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    Exhibit 10.4

    

    KALTURA

  

  

  

  EMPLOYMENT AGREEMENT

  This Employment Agreement (the "Employment Agreement") is made as of June 18 2017 by and between Kaltura Ltd., Company Number 5-1391737-7, an Israeli company, having its principal place of business at 2 Shoham St. Ramat Gan, Israel
      (the "Company"), and Yaron Garmazi holder of an Israeli ID number #### (the "Employee").

  WHEREAS, the Company wishes to employ the
      Employee, and the Employee agrees to be employed by the Company, as of June 19, 2017 (the"Effective Date") and throughout the Term (as such term
      is defined below), all in accordance with the terms and conditions set forth in this Employment Agreement); and

  WHEREAS, the Employee represents that he has significant expertise and knowledge with regard to the Position.

  NOW,  THEREFORE, in consideration of the mutual premises, covenants and other agreements contained herein, the parties hereby agree as follows:

  1.    General

  1.1    The preamble to this Employment Agreement
      constitutes an integral part thereof.

  1.2    The appendices to this Employment Agreement are
      an integral part thereof and are hereby incorporated by reference.

  1.3    The headings in this Employment Agreement are for the purpose of convenience only
      and shall not be used for the purposes of interpretation.

  1.4    In this Employment Agreement words referring to a male
      employee are intended also for a female employee.

  2    Employment and Position.

  2.1    The Employee's employment with the Company shall commence on the Effective Date and shall continue
      for

  an unlimited period, in accordance with the provisions of this Employment Agreement

  2.2    The Company hereby agrees to employ the Employee and the
      Employee hereby agrees to be employed by Company in the position as described in Exhibit A hereto (the "Position"). The Employee shall have such authority as shall be delegated to him/her by the authorized representative(s) of the Company from time
      to time. The Company may, at its sole discretion, change the Position, the scope of authority, the content of the Position and its definitions, and/or to ask the Employee to render services out of the scope of the Position.

  2.3    The Employee shall report regularly to the person set forth in Exhibit A hereto,
      or to any other person or

  position as Company, at its sole discretion, shall instruct the Employee from time to
      time (the"Direct Manager").

  3    Employee's Duties.

  3.1    The Employee affirms and undertakes throughout the term of this Agreement:

  3.1.1    To devote his entire working time, know-how, expertise,
      talent, experience and best efforts to the business and affairs of the Company and to perform his/her duties and functions diligently and skillfully with the utmost expertise and devotion.

  3.1.2    To travel abroad from time to time if and as may be required
      pursuant to his Position.

  3.1.3    Not to receive, at any time, whether during the term of this
      Agreement and/or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration, from any third party in connection with his employment with the Company, without the Company's prior written authorization.

  3.1.4    To immediately and without delay inform the Company of any
      affairs and/or matters that might constitute a conflict of interest with Employee's Position and/or employment with Company (including its affiliates) and/or the interests of the Company (including its affiliates).

  3.1.5    Not, without the prior written consent
      of the Company, to undertake or accept any other paid or unpaid employment or occupation or engage in or be associated with, directly or indirectly, any other businesses, duties or pursuits except for de minimis non-commercial or non-business
      activities.

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  3.1.6    To comply with all the Company's regulations, work-rules,
      policies, procedures and objectives, as shall be in effect from time to time (the"Company's Rules"). In the event of inconsistency or contradiction between the provisions of this Employment Agreement and the Company's Rules, this Agreement shall prevail.

  3.1.7    To comply with any applicable law or provision, pertaining to
      his employment, including, without limitation, the Company's Rules for Prevention of Sexual Harassment at the Workplace.

  3.1.8    To the transfer of any information related to the Employee and
      held by the Company to a database (including a database located abroad) and to any other person or entity, as the Company shall deem necessary and reasonable for business purposes or to pursue the Company's business interests.

  3.2    This Employment Agreement is confidential and therefore the Employee shall not
      disclose this Employment Agreement as a whole, or any part thereof, to any third party (not including the Employee's spouse, attorney or tax advisor), including, without limitation, to any other employee of the Company.

  4    Time and Attention

  4.1    In general, work for the Company shall be performed on Sunday through Thursday,
      unless determined and instructed otherwise by the Company, as set forth hereunder. A regular workday with the Company shall consist of9.6 hours, including a I hour daily break which shall be taken by the Employee, and which shall be the Employee's
      responsibility to take. Saturday shall be the Employee's recognized and official rest day.

  4.2    Employee agrees and acknowledges that due to the Employee's senior managerial
      position in the Company, the special personal trust involved in the position in which the Employee shall be employed, and the inability to monitor the Employee's actual work hours, the Hours of Work and Rest Law, 195 l (the "Hours of Work and Rest
      Law") shall not apply to the Employee. The Employee acknowledges that the set amount of the Monthly Salary (as defined hereunder), as well as all other compensation and benefits provided to the Employee by the Company, as agreed upon between the
      Employee and the Company, reflect the requirements of the position to work additional and irregular hours and days. Accordingly, the Employee shall not be entitled to claim or receive payments or any additional pay for work performed at overtime
      hours, nights, weekends, or at any other times in which the Hours of work and Rest Law requires payment of special payments (to employees who are not in a position such as the position of the Employee). Notwithstanding, the Employee
      shall not generally be required to work on Saturdays or holidays.

  5    Term and Termination

  5.1    Employee's employment under this Employment Agreement shall commence on the
      Effective Date and shall remain in full force and effect unless terminated in accordance with the terms and conditions herein (the "Term").

  5.2    Either the Company or Employee may terminate the
      Employee's employment by providing prior written notice in the number of days set forth in Exhibit A hereto (the "Notice

      Period"). During the Notice Period, whether notice has been given by the Employee or by the Company, the Employee shall
      continue to work unless instructed otherwise by the Company, and shall cooperate with the Company and use his/her best efforts to assist the integration into the Company organization of the person or persons who will assume the Employee's
      responsibilities

  and duties.

  5.3    Nonetheless, the Company shall be entitled, but not obligated, at any time prior
      to the expiration of the Notice Period, at its sole discretion: (i) to waive the Employee's actual work during the Notice Period, in which event the Company shall pay to the Employee during the remainder of the Notice Period the payments payable to
      the Employee under Section 6 below; or (ii) to immediately terminate this Employment Agreement and the employment relationship, at any time prior to the expiration of the Notice Period, in which event the Company shall pay the Employee upon
      termination of the Employment Agreement and the employment relationship the value of the Monthly Salary during the remainder of the Notice Period.

  5.4    Notwithstanding the foregoing, the Company may immediately terminate this
      Employment Agreement and the employment relationship at any time for 'Cause' (as defined below) without Notice Period
      or any compensation in lieu of Notice Period and/or severance pay (subject to applicable law). For the purpose of this Employment Agreement, "Cause" means: (i) the Employee's breach of trust or fiduciary
      duties, including but not limited to theft,embezzlement, self-dealing, or breach of the provisions of the IP Agreement (as defined below); (ii) any willful failure to perform or failure to perform competently any of the Employee's material functions
      or duties hereunder (including violation of the Company's Rules), or other breach of this Employment Agreement, which, if capable of cure, was not cured within five (5) days of receipt by the Employee of written notice thereof; (iii) an event in
      which the Employee deliberately or gross negligently causes harm to the Company's business affairs or reputation; (iv) conviction of, or entry of any plea of guilty or nolo contendere by, the Employee for any felony or other lesser crime that
      would require removal from his or her position at the Company (e.g., any alcohol or drug related misdemeanor);

   

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  (v) personal dishonesty; (vi) willful misconduct; (vii) other cause justifying
      termination or dismissal without severance payment under applicable law; or (viii) if the Employee has provided the Company with false information about past career and/or education during the recruiting phase.

  6    Salary and Social Benefits

  6.1    Commencing from the Effective Date and during the Term,
      in consideration for the fulfillment of the Employee's work and other obligations set forth in this Employment Agreement, the Company shall pay the Employee a gross monthly salary in the amount as set forth in Exhibit A hereto
      (the "Monthly Salary").

  6.2    [Reserved].

  6.3    The Monthly Salary shall be paid to the Employee no later than the 9th day of the following month.

  6.4    The Company and the Employee will obtain and maintain Managers' Insurance or a
      pension fund according to the Employee's choice (the "Pension Insurance”). The contributions to the Pension h1surance shall be as follows

  6.4.1    In the event that the Pension Insurance is Managers Insurance: the Company shall contribute 14.833% of the Monthly Salary (of which 8.33% will go towards severance, at least 5% are designated for premium
      payments and an additional percentage will go towards disability insurance, at a rate necessary to insure 75% of the Monthly Salary - "Company Contribution") and the Employee shall contribute 6%
      of the Monthly Salary payment ("Employee's Contribution") toward the premiums payable in respect of such insurance (the "Pension Insurance Policy.

  6.4.2    In the event that the Pension Insurance is a Pension Fund the Company shall contribute 14.833% of
      the Monthly Salary (of which 8.33% will be towards severance - "Company Contribution") and the Employee shall contribute 6% of the Monthly Salary payment ("Employee's Contribution") toward the premiums payable in
      respect of such fund (the "Pension Insurance Policy").

  6.4.3    For clarity's sake, the abovementioned contributions to the
      Employee's Pension Insurance may be changed from time to time according to applicable law.

  6.4.4    It is hereby agreed that upon termination of employment under
      this Employment Agreement, the Company shall release to the Employee all amounts accrued in the Pension Insurance on account of both the Company's and Employee's Contributions. However, it is hereby agreed that if the Employee's employment shall
      terminate under the circumstances defined in Section 16 and/or Section 17 of the Severance Pay Law - the Employee shall not be entitled to any Severance Pay.

  6.4.5    The Employee and the Company explicitly acknowledge and
      agree that the amounts accrued in the Pension Insurance Policy on account of the Company's Contribution designated for severance payments shall be in lieu and in full and final substitution of any severance pay the Employee shall be or become
      entitled to under any applicable Israeli law. This section is in accordance with Section 14 of the Severance Pay Law, and the General Approval of the Labor Minister, dated June 30, 1998, (as amended and as may be amended from time to time) (the
      ''General Approval"}, issued in accordance to the said Section 14, a copy of which is attached hereby as Exhibit C, together with an English
      translation of the same, attached hereto as Exhibit D. The General Approval forms an integral part of this Agreement. In so far as amendments to the General Approval shall be necessary,
      according and subject to any law or regulations, the provisions of the amended General Approval shall prevail and replace the General Approval attached hereto as Exhibit C and Exhibit D.

  6.5    The Company and the Employee shall open and maintain an education fund ("Keren
      Hishtalmut" in Hebrew) (the "Education Fund"). The Company shall contribute to the Education Fund an amount equal to seven and a half percent (7.5%) and the Employee shall contribute to
      such Education Fund an amount equal to two and a half percent (2.5%) of each Monthly Salary payment. Notwithstanding the above, the amounts contributed by the Company to the Education Fund will not exceed the limit recognized by the Income Tax
      Authority from time to time. In any event, any tax liability related to the Education Fund shall be borne, exclusively, by the employee. The Employee hereby authorizes the Company to transfer to the Education Fund the amount of the employee's and the
      Company's contribution from each Monthly Salary payment.

  6.6    The Employee shall be entitled to paid annual vacation
      days as set forth in Exhibit A hereto. Accumulation, execution and redemption
      of such annual vacation days shall be made in accordance with the applicable Company's Rules, as may be amended from time to time.

