Document:

Exhibit 4.5

 

English Summary of the Office and Parking
Space Lease Agreement dated as of December 17, 2007 by and between Industrial Buildings Corporation Ltd. (the “Landlord”)
and Kornit Digital Ltd. (the “Company”) (the “Original Lease Agreement”), as amended by those
certain (i) Addendum dated 2007 (the “First Parking Space Addendum”), (ii) Addendum to Lease Agreement dated
2007 (the “Second Parking Space Addendum”), (iii) Addendum to Lease Agreement dated March 12, 2012 (the “First
Addendum”), (iv) Addendum to Lease Agreement dated 2012 (the “Third Parking Space Addendum”), (v)
Addendum to Lease Agreement dated December 16, 2012 (the “Second Addendum”), (vi) Addendum to Lease Agreement
dated May 20, 2013 (the “Third Addendum”), (vii) Addendum to Lease Agreement dated January 12, 2014 (the “Fourth
Addendum”), (viii) the Addendum to Lease Agreement dated January 12, 2014 (the “Fifth Addendum”),
(ix) the Addendum to Lease Agreement dated December 27, 2015 (the “Sixth Addendum”), (x) the Addendum to Lease
Agreement dated December 28, 2015 (the “Seventh Addendum”), (xi) the Addendum to the Lease Agreement dated October
17, 2017 (the “Eighth Addendum”), (xii) the Addendum dated February 21, 2018 (the “Ninth Addendum”),
(xiii) an Addendum to the Lease Agreement dated April 23, 2018 (the “Tenth Addendum”), (xiv) Addendum to the
Lease Agreement dated December 26, 2018 (the “Eleventh Addendum”); (xv) Addendum to the Lease Agreement dated
January 3, 2019 (the “Twelfth Addendum”), (xvi) Addendum to the Lease Agreement dated September 16, 2019 (the
“Thirteenth Addendum”); (xvii) Addendum to the Lease Agreement dated November 28, 2019 (the “Fourteenth
Addendum”); (xviii) Addendum to the Lease Agreement dated June 28, 2020 (the “Fifteenth Addendum”);
and (xix) Addendum to the Lease Agreement, effective as of December 31, 2020 (not signed yet) (“Sixteenth Addendum”)
(collectively, the “Lease Agreement”).

 

	 	●	Subject Matter of the Lease Agreement: Unprotected lease of spaces on the ground floor and on the first, third and fourth floors of the building described in the Lease Agreement located at 10, 12 and 14 Ha’Amal Street, Rosh Ha’Ayin, Israel that will be used by the Company for offices and parking spaces.

 

	 	●	Term of Lease Agreement:

 

	 	○	The term of the Original Lease was eight (8) years commencing on the delivery date (the “Original Lease Period”). The Company had the right to terminate the lease as of the end of the fifth year of the Original Lease Period, subject to six months prior written notice, provided that the Company pays a one-time special early termination payment (the “Special Payment”) equal to the balance of the rest of the Improvement Amount (as defined below) per square meter multiplied by two times the number of remaining months for which the Company is required to pay rental fees.
	 	 	 
	 	○	As of the end of the third year of the Original Lease Period, the Company has the right to sub-lease the premises to a substitute tenant, subject to the Landlord’s prior written consent (not to be unreasonably withheld).
	 	 	 
	 	○	Estimated delivery date was May 10, 2008, but delivery occurred in August 2008.
	 	 	 
	 	○	The term of the Original Lease Period expired on August 31, 2016.
	 	 	 
	 	○	Pursuant to the Fourteenth Addendum, the Original Lease Period was extended to December 31, 2025. Unless one party notifies the other at least 180 days prior to the end of the Original Lease Period, the Lease Agreement shall be automatically extended for an additional term of five (5) years (the “Optional Lease Period”).

