Document:

Exhibit 10.34

Exhibit 10.34

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

This
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”) dated as of July 2, 2007
(“Effective Date”) by and between Verint Systems Inc. (the “Company”) and Douglas E. Robinson
(“Executive”).

Company and Executive are parties to that certain Employment Agreement (the “Employment
Agreement”), dated as of August 14, 2006 (capitalized terms not otherwise defined herein have the
respective meanings assigned to them in the Employment Agreement). Each party desires by this
Amendment to amend certain terms and conditions to the Employment
Agreement, and the terms and
conditions of this Amendment form a part thereof and should be read in conjunction therewith.

NOW, THEREFORE, the parties hereto agree as follows:

1. Sections 5 (a), (b), and (c) of the Employment Agreement are hereby
deleted in their entirety and of no force and effect. In their place shall be inserted the
following:

“5. Equity Arrangements.

a. Restricted Stock. Executive acknowledges having received the following
grants as of the date hereof:

	 	(i)	 	12,900 shares of restricted stock;
	 
	 	(ii)	 	25,800 shares of restricted stock; and
	 
	 	(iii)	 	22,400 shares of restricted stock;

provided, however, the terms and conditions of the foregoing grants, including
terms and conditions related to vesting, are governed in accordance with the terms of the
applicable Restricted Stock Agreements between the Company and Executive each dated as of July 2,
2007.

b. All future grants by the Company to Executive, if any, are
in the sole and exclusive discretion of the Board of Directors of the Company or the
applicable committee thereof.

2. Except as specifically amended hereby, all terms, provisions and
conditions of the Employment Agreement shall remain in full force and effect, and such
terms, provisions and conditions shall govern this Amendment.

 

 

 

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

	 	 	 	 	 	 	 	 	 	 	 
	VERINT SYSTEMS INC.	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ Peter Fante	 	/s/ Douglas E. Robinson	 	 
	 	 	 	 	 
	By:	 	Peter Fante	 	 	 	 	 	 
	Title:

	 	Chief Legal Officer	
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:	 	6/6/08	 	Date:	 	6/6/08	 	 

 

2Exhibit 10.35

Exhibit 10.35

AMENDMENT NO. 2

TO

EMPLOYMENT AGREEMENT

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (this “Amendment”), dated the later of the dates
indicated on the signature page hereto, by and between Verint Systems Inc. (the “Company”) and
Douglas Robinson (“Executive”).

W I T N E S S E T H:

WHEREAS, the Company and the Executive are party to an Employment Agreement dated August 14,
2006 (as amended, the “Existing Agreement”); and

WHEREAS, the Company and the Executive wish to amend the Existing Agreement to make technical
changes to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A of the Code”).

NOW, THEREFORE, in consideration of the mutual promises set forth herein and for other good
and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
Executive and the Company agree and hereby amend the Existing Agreement as follows:

	1.	 	The first sentence of Section 2(a) is hereby deleted in its entirety and replaced with the
following:
	 
	 	 	Beginning on December 11, 2006 and for the duration of the Employment Term, Executive shall
serve as Chief Financial Officer and Principal Accounting Officer of the Company.
	 
	2.	 	Section 4 of the Agreement is hereby amended by deleting the last sentence of Section 4 of
the Agreement and replacing the sentence with the following:
	 
	 	 	The Annual Bonus will be paid in accordance with the Company’s normal payroll practices for
senior executive bonuses, but no later than the later of the 15th calendar day
of the third month following the end of Executive’s first taxable year in which the right
to payment is no longer subject to a “substantial risk of forfeiture” (within the meaning
of Section 409A of the Code) or the 15th calendar day of the third month
following the end of the Company’s first taxable year in which the right to payment is no
longer subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of
the Code).

 

 

 

	3.	 	Section 8 of the Existing Agreement is hereby deleted in its entirety and replaced with the
following:
	 
	 	 	Notwithstanding anything to the contrary, if the Company’s financial statements for any
fiscal year or years beginning with the fiscal year in which this Agreement becomes
effective are required to be restated due to material noncompliance, as a
result of misconduct, with any financial reporting requirement under the securities laws,
Executive shall, at the request of the Committee, return or forfeit, as applicable, all or
a portion (but no more than one-hundred percent (100%)) of any bonus or incentive award
(including equity awards) made to Executive in respect of the fiscal year or years required
to be restated. The amount to be recovered from Executive shall be the amount by which the
bonus or incentive compensation award exceeded the amount that would have been payable to
Executive had the financial statements been initially filed as restated (including, but not
limited to, the entire award), as determined by the Committee. In no event shall the
amount to be recovered by the Company be less than the amount required to be repaid or
recovered as a matter of law. The Committee shall determine whether the Company shall
effect any such recovery (i) by seeking repayment from Executive, (ii) by reducing (subject
to applicable law and the terms and conditions of the applicable plan, program or
arrangement) the amount that would otherwise be payable to Executive under any compensatory
plan, program or arrangement maintained by the Company, (iii) by withholding payment of
future increases in compensation (including the payment of any discretionary bonus amount)
or grants of compensatory awards that would otherwise have been made in accordance with the
Company’s compensation practices, or (iv) by any combination of the forgoing.
	 