  6.7    It is explicitly acknowledged and agreed that the Monthly
      Salary includes mandatory travel expenses in accordance with applicable law and Employee shall not be entitled to receive any additional reimbursement of travel expenses.

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  6.8    The Employee shall be entitled to sick leave and convalescence payments (known as
      "Dmei Havra'a'') in accordance with the applicable law, extension orders and in accordance with the applicable Company' Rules, as may be amended from time to time.

  6.9    The Employee shall bring to the attention of his Direct Manager any call-up order
      for military reserve duty immediately upon receipt of the order.

  7    Bonus

  7.1    The Employee shall be entitled to MBO incentive payments, according to the CEO
      decision.

  7.2    The MBO payment will be under the following terms (the "Bonus"),:

  7.2.1    Maximum Bonus payment per year shall be NIS 240,000. Bonus
      will be paid at the end of each quarter, as detailed below:

  7.2.2    Company shall provide Employee with a written Plan that
      Employee must achieve in order to be entitled to receive the Bonus, in whole or in part (the "Plan").

  7.2.3    At the end of each quarter the Company will assess the
      Employee's performance and determine if the Employee is entitled to the predefined Bonus payments, in part or in full. Company's determinations in this respect shall be final and binding.

  7.2.4    MBO payments will be made on a quarterly basis, during the
      second month of the following quarter (e.g., MBO payments related to Q3 performance will be paid out in November).

  7.2.5    If Employee's employment is terminated prior to the end of a
      quarter, or if Employee was on notice period during the quarter and was not actively and fully performing all his duties through the entire quarter, then the Employee shall be entitled for the related period.

  7.2.6    Since Bonus payments, if paid, are conditional and
      discretionary payments, Bonus payments shall not be deemed to be part of the Employee's salary, and shall not be taken into account in the calculation of the Employee's allocations to pension plan, education fund, severance pay, redemption of
      vacation, or any other employment related payment or benefit.

  7.2.7    All Bonus payments shall be subject to all mandatory
      deductions, and shall be deemed to be quoted in gross figures.

  8    Additional Benefits

  8.1    Company Car. The Company shall provide the Employee with a leased car (the
      "Leased Car"), which shall be of type and make to be elected by the Company. If the Employee will be entitled to use a Leased Car and will choose to actually use it, then the Company and the Employee shall enter into an addendum to this Employment
      Agreement, providing for, amongst other things, (a) the Employee's liabilities and responsibilities with respect to the use of the Leased Car and the Company's written policy regarding car leasing, which may be amended from time to time by the
      Company (collectively, the "Car Leasing Documents"); and (b) that the use of such Leased Car shall be subject to certain reductions and deductions from the Monthly Salary, in accordance with the Company's Car Policy, as may be amended by the Company
      from time to time. The Employee shall bear any applicable tax imposed with regard to the Leased Car. The Employee agrees and acknowledges that (i) the execution of a written withhold, or to have withheld, any such tax. The Employee hereby irrevocably
      authorizes the Company to deduct from any payment, which may be due to the Employee from the Company, any amount which the Employee may owe to the Company hereunder.

  8.2.4     The Employee acknowledges and confirms that as of the
      Effective Date, the above provisions constitute the sole promise made by the Company with respect to the grant of options and any other equity securities of Kaltura to the Employee, in his capacity as an Employee and in any other capacity; provided
      that notwithstanding the foregoing, Employee acknowledges and agrees that Employee has no right to receive any such stock or options to acquire stock unless the grant is approved by the Board of Directors of Kaltura.

  9    Confidentiality, Non-Compete and Proprietary Rights

  9.1     The Employee shall be required, as a condition to Employee's employment with the
      Company, to sign the Non-Competition, Proprietary Information and Inventions Agreement in the form attached hereto as Exhibit B hereto (the "IP Agreement").

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  9.2    Employee represents and warrants to the Company that he is aware that any breach
      of, or failure to comply with, the terms and conditions set forth in the IP Agreement, or part of them, will cause the Company or the Company's affiliates serious and irreparable damage, and that no financial compensation can be an appropriate remedy
      to such damage. Therefore, Employee agrees, that if such a breach occurs, the Company, any of the Company's affiliates or any of their designee(s) shall be entitled, without prejudice, to take all legal means necessary, and all and any injunctive
      relief as is necessary to restrain any continuing or further breach of this Agreement and the IP Agreement

  9.3    For the removal of doubt, it is hereby clarified that the Employee's compensation
      under this Employment Agreement has been calculated to include special consideration for the commitments under Exhibit B and the Employee will not
      be entitled to any further consideration for such commitments, expressly including no entitlement to royalties for any Service Inventions as defined in Section 132 of the Patent Law, l 967 (the "Patent Law"). This clause constih1tes an express waiver of my rights under Section 134 of the Patent Law.

  9.4    To the extent the services, deliverables, Inventions (as defined in the IP
      Agreement) or any other work product provided by Employee include any software, computer code and/or firmware, any such services, deliverables, Inventions or work product shall not incorporate or include any Open Source (as defined below), unless
      explicitly approved in writing by Company in each instance. In addition, all services, deliverables, Inventions and any other work product provided by Employee shall on delivery be free of viruses, malicious code, time bombs, Trojan horses, back
      doors, drop dead devices, worms, or other code of any kind that may disable, erase, display any unauthorized message, permit unauthorized access, automatically or remotely stop software, code and/or firmware from operating, or otherwise impair the
      services, deliverables, Inventions or work product or the Company network or any part thereof . "Open Source" means any software that requires as a
      condition of its use, the modification and/or distribution of such software or other software incorporated into, derived from or distributed with such software be: (i) disclosed or distributed in source code form; (ii) licensed for the purpose of
      making derivative works; or (ii) redistributable at no charge.

  10    Employee Representations and Warranties

  10.1     The Employee represents and warrants to the Company that the execution and
      delivery of this Employment Agreement and the fulfillment of the terms hereof: (i) will not constitute a default under or breach of any agreement or other instrument to which he/she is a party or by which he is bound, including without limitation,
      any confidentiality, invention assignment or non competition agreement; (ii) that no provision of any law, regulation, agreement or other document prohibits him/her from entering into this Employment Agreement; {iii) do not require the consent of any
      person or entity; and (iv) shall not utilize during the term of his/her employment any proprietary information of any third pai1y, including prior employers of the Employee (other than any affiliate of the Company).

  10.2    The Employee acknowledges that the Company is relying on the Employee's
      representations under this Section 8 upon entering into this Employment Agreement and any misrepresentation under this section by the Employee shall constitute a material breach of this Employment Agreement.

  10.3    The Employee hereby agrees and acknowledges that he has read, understands and
      consents to the Company Computer Policy attached hereto as Exhibit E and incorporated herein by reference, and agrees to, concurrently with the execution of this Employment Agreement, to execute such form.

  10.4    The Employee shall immediately and without delay inform the Company of any
      affairs and/or matters that might constitute a conflict of interest with the Employee's Position and/or employment with Company and/or the interests of the Company.

  11    General

  11.1    This Employment Agreement, together with its Exhibit and Schedules, constitute
      the entire understanding and agreement between the parties hereto, supersedes any and all prior discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect,
      except by a subsequent written document executed by both Employee and the Company.

  11.2    The Company may assign or transfer this Employment Agreement or any right, claim
      or obligation provided herein subject to any applicable law, provided however that none of the Employee's rights under this Agreement are thereby diminished. The obligations of the Employee hereunder shall not be assignable or delegable.

  11.3    All notices, requests and other communications to any party hereunder shall be
      given or made in writing and faxed, emailed, mailed (by registered or certified mail) or delivered by hand to the respective party at the address set forth in the caption of this Employment Agreement or to such other address (or fax number or email
      address) as such party may hereafter specify for the purpose of notice to the other party hereto. Each such notice, request or other communication shall be effective (a) if given by

    

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  fax or email, one (1) business day after such fax is transmitted to the fax number or
      email address specified herein and the appropriate answer back is received, or (b) if given by any other means, when delivered at the address specified in the Employment Agreement.

  11.4    This Employment Agreement shall be governed by, and construed and enforced in
      accordance with, the laws of Israel without giving effect to principles of conflicts of law thereof. The parties submit to the exclusive jurisdiction of the competent courts of Israel in any dispute related to this Employment Agreement.

  11.5    The parties hereby confirm that this is a personal services contract and that
      the relationship between the parties hereto shall not be subject to any general or special collective employment agreement or any custom or practice of the Company in respect of any of its other employees or contractors.

  11.6    This Employment Agreement includes the terms to be contained in, and
      constitutes, the written notice to be delivered to the Employee pursuant to the Notice to Employee Law (Terms of Employment), 2002. Accordingly, this Employment Agreement shall come in lieu of the notice that is required under the Notice to Employee
      Law.

  IN WITNESS WHEREOF, the Company and the Employee have executed
      this Employment Agreement as of the date first appearing above.

  
    																		
	
            KALTURA Ltd.

          		Employee	
						
	
            By:

          	/s/ Ron Yekutiel		
            Signature:

          	/s/ Yaron Garmazi	
						
	
            Name: Ron Yekutiel

          		
            Name: 

          	Yaron Garmazi	
						
	
            Title: CEO

          		
            Date: 

          	June 18, 2017	

     

      

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  Exhibit A

  Employment Terms

  Set forth below is a table detailing the specific terms of your employment (the "Employment Terms") with Kaltura Ltd., an Israeli company (the "Company"). Please review carefully both the "Employment Terms" and the terms and conditions of the Employment Agreement to which this Exhibit A is attached. Once you
      fully understand the terms and conditions set forth herein and agreed to all the terms and conditions, you are kindly requested to sign the Employment Agreement and the ancillary forms attached thereto and return them to the Company. Your execution
      of this document constitutes your agreement to the Employment Agreement, including your Employment Terms. The Employment Terms set forth below are subject to the terms and conditions set forth in the Employment Agreement. Capitalized terms used but
      not defined herein shall have the meanings as ascribed to them under the Employment Agreement.

  
    									
	
            Employee Personal Details

          	
            Full Name: Yaron Garmazi

            I.D. Number: ####

            Address:

            Telephone Number (cell): ####

            E-mail: ####

          
	Position	CFO
	
            Direct Manager

          	CEO
	
            Monthly Salary

          	
            Monthly Salary:

          	
            NIS (gross) 70,000

          
	MBO	
            Monthly MBO NIS paid on quarterly basis 20,000

          
	
            Scope of Work

          	
            Full time

          
	
            Notice Period (by the Company or the Employee)

          	
            60 days

          
	
            Pension Insurance

          	
            ☑ Entitled under Section 14 route. Per the terms detailed in the Employment

            Agreement.

          
	
            Keren Hishtalmut

            (Education Fund)

          	
            ☑ Entitled (not exceed the limit recognized by the Income Tax Authority from

            time to time).

            Company Contribution- 7.5% of the Monthly Salary

            Employee Contribution- 2.5% of the Monthly Salary

          
	
            Vacation Days

          	
            20 workdays per year.

          
	
            Sick Leave Days per Year

          	
            Per Applicable Law.

          
	
            Recreation Days

          	
            Per Applicable Law.

          

  

  IN WITNESS WHEREOF, the parties have executed these Employment
      Terms Agreement effective as of the Effective Date.

  
    																		
	
            KALTURA Ltd.

