Document:

Exhibit

Exhibit 10.2

SEVERANCE AGREEMENT AND MUTUAL RELEASE
This Severance Agreement and Mutual Release (the “Agreement” is made by and between SEMPRA ENERGY, a California corporation (the “Company”) and George W. Bilicic (“Bilicic”) (jointly referred to as the “Parties” or individually referred to as a “Party”) as of the Effective Date (as defined below).
WHEREAS, Bilicic and the Company previously entered into that certain Severance Pay Agreement, dated July 17, 2019 (the “Severance Pay Agreement”). 
WHEREAS, Bilicic’s right to receive certain severance pay and benefits pursuant to the Severance Pay Agreement is subject to and conditioned upon Bilicic’s execution and non‐revocation of a general release of claims with the Company and its subsidiaries and affiliates.
WHEREAS, Bilicic’s right to receive the Consulting Payment set forth in Section 14(e) of the Severance Pay Agreement is subject to and conditioned upon Bilicic’s execution and non‐revocation of a general release of claims with the Company and its subsidiaries and affiliates and Bilicic’s adherence to the covenants described under Section 14 of the Severance Pay Agreement.
NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, the adequacy of which is hereby acknowledged, the Parties hereby agree as follows:
1.Separation Date.  Bilicic will cease acting as an officer of the Company and his employment with the Company ended on March 30, 2020 (the “Separation Date”).  Pursuant to California Labor Code Section 202(a), Bilicic will receive his final wages through the Separation Date, less deductions required by law, including any accrued but unused vacation time, no later than 72 hours after the Separation Date.  Bilicic will also be reimbursed for any outstanding employment-related expenses. This Agreement is not a condition of employment or continued employment or a condition of receiving a raise or a bonus. On the Separation Date, Bilicic will be deemed to have resigned from all positions that he holds with the Company and its affiliates, and Bilicic will execute any instrument reasonably requested by the Company or its affiliates to effectuate or commemorate such resignation.  
2.Severance Benefits.  In exchange for Bilicic entering into this Agreement and not revoking it, and for the covenants and releases contained herein, and without conceding that Bilicic has good reason for resignation as defined by the Severance Pay Agreement, the Company will treat Bilicic’s separation from the Company as a resignation for good reason and provide Bilicic with the severance benefits described below and vest the shares granted to him on June 17, 2019, as described below.  Bilicic acknowledges that the amounts and benefits set forth in this Section 2 fully satisfy any entitlement Bilicic’s may have to any payments or benefits from the Company, including under the Severance Pay Agreement.  Bilicic further acknowledges that no part of the severance payments described in this Section 2 consist of wages owed to Bilicic for his employment through the Separation Date.

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(a)    The Company will pay Bilicic a lump sum payment of One Million, Six Hundred and Twenty-Four Thousand Dollars ($1,624,000.00), less applicable withholdings, which is equal to the Pre-Change in Control Severance Payment to which Bilicic would be entitled under Section 4 of the Severance Pay Agreement were Bilicic to have resigned with good reason.  Pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), payment will be made on the earlier of (i) a date that is six months and one (1) day after the Separation Date; and (ii) the date of Bilicic’s death. 
(b)    The Company will pay Bilicic a lump sum payment of One Million, Six Hundred and Twenty-Four Thousand Dollars ($1,624,000.00), less applicable withholdings, which is equal to the Consulting Payment to which Bilicic would be entitled under Section 14(e) of the Severance Pay Agreement were Bilicic to have resigned with good reason.  Such payment will be made within ten (10) days following the Effective Date. For the avoidance of doubt, the services to be performed by Bilicic in exchange for such Consulting Payment will relate strictly to the duties that Bilicic had for the Company prior to the Separation Date, and will not, among other things, in any way relate, directly or indirectly, to investment banking services or related services or other similar activites.
(c)    The Company will also provide Bilicic with the severance benefits set forth in Sections 4(c), (d) and (e) of the Severance Pay Agreement.  For the avoidance of doubt, the value of the services set forth in Sections (c), (d) and (e) of the Severance Pay Agreement shall not be subject to liquidation or exchange for any other benefit. For purposes of the outplacement services described in Section 4(d) of the Severance Pay Agreement, such services will be provided by an outplacement services provider of Bilicic’s choosing, and the Company shall pay such provider directly for such services subject to the conditions and limitations set forth in Section 4(d) of the Severance Pay Agreement.
(d)    The time-based restricted stock unit (“RSU”) awards granted to Bilicic on June 17, 2019 that Bilicic holds as of the date of this Agreement (which relate to approximately 31,427 shares of Company common stock) will fully vest on the tenth (10th) day after Separation Date. The vested shares underlying the RSU awards shall be delivered to Bilicic by the Company’s online share plan administrator, net of shares required to satisfy applicable tax withholding obligiatons, promptly following the vesting date. 
3.Mutual Release of Claims.  As a material inducement for the payment of the severance and benefits set forth herein, and except as otherwise provided in this Agreement, Bilicic on behalf of himself and on behalf of his heirs, family members, executors, agents and assigns, on the one hand, and the Company, on the other hand, hereby irrevocably and unconditionally release, acquit and forever release and discharge the other from, and agree not to file any suit, claim or complaint in a court of law or other proceeding, concerning any and all Claims either Party may have against the other.  For purposes of this Agreement and the preceding sentence, the words “Releasee” or “Releasees” and “Claim” or “Claims” shall have the meanings set forth below:
(a)    The words “Releasee” or “Releasees” shall refer to Bilicic and to the Company and each of the Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, advisors, parent companies, 

