Document:

EX-10.11

 Exhibit 10.11 

KALEYRA, INC. 
 2019
EQUITY INCENTIVE PLAN 
 Notice Of RSU Grant 

[Grantee] 
 You have been granted
restricted stock units (“RSUs”) with respect to Stock of Kaleyra, Inc. (the “Company”), with the terms set forth in the RSU Agreement attached hereto and the Company’s 2019 Equity Incentive Plan (as from
time to time in effect, the “Plan”), and as follows: 
  

			
	Board Approval Date:	  	[__]
		
	Date of Grant:	  	[__]
		
	Number of RSUs:	  	[NUMBER OF RSUs]
		
	Vesting Schedule:	  	Subject to the conditions set forth herein:
		
		  	[__] of the RSUs will vest on [__]1
		
		  	Each of the above dates is a “Vesting Date.” Notwithstanding anything to the contrary herein, if your Employment ceases prior to any one or more of the Vesting Dates specified above, then you will permanently
forfeit all RSUs that are unvested as of such date that your Employment ceases.
		
	Date of Issuance:	  	The Company will deliver to you a number of shares of Stock equal to the number of vested shares subject to your Award on the applicable Vesting Date(s). However, if a scheduled delivery date falls on a date that is not a business
day, such delivery date shall instead fall on the next following business day.
		
	Transferability:	  	These RSUs may not be transferred.

 By your signature and the signature of the Company’s representative below, you and the Company agree that
these RSUs are granted under and governed by the terms and conditions of the Plan and the RSU Agreement, both of which are attached and made a part of this document. In addition, you acknowledge receipt or the right to receive a document providing
the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. Further, you acknowledge receipt of the Company’s policy permitting sale of shares only during certain “window”
periods and the Company’s insider trading policy, in effect from time to time. 
  

	1 	 This will typically have a 4 year vesting period, with 25% vesting after 1 year, and the remainder vesting
quarterly thereafter, with all vesting to occur during open “window” periods. 

 In addition, you agree and acknowledge that your rights to any Stock shares underlying the
RSUs will be earned only as you provide services to the Company in a capacity described in Section 5 of the Plan over time, that the grant of the RSUs is not as consideration for services you rendered to the Company prior
to the Date of Grant, and that nothing in this Notice or the attached documents confers upon you any right to continue your Employment with the Company for any period of time, nor does it interfere in any way with your right or the Company’s
right to terminate that relationship at any time, for any reason, with or without cause. You further agree and acknowledge that the Company has the right to reorganize, sell, spin-out or otherwise restructure
one or more of its businesses or affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could result in the termination of your
Employment with the Company and the loss of benefits available to you under this Notice of RSU Grant, including but not limited to, the termination of the right to continue vesting in the Award. 

 

							
	GRANTEE	 		 	     KALEYRA, INC.

							
	 	 		 	  
 By: 
	 	 

							
	 [Grantee]
  
	 		 	 Name: 	 	 
				
	Dated:                                     
                                         
                        	 		 	 Title:	 	 

  
 2 

 KALEYRA, INC. 

2019 EQUITY INCENTIVE PLAN 

RSU Agreement 
 1.
Grant of RSU. Kaleyra, Inc., a Delaware corporation (the “Company”), hereby grants to [RSU grantee] (“Grantee”), restricted stock units (“RSUs”) as set forth in the
Notice of RSU Grant (the “Notice”), to be paid, if ever, on the date on which the RSUs vest, as set forth in the Notice of RSU Grant, and subject to the terms, definitions and provisions of the Company’s Equity Incentive Plan
(as from time to time in effect, the “Plan”) adopted by the Company, which is incorporated in this RSU Agreement by reference. Unless otherwise defined in this RSU Agreement, the terms used in this RSU Agreement shall have the
meanings defined in the Plan. 
 2. Number of Shares. The number of shares subject to the Award may be adjusted from
time to time for capitalization adjustments, as provided in the Plan. As of the Date of Grant specified in the Notice, the Company will credit to a bookkeeping account maintained by the Company for the Grantee’s benefit (the
“Account”) the number of shares of Stock subject to the Award. 
 3. Vesting of RSUs. These RSUs shall
vest in accordance with the Vesting Schedule set out in the Notice and in this RSU Agreement. 
 4. Tax Withholding and
Indemnification. 
 (a) Unless the Company in its sole discretion chooses to withhold from any compensation otherwise
payable to the Grantee by the Company for the purpose of satisfying the federal, state, local and foreign tax withholding obligations of the Company which arise in connection with the Award (the “Withholding Taxes”), on or before
the time shares of Stock subject to the Award are distributed, or at any time thereafter as requested by the Company, the Company will withhold any amounts necessary from the Stock issuable pursuant to the Award to satisfy all or any portion of the
Withholding Taxes obligation relating to the Grantee’s Award as follows: the Company will withhold shares of Stock from the shares of Stock issued or otherwise issuable to the Grantee in connection with the Award with a Fair Market Value
(measured as of the Date of Issuance) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding
obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income. For purposes of this Agreement, “Fair Market
Value” means, as of any date, the fair market value of the Stock, as determined by the Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the
determination of Fair Market Value shall be based upon the closing price for the Shares as reported in the Wall Street Journal for the applicable date. 