          		Employee	
						
	
            By:

          	/s/ Ron Yekutiel		
            Signature:

          	/s/ Yaron Garmazi	
						
	
            Name: 

          	Ron Yekutiel		
            Name: 

          	Yaron Garmazi	
						
	
            Title:

          	CEO				

     

    

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  Exhibit B

  THIS NON-COMPETITION, PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT ("Agreement") is made and entered by and between
      Kaltura Ltd., an Israeli company ("Company"), and the undersigned individual ("Employee"), which Agreement will be effective as of the first day of the Employee's employment by the Company (the "Effective Date"). Unless the context
      otherwise requires, the term "Company'' shall also include all direct and indirect existing and future subsidiary, parent or related corporations of the Company.

  AGREEMENT

  Employee acknowledges that Employee's employment by the Company creates
      a relationship of confidence and trust between Employee and the Company with respect to all Confidential Information (as defined below) of the Company.

  In consideration and as a condition of Employee's employment by the
      Company, the compensation paid therefore and the benefits received therefore, the sufficiency of which is hereby acknowledged, it is hereby agreed as follows:

  1.    Confidential Information.

  (a)    Confidentiality. Except as herein
      provided, Employee agrees that during and after termination of his or her employment with the Company, he or she (i) shall keep Confidential Information (as defined below) confidential and shall not directly or indirectly, use,
      divulge, publish or otherwise disclose or allow to be disclosed any aspect of Confidential Information without the Company's prior written consent; (ii) shall refrain from any action or conduct which might reasonably or foreseeably be expected to
      compromise the confidentiality or proprietary nature of the Confidential Information; and (iii) shall follow recommendations made by the Board of Directors, officers or supervisors of the Company from time to time regarding Confidential Information.
    "Confidential Information"
    includes but is not limited to Inventions (as defined in section 2(b)), trade secrets, confidential information, knowledge or
      data of the Company, or any of its clients, customers, consultants, shareholders, licensees, licensors, vendors or affiliates, that Employee may produce, obtain or otherwise acquire or have access to during the course of his or her employment by the
      Company (whether before or after the date of this Agreement), including but not limited to: business plans, records, and affairs; customer files and lists; special customer matters; sales practices; methods and techniques; merchandising concepts,
      strategies and plans; sources of supply and vendors; special business relationships with vendors, agents, and brokers; promotional materials and information; financial matters; mergers; acquisitions; equipment, technologies and processes; selective
      personnel matters; inventions; developments; product specifications; procedures; pricing information; intellectual property; know-how; technical data; software programs; algorithms; operations and production costs; processes; designs; formulas;
      ideas; plans; devices; materials; and other similar matters which are confidential. AB Confidential Information and all tangible materials containing Confidential Information are and shall remain the sole property of the Company.

  (b)    Limitation. Employee shall have no
      obligation under this Agreement to maintain in confidence any information that (i) is in the public domain at the time of disclosure, (ii) though originally Confidential Information, subsequently enters the public domain other than by breach of
      Employee's obligations hereunder or by breach of another person's or entity's confidentiality obligations.

  (c)    Former Employer Information.
      Employee agrees that he or she has not and will not, during the term of his or her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity (except for affiliates of the
      Company) with which Employee has an agreement or duty to keep in confidence information acquired by Employee, if any, or (ii) bring onto the premises of the Company any document or confidential or proprietary information belonging to such employer,
      person or entity unless consented to in writing by such employer, person or entity. Employee will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and
      costs of suit, arising out of or in connection with any violation of the foregoing.

  (d)    Third Party Information. Employee
      recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for
      certain limited purposes. Employee agrees that Employee owes the Company and such third parties, during Employee's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence
      and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

  (e)    Conflicting Activities. While employed by
      the Company, Employee will not work as an employee or consultant of any other organization or engage in any other activities which conflict, directly or indirectly, with the obligations to the Company, without the express prior written approval of
      the Company.

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  2.    Inventions.

  (a)    Inventions Retained and Licensed.
      Employee represents that there are no Prior Inventions (as defined below). Employee hereby acknowledges that, if in the course of his or her service for Company, Employee incorporates into a Company product, process or machine a Prior Invention owned
      by Employee or in which he or she has an interest, Company is hereby granted and shall have a fully paid, nonexclusive, royalty-free, irrevocable, perpetual, worldwide, transferable and sub licensable right and license to make, have made, modify,
      create derivative works, reproduce, use, offer to sell, sell, sublicense and otherwise distribute such Prior Invention (as may be improved or enhanced by or for Company) and in the event of copyrightable materials, copy, distribute, publicly perform,
      publicly display, make derivative works thereof, and sublicense such copyrightable materials, as part of or in connection with such product, process or machine.

  For the purposes of this Agreement, the term "Prior Inventions"
      shall mean inventions, ideas, improvements, designs or discoveries, whether or not patentable and whether or not reduced to practice, original works of authorship, computer programs (including, but not limited to, code, modules, tools, and libraries)
      and trade secrets made or conceived by or belonging to Employee (whether made solely by Employee or jointly with others) that (i) were developed by Employee prior to Employee's employment by Company, (ii) relate to Company's actual or proposed
      business, operations, products or research and development, and (iii) are not assigned to Company hereunder.

  (b)    Assignment of Inventions. Except as
      provided in Section 2(e) hereof, Employee hereby assigns and transfers to Company, to the fullest extent under applicable law, his or her entire right, title and interest in and to all inventions (including, but not limited to, "Service Inventions"
      as defined in Section 132 of the Israeli Patent Law- 1967 (the "Patent Law"), ideas, improvements, designs, developments, works, know-how, original works of authorship, formulae, ideas, concepts, techniques, methods, systems, processes, compositions of
      matter, algorithms, computer software programs (including, but not limited to, any code, modules, tools, and libraries), databases, trade secrets and discoveries and any other intellectual creations of any nature whatsoever (the "Inventions"), whether or not patentable and whether or not reduced to practice, made or conceived by Employee, whether solely by Employee or jointly with
      others, prior to or during the period of his or her employment with Company that (i) relate in any manner to the actual or demonstrably anticipated business, work, or research and development of Company, its affiliates or subsidiaries, (ii) are
      developed in whole or in part on Company's time or using Company's equipment, supplies, facilities or Confidential Information, or (iii) result from or are suggested by any task assigned to Employee or any work performed by Employee for or on behalf
      of Company, its affiliates or subsidiaries, or by the scope of Employee's duties and responsibilities with Company, its affiliates or subsidiaries. In the event that Employee believes that he or she is entitled to ownership, either in whole or in
      part, of an Invention pursuant to Section 2(e) hereof, he or she shall notify Company of such in writing. Except in such cases as the Board of Directors of Company confirms in writing that Employee is entitled to ownership, Employee agrees that all
      Inventions are the sole property of Company. Employee further acknowledges that all original works of authorship that are made by Employee, solely or jointly with others, within the scope of and during the period of Employee's employment by Company
      and that are protectable by copyright are "works made for hire," as defined in the U.S. Copyright Act and shall be owned solely by the Company. Without derogating from the aforementioned, the Employee hereby explicitly waives any interest, claim or
      demand that the Employee may have for, or may be entitled to, with respect to any consideration, compensation or royalty in connection with Assignable Inventions, including but not limited to, any claims for consideration, compensation or royalty
      before the Committee for Compensation and Royalties (the "Committee") or other tribunal with competent
      jurisdiction pursuant to Section 134 of the Patent Law or any other similar provision under any law of any applicable jurisdiction. The Employee hereby acknowledges and declares that the monthly salary and any other benefits provided under the
      Employment Agreement to which this Exhibit is attached, constitutes the entire compensation to which he/she is entitled to and includes any and all consideration with respect to the Inventions developed by him/her. The Employee further waives the
      right to bring any claims, demands or allegations to receive compensation, consideration or royalty with respect to the Moral Rights (as defined below) and the Company Inventions before the Committee under the Patent Law. Notwithstanding the above,
      in the event that despite the parties' agreement hereunder and the aforementioned waiver it is determined by any competent authority (including but not limited to the Committee) that for any reason whatsoever the Employee is or will be entitled to
      consideration, compensation or royalty in connection with one or more Company Inventions, the Employee agrees and acknowledges that the Special Compensation (as defined below) will be deemed the sole and final consideration, compensation or royalty
      payments to which Employee is, and will be, entitled to in connection with such Company Inventions. " Moral Rights" as used herein means the rights of an
      author under Section 45 of the Israeli Copyright Law, 2007, or any other similar provision under any law of any applicable jurisdiction, including the right of the author to be known as the author of his/her work; to prevent others from being named
      as the author of his/her work; to prevent others from making deforming changes in his/her work in a manner that reflects negatively on his/her professional standing, his/her goodwill or dignity. For the purpose hereof, the term "Special Compensation" shall mean an amount equal to 10% of the monthly salary of the Employee, which amount shall be considered as a special compensation for the
      Employee's contribution any Company's Invention.

   

    

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    KALTURA

  

  (c)    Disclosure of Inventions. Employee
      agrees that in connection with any Invention: (i) Employee shall promptly disclose such Invention in writing to his or her immediate supervisor at Company (which shall be received in confidence by Company), with a copy to the Company, regardless of
      whether Employee believes the Invention is covered by Section 2(e), in order to permit Company to claim rights to which it may be entitled under this Agreement; and (ii) Employee shall, at Company's request, promptly execute a written assignment of
      title to Company for any Invention required to be assigned by Section 2(b) (an "Assignable Invention"), and Employee will preserve any such Assignable Invention as Confidential Information of Company.

  (d)    Patent and Copyright Registrations.
      Employee agrees to assist Company, or its designee, at Company's expense, in every proper way to secure Company's rights in the Assignable Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto
      in any and all countries, including the disclosure to Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and other instruments that Company shall deem necessary in
      order to apply for and obtain such rights and in order to assign and convey to Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Assignable Inventions, and any copyrights, patents, or
      other intellectual property rights relating thereto. Employee further agrees that his or her obligation to execute or cause to be executed, when it is in his or her power to do so, any such instrument or papers shall continue after the termination of
      Employee's employment by Company. If Company is unable because of Employee's mental or physical incapacity or for any other reason to secure Employee's signature to apply for or to pursue any application for any lsrael, U.S. or other patents or
      copyright registrations covering Assignable Inventions or original works of authorship assigned to Company as above, then Employee hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Employee's agent and
      attorney-in-fact, to act for and in Employee's behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with
      the same legal force and

  effect as if executed by Employee.

  (e)    Exception to Assignments.
      Assignable Inventions shall not include any Invention (i) that Employee develops entirely on Employee's own time, (ii) without use of any Company assets and (iii) which useful with and does not relate to Company's actual or proposed business,
      products or research and development.

  (f)    Other Obligations. Employee
      acknowledges that Company from time to time may have agreements with other persons or with the Israeli, U.S. or other governments, or agencies thereof, that impose obligations or restrictions on Company regarding Inventions made during the course of
      work thereunder or regarding the confidential nature of such work. Employee agrees to be bound by all such obligations and restrictions and to take all action necessary to discharge the obligations of Company thereunder.

  3.    Return of Confidential Material. Upon Company's request or in the event of Employee's termination of employment with Company for any reason whatsoever, Employee agrees
      promptly to surrender and deliver to Company all records, materials, equipment, drawings, documents and data of any nature pertaining to any Confidential Information or to his or her employment, and Employee will not retain or take with him or her
      any tangible materials or electronically stored data, containing or pertaining to any Confidential Information that Employee may produce, acquire or obtain access to during the course of his or her employment.