	4.	 	Section 9(b)(iii)(B)(1) of the Agreement is hereby replaced in its entirety with the
following:
	 
	 	 	A lump sum cash payment of the Base Salary, as in effect on the date of termination of
Executive’s employment, equal to the greater of (x) twelve months or (y) the number of
months until the expiration of the Employment Term determined as if such termination had
not occurred, payable on the 60th calendar day following the termination of Executive’s
employment.
	 
	5.	 	Section 9(b)(iii)(B)(2) of the Agreement is hereby replaced in its entirety with the
following:
	 
	 	 	A lump sum cash payment equal to 150% of the average Annual Bonus actually paid for the
three most recently completed years (or, if three years have not been completed, such fewer
number of completed years, or, if no year has been completed, Target), payable on the 60th
calendar day following termination of Executive’s employment.

 

 

 

	6.	 	Section 9(b)(iii)(B)(3) of the Agreement is hereby replaced in its entirety with the
following:
	 
	 	 	For 12 months following the date of termination of employment, the Company will reimburse
the Executive for the cost (on a grossed-up basis) of maintaining health and life insurance
benefits under a group health plan of Verint or a subsidiary of Verint provided that (i)
the Executive timely elects the continuation of group health plan benefits under the
Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), (ii) the Executive makes a payment to the Company in
an amount equal to the monthly premium payments (both the employee and employer portion)
required to maintain such coverage, and (iii) such reimbursement shall comply with the
Reimbursement Rules. The parties acknowledge that this coverage will count towards the
Company’s and such group health plan’s obligation to provide Executive with the right to
continuation coverage pursuant to COBRA and that Executive will be able to continue such
coverage at his or her own expense for the balance of the period provided under COBRA. For
the avoidance of doubt, the foregoing will not cover any short term or long term disability
insurance benefits.
	 
	7.	 	The words “payable as soon as practicable following the date of termination” in Section
9(c)(ii)(B) are deleted and replaced with the following: “payable in a lump sum on the 60th
day following termination of employment”.
	 
	8.	 	Section 9(c)(ii)(C) of the Agreement is hereby replaced in its entirety with the following:
	 
	 	 	For 12 months following the date of termination of employment, the Company will reimburse
the Executive’s spouse and eligible dependents for the cost (on a grossed-up basis) of
maintaining health and life insurance benefits for Executive’s spouse and eligible
dependents under a group health plan of Verint or a subsidiary of Verint, provided that (i)
Executive’s spouse and/or legal guardian for Executive’s eligible dependents timely elects
the continuation of group health plan benefits under COBRA, (ii) Executive’s spouse and/or
legal guardian for Executive’s eligible dependents makes a payment to the Company in an
amount equal to the monthly premium payments (both the employee and employer portion)
required to maintain such coverage, and (iii) such reimbursement shall comply with the
Reimbursement Rules. The parties acknowledge that this coverage will count towards the
Company’s and such group health plan’s obligation to provide Executive’s spouse and
eligible dependents with the right to continuation coverage pursuant to COBRA and that
Executive’s spouse and/or eligible dependents will be able to continue such coverage at
their own expense for the balance of the period provided under COBRA. For the avoidance of
doubt, the foregoing will not cover any short term or long term disability insurance
benefits.
	 
	9.	 	The words “payable as soon as practicable following the date of termination” in Section
9(d)(ii)(B) are deleted and replaced with the following: “payable in a lump sum on the 60th
day following termination of employment”.

 

 

 

	10.	 	Section 9(d)(ii)(C) of the Agreement is hereby replaced in its entirety with the following:
	 
	 	 	A lump sum cash payment equal to the greater of (i) six (6) months or (ii) the number of
full and partial months from the date of termination of employment and until the date on
which the Executive would be eligible to receive benefits
under the Company’s long-term disability plan applicable to the Executive (but in no event
more than 12 months) (such greater period, the “Overlap Period”) of the Base Salary, as in
effect on the date of termination of Executive’s employment, payable on the 60th calendar
day following termination of Executive’s employment.
	 