  
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 (b) In the event the Company’s obligation to withhold arises prior to
the delivery to the Grantee of Stock or it is determined after the delivery of Stock to the Grantee that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, the Grantee shall indemnify and
hold the Company harmless from any failure by the Company to withhold the proper amount. 
 (c) The Company is not obligated,
and will have no liability for failure, to issue or deliver any Stock upon vesting of the RSUs unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal
counsel. As a condition to the vesting of these RSUs, the Company may require Grantee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Stock shall
be considered transferred to Grantee on the date on which the RSUs vest. For purposes of this Section 4, “Applicable Laws” shall mean the legal requirements relating to the administration of stock option
and restricted stock purchase plans, including under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, other U.S. federal and state laws, the Code, any Stock Exchange rules or regulations and the applicable
laws, rules and regulations of any other country or jurisdiction where Awards are granted under the Plan, as such laws, rules, regulations and requirements shall be in place from time to time. 

5. Transferability. The Award is not transferable, except by will or by the laws of descent and distribution. It may not
be transferred pursuant to a domestic relations order. In addition to any other limitation on transfer created by applicable securities laws, the Grantee may not assign, hypothecate, donate, encumber or otherwise dispose of any interest in any of
the shares of Stock subject to the Award until the shares are issued to Grantee. After the shares of Stock have been issued to Grantee, Grantee is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares
provided that any such actions are in compliance with the provisions herein, including the final sentence of this Section 5, and applicable securities laws. Notwithstanding the foregoing, by delivering written notice to the
Company, in a form satisfactory to the Company, Grantee may designate a third party who, in the event of Grantee’s death, shall thereafter be entitled to receive any distribution of Stock to which he or she was entitled at the time of his or
her death pursuant to this Agreement. In addition, Grantee shall abide by the Company’s policy permitting sales of shares of Stock only during certain “window” periods and the Company’s insider trading policy, in effect from time
to time. 
 6. Dividends. Grantee shall receive no benefit or adjustment to his or her Award with respect to any cash
dividend, stock dividend or other distribution except to the extent so provided in Section 7(b) of the Plan; provided, however, that this sentence shall not apply with respect to any shares of Stock that are
delivered to Grantee in connection with the Award after such shares have been delivered to Grantee. 
 7. Tax
Consequences. The Company has not provided any tax advice with respect to these RSUs or any future disposition of the Stock. Grantee should obtain advice from an appropriate independent professional adviser with respect to, and under
the laws of Grantee’s country of residence and/or citizenship, the taxation implications of the grant, exercise, assignment, release, cancellation or any other disposal of these RSUs (each, a “Trigger Event”) and on any
subsequent sale or disposition of the Stock. Grantee should also take advice in respect of the taxation indemnity provisions under Section 4 above. 

  
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 8. Data Protection. 

(a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll
administrators) to collect, hold and process certain personal information about Grantee and to transfer this data to certain third parties such as brokers with whom Grantee may elect to deposit any share capital under the Plan. Grantee consents to
the Company (or its payroll administrators) collecting, holding and processing Grantee’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage
the Plan. 
 (b) Where the transfer is to be to a destination outside Grantee’s country of residence, the Company shall
take reasonable steps to ensure that Grantee’s personal data continues to be adequately protected and securely held. 