  4.    Notification of New Employer. If employee leaves the Company's employ, Employee hereby consents to the Company notifying Employee's new employer about Employee's rights
      and obligations under this Agreement.

  5.    Non-Solicitation and Non-Competition.

  (a)    Restrictions. Employee agrees that
      during the period of his or her employment with the Company and for one (1) year after the date of termination of his or her employment with Company (for any reason or no reason, whether voluntary or involuntary), he or she will not (i) induce,
      solicit, recruit or encourage (or endeavor to induce, solicit, recruit or encourage) any employee or consultant of the Company to leave the employ of Company, (ii) solicit the business of any client or customer of Company (other than on behalf of
      Company), (iii) engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company (iv) carry on or hold an interest in any corporation, venture, entity or other business (other than a minority
      interest in a publicly traded company) which competes with the products or services of the Company, or (v) assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of the
      Company or act as an employee, officer consultant or in any managerial capacity in a business in competition with the Company.

  (b)    Enforcement. If at any time any of
      the provisions of Section 5(a) are deemed invalid or unenforceable or are prohibited by the laws of the state or place where they are to be performed or enforced, by reason of being vague or unreasonable as to duration or geographic scope or scope of
      activities restricted, or for any other reason, such provisions 

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    KALTURA

  

  shall be considered divisible and shall become and be immediately amended to include
      only such restrictions and to such extent as shall be deemed to be reasonable and enforceable by the court or other body having jurisdiction over this Agreement. The provisions of Section 5(a), as so amended, shall be valid and binding as though any
      invalid or unenforceable provision had not been included.

  6.    Representations. Employee agrees to execute any proper oath or verify any proper document required to carry out or evidence compliance with the terms of
      this Agreement. Employee represents that his or her performance of all the terms of this Agreement, and as an employee of the Company, will not breach any agreement to keep in confidence proprietary information acquired by Employee in confidence or
      in trust prior to Employee's retention by Company. Employee has not entered into, and Employee agrees that he or she will not enter into, any oral or written agreement in conflict herewith.

  7.    Equitable Relief. Employee agrees that it would be impossible or inadequate to measure and calculate the Company's damages from any breach of the covenants
      set forth in this Agreement. Accordingly, Employee agrees that if Employee breaches this Agreement, including without limitation the provisions of Paragraph 5(a), hereunder, the Company will have available, in addition to any other right or remedy
      available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision of this Agreement. Employee further agrees that no bond or other
      security shall be required in obtaining such equitable relief and Employee hereby consents to such injunction's issuance and to the ordering of specific performance. In any legal proceeding commenced under this Paragraph 7, the losing party shall pay
      the prevailing party's actual attorneys' fees and expenses incurred in the preparation for, conduct of or appeal or enforcement of judgment from the proceeding. The phrase "prevailing party'' shall mean the party who is determined in the proceeding
      to have prevailed or who prevails by dismissal, default or otherwise.

  8.    Governing Law; Consent to Personal Jurisdiction. This Agreement will

    be governed by the laws of the State of Israel, without regard to the choice of law provisions thereof. Employee hereby expressly
      consents to the personal jurisdiction of the competent courts located in Tel Aviv-Jafo for any lawsuit arising from or relating to this Agreement.

  9.    Entire Agreement. This Agreement sets forth the entire agreement and understanding between Company and Employee relating to the subject matter herein and
      merges all prior discussions and agreements between the parties with respect that subject matter. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by the
      Company. Any subsequent change or changes in Employee's duties, salary or compensation will not affect the validity or scope of this Agreement.

  10.    Severability. If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full force and
      effect.

  11.    Successors and Assigns. This Agreement will be binding upon Employee's heirs, executors, administrators and other legal representatives and will be for the benefit
      of Company, its successors, and its assigns.

  12.    Counterparts. This Agreement may be signed in two counterparts, each of which shall be deemed an original and both of which shall together constitute one
      and the same instrument.

  13.    No Employment Contract. Nothing in this Agreement shall be construed to create a contract of employment, either express or implied-in-fact, for any fixed term or requiring cause for termination.

  IN WITNESS WHEREOF, the parties have executed these Employment Terms Agreement effective as of the
      Effective Date.

  
    																		
	
            KALTURA Ltd.

          		Employee	
						
	
            By:

          	/s/ Ron Yekutiel		
            Signature:

          	
            /s/ Yaron Garmazi

          	
						
	
            Name: 

          	
            Ron Yekutiel

          		
            Name: 

          	
            Yaron Garmazi

          	
						
	
            Title:

          	CEO				

     

      

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  Exhibit D - English Summary of Exhibit C1

  GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS
      TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY

  By virtue of my power under section 14 of the Severance Pay Law, 1963 (hereinafter: the
    "Law"), I certify that payments made by an employer commencing from the date of the publication of this approval on behalf of his employees to a comprehensive pension benefit fund that is not
      an insurance fund within the meaning thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds) Regulations, 1964 (hereinafter: the "Pension Fund") or to managers insurance including the
      possibility of an insurance pension fund or a combination of payments to an annuity fund and to a non-annuity fund (hereinafter: the "Insurance Fund), including payments made by him by a
      combination of payments to a Pension Fund and an Insurance Fund, whether or not the Insurance Fund has an annuity fund (hereinafter: the "Employer's Payments), shall be made in lieu of the severance
      pay due to the said employee in respect of the salary from which the said payments were made and for the period they were paid (hereinafter: the "Exempt Salary"), provided that all the following conditions
      are fulfilled:

  1.    The Employer's Payments -

  1.1.    To the Pension Fund are not less than 141/3% of the Exempt Salary or 12% of the Exempt Salary if the employer pays for his employee in addition thereto additional payments to supplement severance pay to a benefit fund for
      severance pay or to an Insurance Fund in the employee's name in an amount of 21/3
    % of the Exempt Salary. In the event that the employer has not paid an addition to the said 12%, his payments shall be only in
      lieu of 72% of the employee's severance pay;

  1.2.    To the Insurance Fund are not less than
      one of the following:

  1.2.1.    131/ 3% of the Exempt Salary, if the employer pays for his employee in addition thereto also payments to secure monthly income in the event of disability, in a plan approved by the
      Commissioner of the Capital Market, Insurance and Savings Department of the Ministry of Finance, in an amount required to secure at least 75% of the Exempt Salary or in an amount of 21/2% of the Exempt Salary, the lower of the two (hereinafter: "Disability

      Insurance"); or

  1.2.2.    11% of the Exempt Salary, if the employer paid, in
      addition, a payment to the Disability Insurance, and in such case the Employer's Payments shall only replace 72% of the Employee’s severance pay; In the event that the employer has paid, in addition to the foregoing payments to supplement severance
      pay, to a benefit fund for severance pay or to an Insurance Fund in the employee's name in an amount of 21/3%
      of the Exempt Salary, the Employer's Payments shall replace 100% of the employee's severance pay.

  2.    No later than
      three months from the commencement of the Employer's Payments, a written agreement is executed between the employer and the employee in which:

  2.1.    The employee has agreed to the arrangement
      pursuant to this approval in a text specifying the Employer's Payments, the Pension Fund and Insurance Fund,. as the case may be; the said agreement shall also include the text of this approval; and

  2.2.    The employer waives in advance any right,
      which he may have to a refund of monies from his payments, unless the employee's right to severance pay has been revoked by a judgment by virtue of Section 16 and 17 of the Law, and to the extent so revoked and/or the employee has withdrawn monies
      from the Pension Fund or Insurance Fund other than by reason of an entitling event; in such regard "Entitling Event" means death, disability or retirement after the age of 60.

  3.    This approval is not such as to derogate from
      the employee's right to severance pay pursuant to any law, collective agreement extension order or employment agreement, in respect of salary over and above the Exempt Salary.

   

    

  
    
 

  1 This is not an official translation of Exhibit C and
      should not be relied upon for its accuracy. In any event, Exhibit C prevails.

   

    

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  EXHIBIT E

  COMPANY COMPUTER POLICY CONSENT

  Kaltura Ltd. (the"Company") has a policy regarding the use of the Company's computer systems (the"Company's Computers
      Policy"), as follows:

  1.    The Company has provided you, for the purpose of the
      performance of your duties, various types of computer related devices, including a computer, hardware, software, Company e-mail account, phone etc. (the "Computer Devices"). The Computer Devices are the exclusive property of the Company, and in order to protect the Computer Devices, you are hereby required to adhere to the following instructions:

  1.1    Hardware- it is prohibited to install hardware on, and/or to,
      Computer Devices without the prior authorization of your manager or the Company's computer systems team. In this regard, it is prohibited to connect to a Computer Device an external hard - drive, disk on key (also known as memory stick and/or flash
      memory), camera, cell phone or any other type of hardware without the prior authorization of your manager or the Company's computer systems team.

  1.2    Software- it is prohibited to install software on Computer
      Devices without the prior authorization of your manager or the Company's computer systems team. In this regard, it is prohibited to install software which enables processing of photos, games, chat programs, toolbars or any other type of software.

  1.3    Files- it is prohibited to save on Computer Devices any files,
      photos or videos that are not related to the Company; unless, all such files, photos or videos shall be saved under one folder labeled as "Private 11 located at the root directory of the computer. The attention of the Employee's attention is
      particularly drawn to potential issues of intellectual property rights that may arise from such saving of files.

  1.4    If any of the above instructions is not clear or if you have a
      question regarding the use of Computer Devices, please contact your manager or Company's computer systems team.

  2.    Notwithstanding the above, the Company is aware that you may be required to make
      use of Computer Devices for your own private needs. Such private use of the Computer Devices is allowed subject to the following instructions:

  2.1    The Company's e-mail account which was assigned to you is
      provided to you only for the purpose of work related use. You are not allowed to use the Company's e-mail account, which was assigned to you, for private purposes which are not related to the Company's activities, such prohibited private use of your
      e-mail account includes correspondence with friends and family.

  2.2    In the event you wish to send private e-mails during work hours
      and/or while at Company’s offices, you can do so through your private external web based e-mail account (Gmail, Hotmail etc.). As said, it is prohibited to save to Computer Devices any files received by you through your external web based e-mail
      account.

  2.3    You may access the internet for your own private use provided
      that such access is done for a reasonable period of time, without such access having a negative effect on your performance, in accordance with the Company's Computers Policy.

  3.    In order to maintain the security of the Computer Devices and the protection of
      the Company's legitimate interests, the Company is using various monitoring technologies, as well as blocking technologies, in the scope detailed in the Computer Policy. These technologies enable the Company to monitor and review content and
      information which is present on Computer Devices or exchanged through Computer Devices, including through the Company's e-mail account assigned to Company's employees.

  4.    Said monitoring is not intended to infringe your privacy, and as a general rule
      the Company is not interested in reviewing correspondence which is exchanged through the Company's e-mail account assigned to you. However, the Company may review professional correspondence and will act within the boundaries of applicable law, and
      when circumstances so require, necessitate and obligate, in order to protect the Company's legitimate interests.

  5.    In the event that private correspondence exists in the Computer Devices and/or the
      Company e-mail account assigned to you, this, despite the clear instructions detailed hereinabove, the Company may review such correspondence, if special and unique circumstances exist in which there is a serious suspicion that you are carrying out
      harmful or illegal activity through Computer Devices, and subject to your consent.

  As a sign of your consent to the Computer Policy and the foregoing instructions, you are required to sign
      below.