 

	 	●	Premises Covered by the Lease Agreement:

 

	 	○	As set forth in Exhibit A, beginning on the date of the Original Lease Agreement and over the period of the remaining addenda forming the Lease Agreement, the Company leased a total of 3,661 square meters.
	 	 	 
	 	○	
        Pursuant to the Seventh Addendum, the Company
        leased an additional 2,918 square meters (the “Additional Property”).

         

        Pursuant to the Eighth Addendum, the Company
        and the Landlord reached an agreement with respect to the actual square meters leased by the Company pursuant to a measurement
        the Landlord conducted. According to the Eighth Addendum the Company leases 7,605 square meters. The Company was required to pay
        a one-time lump sum of NIS 482,351 for the excess premises.

	 	 	 
	 	○	Pursuant to the Ninth Addendum, the Company leased an additional 25.2 square meters. 

 

	 	 ○	Pursuant to the
Fourteenth Addendum, the Company leased an additional 2,320 square meters. 
	 	 	 
	 	○	The Company originally leased ninety-eight (98) parking spaces, and currently leases two hundred forty- four (244) parking spaces.

 

     

     

    

 

	 	●	Right Of First Refusal:

 

	 	○	If the Landlord decides to lease additional spaces in the building, the Company will be given the right of first refusal regarding parts of those additional spaces as listed below:

 

	 	■	Out of the spaces that will be offered for lease on the ground floor – the Company will be given the right of first refusal with respect to space of at least 500 square meters which are adjacent to the Property. Out of the spaces that will be offered for lease in the first floor – the Company will be given the right of first refusal with respect to space of at least 800 square meters which adjacent to the Property.

 

	 	■	In accordance with the Seventh Addendum, out of spaces that will be offered for lease on the second floor, the Company will be given the right of first refusal with respect to space of at least 500 square meters which are adjacent to a specific portion of the Additional Property.

 

	 	○	This right of first refusal will not be transferred to a substitute tenant if there will be such will be in the future under a sublease or transfer of the lease.

 

	 	●	Rental Fees:

 

	 	○	Under Appendix B to the Original Lease Agreement, which set the basic rental fees mechanism, the Company was to pay, at the first day of each month the amounts as listed in Exhibit A hereto.

 

	 	○	The Basic Rental Fees were increased upon the execution of the addenda pursuant to which the Company leased additional space. The details of such increases are set forth on Exhibit A hereto.

 

	 	○	The monthly rental fees for the parking spaces are detailed in Exhibit A hereto.

 

	 	○	VAT and Consumer Price Index – All rental fees are plus VAT and are linked to the Israeli Consumer Price Index.

 

	 	●	Improvements: 

 

	 	○	According to the First and Second Addendums, the space leased thereunder is leased in an “AS-IS” condition. The Company carried out improvements on such spaces at its own expense.

 

	 	○	
        According to the Seventh Addendum, the
        Landlord agreed to participate in certain costs of improvement of common areas.

         

	 	○	According to the Ninth Addendum, the space leased thereunder is leased in an “AS-IS” condition.
	 	 	 
	 	○	According to the Fourteenth Addendum, the space leased thereunder is leased in an “AS-IS” condition. The Company will carry out improvements in the leased space in an amount of at least NIS 8,000,000. 

 

	 	●	Guarantees:

 

	 	○	All the Guarantees that were provided by the Company are detailed in Exhibit A.

 

	 	●	Dispute Resolution:

 

	 	 	The parties agree that any competent court in Tel Aviv is chosen by them as exclusive jurisdiction in any matter relating to the Lease Agreement.

 

	 	●	Other Terms under the Lease Agreement:

 

	 	○	The Company shall bear all fees, municipal or local taxes, utility payments etc., associated with the management of the company’s business during the term of the Original Lease Period.

 

	 	○	The Landlord shall bear all fees, municipal or local taxes, utility payments etc., which are levied on the Landlord by law. 

 

	 	○	Each party has agreed to assume responsibility for any damage, injury or loss (bodily or otherwise) resulting from any act, omission or negligence on its part, and with respect of the Company relating to its use of the Premises.