(c) Grantee understands that Grantee may, at any time, view Grantee’s personal data, require any necessary corrections to
it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Grantee’s involvement in the Plan in a timely fashion or at all
and this may be detrimental to Grantee. 
 9. No Guarantee of Continued Employment. Grantee’s Employment with the
Company or an Affiliate is not for any specified term and may be terminated by Grantee or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Agreement (including, but not
limited to, the vesting of the Award pursuant to the schedule set forth in the Notice of RSU Grant or the issuance of the shares subject to the Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this
Agreement or the Plan shall: (i) confer upon Grantee any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or
nature of future positions, future work assignments, future compensation or any other term or condition of Employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has
specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the Company of the right to terminate Grantee at will and without regard to any future vesting opportunity that Grantee may have. For purposes of the Notice of RSU
Grant and this Agreement, Employment by a parent or subsidiary of or a successor to the Company shall be considered Employment by the Company. 

10. Unsecured Obligation; No Voting Rights. The Award is unfunded, and as a holder of a vested Award, Grantee shall be
considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares of Stock pursuant to this Agreement. Grantee shall not have voting or any other rights as a stockholder of the Company with
respect to the shares to be issued pursuant to this Agreement until such shares are issued to Grantee pursuant to this Agreement. Upon such issuance, Grantee will obtain full voting and other rights as a stockholder of the Company. Nothing contained
in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between Grantee and the Company or any other person. 

  
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 11. Notices. Any notices provided for in the Award or the Plan shall be
given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to Grantee, five (5) days after deposit in the United States mail, postage prepaid, addressed to Grantee at the last address
Grantee provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request Grantee’s consent to
participate in the Plan by electronic means. Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic
system established and maintained by the Company or another third party designated by the Company. 
 12. Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without
giving effect to principles of conflicts of law. 
 13. Miscellaneous. 

(a) The rights and obligations of the Company under the Award shall be transferable to any one or more persons or entities, and
all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Grantee’s rights and obligations under the Award may only be assigned with the prior written consent of the
Company. 
 (b) Grantee shall upon request execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of the Award. 
 (c) Grantee acknowledge and agree that he
or she has reviewed the Notice of RSU Grant, this Agreement, and the Plan in their entireties, has had an opportunity to obtain the advice of counsel prior to executing and accepting the Award, and fully understands all provisions of the Award. 

(d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan and this
Agreement shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company. 

  
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 14. Severability. If all or any part of this Agreement or the Plan is
declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part
of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

15. Effect on Other Employee Benefit Plans. The value of the Award subject to this Agreement shall not be included as
compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company
expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

16. Effect of Agreement. Grantee acknowledges receipt of a copy of the Plan as well as a document providing the information
required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Award
terms), and hereby accepts these RSUs and agrees to be bound by its contractual terms as set forth herein and in the Plan. Grantee hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator
regarding any questions relating to the RSUs. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement, the Plan terms and provisions shall prevail. The RSUs, including the
Plan, constitutes the entire agreement between Grantee and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties relating to such subject matter. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall constitute one document. 
  

									
	GRANTEE	 		 	KALEYRA, INC.
					
	 	 	            	 	By:	 		 	 
	 [Grantee]
  
	 		 	Name:	 		 	 
					
	Dated:                                     
                                         
                       	 		 	Title:	 		 	 

  
 8EX-10.12

 Exhibit 10.12 

KALEYRA, INC. 
 2019
EQUITY INCENTIVE PLAN 
 Incentive Stock Option 
  

	1.	 Grant of Option. 

This certificate evidences an incentive stock option (this “Stock Option”) granted by Kaleyra, Inc., a Delaware corporation
(the “Company”), to you, an employee of the Company or its Affiliates (the “Participant”) pursuant to the Company’s 2019 Equity Incentive Plan (as from time to time in effect, the “Plan”).
Under this Stock Option, the Participant may purchase, in whole or in part, on the terms herein provided, shares of common stock of the Company (the “Shares”) at a price which is not less than the fair market value of the Shares on
the date of grant of this Stock Option. The latest date on which this Stock Option, or any part thereof, may be exercised is ten years from the date of grant (the “Final Exercise Date”). The Stock Option evidenced by this
certificate is intended to be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Unless otherwise defined in this Stock Option, the terms used in
this Stock Option shall have the meaning defined in the Plan. 
 This Stock Option is exercisable as per vesting cumulative installments
prior to the final exercise date, as noted under the Grant Summary Table attached to this Stock Option. 
 Notwithstanding the foregoing,
upon termination of the Participant’s Employment, any portion of this Stock Option that is not then exercisable will immediately expire and the remainder of this Stock Option will remain exercisable for three months (unless termination of the
Participant’s Employment resulted from reasons that in the determination of the Administrator cast such discredit on the Participant as to justify immediate forfeiture of this Stock Option, in which case this entire Option shall immediately
expire and no portion thereof shall remain exercisable); provided, that any portion of this Stock Option held by the Participant immediately prior to the Participant’s death, to the extent then exercisable, will remain exercisable for
one year following the Participant’s death; and further provided, that in no event shall any portion of this Stock Option be exercisable after the Final Exercise Date. 