  Kaltura Confidential 

  
    Page 14 of 17

    
      

  

  

  EMPLOYEE ACKNOWLEDGEMENT AND CONSENT

  I, the undersigned, hereby acknowledge and approve that I have read all the above mentioned, received any
      and all clarifications which I required, and agree to it.

  
    																					
	
            Yaron Garmazi

          		####		
            /s/ Yaron Garmazi

          		
							June 18, 2017
	
            Name

          		
            ID number

          		
            Signature

          		Date

     

        

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    KALTURA

  

  ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "Addendum") is made and entered into
      this 27 day of September 2018 by and between Kaltura Ltd., (the "Company''), and Yaron Garmazi (the
    "Employee"). Company and
      Employee are sometimes referred to herein individually as a "Party" and collectively as the "Parties."

  WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 (the "Employment Agreement");

  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

  Capitalized terms used but not defined herein have the meanings
      assigned to them in the Employment Agreement.

  1.    Salary

  a.    Effective from 1 July 2018 the amounts contributed by
      the Company to the Employee's Education Fund will not be subject to the limit recognized by the Income Tax Authority.

  b.    It is explicitly acknowledged and agreed that the
      Monthly Salary includes mandatory travel expenses in accordance with applicable law and Employee shall not be entitled to receive any additional reimbursement of travel expenses.

  2.    Bonus

  a.    The applicable Bonus for the 2018 calendar year and any subsequent
      calendar years shall be as follows:

  i.    The maximum Annual Bonus shall be 420,000 NIS (gross).

  ii.    The maximum Annual Additional Stretch Bonus shall be 121,333 NIS
      (gross)

  b.    Employee's entitlement to the
      Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of Employee's (and the Company's) attainment of certain goals and objectives defined by the Company. The goals and objectives for calendar year 2018
      are set forth in Exhibit 4 to the Kaltura, Inc. board resolution of 14 August 2018 (the "Qualifying Objectives").

  c.    During September to December 2018 the Company will pay
      the Employee a monthly amount of 10,000 NIS (gross) ("Monthly Bonus Amount") (i.e., the equivalent of 50% of the pro-rated annual bonus in effect prior to the execution of this Addendum) on account of the Annual Bonus (section
      2.a.i above).

  d.    As of January 2019 the Employee's Monthly Bonus Amount
      shall be 24,500 NIS (gross) (1.e., the equivalent of 70% of the pro-rated Annual Bonus).

  e.    At the end of Q2 of each calendar year, and again at the
      end of the calendar year, Company will assess attainment of the Qualifying Objectives, and will calculate Employee's entitlement to the Bonus (or any portion thereof). In the event that Annual Bonus and Annual Additional Stretch Bonus attainment
      amounts exceed the aggregate Monthly Bonus Amounts paid during the applicable calendar year, then the Employee shall be entitled to receive the balance, which will be paid in September (based on attainment calculated as of the end of Q2) and March of
      the subsequent calendar year (for attainment calculated as of the end of the applicable calendar year), respectively. In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus attainment amounts are lower than the aggregate
      Bonus amounts paid during the applicable calendar· year, then such shortfall amount will be taken into account and deducted from Employee's future Bonus payments. For the avoidance of doubt, for the
      2018 calendar year, the difference between the Monthly Bonus Amounts paid in 2018 (inclusive of any monthly amounts paid prior to the effective date of this Addendum) and the Annual Bonus and Annual Additional Stretch Bonus attainment calculated at
      the end of the calendar year shall be paid by the end of March 2019.

  Confidential 

  
    1

    
      

  

  

    

    KALTURA

  

  f.    As of January 2018, Bonus payments shall not be taken
      into account in the calculation of any employment related payments or social benefits.

  g.    As of January 2018, all contributions made by Company to
      Employee's insurances or funds, derived from the Bonus payments, will be deemed excess payments on account of the Employee's Bonus, and shall be deducted from calendar year 2018's Annual Bonus as calculated and paid to the Employee in accordance with
      section 2e. above.

  3.    Except as expressly set forth herein, the terms and
      conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.

  IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.

  
    															
	
            THE COMPANY

          		
            THE EMPLOYEE

          
					
	
            By:

          	/s/ Sigal Srur		
            By:

          	
            /s/ Yaron Garmazi

          
					
	
            Name:

          	Sigal Srur		
            Name:

          	
            Yaron Garmazi

          
					
	
            Title:

          	SVP HR		
            Title:

          	CFO
					
	
            Date:

          	18.10.18		
            Date:

          	20.10.18

     

      

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  ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "Addendum") is made and entered into
      this 30 day of December 2019 by and between Kaltura Ltd., (the "Company"), and Yaron Garmazi (the "Employee"). Company and Employee are sometimes referred to herein individually as a "Party" and collectively as the "Parties."

  WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 as was amended from time to time (collectively, the Employment Agreement");

  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

  Capitalized terms used but not defined herein have the meanings
      assigned to them in the Employment Agreement.

  1.    Salary

  a.    Effective from 1 January 2020 (the "Salary Increase Date") Employee's
      Monthly Salary shall be as follows:

  i.    Base Salary shall be NIS 64,465 (gross)

  ii.    Global Overtime Pay shall be NIS 16,116(gross)

  iii.    Monthly Salary (Base + Global Overtime Pay) shall
      be NIS 80,581(gross)

  2.    Bonus

  a.    The applicable Bonus for the 2020 calendar year shall be as follows:

  i.    The maximum Annual Bonus shall be 483,488NIS (gross).

  ii.    The maximum Annual Additional Stretch Bonus shall be 139,674NIS (gross)

  b.    Employee's entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basic of Employee's
      (and the Company's) attainment of certain goals and objectives defined by the Company. The goals and objectives for calendar year 2020 will be set by the Compensation Committee that will be held on February 2020 ("Qualifying Objectives").

  c.     As of January 2020, the Employee's Monthly Bonus Amount shall be 28,203NIS (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus).

  3.    Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party
      hereto agrees to be bound by the terms thereof.

  IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.

  
    															
	
            THE COMPANY

          		
            THE EMPLOYEE

          
					
	
            By:

          	/s/ Sigal S		
            By:

          	
            /s/ Yaron Garmazi

          
					
	
            Name:

          	Sigal S		
            Name:

          	
            Yaron Garmazi

          
					
	
            Title:

          	CHRO		
            Title:

          	cfo
					
	
            Date:

          	December 30, 2019		
            Date:

          	January 9, 2020

     

      

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  ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered
      into this 4 day of March 2021 by and between Kaltura Ltd., (the “Company”), and Yaron Garmazi (the “Employee”). The Company and the Employee are sometimes referred to herein individually as a “Party” and collectively as the
      “Parties.”

  WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 (as subsequently amended, the “Employment Agreement”);

  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below; 

  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

  Capitalized terms used but not defined herein have the
      meanings assigned to them in the Employment Agreement.

  1.Salary

  a.Effective from 1 January 2021, the Employee’s Monthly Salary shall be as follows:

  i.Base Salary shall be NIS 72,000 (gross)

  ii.Global Overtime Pay shall be NIS 18,000 (gross)

  iii.Monthly Salary (Base + Global Overtime Pay) shall be NIS 90,000 (gross) 

  2.Bonus

  a.The applicable Bonus for the 2021 calendar year shall be as follows:

  i.The maximum Annual Bonus shall be NIS 810,000 (gross). 

  ii.The maximum Annual Additional Stretch Bonus shall be NIS 303,750 (gross)

  b.The Employee’s entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the
      basis of the attainment of certain financial and operational metrics set by Kaltura, Inc.’s board of directors. 

  c.As of January 2021, the Employee’s Monthly Bonus Amount shall be NIS 47,250 (gross) (i.e., the equivalent of 70% of the pro-rated
      Annual Bonus) on account of the Annual Bonus (section 2.a.i above).

  3.Section 8.1 (Company Car) is hereby stricken in its entirety from the Employment Agreement. 

  4.Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and
      effect and each Party hereto agrees to be bound by the terms thereof.

   

    

  Confidential 

  
    1

    
      

  

  IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth
      above. 

  
    															
	
            THE COMPANY

          		
            THE EMPLOYEE

          
					
	
            By:

          	/s/ S. Srur		
            By:

          	
            /s/ Yaron
                Garmazi

          
					
	
            Name:

          	Sigal S		
            Name:

          	
            Yaron Garmazi

          
					
	
            Title:

          	CHRO		
            Title:

          	cfo
					
	
            Date:

          	March 7, 2021		
            Date:

          	March 7, 2021

     

      

     Confidential

    
      2

      
        

    

    
    
      ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

      

      

      THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered into this 30th day of March 2022 by and between Kaltura Ltd., (the “Company”), and Yaron Garmazi
        (the “Employee”). The Company and the Employee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

      

      

      WHEREAS, the
        Parties entered into an Employment Agreement dated 18 June 2017 (as subsequently amended, the “Employment Agreement”);

      

      

      WHEREAS, the
        Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

      

      

      NOW, THEREFORE,
        in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

      

      

      Capitalized terms used but not defined herein have the meanings assigned to them in the
        Employment Agreement.

      

      

      	

            	1.	
              Salary

            

      	

            	a.	
              Effective from 1 April 2022, the Employee’s Monthly Salary shall be as follows:

            

      	

            	i.	
              Base Salary shall be NIS 82,800 (gross)

            

      	

            	ii.	
              Global Overtime Pay shall be NIS 20,700 (gross)

            

      	

            	iii.	
              Monthly Salary (Base + Global Overtime Pay) shall be NIS 103,500 (gross)

            

      

      

      	

            	2.	
              Bonus

            

      	

            	a.	
              The applicable Bonus for the 2022 calendar year shall be as follows:

            

      	

            	i.	
              The maximum Annual Bonus shall be NIS 931,500 (gross).

            

      	

            	ii.	
              The maximum Annual Additional Stretch Bonus shall be NIS 349,313 (gross)

            

      

      

      	

            	b.	
              The Employee’s entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of the attainment of certain
                financial and operational metrics set by Kaltura, Inc.’s board of directors or its compensation committee.

            

      

      

      	

            	c.	
              As of January 2022, the Employee’s Monthly Bonus Amount shall be NIS 54,338
                (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus) on account of the Annual Bonus (section 2.a.i above).

            

      

      

      
        Confidential 

          

      

      
        1

        
          

      

      

      

      	

            	3.	
              Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be
                bound by the terms thereof.

            

      

      

      IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.

      

      

      	
              THE COMPANY

            	
              THE EMPLOYEE

            
	 	 
	
              By: /s/ Ron Yekutiel

            	
              By:  /s/ Yaron Garmazi

            
	 	 
	
              Name:  Ron Yekutiel

            	
              Name:  Yaron Garmazi

            
	 	 
	
              Title:  CEO

            	
              Title:  CFO

            
	 	 
	
              Date: April 3, 2022

            	
              Date: March 31, 2022

            

      
         

          

        Confidential 

          

      

       2Document

   
  
     
      

     

        

     

        

     

        

     

        

     

        

     

        

     

        

    

        

     

        

     

        

     

        

     

        

    

        

     

        

     

        

    

        

    Exhibit 10.5

     

      

    EMPLOYMENT AGREEMENT 

     

      

  

   
  THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered
      into as of the 1st day of January, 2007, by and between Kaltura, Ltd., a company organized under the laws of the State of Israel, registered under number
      51–294781–3 , with offices at 2 Hanoter Street, Israel (the "Company") and Michal Tsur-Shalev Israel Identity Number ####, residing at ####, Israel (the "Executive").