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divisions, subsidiaries, affiliates (and agents, directors, officers, employees, representatives, attorneys and advisors of such parent companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them.
(b)    The words “Claim” or “Claims” shall refer to any charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, penalties, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, which Bilicic or the Company had or may have, own or hold against any of the Releasees up until and including the Effective Date; provided, however, that the word “Claim” or “Claims” shall not refer to any charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, penalties, debts and expenses (including attorneys’ fees and costs actually incurred) arising under Bilicic’s continuing obligations under his Confidential Information and Invention Assignment Agreement, dated July 9, 2019 (the “Confidentiality Agreement”) and the Severance Pay Agreement.  Claims released pursuant to this Agreement by the Parties include, but are not limited to, all claims relating to or arising out of Bilicic’s employment relationship with the Company and the termination of that relationship; all rights arising out of alleged violations of any contracts, express or implied, including the Severance Pay Agreement; any tort claim; any claim that Bilicic failed to perform or negligently performed or breached Bilicic’s duties during employment at the Company; any legal restrictions on the Company’s right to terminate employment relationships; and any federal, state or other local common law, statute, regulation, ordinance or law of any other type, including, without limitation, all state and federal laws and regulations prohibiting discrimination or harassment based on protected categories, and all state and federal laws and regulations prohibiting retaliation against employees for engaging in protected activity or legal off-duty conduct.  This release does not extend to claims for workers’ compensation or other claims which by law may not be waived or released by this Agreement, nor does it limit Bilicic’s right to receive any vested payments or benefits to which he is entitled under any Company benefit plan (including, without limitation, any of the Company’s qualified retirement plans or non-qualified deferred compensation plan), which payments or benefits will be paid or provided pursuant to the terms of the applicable governing documents.  Notwithstanding the above, Bilicic’s right to file or participate in an administrative claim or investigation by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency against the Company, which is guaranteed by law, cannot be and is not waived.  However, to the extent permitted by law, and except as to Securities and Exchange Commission whistleblower awards, Bilicic agrees that if such an administrative claim is made against the Company or any Releasee(s) on Bilicic’s behalf, Bilicic shall not be entitled to recover any individual monetary relief or other individual remedies beyond the separation benefits identified in this Agreement since Bilicic’s release of claims herein bars Bilicic from recovering such monetary relief from the Company.
4.Release of Unknown Claims.  The Parties expressly waive and relinquish all rights and benefits afforded by any statute (including, but not limited to, Section 1542 of the Civil Code of the State of California and analogous laws of other states), which limits the effect of a release with respect to unknown claims.  The Parties do so understanding and acknowledging the significance of the release of unknown claims and the waiver of statutory protection against a release 

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of unknown claims (including but not limited to Section 1542).  Section 1542 of the Civil Code of the State of California states as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
Thus, notwithstanding the provisions of Section 1542 or of any similar statute, and for the purpose of implementing a full and complete release and discharge of the Releasees, the Parties expressly acknowledge that this Agreement is intended to include in its effect, without limitation, all Claims which are known and all Claims which the Parties do not know or suspect to exist in Bilicic’s or the Company’s favor at the time of execution of this Agreement and that this Agreement contemplates the extinguishment of all such Claims.
The Parties acknowledge that they might hereafter discover facts different from, or in addition to, those they now know or believe to be true with respect to a Claim or Claims released herein, and they expressly agree to assume the risk of possible discovery of additional or different facts, and agree that this Agreement shall be and remain effective, in all respects, regardless of such additional or different discovered facts.
5.No Pending Lawsuits. Bilicic and the Company represent and warrant that neither Bilicic nor the Company have any lawsuits, charges, claims, grievances, or actions of any kind pending against the Releasees, on behalf of Bilicic/itself or on behalf of any other person or entity, and that, to the best of their knowledge, Releasees possesses no such claims (including, but not limited to, under the Family and Medical Leave Act, the California Family Rights Act, the Fair Labor Standards Act, the California Labor Code and/or workers’ compensation claims).    
6.No Cooperation.  The Parties agree that they will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so.  Bilicic agrees to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish to the Company, within three (3) business days of its receipt, a copy of such subpoena or other court order.  
7.Indemnification.  As a further material inducement to the Company to enter into this Agreement, Bilicic hereby agrees to indemnify and hold each of the Releasees harmless from all loss, costs, damages, penalties, or expenses, including without limitation, attorneys’ fees, incurred by the Releasees, arising out of any breach of this Agreement by Bilicic or the fact that any representation made in this Agreement by Bilicic was false when made.
As a further material inducement to Bilicic to enter into this Agreement, the Company hereby agrees to indemnify and hold each of the Releasees harmless from all loss, costs, damages, 