 

    2 

     

    

 

Exhibit A

 

	 	 	Space

that

has been

leased

in square

meters (gross)	 	Space

that

has been

leased

in square

feet	 	Rental fees for the leased space.	 	Parking space that has been leased	 	Rental fees regarding parking space	 	Guarantees*	 	Comments 
	Original Lease Agreement December 17, 2007	 	1,300	 	14,000	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	Included in Sixth Addendum Below	 	 
	First Parking Space Addendum	 	-	 	-	 	 	 	 	 	 	 	 	 	 
	Second Parking Space Addendum	 	-	 	-	 	 	 	 	 	 	 	 	 	 
	First Addendum March 8, 2012	 	463	 	5,000	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	Included in Sixth Addendum Below	 	 
	Third Parking Space Addendum	 	-	 	-	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	 	 	 
	Second Addendum December 19, 2012	 	414	 	4,400	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	Included in Sixth Addendum Below	 	 
	Third Addendum May 20, 2013	 	169 + 205	 	4,000	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	Included in Sixth Addendum Below	 	 
	Fourth Addendum January 12, 2014	 	85	 	900	 	Included in Sixth Addendum Below	 	 	 	Included in Sixth Addendum Below	 	Included in Sixth Addendum Below	 	 
	Fifth Addendum January 12, 2014	 	745	 	8,000	 	Included in Sixth Addendum Below	 	 	 	 	 	Included in Sixth Addendum Below	 	 
	Sixth Addendum December 27, 2015	 	-	 	-	 	Extension of term of Lease - with rental fees as follows:  

●NIS 153,762 from the date of the addendum until 30.11.18 

● NIS 157,423 from 1.12.18 until the end of the current period 

● NIS 165,294 from 1.1.21 until 31.12.25	 	Total 145 parking spaces	 	Current Rate: NIS 140 per month for covered parking space NIS 350 per month for reserved parking space NIS 185 per month for uncovered parking space	 	Aggregate bank guarantee of NIS 832,699 and promissory note of NIS 3,330,279	 	 

 

    3 

     

    

 

	 	 	Space

that

has been

leased

in square

meters (gross)	 	Space

 that

has been

leased

in square

feet	 	Rental fees for the leased space.	 	Parking space that has been leased	 	Rental fees regarding parking space	 	Guarantees*	 	Comments 
	Seventh Addendum December 12, 2015	 	2,918	 	31,409	 	NIS 105,048 during the current period and NIS 110,300 during the option period	 	 	 	NIS 350 per month per parking space (if Kornit uses parking spaces currently rented out)	 	(i) bank guarantee in the amount of NIS 546.933 and (ii) two promissory notes in the amount of NIS 2,187,730 each	 	 
	Eight Addendum October 17, 2017	 	7,698	 	 	 	
        For September 2017 – NIS 408,467

        For 3,339 square meters: October 2017 – December 31, 2020
        –– NIS 36 per square meter; January 1, 2021- December 31, 2025 – NIS 37.8 for square meter.

        For 4,266 square meters: October 1, 2017 – November 30,
        2018 – NIS 42 for square meter; December 1, 2018 – December 31, 2020 - NIS 43 for square meter; January 1, 2021 –
        December 31, 2025 – NIS 45.15 for square meter.

        The rent fees are linked to the CPI of October 2015 and exclude
        VAT.

        
	 	Total 169 parking spaces	 	
        6 parking spaces – NIS 140 per space;

        20 parking spaces – NIS 350 per space;

        90 parking spaces – NIS 185 per space;

        35 parking spaces – NIS 185 per space;

        10 parking spaces – without consideration

        All fees are linked to the October or August 2015 CPI and exclude
        VAT.
	 	 	 	 