   
  WHEREAS, the Company desires to employ the
      Executive as the President and COO of the Company and the Executive desires to serve as the President and COO of the Company and to engage in such employment, on the terms and conditions hereinafter set forth.

   
  NOW, THEREFORE, in consideration of the
      respective agreements of the parties contained herein, the parties agree as follows:

   
  1.    Employment.

   
  (a)    The Company agrees to employ the Executive
      as the President and COO of the Company and the Executive agrees to be employed by the Company as its President and COO on the terms and conditions hereinafter set forth.

   
  (b)    The Executive's duties and
      responsibilities shall include but not be limited to those duties and responsibilities customarily performed by a President and COO. The Executive shall be under the direct supervision of and comply with the directives of the Board of Directors of
      the Company or such officer of the Company as may be appointed by the Board of Directors of the Company from time to time (the "Board").

   
  (c)    Excluding periods of vacation, sick leave
      and military reserve service to which the Executive is entitled or required, the Executive agrees to devote total attention and full time to the business and affairs of the Company and its subsidiaries as required to discharge the responsibilities
      assigned to the Executive hereunder. During the term of this Agreement, the Executive shall not be engaged in any other employment nor engage actively in any other business activities or in any other activities which may hinder his performance
      hereunder, with or without compensation, for any other person, firm or company without the prior written consent of the Company.

   
  (d)    The Executive's duties shall be in the
      nature of management duties that demand a special level of loyalty and accordingly the Law of Work Hours and Rest 5711 - 1951 shall not apply to this Agreement. The parties hereto confirm that this is a personal services contract and that the
      relationship between the parties hereto shall not be subject to any general or special collective employment agreement or any custom or practice of the Company in respect of any of its other employees or contractors.

   
  2.    Base Salary.

   
  (a)    The Company agrees to pay or cause to be
      paid to the Executive during the term of this Agreement a gross salary equal to the greater of (1) 25,000 NIS and (2) the NIS equivalent of $6,000 per month (the "Base Salary"). The Base Salary shall be payable monthly in arrears, on the first day of
      each month. The NIS equivalent shall be calculated according to the representative rate of exchange published by the Bank of Israel of the final day of the month with respect to which the Base Salary is paid. It is agreed that you shall be entitled
      to the Base Salary only upon the closing of a round of financing equal to, or greater of $500,000 by Kaltura, Inc (the 100% owner of Kaltura Ltd.). There shall be no accrual up until such date.

   
  (b)    The Base Salary specified in Section 2(a)
      includes remuneration for working overtime and on days of rest, and the Executive shall not be entitled to any further remuneration or payment whatsoever other than the Base Salary and/or benefits, unless expressly specified in this Agreement. The
      Executive acknowledges that the Base Salary to which he is entitled pursuant to this Agreement constitutes due consideration for him working overtime and on days rest.

   

  
  
    
      

  

  
  (c)    All amounts payable hereunder shall be
      reviewed annually by the Board of Directors of the Company.

   
  3.    Executive Benefits.

   
  (a)    The Executive shall be entitled to the following benefits:

   
  (i)    Sick Leave. The Executive shall be entitled to fully paid sick leave pursuant to the Sick Pay Law 5736 - 1976.

   
  (ii)    Vacation.
      The Executive shall be entitled to an annual vacation of twenty (20) working days per year. A "working day" shall mean Sunday to Thursday inclusive. Up to one year's equivalent of vacation days may be accumulated and may, at the Executive's option,
      upon thirty (30) days written notice to the Company, be converted into cash payments in an amount equal to the proportionate part of the Base Salary for such days to the extent provided by law.

   
  (iii)    Manager's Insurance. The Company shall effect a Manager's Insurance Policy (the "Policy") in the name of the Executive, and shall pay a sum up to 15.83% of the Executive's Base Salary towards such Policy, of which 8.33% will be on
      account of severance pay and 5% on account of pension fund payments and up to a further 2.5% of the Executive's Base Salary on account of disability pension payments. The Company shall deduct 5% from the Executive's Base Salary to be paid on behalf
      of the Executive towards such Policy.

   
  (iv)    Further Education Fund Contributions. The Company shall pay a sum equal to 7.5% of the Executive's Base Salary and shall deduct 2.5% from the Executive's Base Salary to be paid on behalf of the Executive toward a further education
      fund. Use of these funds shall be in accordance with the by-laws of such fund.

   
  (v)    If the Executive makes use of a leased
      car (once the Company shall make such cars available), the cost of using it shall be deducted from the Salary..

   
  (vi)    The Executive shall be provided with a cellular telephone.

   
  4.    Expenses. The Executive shall be entitled to receive prompt reimbursement of all direct expenses reasonably incurred by him in connection with the performance of his duties hereunder; provided, however, that (a) such expenses are incurred in accordance with the Company's expense policy in effect at such time (the "Expense Policy"), (b) the Executive has submitted, in writing, in the proper format, an expense report for the
      same, together with written receipts, in accordance with the Expense Policy (each, an "Expense Report"). Executive hereby acknowledges that once reimbursement has been received for goods purchased by Executive on behalf of the Company, such goods
      shall become the sole property of the Company.

   
  5.    Term and Termination.

   
  (a)    The term of employment under this Agreement shall commence as
      of the date of this Agreement and will continue unless terminated under the following circumstances:

   
  (i)    Disability. The Company may terminate the Executive's employment after having established the Executive's disability. For purposes of this Agreement, "disability" means a physical or mental infirmity which impairs the Executive's
      ability to substantially perform his duties under this Agreement which continues for a period of at least ninety (90) consecutive days. Upon termination for disability, the Executive shall be entitled to severance pay required by law (subject to the
      provisions of Section 5(d) below).

   
  (ii)    Cause. The Company may terminate the Executive's employment for cause. For purposes of this Agreement, termination for "cause" shall mean and include: (i) conviction of any felony involving 

   

  
  
    -2-

    
      

  

  moral turpitude or affecting the Company or its subsidiaries; (ii)
      any refusal to carry out a reasonable directive of the Board which involves the business of the Company or its subsidiaries and was capable of being lawfully performed; (iii) embezzlement of funds of the Company or its subsidiaries; (iv) ownership,
      direct or indirect, of an interest in a person or entity (other than a minority interest in a publicly traded company) in competition with the products or services of the Company or its subsidiaries, including those products or services contemplated
      in a plan adopted by the Board of Directors of the Company or its subsidiaries; (v) any breach of the Executive's fiduciary duties or duties of care to the Company (except for conduct taken in good faith); (vi) any material breach of this Agreement
      by the Executive. If the employment of the Executive is terminated for cause, then the Executive shall only be entitled to: (x) severance pay in the amount required by law, if required (subject to the provisions of Section 5(d) below); and (y) the
      portion of the Policy that was contributed by the Executive.

   
  (iii)    Without Cause. The Company may terminate the Executive's employment without cause provided that the Executive is given not less than ninety (90) days written notice. During such ninety (90) day period the Executive shall be entitled to
      compensation pursuant to Section 2. Upon termination without cause, the Executive shall be entitled to severance pay required by law (subject to the provisions of Section 5(d) below).

   
  (iv)    Termination by Executive. The Executive may terminate his
      employment with the Company upon sixty (60) days notice to the Company. During such sixty (60) day period the Executive shall be entitled to compensation pursuant to Section 2.

   
  (b)    Upon the termination of the Executive's
      employment with the Company, other than for cause (as defined in Section 5(a)(ii) above), the right to receive the Policy and the further education fund shall be automatically assigned to the Executive.

   
  (c)    During the period following notice of
      termination by any party for any reason, the Executive shall cooperate with the Company and use his best efforts to assist the integration into the Company's organization of the person or persons who will assume the Executive's responsibilities. At
      the option of the Company, the Executive shall during such period either continue with his duties or remain absent from the premises of the Company.

   
  (d)    In the event of any termination of his
      employment, whether or not for cause and whatever the reason, the Executive will promptly deliver to the Company or the Parent all documents, data, records and other information pertaining to his employment or any Proprietary Information (as defined
      below) or Company Intellectual Property (as defined below), and the Executive will not take with him any documents or data, or any reproduction or excerpt of any documents or data, containing or pertaining to his employment or any Proprietary
      Information (as defined below) or Company Intellectual Property (as defined below).

   
  6.    Reserve Duty. The Executive shall continue to receive the salary provided for hereunder during periods of military reserve duty. The Executive hereby assigns and undertakes to pay to the Company any amounts received from the National
      Insurance Institute as compensation for such reserve duty service.

   
  7.    Non-disclosure and proprietary information agreement. The Executive shall sign the Company’s standard Non-Disclosure and Proprietary Information Agreement.

   
  8.    Board and Shareholder Approval. The terms and conditions of this Agreement shall be subject to and contingent upon the approval by the Board of Directors of the Kaltura, Inc, the parent company of the Company.

   
  9.    Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by registered mail, postage
      prepaid, addressed to the respective addresses set forth below or last given by each party to 

   

  
  
    -3-

    
      

  

  the other, except that notice of change of address shall be
      effective only upon receipt. The initial addresses of the parties for purposes of this Agreement shall be as follows:

   
  The Company:

   
  Kaltura LTD

   
  2 Hanoter Street, Tel-Aviv

   
  Attn: CFO

   
  The Executive:

   
  ####

   
  

     

   
  7.    Miscellaneous.

   
  (a)    No provision of this Agreement may be
      modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance
      with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

   
  (b)    This Agreement shall be governed by and
      construed and enforced in accordance with the laws of the State of Israel, without giving effect to the rules respecting conflicts-of-law.

   
  (c)    The provisions of this Agreement shall be
      deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

   
  (d)    This Agreement constitutes the entire
      agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. No agreement or representations, oral or otherwise,
      express or implied, with respect to the subject matter hereof have been made either party which are not expressly set forth in this Agreement.

   
  (e)    This Agreement shall be binding upon and
      shall inure to the benefit of the Company, its successors and assigns, and the Company shall require such successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
      required to perform it if no such succession or assignment had taken place. The term "successors and assigns" as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including
      this Agreement) whether by operation of law or otherwise.

   
  (f)    Neither this Agreement nor any right or
      interest hereunder shall be assignable or transferable by the Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the
      Executive's legal personal representative.

   
  (g)    The section headings contained herein are
      for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

   
  IN WITNESS WHEREOF, the
      Company has caused this Agreement to be executed by its duly authorized officer and the Executive has executed this Agreement as of the day and year first above written.

   

  
  
    -4-

    
      

  

  
    	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          
	Kaltura, Ltd.	

          	The Executive
	

          	

          	

          	

          	

          
	

          	

          	

          	

          	

          
	By:	/s/ Eran Etam	

          	By:	/s/ Michal Tsur
	Name: Eran Etam	

          	

          	

          
	Title:    Vice President	

          	Name: Michal Tsur

  

   
  

     

   

  
  
    
      

  

  
  ADDENDUM TO PERSONAL
      EMPLOYMENT AGREEMENT

   
  This Addendum to Personal Employment Agreement (the "Addendum") is made this 28 day of May 2015, by and between Michal
      Tsur, Israeli I.D. no. #### ("Employee"), and Kaltura Ltd., Company Number 5- 1391737-7, an Israeli company (the "Company").