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penalties or expenses, including, without limitation, attorneys’ fees incurred by the Releasees, arising out of any breach of this Agreement by it or the fact that any representation made in this Agreement by it was knowingly false when made.
8.Future Issues
(a)    This Agreement shall not in any way be construed as an admission by the Company that it has acted wrongfully with respect to Bilicic or any other person, or that Bilicic has any rights whatsoever against the Company, and the Company specifically disclaims any liability to or wrongful acts against Bilicic or any other person, on the part of itself, its employees or its agents.  This Agreement shall not in any way be construed as an admission by Bilicic that he has acted wrongfully with respect to the Company, or that Bilicic failed to perform his duties or negligently performed or breached his duties, or that the Company had good cause to terminate Bilicic’s employment.
(b)    If Bilicic is a party or is threatened to be made a party to any proceeding by reason of the fact that Bilicic was an officer or director of the Company, the Company shall indemnify Bilicic against any expenses (including reasonable attorneys’ fees; provided, that counsel has been approved by the Company prior to retention, which approval shall not be unreasonably withheld), judgments, fines, settlements and other amounts actually or reasonably incurred by Bilicic in connection with that proceeding; provided, further, that Bilicic acted in good faith and in a manner Bilicic reasonably believed to be in the best interest of the Company.  The limitations of Section 317 of the Corporations Code of the State of California and the Company’s Bylaws shall apply to this assurance of indemnification.
(c)    Bilicic agrees to cooperate with the Company and its designated attorneys, representatives and agents in connection with any actual or threatened judicial, administrative or other legal or equitable proceeding in which the Company is or may become involved.  Upon reasonable notice, Bilicic agrees to meet with and provide to the Company or its designated attorneys, representatives or agents all information and knowledge Bilicic has relating to the subject matter of any such proceeding.  The Company agrees to reimburse Bilicic for any reasonable costs Bilicic incurs in providing such cooperation.
9.Arbitration of Disputes.  This Agreement is entered into in California and shall be governed by substantive California law, except as provided in this section.  If any dispute arises between Bilicic and the Company, including, but not limited to, disputes relating to this Agreement, or if Bilicic prosecutes a claim he purported to release by means of this Agreement (“Arbitrable Dispute”), the Parties agree to resolve that Arbitrable Dispute through final and binding arbitration under this section.  Bilicic also agrees to arbitrate any Arbitrable Dispute which involves any other released party who offers or agrees to arbitrate the dispute under this section.  Bilicic’s agreement to arbitrate applies, for example, to disputes about the validity, interpretation, or effect of this Agreement or alleged violations of it, claims of discrimination under federal or state law, or other statutory violation claims.
As to any Arbitrable Dispute, the Parties waive any right to a jury trial or a court bench trial. The Parties also agree that any arbitration shall be initiated and conducted only on an 

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individual basis.  Accordingly, the Parties hereby waive any right for any dispute to be brought, heard, decided or arbitrated as a to class and/or collective action (“Class and/or Collective Action Waiver”), and the arbitrator will have no authority to hear or preside over any such claim.  Notwithstanding any other clause contained in this agreement to arbitrate, the preceding sentence will not be severable from this agreement in any instance in which a Claim is brought as a class and/or collective action.  To the extent the Class and/or Collective Action Waiver is determined to be invalid, unenforceable or void, any class and/or collective action must proceed in a court of law and not in arbitration.  The Parties also hereby waive any right for any dispute to be brought, heard, decided or arbitrated as a private attorney general representative action and the arbitrator will have no authority to hear or preside over any such claim (“Representative Action Waiver”).  The Representative Action Waiver does not apply to any claim Bilicic brings in arbitration as a private attorney general solely on his own behalf and not on behalf of or regarding others.  The Representative Action Wavier will be severable from this Agreement in any case in which there is a final judicial determination that the Representative Action Waiver is invalid, unenforceable, unconscionable, void or voidable.  In such instances and where the claim is brought as a private attorney general, such private attorney general claim must be litigated in a civil court of competent jurisdiction, but all other provisions of this Agreement, including, without limitation, the Class Action Waiver will continue to apply.
In addition, unless all parties agree in writing otherwise, the arbitrator shall not consolidate or join the arbitrations of more than one employee.  Further, neither Party may seek, nor may the arbitrator award, any relief that is not individualized to claimant or that affects other employees.  If a court decides that the applicable law precludes enforcement of any of this section’s limitation as to a particular claim or particular remedy for a claim, then that claim or remedy (and only that claim or remedy) must be severed from the arbitration and may be brought in court.
Arbitration shall take place in San Diego, California under the then-current employment arbitration rules and procedures of JAMS (the JAMS rules are available at https://jamsadr.com/rules-employment-arbitration), before an experienced employment arbitrator selected in accordance with those rules.  The arbitrator may not modify or change this Agreement in any way.  The Company will be responsible for paying any filing fee and the fees and costs of the Arbitrator; provided, however, that if Bilicic is the party initiating the claim, Bilicic will contribute an amount equal to the filing fee to initiate a claim in the court of general jurisdiction in the state in which Bilicic is employed by the Company.  Each party shall pay for its own costs and attorneys’ fees.  However if any party prevails on a statutory claim which affords the prevailing party attorneys’ fees and costs, or if there is a written agreement providing for attorneys’ fees and/or costs, the Arbitrator may award reasonable attorney’s fees and/or costs to the prevailing party, applying the same standards a court would apply under the law applicable to the claim.  The Arbitrator is required to issue a written award and opinion, and any judgment or award issued by an arbitrator may be entered in any court of competent jurisdiction.  The Arbitrator shall apply the Federal Rules of Evidence and shall have the authority to entertain a motion to dismiss or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure.  The Federal Arbitration Act shall govern the arbitration and shall govern the interpretation or enforcement of this section or any arbitration award