 

    4 

     

    

 

	 	 	Space

that

has been

leased

in square

meters (gross)	 	Space

that

has been

leased

in square

feet	 	Rental fees for the leased space.	 	Parking space that has been leased	 	Rental fees regarding parking space	 	Guarantees*	 	Comments 
	Ninth Addendum February 21, 2018	 	25.2	 	 	 	
        February 25, 2018 – December 31, 2020 – NIS 36 per
        square meter.

        January 1, 2021 – December 31, 2025 – NIS 37.8 per
        square meter.

        Additional management fees – NIS 13 per square meter.
	 	 	 	 	 	 	 	 
	Tenth Addendum April 23, 2018	 	 	 	 	 	 	 	 	 	 	 	 	 	Correcting a typographical error in the Ninth Addendum with respect to the term of the option.  
	Eleventh Addendum December 26, 2018	 	 	 	 	 	 	 	 	 	 	 	 	 	This addendum provides for the lease of an electric charge pillar for a vehicle. The Company bears all associated costs (including electricity supply).   
	Twelfth Addendum January 3, 2019 	 	0	 	0	 	NA	 	15	 	
        15 parking spaces - NIS 350 per space.

        All fees are linked to the November 2018 CPI and exclude VAT.
	 	 	 	 
	Thirteenth Addendum September 16, 2019	 	 	 	 	 	 	 	30	 	
        NIS 350 per parking space.

        All fees are linked to the September 2019 CPI and exclude VAT.
	 	 	 	 

 

    5 

     

    

 

	 	 	Space

that

has been

leased

in square

meters (gross)	 	Space

that

has been

leased

in square

feet	 	Rental fees for the leased space.	 	Parking space that has been leased	 	Rental fees regarding parking space	 	Guarantees*	 	Comments 
	Fourteenth Addendum November 28, 2019	 	2,320	 	24,972	 	
        From December 11, 2019 – March 11, 2020 – rental
        fees= NIS 0, subject to lease improvements by the Company in an amount of NIS 8 million.

        From March 11, 2020 – December 31, 2020, rental fees=
        NIS 36 per square meter.

        From January 1, 2021 – December 31, 2025, rental fees=
        NIS 37.8 per square meter. From

        January 1, 2026 – December 31, 2030, rental fees=NIS 39.7
        per square meter.

        The rental fees are linked to the CPI of November 2017 and exclude
        VAT.

        
	 	30	 	350 per space. All fees are linked to the CPI and exclude VAT.	 	(i) bank guarantee in the amount of NIS 418,617 and (ii) three promissory notes in the amounts of NIS 575,500, NIS 1,151,000 and NIS 1,726,500; plus VAT.	 	
        Renovations in an amount of at least NIS 8 million are to be
        made by the Company. The landlord is required to participate in the costs of the renovation in an amount of up to NIS 500,000.

        The Company is entitled to terminate the lease with respect
        to 1,403 square meters by providing the landlord with 180 days’ prior written notice.

        The Company is required to pay NIS 500 per month for connectivity
        to a generator.

 

    6 

     

    

 

	 	 	Space

that

has been

leased

in square

meters (gross)	 	Space

that

has been

leased

in square

feet	 	Rental fees for the leased space.	 	Parking space that has been leased	 	Rental fees regarding parking space	 	Guarantees*	 	Comments 
	Fifteenth Addendum June 28, 2020	 	306	 	3,293	 	
        From July 1, 2020 – November 1, 2020 – rental fees=
        NIS 0.

        From November 1, 2020 – February 1, 2022 rental fees=
        NIS 36 per square meter.

        From February 1, 2022 – December 31, 2025, rental fees=
        NIS 37.8 per square meter.

        The rental fees are linked to the CPI of November 2017 and exclude
        VAT.

        
	 	 	 	 	 	(i) bank guarantee in an amount of NIS 42,360 and (ii) three promissory notes in  amounts of NIS 45,532 NIS 91,065 and NIS 136,598, respectively; plus VAT.	 	Additional management fees of approximately NIS 3,978 per month. 
	Fifteenth Addendum, effective as of December 31, 2020 (not signed yet)	 	98	 	1,054	 	
        From January 1, 2021 – May 1, 2021 – rental fees=
        NIS 0.