   
  WITNESSETH:

   
  WHEREAS, the Company and the Employee entered into an Employment Agreement dated April I, 2008, as was amended from time to time (the "Employment Agreement"); and

   
  WHEREAS, the Company and Employee wish to confirm in writing the reinstatement of the Employment Agreement dated April 1, 2008, attached hereto as
      Appendix 1, effective as of January 1, 2014;

   
  WHEREAS, the parties wish to amend certain terms and provisions in the Employment Agreement as detailed below;

   
  NOW, THEREFORE, the parties hereby agree as follows:

   
  1.    The Company and
      Employee hereby agree and confirm that, effective as of January 1, 2014, the Employment Agreement (including all of its terms and conditions) was reinstated by parties and such Employment Agreement became effective and in full force and effect as of
      such date.

   
  2.    It is hereby agreed that effective from January 1, 2014 (the "Effective Date"), the following terms and provisions shall apply to the relations between the Company and the Employee, replacing, supplementing or changing
      existing terms in the Employment Agreement, as detailed below:

   
  Salary

   
  a.    Base Salary shall be NIS 38,622 (gross).

   
  b.    Global Overtime Pay shall be NIS 9,655 (gross).

   
  c.    Monthly Salary (Base+ Global Overtime Pay) shall be NIS 48,277
      (gross).

   
  Pension Plan and
      Severance Pay

   
  d.    The Company and the Employee
      will obtain and maintain Managers' Insurance or a pension fund according to the Employee's choice (the "Pension
      Insurance»). The contributions to the Pension Insurance shall be as follows:

   
  (1)    In the event that the
      Pension Insurance is Managers Insurance: (i) the Company shall contribute an amom1t equal to thirteen and one third percent (13.33%) of the Monthly Salary payment (out of which eight and one third percent (8.33%) are designated for severance payments
      and five percent (5%) are designated for premium payments - "Company Contribution") and the Employee shall contribute five percent (5%) of the Monthly Salary payment ("Employee's Contribution") toward
      the premiums payable in respect of such insurance (the "Pension Insurance Policy"); and (ii) the Company shall obtain separate Disability Insurance ("Ovdan Kosher Avoda"), which may be included within the Managers Insurance Policy, for the exclusive
      benefit of the Employee and shall contribute therefore an amount that is the lower of (i) two and a half percent (2.5%) of the Monthly Salary; or (ii) such amount required to enable the disability insurance payments of at least 75% of the Monthly
      Salary.

   
  (2)    In the event that the
      Pension Insurance is a Pension Fund: the Company shall contribute an amount equal to fourteen and one third percent (14.33%) of the Monthly Salary payment (out of which eight and one third percent (8.33%) are designated for severance payments and six
      percent (6%) are designated for premium payments - "Company Contribution") and the Employee shall contribute five and a half percent (5.5%) of the Monthly Salary payment ("Employee's Contribution") toward the premiums
      payable in respect of such fund (the "Pension Insurance Policy").

   

  
  
    Page 1 of 4

    
      

  

  e.    It is hereby agreed that the terms of Section 14 to the Severance Pay Law shall not apply to the Employee. Accordingly, upon termination of employment, the following shall apply:

   
  (1)    If the Employee's employment is terminated due to the Employee's decision to resign from his employment by the Company, then, with respect to severance pay, Employee shall be entitled to the release of all the funds that were accumulated in the
      Pension Insurance, including the funds that were accumulated in the severance pay portion of the Pension Insurance. It is clarified that Employee shall not be entitled to any other amount or payment with respect to
      severance pay, other than the release of the funds in the Pension Insurance.

   
  (2)    If the Employee's employment is terminated due to the Company's decision to terminate the Employee's
      employment, then, with respect to severance pay, Employee shall be entitled to full severance pay, i.e., one Monthly Salary (at the rate of the day of termination) multiplied by the number of years of employment ("Full Severance Pay").

   
  The Full Severance Pay payment shall be
      comprised of two amounts: (a) the amount accumulated in the severance pay portion of the Pension Insurance; and (b) the necessary cash supplemental payment that is required to be added to the amount in the severance pay portion of the Pension
      Insurance, so that the total amount paid shall equal to the Full Severance Pay.

   
  (3)    All above stipulations with
      respect to payment of severance pay shall be subject to the exceptions under sections 16 and/or Section 17 of the Severance Pay Law.

   
  Bonus

   
  f.    Performance-based Compensation - Subject to Employee's continued
      employment by the Company, Employee will be eligible to be considered for additional performance-based compensation, based on Employee's performance and attainment of goals and the performance of the Company, all in accordance with the terms and
      conditions of the performance compensation plan attached hereto as Exhibit A. The Employee reserves the right to update the performance compensation plan from time to time.

   
  Linkage to US Dollar

   
  g.    Employee's Monthly Salary and
      Performance based Compensation ("MBO") under this Addendum is based on a US$-NIS exchange rate of NIS 3.5 per one USD (the "Base Rate"). The actual Monthly Salary and MBO shall be linked to the US Dollar, so that it will maintain the same value in US Dollars per the Base Rate, as defined above.

   
  Reimbursement of Travel Expenses

   
  h.    Employee shall be entitled to a monthly
      payment with respect to Company's participation in tl1e Employee's travel costs, as required under applicable law, in the amount of NIS 246 (gross).

   
  3.    Except as specifically modified in Section 2 to this Addendum, the provisions, terms, conditions and
      definitions in the Employment Agreement, as amended, shall remain unchanged, and no other change shall apply to any of the Employee's other employment related rights.

   
  4.    This Addendum shall be
      deemed an integral pert of the Employment Agreement. In any event of inconsistency between the terms of the Employment Agreement and the terms of this Addendum, the terms of this Addendum shall prevail.

   
  5.    This
      Addendum shall be in in lieu of the notification regarding change in employment terms that is required under the Notice of Employment Terms Law, 2002.

   

  
  
    Page 2 of 4

    
      

  

  In witness thereof, the Parties have signed this Addendum:

   
  
    	

          	

          	

          	

          	

          	

          	

          	

          	

          
	Kaltura Ltd.	

          	Michal Tsur
	

          	

          	

          
	/s/ Naama Halevi	

          	/s/ Michal Tsur
	By	

          	By
	

          	

          	

          
	Naama Halevi	

          	28/5/15
	Name	

          	Date
	

          	

          	

          
	CFO	

          	

          
	Title	

          	

          
	

          	

          	

          
	

          	

          	

          
	Date	

          	

          

     

       

    
      Page 3 of 4

      
        

    

  

   

  
  Exhibit A

   
  Performance Based Compensation

   
  Employee shall be entitled to MBO incentive payments, under the
      following terms (the "Bonus"):

   
  (1)    Maximum
      Bonus payment per calendar month shall be NIS 48,277 (gross). In any event, and regardless of Employee's actual achievements, Bonus payment shall not exceed the abovementioned limit.

   
  (2)    Employee's entitlement to the
      Bonus amount with respect to each calendar quarter shall be subject to the achievement and attainment of the goals and objectives set forth in the table attached hereto (the "Qualifying Objectives" and "Bonus Table", respectively).

   
  (3)    During each calendar month of
      each calendar year, the Company shall pay Employee a monthly amount as further detailed in the Bonus Table attached hereto (the "Monthly Bonus Amount"), which Monthly Bonus Amount shall be on account of the applicable
      Quarterly Bonus Amount (as such term is defined below).

   
  (4)    With respect to each calendar
      quarter, the Company will assess the achievement and attainment of the Qualifying Objectives, and will calculate the entitlement to the Bonus payment for the applicable calendar quarter as detailed in Section 5 below (the "Quarterly Bonus Amount") in accordance with the formula set forth in the Bonus Table attached hereto.

   
  (5)    The Quarterly Bonus
      Amounts shall be calculated by the end of the calendar month subsequent to the applicable quarter as follows:

   
  a.    the Quarterly Bonus Amount for Q1 will be
      calculated by the end of April of the applicable year,

   
  b.    the Quarterly Bonus Amount for Q2 will be
      calculated by the end of July of the applicable year,

   
  c.    the Quarterly Bonus
      Amount for Q3 will be calculated by the end of October of the applicable year, and

   
  d.    the Quarterly Bonus Amount for Q4 will be
      calculated by the end of January of the subsequent calendar year

   
  (6)    It is clarified that the Company shall
      have exclusive discretion in determining whether or not any Bonus payment shall be paid to the Employee.

   
  (7)    In the event that the
      applicable Quarterly Bonus Amount exceeds the aggregate Monthly Bonus Amounts paid during such applicable calendar quarter, then the Consulting Company shall be entitled to receive such balance of the Quarterly Bonus Amount, which will be paid to you
      in the subsequent month. In the event that the applicable Quarterly Bonus Amount is lower than the aggregate Monthly Bonus Amounts paid during such applicable quarter, then such shortfall amount will be taken into account and deducted from the
      Quarterly Bonus Amount payable in the subsequent quarter.

   
  (8)    Although the Bonus is
      conditional and discretionary, and thus, the Company is not legally required to take it into account in the calculation of any of the Employee's employment related payments or benefits, it is agreed that the Company and the Employee will make
      allocations to the Employee's pension plan also with respect to the Bonus.

   
  (9)    All Bonus payments
      shall be subject to all mandatory deductions, and shall be deemed to be quoted in gross figures.

   
  Appendix 1 - Agreement dated April 1, 2008

   

  
  
    Page 4 of 4

    
      

  

  
  ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

   
  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered into this 18 day of March 2018 by and between Kaltura Ltd., (the “Company”), and Michal Tsur (the “Employee”). Company and Employee are sometimes referred to herein
      individually as a “Party” and collectively as the “Parties.”

   
  WHEREAS, the Parties entered into an Employment Agreement dated 1 April 2008 as was amended from time to time (the “Employment Agreement”);

   
  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

   
  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

   
  Capitalized terms used but not defined herein have
      the meanings assigned to them in the Employment Agreement.

   
  1.    Salary

   
  a.    Effective from 1 July 2018 (the “Salary Increase Date”) Employee’s Monthly Salary shall be as follows:

   
  i.    Base Salary shall be NIS 49,771 (gross)

   
  ii.    Global Overtime Pay shall be NIS 12,443 (gross)

   
  iii.    Monthly Salary (Base + Global Overtime
      Pay) shall be NIS 62,214 (gross)

   
  b.    The Monthly Salary
      from the Salary Increase Date to 31 December 2018 shall be paid as follows: (a) an amount equal to the Monthly Salary prior to the Salary Increase Date shall be payable at the end of each calendar month; and (b) the difference between the Monthly
      Salary payable prior to the Salary Increase Date and the Monthly Salary payable after the Salary Increase Date will be paid to the Employee in January 2019’s salary payment. Beginning January 1, 2019, the full Monthly Salary will be payable at the
      end of each calendar month.

   
  c.    For the avoidance of
      doubt, the amounts contributed by the Company to the Employee’s Education Fund will not be subject to the limit recognized by the Income Tax Authority.

   
  d.    It is explicitly
      acknowledged and agreed that the Monthly Salary includes mandatory travel expenses in accordance with applicable law and Employee shall not be entitled to receive any additional reimbursement of travel expenses.

   
  e.    The paragraph directly under
      the heading “Linkage to US Dollar” is hereby stricken from the Employment Agreement.

   
  2.    Bonus

   
  a.    The applicable Bonus for the 2018 calendar year and any
      subsequent calendar years shall be as follows:

   
  i.    The maximum Annual Bonus shall be 559,924 NIS (gross).