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To the extent that the Federal Arbitration Act is inapplicable, California law pertaining to arbitration agreements shall apply.  Arbitration in this manner shall be the exclusive remedy for any Arbitrable Dispute.  Except as prohibited by the Age Discrimination in Employment Act of 1967, as amended, should Bilicic or the Company attempt to resolve an Arbitrable Dispute by any method other than arbitration pursuant to this section, the responding party will be entitled to recover from the initiating party all damages, expenses, and attorneys’ fees incurred as a result of this breach.  This Section 9 supersedes any existing arbitration agreement between the Company and me as to any Arbitrable Dispute.  Notwithstanding anything in this Section 9 to the contrary, a claim for benefits under an Employee Retirement Income Security Act of 1974, as amended, covered plan shall not be an Arbitrable Dispute.
10.Effective Date.  The Parties understand that this Agreement is final and binding eight (8) days after its execution and return (the “Effective Date”).  Should Bilicic nevertheless attempt to challenge the enforceability of this Agreement as provided in Section 9 or, in violation of that section, through litigation, as a further limitation on any right to make such a challenge, Bilicic shall initially tender to the Company, by certified check delivered to the Company, all monies received pursuant to Sections 4 or 5 of the Severance Pay Agreement, as applicable, plus interest, and invite the Company to retain such monies and agree with Bilicic to cancel this Agreement and void the Company’s obligations under the Severance Pay Agreement.  In the event the Company accepts this offer, the Company shall retain such monies and this Agreement shall be canceled and the Company shall have no obligation under Section 14(e) of the Severance Pay Agreement.  In the event the Company does not accept such offer, the Company shall so notify Bilicic and shall place such monies in an interest-bearing escrow account pending resolution of the dispute between Bilicic and the Company as to whether or not this Agreement and the Company’s obligations under the Severance Pay Agreement shall be set aside and/or otherwise rendered voidable or unenforceable.  Additionally, any consulting agreement then in effect between Bilicic and the Company shall be immediately rescinded with no requirement of notice.
11.Notices.  Any notices required to be given under this Agreement shall be delivered either personally or by first class United States mail, postage prepaid, addressed to the respective parties as follows:
To Company:    Sempra Energy
488 8th Avenue 
San Diego, CA 92101 
Attn: Randall Clark

To Bilicic:    c/o Vedder Price, P.C.
222 N. LaSalle Street, Suite 2600
Chicago, Illinois 60601
Attn: Daniel Lange
12.Review and Revocation Periods.  Bilicic acknowledges that he is waiving and releasing any rights Bilicic may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.  Bilicic acknowledges that 

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the consideration given for this waiver and release is in addition to anything of value to which Bilicic was already entitled.  Bilicic further understands and acknowledges that Bilicic has been given a period of twenty-one (21) days to review and consider this Agreement (as well as certain data on other persons eligible for similar benefits, if any) before signing it and may use as much of this twenty-one (21) day period as Bilicic wish prior to signing.  In the event Bilicic signs this Agreement and returns it to the Company in less than the 21-day period identified above, Bilicic hereby acknowledges that Bilicic has freely and voluntarily chosen to waive the time period allotted for considering this Agreement, and that the Company has not promised Bilicic anything or made any representations not contained in this Agreement to induce Bilicic to sign this Agreement before the expiration of the twenty-one (21) day period.  Bilicic is encouraged, at his personal expense, to consult with an attorney before signing this Agreement.  Bilicic understands and acknowledges that whether or not Bilicic does so is his decision.  Bilicic may revoke this Agreement within seven (7) days of signing it.  If Bilicic wishes to revoke, Bilicic must deliver written notice of revocation to the Ruth Zadikany at Mayer Brown LLP, 350 S. Grand Avenue, 25th Floor, Los Angeles, CA 90071 or rzadikany@mayerbrown.com, no later than the close of business on the seventh (7th) day after Bilicic  has signed the Agreement.  If revoked, this Agreement shall not be effective and enforceable, and Bilicic will not receive payments or benefits under Section 2 of this Agreement, as applicable.  The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period described above.
13.Section 409A.  All payments and benefits payable under this Agreement are intended to comply with the requirements of Section 409A of the Code.  Notwithstanding the foregoing, certain payments and benefits payable under this Agreement are intended to be exempt from the requirements of Section 409A of the Code.  This Agreement shall be interpreted in accordance with the applicable requirements of, and exemptions from, Section 409A of the Code and the Treasury Regulations thereunder.  To the extent the payments and benefits under this Agreement are subject to Section 409A of the Code, this Agreement shall be interpreted, construed and administered in a manner that satisfies the requirements of Section 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations thereunder  To the extent that any payments under this Agreement are subject to Section 409A of the Code, the provisions of Section 9 of the Severance Pay Agreement shall apply.     
14.Return of Company Property.  Bilicic represents and warrants that he has returned all of the Company’s property, including all work in progress, files, photographs, notes, records, credit cards, keys, access cards, computers, and other Company or customer documents, products, or property that Bilicic has received in the course of his employment, or which reflect in any way any confidential or proprietary information of the Company.  Bilicic also warrants that he has not downloaded or otherwise retained any information, whether in electronic or other form, belonging to the Company or derived from information belonging to the Company.
15.Confidential Information; Public Releases.  
(a)    Bilicic acknowledges and reaffirms his continuing obligations under the Confidentiality Agreement.  The Parties understand and agree that nothing in this Agreement is intended to interfere with or discourage Bilicic’s good-faith disclosure to any governmental entity related to a reasonably suspected violation of the law.  The Parties further understand and agree that 

