to be the basis for such breach), then (i) you will forfeit any unpaid payments and benefits set forth
in Section 5 above, and (ii) to the extent any payments or benefits set forth in Section 5 above have already been paid or provided to you, the gross amount of such payments and benefits shall be paid by you to the Company upon
written notice from the Company within thirty (30) days of such notice. The Company shall have the right to offset the amount of any such payments and benefits against any amounts otherwise owed to you by the Company, except to the extent such
offset would cause a violation of Section 409A (as defined below) as reasonably determined by the Company. 
 (g) For Cause, without
Good Reason or due to Death or Disability. If the Company terminates your employment for Cause, you terminate your employment without Good Reason, or your employment terminates due to your death or Disability, in each case, at any time during
the Employment Period, the Company will promptly pay or provide you (i) your Accrued Compensation, except that any earned but unpaid Annual Bonus shall be forfeited in the event of your termination for Cause, (ii) any benefits that are
required, or to which you are entitled, under any employee benefit plan, contract or arrangement of the Company, and (iii) any other payments or benefits required to be paid to you in accordance with applicable law. In addition, in the event
your employment terminates due to your death or Disability, the Company shall pay you or your estate, as applicable, (i) a pro-rata Annual Bonus at target for the fiscal year during which your death or Disability occurs, which shall be paid
within sixty 

  
 -6- 

 
(60) days following the date of termination of your employment and (ii) provide you with the vesting benefits set forth in Section 5(d)(3) above. 

 

	6.	Restrictive Covenants. 

 (a) Confidential Information. 

(1) Obligation to Maintain Confidentiality. You acknowledge that the information, observations and data obtained by you during the
course of your performance under this Agreement concerning the business and affairs of the Company and any Related Entities are the property of the Company or such Related Entities, including information concerning acquisition opportunities in or
reasonably related to the Company’s business or industry of which you become aware during the Employment Period. Therefore, you agree that you will not disclose to any unauthorized person, firm, corporation or other entity or use for your own
account any of such information, observations or data without the Board’s written consent, unless and to the extent that the aforementioned matters, (i) become generally known to and available for use by the public other than as a result
of your acts or omissions to act, (ii) was known to you prior to your employment with the Company, or (iii) is required to be disclosed pursuant to any applicable law or court order. You agree to deliver to the Company upon any termination
of your employment, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of the Company or any of its subsidiaries (including,
without limitation, all acquisition prospects, lists and contact information) that you may then possess or have under your control. 
 (b)
Noncompetition. For the twelve (12) month period following termination of your employment for any reason (the “Noncompete Period”), you shall not, directly or indirectly, manage, control, participate in, consult with,
render services for, or in any manner engage in a Competitive Enterprise. For purposes of this Agreement, “Competitive Enterprise” means (i) any business competing with the businesses of the Company as of the date of
termination, or (ii) any business in which the Company has entertained discussions or has requested and received information relating to the acquisition of such business by the Company during the six-month period immediately preceding your
termination of employment, provided that you may hold up to a 1% passive equity interest in a public company that may be a Competitive Enterprise. For purposes of this Section 6(b), references to the Company shall include references to any
subsidiary of the Company. 
 (c) Nonsolicitation. During the Noncompete Period, you shall not, directly or indirectly, through
another entity (i) induce or attempt to induce any employee of the Company to leave the employ of the Company to leave the employ of the Company, or in any way interfere with the relationship between the Company and any employee, (ii) hire
any person who was an employee of the Company within 180 days prior to the date of hire, or (iii) solicit or attempt to solicit or induce or attempt to induce any customer, supplier, licensee or other business relation of the Company to
transact business with a Competitive Enterprise or to cease doing business with the Company or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company. For purposes of this
Section 6(c), references to the Company shall include references to any subsidiary of the Company. 

  
 -7- 

 (d) Non-Disparagement. You hereby agree that you may not make any statement that would
libel, slander or disparage the Company or its past or present officers, directors, employees or agents (subject to any obligation you have to comply with legal and regulatory requirements (e.g., a subpoena)). In addition, the Company hereby
agrees that it and its officers and directors may not make any statement that would libel, slander or disparage you (subject to any obligation the Company has to comply with legal and regulatory requirements including disclosure requirements under
applicable law). 
 (e) Enforcement. If a court holds that the restrictions stated in this Section 6 are unreasonable under
circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise
the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Because your services are unique and because you have access to confidential information, the parties hereto agree that money damages would be an
inadequate remedy for any breach of this Section 6. Therefore, in the event a breach or threatened breach of this Section 6, the Company may, in addition to other rights and remedies existing in its favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). 