        From May 1, 2021 – December 31, 2025 - NIS 37.8 per square
        meter.

        The rental fees are linked to the CPI of November 2017 and exclude
        VAT.

         
	 	 	 	 	 	 	 	Additional management fees of approximately – NIS 1,274 per month. 

 

    7Exhibit 4.6

 

English Summary of the Lease Agreement
dated as of March 25, 2010 by and between Benbenishti Engineering Ltd. (the “Landlord”) and Kornit Digital Ltd.
(the “Company”) (the “Original Lease Agreement”), as amended by an Addendum dated November
21, 2011, an Addendum dated September 16, 2014, an Addendum dated March 16, 2015, an Addendum dated August 31, 2017, an Addendum
dated June 24, 2018, an Addendum dated January 11, 2021 and an Addendum dated March 10, 2021 (collectively, the “Lease
Agreement”).

 

	 	●	Subject Matter of the Original Lease Agreement: Unprotected lease of the ground floor in the Building (as defined in the Original Lease Agreement) and 10 Parking Spaces (the “Original Premises”) that will be used by the company for the purpose of manufacture and storage of ink products. Premises are located in Kiryat Gat, Israel.

 

	 	●	Term of Original Lease Agreement:

 

	 	o	The term of the Original Lease Agreement was five (5) years commencing on June 1, 2010 and ending on May 30, 2015 (the “Original Lease Period”).

 

	 	o	The Company was given the option to extend the term of the Original Lease Period by a three (3) years period, ending on May 30, 2018 (the “Extension Period”). This extension option is subject to the condition that the Company will provide a written notice, at least 120 days before the end of the Original Lease Period.

 

	 	o	The Company exercised its right to extend the Original Lease Period.

 

	 	●	Addendums to the Original Lease Agreement:

 

	 	o	On November 21, 2011, the Company and the Landlord signed an Addendum to the Original Lease Agreement, in which the company leased additional premises on the first floor of the Building (also in an unprotected lease) (the “Additional Premises ”).

 

	 	o	The term of the Additional Premises was three (3) years, commencing on March 1, 2011 (the “Additional Premises Lease Period”).

 

	 	o	The Company was given the option to extend the term of the Additional Premises Lease Period by a two (2) year period, ending on May 30, 2015. The Company subsequently exercised this option.
	 	 	 
	 	o	On September 16, 2014, the Company was given an additional option to extend the term of the Additional Premises Lease Period by a three (3) year period, ending on May 30, 2018.
	 	 	 
	 	o	On March 16, 2015, the Company was given an additional option to extend the term of the lease of the Premises by a three (3) year period, ending on May 31, 2021.
	 	 	 
	 	o	On August 31, 2017 the Company and the Landlord agreed that the lease of the Original Premises and Additional Premises will be extended until May 31, 2021, and the Company was given an additional option to extend the term of the lease by a three (3) years period, ending on May 31, 2024. During this option period, the Company shall be entitled to terminate the lease by providing 180–days’ prior notice to the Landlord.
	 	 	 
	 	o	On June 24, 2018, the Company and the Landlord signed an additional Addendum to the Original Lease in which the Company leased additional premises (the “Second Premises” and together with the Original Premises and the Additional Premises, the “Premises”) and four more parking spaces. 
	 	 	 
	 	o	Under the terms of the Addendum dated January 11, 2021 the term of the lease was extended until October 31, 2021 but only with respect to the Original Premises and the Additional Premises and not with respect to the Second Premises, for which the lease will expire on April 19, 2021. Under the terms of the Addendum dated March 10, 2021, the term of the lease with respect to the Original Premises and the Additional Premises was extended until March 31, 2022.    