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Bilicic cannot be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 
(b)    The Parties understand and agree that the Company shall take any and all necessary action to satisfy its reporting and disclosure obligations in connection with Bilicic’s separation and this Agreement, including filing the requisite forms with the Securities and Exchange Commission (“SEC”).  The Company hereby agrees to provide Bilicic with an advance draft of any Form 8-K, press release or other document that will be released to the public to the extent any such document relates to the termination of Bilicic’s employment with the Company.  Bilicic shall promptly review any such draft and provide comments thereto, which the Company shall reasonably consider; provided, that nothing in this sentence shall (i) require the Company to incorporate Bilicic’s comments in any such document, the final content of which will be decided by the Company in its sole discretion; and/or (ii) interfere with the Company’s ability to satisfy its disclosure obligations under applicable law.  The Parties understand and agree that a copy of this Agreement is required to be filed with the SEC no later than the time the Company files its next Quarterly Report on Form 10-Q.  The Parties understand and agree that in the event that Bilicic is a “named executive officer” as such term is defined by Item 402 of Regulation S-K, for the year-ended December 31, 2020, (i) the Company will be required to disclose certain terms of this Agreement and other matters as it relates to Bilicic’s compensation and shareholdings, and (ii) Bilicic agrees to provide the Company with his beneficial ownership of equity securities of the Company and its subsidiaries as required by Item 403 of Regulation S-K.
16.Entire Agreement.  This Agreement constitutes the entire agreement of the parties hereto and supersedes any and all other agreements, with the exception of Bilicic’s continuing obligations under the Severance Pay Agreement and the Confidentiality Agreement, with respect to the subject matter of this Agreement, whether written or oral, between the Parties.  All modifications and amendments to this Agreement must be in writing and signed by the Parties.  
17.No Representation.  The Parties represent and acknowledge that in executing this Agreement, neither is relying upon any representation or statement not set forth in this Agreement or the Severance Pay Agreement.
18.Severability.  If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or application; and to this end the provisions of this Agreement are declared to be severable.
19.Counterparts.  This Agreement may be executed in counterparts.

[Signature page follows.  Remainder of page intentionally left blank]

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With the benefit of representation and advice of counsel, the Parties have read the foregoing Severance Agreement and Mutual Release, and accept and agree to the provisions it contains and hereby execute it voluntarily and with full understanding of its consequences.  The Parties acknowledge that they are receiving valuable consideration in exchange for the execution of this Agreement to which they would not otherwise be entitled. 

	
					
	 
	 
	 
	 
	 

	DATED:
	March 30, 2020
	 
	/s/ George W. Bilicic
	 

	 
	 
	 
	George W. Bilicic

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	DATED:
	March 30, 2020
	 
	/s/ Randall L. Clark

	 
	 
	 
	By: Randall L. Clark
	 

	 
	 
	 
	Title: Senior V.P. and Chief Human Resources Officer

	 
	 
	 
	Sempra Energy

	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Bilicic acknowledges that he first received this Agreement on March 28, 2020.

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ George W. Bilicic
	 

	 
	 
	 
	George W. BilicicEX-10.1

 Exhibit 10.1 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 

May 1, 2020 
 Principal Amount: $2,295,000

 Kaleyra, Inc., f.k.a. GigCapital, Inc., a Delaware corporation (the “Maker”), promises to pay to the order of Cowen
Investments II LLC, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to two million two hundred ninety five thousand dollars ($2,295,000) in lawful money of the United States of
America, on the terms and conditions described below from the date hereof (the “Issuance Date”). All payments on this Promissory Note (the “Note”) shall be made by check or wire transfer of immediately available
funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1.    Principal. The principal balance of this Note shall be payable by the Maker on May 1, 2023 (the
“Maturity Date”). Pursuant to the provisions of Section 4 hereof, the unpaid principal balance may be prepaid at any time, at the election of the Maker. Under no circumstances shall any individual, including but not limited to
any executive officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2.    Interest. Subject to the provisions of Sections 4 and 10 hereof, interest shall accrue on the unpaid principal
balance of this Note at the rate of five percent (5%) per annum from the Issuance Date. Interest shall be payable by the Maker in arrears to the Payee on March 15, June 15, September 15 and December 15 of each year while this
Note remains outstanding (each, an “Interest Payment Date”). The first Interest Payment Date shall be June 15, 2020. 