(f) Additional Acknowledgments. You acknowledge that the provisions of this Section 6 are in consideration of: (i) employment
with the Employer, and (ii) additional good and valuable consideration as set forth in this Agreement. In addition, you agree and acknowledge that the restrictions contained in this Section 6 do not preclude you from earning a livelihood,
nor do they unreasonably impose limitations on your ability to earn a living. In addition, you acknowledge (i) that the business of the Company, the Employer and other Related Entities will be international in scope and without geographical
limitation, and (ii) notwithstanding the state of incorporation or principal office of the Company, any of its affiliates or any of their respective executives or employees (including you), it is expected that the Company, the Employer and
other Related Entities will have business activities and have valuable business relationships within its industry throughout the world. You acknowledge and agree that each and every restraint imposed by this Section 6 is reasonable with respect
to subject matter, time period and geographical area. 
  

	7.	Effect of Excise Tax and Limits on Golden Parachute Payments 

 (a)
Contingent Reduction of Parachute Payments. In the event of Change in Control, if any payment, benefit or distribution by the Company or any other person, firm, corporation or other entity to you or for your benefit (whether paid or
payable, provided or to be provided or distributed or distributable pursuant to the terms of this Agreement or otherwise) (each, a “Payment,” and collectively, the “Payments”) would be subject to the excise tax
imposed by Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by you with respect to such excise tax, the “Excise Tax”), then you will receive the greatest of the following, whichever
gives you the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (1) the Payments or (2) one dollar less than the amount of the Payments that would subject you to the Excise Tax (the
“Safe Harbor Amount”). If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments constitutes a “deferral of compensation” within the meaning of and subject to
Section 409A (“Nonqualified Deferred Compensation”), then the 

  
 -8- 

 
Payments shall be reduced in the following order (i) acceleration of the equity and equity-based awards, (ii) Benefits Continuation benefits, and (iii) cash severance, until the
requisite reduction is achieved. 
 (b) Determination of the Payments. Any other determination required to be made under this
Section 7, including whether and when reduction of payments to the Safe Harbor Amount is required and the amount of the reduction of the Payments and the assumptions to be utilized in arriving at such determination, shall be made by the public
accounting firm providing accounting services to the Company immediately prior to the Change in Control (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and you within fifteen
(15) business days of the receipt of notice from you that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the
Accounting Firm under this Section 7(b) shall be binding upon the Company and you. You shall cooperate with any reasonable requests by the Company in connection with any contests or disputes with the Internal Revenue Service in connection with
the Excise Tax. 
  

	8.	Entire Agreement 

 This Agreement is the entire agreement between you and the Company
with respect to the relationship contemplated by this Agreement and supersedes and replaces any earlier agreement, written or oral, with respect to the subject matter of this Agreement. In entering into this Agreement, no party has relied on or made
any representation, warranty, inducement, promise or understanding that is not in this Agreement. 
  

	9.	Successors 

 (a) Assignment by You. You may not assign this Agreement without the
Company’s consent. Also, except as required by law, your right to receive payments or benefits under this Agreement may not be subject to execution, attachment, levy or similar process. Any attempt to effect any of the preceding in violation of
this Section 9(a), whether voluntary or involuntary, will be void. 
 (b) Assumption by any Surviving Company. This Agreement
shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
  

	10.	General Provisions 

 (a) Withholding. You and the Company will treat
all payments to you under this Agreement as compensation for services. Accordingly, the Company will withhold from any payment any taxes that are required to be withheld under any law, rule or regulation. The Upfront Restricted Stock and Upfront TSR
Shares will permit withholding by net stock withholding, except to the extent tax becomes due as a result of a Section 83(b) election made by you. 

(b) Severability. If any provision of this Agreement is found by any court of competent jurisdiction (or legally empowered agency) to
be illegal, invalid or unenforceable for any reason, then (1) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (2) the remainder of this Agreement
will not be affected. 

  
 -9- 

 (c) No Set-off or Mitigation. Except as otherwise provided herein, your and the
Company’s respective obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment or other right you or the Company may have against each other or anyone else. You do not need to seek other employment or take
any other action to mitigate any amounts owed to you under this Agreement, and, except as otherwise provided herein, those amounts will not be reduced if you do obtain other employment. 

(d) Notices. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed given
(1) on the business day sent, when delivered by hand or facsimile transmission (with confirmation) during normal business hours, (2) on the business day after the business day sent, if delivered by a nationally recognized overnight courier
or (3) on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following address or number (or to such other addresses or numbers as may be specified by
notice that conforms to this Section 10(d)): 
 If to you, to: 

Paul Galant 
 c/o VeriFone
Systems, Inc. 
 2099 Gateway Place 

San Jose, CA 95110 
 If to the
Company, to: 
 VeriFone Systems, Inc. 