 

     

     

    

 

	 	●	Premises Covered by the Lease Agreement:

 

	 	o	Under the Original Lease, the Company leased 1,082.5 square meters (gross) (approximately 11,500 square feet) and 10 Parking Spaces. Pursuant to the Original Lease, the property was leased to the Company in an “AS-IS” condition, except for a 100 square meters space inside the property that was needed for renovation in order to accommodate it to office space.

 

	 	o	In addition, beginning in November 2011, the Company leased the Additional Premises, which are comprised of 291 square meters (gross) (approximately 3,100 square feet).
	 	 	 
	 	o	On June 24, 2018, the Company leased the Second Premises, which are comprised of 400 square meters (gross) (approximately 4,305 square feet). The lease with respect to these premises will end on April 19, 2021.

 

	 	●	Rental Fees:

 

	 	o	Under the terms of the Lease Agreement, during the first two (2) years of the Original Lease Period, the monthly rental fees for the Original Premises were NIS 30 per square meter plus VAT for the Original Premises and, through November 1, 2013, 26 NIS plus VAT per square meter for the Additional Premises (the “Basic Rental Fee”).

 

	 	o	From the period beginning on June 1, 2012 with respect to the Original Premises and the period beginning November 2, 2013 with respect to the Additional Premises, the Basic Rental Fee increases each year by 2.5% compared to the Basic Rental Fee in the previous year.

 

	 	o	
        From the period beginning June 1, 2015
        and ending on May 31, 2016, the monthly rental fees for the Premises were NIS 34.19 per square meter plus VAT (the “Updated
        Basic Renal Fee”).

         

        Commencing on June 1, 2016, the Updated
        Basic Rental Fee increases each year by 2% compared to the Updated Basic Rental Fee in the previous year.

	 	 	 
	 	o	In all cases, rental fees shall be increased (but not decreased) based on changes to the Israeli Consumer Price Index.
	 	 	 
	 	o	Under the terms of the Addendum dated June 24, 2018, the rental fees for the Second Premises are NIS 32.5, plus VAT, per square meter.  During the period between June 1, 2021 and May 31, 2024 the rent will increase by 2% compared to the Updated Basic Rental Fee in the previous year. 

 

	 	●	Guarantees:

 

	 	o	Under the Lease Agreement, the Company provided to the Landlord (i) three (3) promissory notes for NIS 75,000 each; (ii) an unconditional bank guarantee in an amount of NIS 120,000, index-linked to the Israeli Consumer Price Index, which is to be valid for fourteen (14) months, and to be extended by the Company to remain in effect for the duration of the term of the Lease Agreement and for sixty (60) days thereafter; and (iii) a cash deposit equal to two (2) months’ rental fee.

 

	 	●	Other Terms under the Lease Agreement:

 

	 	o	The Company has a right to sub-lease parts of the premises, subject to the Landlord’s prior written consent (not to be unreasonably withheld), provided that the Company will remain responsible for fulfilling all of its obligations under the Lease Agreement. The Company may also transfer its rights to the premises to a substitute tenant on terms that are no less favorable than the terms of the Lease Agreement and subject to the Landlord’s prior written consent (not to be unreasonably withheld), provided that the lease period of the substitute tenant will be shorter or coincide with the lease period under the Lease Agreement and that the Company will remain responsible for all of its obligations for the Landlord under this agreement.

 

	 	o	The landlord has a right to sell or otherwise transfer the property to a third party provided that the transferee will accept all of the Landlord’s obligations under the Lease Agreement and that the Company’s rights under the Lease Agreement will not be affected.

 

	 	o	The Company agreed to assume responsibility for all fees, municipal or local taxes, utility payments and other similar fees or expenses; provided that the Landlord shall bear any and all taxes and fees.

 

	 	o	Each party has agreed to assume responsibility for any damage, injury or loss (bodily or otherwise) resulting from any act, omission or negligence on its part and the Company has assumed all such responsibility relating to its use of the Premises.

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