3.    Optional Conversion. 

(a)     At the option of the Payee, at any time prior to payment in full of the unpaid principal balance of this Note, the
Payee may elect to convert all or any portion of the unpaid principal balance of this Note into a number of shares of common stock of the Maker (the “Common Stock”) equal to: (i) the portion of the unpaid principal amount of
the Note being converted pursuant to this Section 3, divided by (ii) $7.5700 (the “Conversion Price”). 
 (b)
    Upon any complete or partial conversion of the unpaid principal amount of this Note (i) such unpaid principal amount shall be so converted and such converted portion of this Note shall be deemed to have been fully paid
and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to the Maker or such other address which the Maker shall designate against delivery of the Common Stock, (iii) the Maker shall promptly deliver a new duly
executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note described in Section 3(a), the Maker shall deliver to Payee,
at the option of the Maker: (A) the Common Stock, which shall bear such legends as are required, in the opinion of counsel to the Maker or by any other agreement between the Maker and the Payee and applicable state and federal securities laws,
(B) an amount in cash equal to the product of (x) the number of shares of Common Stock to be delivered, multiplied by (y) the closing price for the Common Stock on the trading day that notice of conversion was delivered to the Maker
(the “Cash Conversion Amount”), or (C) a combination of Common Stock and cash equal to the Cash Conversion Amount. If the date on which the Payee chooses to exercise this right in accordance with the provisions of
Section 3 hereof (the “Conversion Date”) occurs on the same day as an Interest Payment Date, the Maker shall also pay the Payee a fee in the amount equal to the interest that would have become due and payable pursuant to
Section 2 hereof on the relevant Interest Payment Date. 

  
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 (c)     Upon exercise of this conversion, the Maker shall promptly (but
in no event later than two business days after the Conversion Date), upon the request of the Payee, credit such aggregate number of shares of Common Stock to which the Payee is entitled pursuant to such exercise to the Payee’s or its
designee’s balance account with The Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Maker’s transfer agent is not participating in the Fast Automated Securities Transfer
Program (the “FAST Program”) or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier, a certificate, registered in the Maker’s share register in the
name of the Payee or its designee, for the number of shares of Common Stock to which the Payee is entitled pursuant to such exercise. The Payee, or any natural person or legal entity permissibly so designated by the Payee to receive the shares of
Common Stock, shall be deemed to have become the holder of record of such shares of Common Stock as of the Conversion Date, irrespective of the date such shares of Common Stock are credited to the Payee’s DTC account or the date of delivery of
the certificates evidencing such shares of Common Stock, as the case may be. 
 (d)     If by the close of the second
business day after the Conversion Date, the Maker fails to deliver to the Payee a certificate representing the required number of shares of Common Stock in the manner required pursuant to Section 3(c) hereof or fails to credit the Payee’s
balance account with DTC for such number of shares of Common Stock to which the Payee is entitled, and if after such second business day and prior to the receipt of such shares of Common Stock, the Payee purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Payee of shares which the Payee anticipated receiving upon such exercise (a “Buy-In”), then the Maker shall,
within two business days after the Payee’s request and in the Payee’s sole discretion, either (i) pay in cash to the Payee an amount equal to the Payee’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased, at which point the Maker’s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate or (ii) promptly honor its obligation to deliver to the Payee a certificate
or certificates representing such shares of Common Stock and pay cash to the Payee in an amount equal to the excess (if any) of Payee’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
in the Buy-In over the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the closing price of a share of Common Stock on
the Conversion Date. 
 (e)     In connection with the conversion of all or any portion of the unpaid principal balance
of this Note into Common Stock, neither the Maker nor any person acting on its behalf will take any action which would result in the Common Stock being exchanged by the Maker other than with the Maker’s existing security holders exclusively
where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange. 
 (f)
    The Maker shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Common Stock and/or cash upon conversion of this Note pursuant hereto; provided, however, that the Payee
shall pay any transfer taxes resulting from any transfer requested by the Payee in connection with any such conversion. 
 (g)
    Notwithstanding anything herein to the contrary, the Maker shall not effect any conversion of this Note, and the Payee shall not have the right to convert any portion of this Note, to the extent that, the Payee (together with
the Payee’s affiliates, and any other person whose beneficial ownership of Common Stock would be aggregated with the Payee’s for purposes of Section 13(d) or Section 16 of the United States Exchange Act of 1934, as amended (the
“Exchange Act”) and the applicable regulations of the Commission, including any “group” of which the Payee is a member (the foregoing, the “Attribution Parties”)) would beneficially own a number of shares
of Common Stock in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Payee and its Attribution Parties shall include the number of
shares of Common Stock issuable upon conversion of this Note, but shall exclude the number of shares of Common Stock which are issuable upon exercise or conversion of the unexercised or unconverted portion of any other securities of the Maker
(including any warrants) beneficially owned by the Payee or any of its Attribution Parties that are subject to a limitation on conversion or exercise similar to the limitation contained herein. For purposes of this

  
 2 

 
Section 3(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the applicable regulations of the Commission. In addition, for purposes
hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and the applicable regulations of the Commission. For purposes of this Section 3(d), in determining the number of outstanding shares of Common Stock,
the Payee may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (A) the Maker’s most recent periodic or annual filing with the Commission, as the case may be, (B) a more recent
public announcement by the Maker that is filed with the Commission, or (C) a more recent notice by the Maker or the Maker’s transfer agent to the Payee setting forth the number of shares of Common Stock then outstanding. Upon the written
request of the Payee (which may be by email), the Maker shall, within three (3) business days, confirm in writing to the Payee (which may be via email) the number of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to any actual conversion or exercise of securities of the Maker, including shares of Common Stock, by the Payee or its Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was last publicly reported or confirmed to the Payee. The “Beneficial Ownership Limitation” shall initially be 4.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock pursuant to Section 3(b) hereof. The Maker shall be entitled to rely on representations made to it by the Payee regarding its Beneficial Ownership Limitation. 