   

  
  
    1

    
      

  

  ii.    The maximum Annual Additional Stretch
      Bonus shall be 161,756 NIS (gross)

   
  b.    Employee’s entitlement to the
      Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of Employee’s (and the Company’s) attainment of certain goals and objectives defined by the Company. The goals and objectives for calendar year 2018
      are set forth in Exhibit 4 to the Kaltura, Inc. board resolution of 14 August 2018 (the “Qualifying Objectives”).

   
  c.    During September to December
      2018 the Company will pay the Employee a monthly amount of 21,500NIS (gross) (“Monthly Bonus Amount”) (i.e., the equivalent of 50% of the pro-rated annual bonus in effect prior to the execution of this Addendum, section
      “2.f” is applicable for these payments) on account of the Annual Bonus (section 2.a.i above).

   
  d.    As of January 2019
      the Employee’s Monthly Bonus Amount shall be 32,662 NIS (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus).

   
  e.    At the end of Q2 of
      each calendar year, and again at the end of the calendar year, Company will assess attainment of the Qualifying Objectives, and will calculate Employee’s entitlement to the Bonus (or any portion thereof). In the event that Annual Bonus and Annual
      Additional Stretch Bonus attainment amounts exceed the aggregate Monthly Bonus Amounts paid during the applicable calendar year, then the Employee shall be entitled to receive the balance, which will be paid in September (based on attainment
      calculated as of the end of Q2) and March of the subsequent calendar year (for attainment calculated as of the end of the applicable calendar year), respectively. In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus
      attainment amounts are lower than the aggregate Bonus amounts paid during the applicable calendar year, then such shortfall amount will be taken into account and deducted from Employee’s future Bonus payments. For the avoidance of doubt, for the 2018
      calendar year, the difference between the Monthly Bonus Amounts paid in 2018 (inclusive of any monthly amounts paid prior to the effective date of this Addendum) and the Annual Bonus and Annual Additional Stretch Bonus attainment calculated at the
      end of the calendar year shall be paid by the end of March 2019.

   
  f.    As of January 2018,
      Bonus payments shall not be taken into account in the calculation of any employment related payments or social benefits.

   
  g.    As of January 2018,
      all contributions made by Company to Employee’s insurances or funds, derived from the Bonus payments, will be deemed excess payments on account of the Employee’s Bonus, and shall be deducted from calendar year 2018’s Annual Bonus as calculated and
      paid to the Employee in accordance with section 2e. above.

   
  3.    Except as expressly
      set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.

   

  
  
    2

    
      

  

  IN WITNESS WHEREOF, the Parties hereto have
      executed this Addendum as of the date set forth above. THE COMPANY    THE EMPLOYEE

   
  
    	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          
	THE COMPANY	

          	THE EMPLOYEE
	

          	

          	

          	

          	

          
	By:	/s/ Sigal Srur	

          	By:	/s/ Michal Tsur
	

          	

          	

          	

          	

          
	Name:	Sigal Srur	

          	Name:	Michal Tsur
	

          	

          	

          	

          	

          
	Title:	SVP hr	

          	Title:	President
	

          	

          	

          	

          	

          
	Date:	March 18, 2019	

          	Date:	March 19, 2019

     

       

    
      3

      
        

    

     

   

  
  ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

   
  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered into this 30 day of December 2019 by and between Kaltura Ltd., (the “Company”), and Michal Tsur (the “Employee”). Company and Employee are sometimes referred to herein
      individually as a “Party” and collectively as the “Parties.”

   
  WHEREAS, the Parties entered into an Employment Agreement dated 1 April 2008 as was amended from time to time (collectively, the “Employment Agreement”);

   
  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

   
  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

   
  Capitalized terms used but not defined herein have
      the meanings assigned to them in the Employment Agreement.

   
  1.    Salary

   
  a.    Effective from 1 January 2020 (the “Salary Increase Date”) Employee’s Monthly Salary shall be as follows:

   
  i.    Base Salary shall be NIS 57,295 (gross)

   
  ii.    Global Overtime Pay shall be NIS 14,323 (gross)

   
  iii.    Monthly Salary (Base + Global Overtime
      Pay) shall be NIS 71,618 (gross)

   
  2.    Bonus

   
  a.    The applicable Bonus for the 2020 calendar year shall be as
      follows:

   
  i.    The maximum Annual Bonus shall be NIS 644,564 (gross).

   
  ii.    The maximum Annual Additional Stretch
      Bonus shall be NIS 186,207 (gross)

   
  b.    Employee’s
      entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of Employee’s (and the Company’s) attainment of certain goals and objectives defined by the Company. The goals and objectives for
      calendar year 2020 will be set by the Compensation Committee that will be held on February 2020 (“Qualifying Objectives”).

   
  c.    As of January 2020, the Employee’s Monthly
      Bonus Amount shall be NIS 37,600 (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus) on account of the Annual Bonus (section 2.a.i above).

   
  3.    Except as expressly
      set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.

   

  
  
    1

    
      

  

  IN WITNESS WHEREOF, the Parties hereto have
      executed this Addendum as of the date set forth above. 

   
  
    	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          
	THE COMPANY	

          	THE EMPLOYEE
	

          	

          	

          	

          	

          
	By:	/s/ Sigal S	

          	By:	/s/ Michal Tsur
	

          	

          	

          	

          	

          
	Name:	Sigal S	

          	Name:	Michal Tsur
	

          	

          	

          	

          	

          
	Title:	CHRO	

          	Title:	President
	

          	

          	

          	

          	

          
	Date:	December 30, 2019	

          	Date:	March 3, 2020

     

       

    
      2

      
        

    

  

   

  
  ADDENDUM TO PERSONAL
      EMPLOYMENT AGREEMENT

   
  THIS ADDENDUM TO EMPLOYMENT
      AGREEMENT (this “Addendum”) is made and entered into this 4 day of March 2021 by and between Kaltura Ltd., (the “Company”), and Michal Tsur (the “Employee”). The
      Company and the Employee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

   
  WHEREAS, the Parties entered into an Employment Agreement dated 1 January 2007 (as subsequently amended from time to time, the “Employment Agreement”);

   
  WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

   
  NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

   
  Capitalized terms used but
      not defined herein have the meanings assigned to them in the Employment Agreement.

   
  1.    Salary

   
  a.    Effective from 1 January 2021 (the “Salary Increase Date”), the Employee’s Monthly Salary shall be as follows:

   
  i.    Base Salary shall be NIS 68,000 (gross)

   
  ii.    Global Overtime Pay shall be NIS 17,000 (gross)

   
  iii.    Monthly Salary (Base + Global Overtime
      Pay) shall be NIS 85,000 (gross)

   
  2.    Bonus

   
  a.    The applicable Bonus for the 2021 calendar year shall be as
      follows:

   
  i.    The maximum Annual Bonus shall be NIS 765,000 (gross).

   
  ii.    The maximum Annual Additional Stretch
      Bonus shall be NIS 286,875 (gross)

   
  b.    The
      Employee’s entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of the attainment of certain financial and operational metrics set by Kaltura Inc.’s board of directors.

   
  c.    As
      of January 2021 the Employee’s Monthly Bonus Amount shall be NIS 44,625 (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus) on account of the Annual Bonus (section 2.a.i above).

   
  3.    Pension Plan and Severance Pay

   
  Section d of the Addendum to Personal Employment Agreement dated 28
      May 2015 will be replaced with the following:

   
  a.    In the event that the Pension Insurance is
      Managers Insurance: the Company shall contribute 14.833% of the Monthly Salary (of which 8.33% will go towards severance, at least 6.5% are designated for premium payments and an additional percentage will go towards disability insurance, at a rate
      necessary to insure 75% of the Monthly Salary - “Company Contribution”) and the Employee 

   

  
  
    
      

  

  
  shall contribute 6% of the Monthly Salary payment (“Employee’s Contribution”) toward the premiums payable in respect of such insurance (the “Pension
      Insurance Policy”).

   
  b.    In the event that the Pension Insurance is a
      Pension Fund: The Company shall contribute 14.833% of the Monthly Salary (of which 8.33% will be towards severance - “Company Contribution”) and the Employee shall contribute 6% of the Monthly Salary payment (“Employee’s Contribution”) toward the premiums payable in respect of such fund (the "Pension
      Insurance Policy”).

   
  c.    For clarity’s sake,
      the abovementioned contributions to the Employee’s Pension Insurance may be changed from time to time according to applicable law.

   
  4.    Except as expressly set forth herein, the
      terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.

   
  IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as
      of the date set forth above. 

   
  
    	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          	

          
	THE COMPANY	

          	THE EMPLOYEE
	

          	

          	

          	

          	

          
	By:	/s/ Sigal S	

          	By:	/s/ Michal Tsur
	

          	

          	

          	

          	

          
	Name:	Sigal S	

          	Name:	Michal Tsur
	

          	

          	

          	

          	

          
	Title:	CHRO	

          	Title:	President
	

          	

          	

          	

          	

          
	Date:	March 7, 2021	

          	Date:	March 11, 2021

     

       

    
      2

      
        

    

    
    
      ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT

      

         

      THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered into this 30th day of
        March 2022 by and between Kaltura Ltd., (the “Company”), and Michal Tsur (the “Employee”). The Company and the Employee are sometimes referred to herein individually as
        a “Party” and collectively as the “Parties.”

      

         

      WHEREAS, the Parties entered into an Employment Agreement dated 1 January 2007 (as subsequently amended from time to time, the “Employment Agreement”);

      

         

      WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;

      

         

      NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:

      

         

      Capitalized terms used but not defined herein have the meanings assigned to them in the Employment
        Agreement.

      

         

      	

               	1.	
              Salary

            

      	

               	a.	
              Effective from 1 April 2022 (the “Salary Increase Date”), the Employee’s Monthly Salary shall be as follows:

            

      	

               	i.	
              Base Salary shall be NIS 74,800 (gross)

            

      	

               	ii.	
              Global Overtime Pay shall be NIS 18,700 (gross)

            

      	

               	iii.	
              Monthly Salary (Base + Global Overtime Pay) shall be NIS 93,500 (gross)

            

      

         

      	

               	2.	
              Bonus

            

      	

               	a.	
              The applicable Bonus for the 2022 calendar year shall be as follows:

            

      	

               	i.	
              The maximum Annual Bonus shall be NIS 841,500 (gross).

            

      	

               	ii.	
              The maximum Annual Additional Stretch Bonus shall be NIS 315,563 (gross)

            

      

         

      	

               	b.	
              The Employee’s entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of the attainment of certain
                financial and operational metrics set by Kaltura Inc.’s board of directors or its compensation committee.

            

      

         

      	

               	c.	
              As of January 1, 2022 the Employee’s Monthly Bonus Amount shall be NIS 49,088 (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus) on account of the Annual
                Bonus (section 2.a.i above).

            

      

         

      
        1

        
          

      

      

         

      	

               	3.	
              Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound
                by the terms thereof.

            

      

         

      IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.

      

         

      
        	
                THE COMPANY

              	 	 	 	 	
                THE EMPLOYEE

              	 	 
	 	 	 	 	 	 	 	 
	
                By: /s/ Yaron Garmazi

              	 	 	 	 	
                By:  /s/ Michal Tsur

              	 	 
	 	 	 	 	 	 	 	 
	
                Name:  Yaron Garmazi

              	 	 	 	 	
                Name:  Michal Tsur

              	 	 
	 	 	 	 	 	 	 	 
	
                Title:  CFO

              	 	 	 	 	
                Title:  President & CMO

              	 	 
	 	 	 	 	 	 	 	 
	
                Date: March 31, 2022

              	 	 	 	 	
                Date: April 3, 2022

              	 	 

      

      

       

     2

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