	11.	 	A new Section 9(d)(ii)(D) is hereby added to the Agreement with the following language:
	 
	 	 	For a period equal to the Overlap Period following the date of termination of employment,
the Company will reimburse the Executive for the cost (on a grossed-up basis) of
maintaining health and life insurance benefits under a group health plan of Verint or a
subsidiary of Verint, provided that (i) the Executive timely elects the continuation of
group health plan benefits under COBRA, (ii) the Executive makes a payment to the Company
in an amount equal to the monthly premium payments (both the employee and employer portion)
required to maintain such coverage, and (iii) such reimbursement shall comply with the
Reimbursement Rules. The parties acknowledge that this coverage will count towards the
Company’s and such group health plan’s obligation to provide Executive with the right to
continuation coverage pursuant to COBRA and that Executive will be able to continue such
coverage at his or her own expense for the balance of the period provided under COBRA. For
the avoidance of doubt, the foregoing will not cover any short term or long term disability
insurance benefits.
	 
	12.	 	Section 9(j) of the Agreement is hereby amended by adding the following additional language
at the end of Section 9(j):
	 
	 	 	If the release has not been executed and delivered to the Company within sixty (60)
calendar days following termination of Executive’s employment, the Company will cease to
have any obligations to make any payments or provide any benefits under Sections
9(b) and 9(d).
	 
	13.	 	Section 13(h) of the Agreement is hereby replaced in its entirety with the following:

(i) The Parties intend that any amounts payable under this Agreement, and the Company’s and
Executive’s exercise of authority or discretion hereunder comply with the provisions of
Section 409A of the Code so as not to subject Executive to the payment of the additional
tax, interest and any tax penalty which may be imposed under Section 409A of the Code. In
furtherance thereof, to the extent that any provision hereof would result in Executive
being subject to payment of the additional tax, interest and tax penalty under Section 409A
of the Code, the Parties agree to amend this Agreement in order to bring this Agreement
into compliance with Section 409A of the Code; without materially changing the economic
value of the arrangements under this Agreement to either Party; and thereafter the Parties
interpret its provisions in a manner that complies with Section 409A of the Code.
Notwithstanding the foregoing, no particular tax result
for Executive with respect to any income recognized by Executive in connection with this
Agreement is guaranteed.

 

 

 

(ii) Notwithstanding any provisions of this Agreement to the contrary, if Executive is a
“specified employee” (within the meaning of Section 409A of the Code and determined
pursuant to policies adopted by the Company) at the time of his or her separation from
service and if any portion of the payments or benefits to be received by Executive upon
separation from service would be considered deferred compensation under Section 409A of the
Code, amounts that would otherwise be payable pursuant to this Agreement during the
six-month period immediately following Executive’s separation from service and benefits
that would otherwise be provided pursuant to this Agreement during the six-month period
immediately following Executive’s separation from service will instead be paid or made
available on the earlier of (i) the first day of the seventh month following the date of
Executive’s “separation from service” (within the meaning of Section 409A of Code) and (ii)
Executive’s death.

(iii) Each payment under this Agreement is intended to be a “separate payment” and not of a
series of payments for purposes of Section 409A of the Code.

(iv) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment unless such termination also constitutes a
“separation from service” (within the meaning of Section 409A of Code) and the regulations
thereunder, and notwithstanding anything contained herein to the contrary, the date on
which such separation from service takes place shall be the termination date.

(v) With respect to any amount of expenses eligible for reimbursement or the provision of
any in-kind benefits under this Agreement, to the extent such payment or benefit is
required to be included in Executive’s gross income for federal income tax purposes, such
expenses (including expenses associated with in-kind benefits) shall be reimbursed by the
Company no later than December 31st of the year following the year in which Executive
incurs the related expenses and in no event shall the reimbursements or in-kind benefits to
be provided by the Company in one taxable year affect the amount of reimbursements or
in-kind benefits to be provided in any other taxable year, nor shall Executive’s right to
reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit
(the “Reimbursement Rules”).

 

 

 

	14.	 	Except as expressly amended hereby, the Existing Agreement shall remain in full force and
effect in accordance with its terms.

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

[Signature page follows]

 

 

 

IN WITNESS WHEREOF, the parties have duly executed and delivered this Amendment No. 2 on the
day and year first above written.

	 	 	 	 	 
	VERINT SYSTEMS INC.

	 	EXECUTIVE
	 
	 	 	 	 
	By
	 	/s/ Jane O’Donnell	 	/s/ Douglas E. Robinson
	 

	 	 
	 	 
	 	 	Name: Jane O’Donnell	 	Name: Douglas E. Robinson
	 	 	Title: SVP, HR	 	Date: 12/24/08
	 	 	Date: 12/29/08

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