(h)     Notwithstanding the foregoing, by written notice to the Maker, which will not be effective until the sixty-first
(61st) day after such notice is delivered to the Maker, the Payee may reset the Beneficial Ownership Limitation percentage to a higher or lower percentage, not to exceed 19.9% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock pursuant to Section 3(b) hereof. Upon such a change by the Payee of the Beneficial Ownership Limitation, the Beneficial Ownership Limitation may not be further amended by the Payee without
first providing the minimum notice required by Section 3(e) hereof. Notwithstanding the foregoing, at any time following notice of a Fundamental Change, the Payee may waive and/or change the Beneficial Ownership Limitation effective immediately
upon written notice to the Maker and may reinstitute the Beneficial Ownership Limitation at any time thereafter effective immediately upon written notice to the Maker. 

4.    Optional Redemption and Interest Rate Adjustment.

(a)     Optional Redemption. At the option of the Maker, at any time prior to payment in full of the unpaid
principal balance of this Note, the Maker may elect to redeem: (i) the unpaid principal balance of this Note, or (ii) a portion thereof, together with any accrued but unpaid interest (the “Redemption Amount”). At least
twenty (20) days before the date on which the Maker elects to redeem in accordance with the provisions of this Section 4 (the “Redemption Date”), the Maker shall give the Payee written notice of its intention to exercise
this right. On the Redemption Date, the Maker shall repay to the Payee the Redemption Amount. 
 (b)     Interest
Rate Adjustment. Subject to the provisions of Section 10 hereof, in the event that any portion of this Note is redeemed prior to May 1, 2021, all previously paid and accrued and unpaid interest on this Note from the Issuance Date to
the Redemption Date shall be recalculated at the time of prepayment as if Section 2 of this Note was amended to replace “five percent (5%)” with “three percent (3%)” and the excess interest shall be deducted from the
Redemption Amount. In the event that any portion of this Note is redeemed prior to May 1,2022, all previously paid and accrued and unpaid interest on this Note from the Issuance Date to the Redemption Date shall be recalculated at the time of
prepayment as if Section 2 of this Note was amended to replace “five percent (5%)” with “four percent (4%)” and the excess interest shall be deducted from the Redemption Amount. 

5.    Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges, the accrued but unpaid interest and finally to the reduction of the unpaid principal balance
of this Note. 

  
 3 

 6.    Reservation of Underlying Shares. 

(a)    Reservation. So long as this Note remains outstanding, the Maker covenants and agrees that at all times the
Maker shall reserve and keep available for the Payee out of its authorized and unissued shares of Common Stock, free from pre-emptive rights or any other actual contingent purchase rights of persons other than
the Payee, one hundred percent (100%) of the maximum number of shares of Common Stock issuable upon conversion of this Note (the “Underlying Shares”). Any shares of Common Stock issued to the Payee upon conversion of this Note shall
be subject to the provisions of the registration rights agreement, dated May 1, 2020, between the Maker and the Payee, regarding the ownership of Registrable Securities as defined therein. 

7.    Fundamental Change. Upon the occurrence of: (i) a Change of Control, (ii) the sale of all or
substantially all the assets of the Maker (determined on a consolidated basis) to another person or group or (iii) the approval by the stockholders of the Maker of a plan of liquidation or dissolution or other insolvency event (each event
described in (i) to (iii) above, a “Fundamental Change”), the Maker shall repurchase this Note at a price equal to: (i) the principal amount of this Note that remains unpaid plus any accrued but unpaid interest up to the
date of repurchase (the “Repurchase Price”) within five (5) days of such Fundamental Change. At least twenty (20) days prior to the relevant Fundamental Change, the Maker shall deliver written notice to the Payee
describing in reasonable detail the terms of such Fundamental Change. 
 For the purposes of this Section 7, a “Change of Control”
will occur (i) if any person or group of persons (other than the Maker or the Payee or a person that directly or indirectly controls, is controlled by, or is under common control with, the Maker or the Payee) becomes the beneficial owner,
directly or indirectly, of securities possessing the power to direct or cause the direction of the management and policies of the Maker, whether through the ownership of capital stock, by contract or otherwise, or (ii) upon the consummation of
any transaction (including, without limitation, any merger or consolidation) the result of which is that any person or any group (other than one or more of the Maker’s Subsidiaries) becomes the beneficial owner, directly or indirectly, of more
than fifty percent (50%) of the voting stock of the Maker, measured by voting power rather than number of shares. 

8.    Negative Pledge. The Maker will not, and will not permit any other member of the Group to, create, assume or
permit to subsist any security interest over any of the Maker’s properties or assets, including, without limitation, the issued share capital of any direct Subsidiary of the Maker, other than a Permitted Security Interest. 