 

	2.	 Exercise of Stock Option. 

Each election to exercise this Stock Option shall be in writing (in a form designated by the Company) signed by the Participant or the
Participant’s executor, administrator, or legally appointed representative (in the event of the Participant’s incapacity) or the person or persons to whom this Stock Option is transferred by will or the applicable laws of descent and
distribution (collectively, the “Option Holder”), and received by the Company at its principal office, accompanied by this certificate and payment in full as provided in the Plan. Subject to the further terms and conditions provided
in the Plan, the purchase price may be paid as follows: (i) by delivery of cash or check acceptable to the Administrator; (ii) through a broker-assisted exercise program acceptable to the Administrator; or (iii) through any
combination of the foregoing. In the event that this Stock Option is exercised by an Option Holder other than the Participant, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority
of the Option Holder to exercise this Stock Option. 

	3.	 Notice of Disposition. 

The person exercising this Stock Option shall notify the Company when making any disposition of the Shares acquired upon exercise of this Stock
Option, whether by sale, gift or otherwise. 
  

	4.	 Restrictions on Transfer of Shares. 

If at the time this Stock Option is exercised the Company or any of its stockholders is a party to any agreement restricting the transfer of
any outstanding shares of the Company’s common stock, the Administrator may provide that this Stock Option may be exercised only if the Shares so acquired are made subject to the transfer restrictions set forth in that agreement (or if more
than one such agreement is then in effect, the agreement or agreements specified by the Administrator). 
  

	5.	 Withholding; Agreement to Provide Security. 

If at the time this Stock Option is exercised the Company determines that under applicable law and regulations it could be liable for the
withholding of any federal or state tax upon exercise or with respect to a disposition of any Shares acquired upon exercise of this Stock Option, this Stock Option may not be exercised unless the person exercising this Stock Option remits to the
Company any amounts determined by the Company to be required to be withheld upon exercise (or makes other arrangements satisfactory to the Company for the payment of such taxes) and gives such security as the Company deems adequate to meet its
potential liability for the withholding of tax upon a disposition of the Shares and agrees to augment such security from time to time in any amount reasonably determined by the Company to be necessary to preserve the adequacy of such security. 

 

	6.	 Nontransferability of Stock Option. 

This Stock Option is not transferable by the Participant otherwise than by will or the laws of descent and distribution, and is exercisable
during the Participant’s lifetime only by the Participant (or in the event of the Participant’s incapacity, the person or persons legally appointed to act on the Participant’s behalf). It may not be transferred pursuant to a domestic
relations order. 
  

	7.	 Provisions of the Plan. 

This Stock Option is subject to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the
date of the grant of this Stock Option has been furnished to the Participant. By exercising all or any part of this Stock Option, the Participant agrees to be bound by the terms of the Plan and this certificate. All initially capitalized terms used
herein will have the meaning specified in the Plan, unless another meaning is specified herein. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officer. 
  

			
	KALEYRA, INC.

			
		
	 By:
	 	 

			
		
	 Name:
	 	 
		
	 Title:
	 	 

  

	
	 Acknowledged

	
	   

	     [Name of Participant]

	
	
Dated:                  
                                         
                               

  
 3 

 NOTICE OF NONSTATUTORY STOCK OPTION OF KALEYRA, INC. 

GRANT SUMMARY TABLE 
  

			
	Company Name	  	Kaleyra, Inc.
		
	Plan	  	Kaleyra, Inc. 2019 EIP
		
	Participant Name	  	
		
	Participant Address	  	
		
	Grant/Award Type	  	Incentive Stock Option
		
	Share Amount	  	
		
	Grant/Award Price	  	
		
	Grant/Award Date	  	
		
	Initial Vesting Date	  	
		
	Final Exercise Date	  	

 VESTING SCHEDULE 
  

			
	 Vesting Date
	  	 No. of Shares

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