2099 Gateway Place 
 San Jose, CA
95110 
 Attention: General Counsel 

(e) Amendments and Waivers. Any provision of this Agreement may be amended or waived but only if the amendment or waiver is in writing
and signed, in the case of an amendment, by you and the Company or, in the case of a waiver, by the party that would have benefited from the provision waived. Except as this Agreement otherwise provides, no failure or delay by you or the Company to
exercise any right or remedy under this Agreement will operate as a waiver, and no partial exercise of any right or remedy will preclude any further exercise. 

(f) Jurisdiction; Choice of Forum. You and the Company irrevocably submit to the exclusive jurisdiction of any state or federal court
located in Wilmington, Delaware over any controversy or claim arising out of or relating to or concerning this Agreement or any aspect of your employment with the Company (together, an “Employment Matter”). Both you and the Company
(1) acknowledge that the forum stated in this Section 10(f) has a reasonable relation to this Agreement and to the relationship between you and the Company and that the submission to the forum will apply even if the forum chooses to apply
non-forum law, (2) waive, to the extent permitted by law, any objection to personal jurisdiction or to the laying of venue of any action or proceeding covered by this Section 10(f) in the forum stated in this Section, (3) agree not to
commence any such action or proceeding in any forum other than the forum stated in this Section 10(f) and (4) agree that, to the extent permitted by law, a final and non-appealable judgment in any such action or proceeding in any such
court will be 

  
 -10- 

 
conclusive and binding on you and the Company. However, nothing in this Agreement precludes you or the Company from bringing any action or proceeding in any court for the purpose of enforcing the
provisions of this Section 10(f). 
 (g) Governing Law. This Agreement will be governed by and construed
in accordance with the law of the State of Delaware applicable to contracts made and to be performed entirely within that State. 
 (h)
Expenses. The Company will reimburse you for reasonable attorneys’ fees and expenses in connection with the negotiation of this Agreement and any term sheet related hereto. 

(i) Section 409A. This Agreement is intended to comply with or be exempt from the requirements of Section 409A of the
Internal Revenue Code (“Section 409A”) with respect to amounts, if any, subject thereto and shall be interpreted, construed and performed consistent with such intent. To the extent you would otherwise be entitled to any payment or
benefit under this Agreement or any other plan or arrangement of the Company or any of its affiliates that constitutes “deferred compensation” subject to Section 409A, and that if paid or provided during the six months beginning on
the date of termination of your employment would be subject to the Section 409A additional tax because you are a “specified employee” (within the meaning of Section 409A and as determined by the Company), such payment or benefit
will be paid or provided to you on the earlier of the six-month anniversary of your date of termination or your death. In addition, any payment or benefit due upon a termination of your employment that represents “deferred compensation”
subject to Section 409A shall be paid or provided to you only upon a “separation from service” as defined in Treas. Reg. § 1.409A-1(h) and your date of termination for purposes of this Agreement with respect to such amounts shall
be the date of “separation from service”. In addition, any payment or benefit under this Agreement or otherwise that is exempt from Section 409A pursuant to Treas. Reg. Section 1.409A-1(b)(9)(v)(A) or (C) shall be paid or
provided to you only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of your second taxable year following your taxable year in which the “separation from service” occurs; and
provided further that such expenses are reimbursed no later than the last day of your third taxable year following the taxable year in which your “separation from service” occurs. Except as otherwise expressly provided herein, to the
extent any expense reimbursement or the provision of any in-kind benefit under this Agreement is determined to be subject to Section 409A, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in
one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any life-time or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last
day of the calendar year following the calendar year in which you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. Each
payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Any amount paid under this Agreement that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. To the extent any payment hereunder may be classified as a
“short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A of the Code under another provision of Section 409A
of the Code. This Agreement (and any ambiguities herein) shall be interpreted 

  
 -11- 

 
so that the payments and benefits hereunder will be exempt from the requirements of Section 409A and if such interpretation is not possible, this Agreement (and any ambiguities herein) shall
be interpreted so that payments and benefits hereunder will be compliant with the requirements of Section 409A to the maximum extent reasonably possible. This letter shall be interpreted to the maximum extent reasonably possible so that none of
the payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A. The Company and you agree to work together in good faith to consider amendments to this Agreement and to take such reasonable
actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. 

(j) Counterparts. This Agreement may be executed in counterparts, each of which will constitute an original and all of which, when
taken together, will constitute one agreement. 
  

			
	Very truly yours,
		
		 	VeriFone Systems, Inc.
		
		 	 /s/ Leslie G. Denend

		 	By: Leslie G. Denend
		
		 	VeriFone, Inc.
		
		 	 /s/ Leslie G. Denend

		 	By: Leslie G. Denend

  

	
	Accepted and agreed:
	
	 /s/ Paul Galant

	Paul Galant
	
	Date:

  
 -12-

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