For the purposes of this Section 8: 

“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
person, whether through the ability to exercise voting power, by contract or otherwise. “controlling” and “controlled” have meanings correlative thereto. 

“Existing OpCo Facility Agreements” means: 
  

									
	Lender	  	Maturity	 	  	Company of the Group	 
	 UniCredit S.p.A. (Line A Tranche 1)
	  	 	January 2023	 	  	 	Kaleyra S.p.A.	 
	 UniCredit S.p.A. (Line A Tranche 2)
	  	 	May 2023	 	  	 	Kaleyra S.p.A.	 
	 UniCredit S.p.A. (Line B)
	  	 	November 2023	 	  	 	Kaleyra S.p.A.	 
	 UniCredit S.p.A. (Line C)
	  	 	February 2023	 	  	 	Kaleyra S.p.A.	 
	 Intesa Sanpaolo S.p.A. (Line 1)
	  	 	October 2021	 	  	 	Kaleyra S.p.A.	 
	 Intesa Sanpaolo S.p.A. (Line 2)
	  	 	October 2023	 	  	 	Kaleyra S.p.A.	 
	 Ubi Banca S.p.A. (Line 1)
	  	 	February 2021	 	  	 	Kaleyra S.p.A.	 
	 Ubi Banca S.p.A. (Line 2)
	  	 	April 2021	 	  	 	Kaleyra S.p.A.	 
	 Monte dei Paschi di Siena S.p.A. (Line 1)
	  	 	April 2022	 	  	 	Kaleyra S.p.A.	 
	 Monte dei Paschi di Siena S.p.A. (Line 2)
	  	 	June 2023	 	  	 	Kaleyra S.p.A.	 
	 Banco Popolare di Milano S.p.A. (Line 1)
	  	 	June 2023	 	  	 	Kaleyra S.p.A.	 

  
 4 

									
	 Banco Popolare di Milano S.p.A. (Line 2)
	  	 	March 2024	 	  	 	Kaleyra S.p.A.	 
	 Intesa Sanpaolo S.p.A..
	  	 	Revolving	 	  	 	Buc Mobile Inc.	 
	 Simest 1
	  	 	December 2022	 	  	 	Kaleyra S.p.A.	 
	 Simest 2
	  	 	December 2022	 	  	 	Kaleyra S.p.A.	 
	 Simest 3
	  	 	December 2022	 	  	 	Kaleyra S.p.A.	 
	 Finlombarda S.p.A.
	  	 	December 2020	 	  	 	Kaleyra S.p.A.	 

 “Existing OpCo Lender” means any lender under the Existing OpCo Facility Agreements. 

“Group” means the Maker and any of its Subsidiaries for the time being. 

“Permitted Security Interest” means: (i) any security interest created over the issued share capital of any Subsidiary of the Maker by
such Subsidiary in favor of an Existing OpCo Lender in connection with any Existing OpCo Facility Agreement or in favor of any Lender which replaces any Existing OpCo Lender pursuant to a refinancing of, or assignment of such Existing OpCo
Lender’s rights under, any Existing OpCo Facility Agreement; (ii) any lien arising by operating of law and in the ordinary course of business; (iii) any security for taxes not assessed or, if assessed, not yet due and payable, or
being contested in good faith by appropriate proceedings; and (iv) any security, the creation of which has been expressly approved by the Maker, the Payee and Chardan Capital Markets, LLC. 

“Subsidiary” means, with respect to any person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the part in the parent’s consolidated financial statements if such financial statements were prepared in accordance with U.S. GAAP as of such
date, as well as any other corporation, limited liability company, partnership association or other entity (i) of which securities or other ownership interest representing more than 50 percent (50%) of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 9.    Events of
Default. Without limitation, the following shall constitute an event of default (“Event of Default”): 

(a)    Failure to Make Required Payments. Failure by the Maker to pay: (i) the principal amount of this
Note within five (5) business days when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, or (ii) the interest due or any fee or any other amount (other
than an amount referred to in clause (i) hereof) pursuant to this Note when and as the same shall become due and payable and such failure shall continue unremedied for a period of five (5) business days. 

(b)    Failure to Register Underlying Shares. Failure by the Maker to register the Underlying Shares, pursuant
to the registration rights agreement between the Maker and the Payee, dated May 1, 2020, by preparing and filing a resale registration statement or similar document in compliance with the requirements of the Securities Act. 

(c)    Termination of Trading. The termination or suspension for a period of more than five
(5) consecutive business days of trading of the Common Stock into which this Note may be converted. 

(d)    Breach of Covenants. Failure by the Maker in the due performance or observance of any covenant or
agreement contained in this Note and such failure shall continue unremedied for a period of fifteen (15) business days after the Maker first becomes aware of such failure. 

(e)    Cross-Default. Failure by the Maker in the due performance or observance of any covenant or agreement
contained in: (i) the settlement agreement and release, dated as of April 15, 2020, by and among the Maker, the Payee and Chardan Capital Markets, LLC (the “Settlement Agreement”), or (ii) the amended and restated
unsecured promissory note of $261,015.57, the amended and restated unsecured promissory note 

  
 5 

 
of $181,568.21 and the amended and restated unsecured promissory note of $394,410.51 (collectively, the “Promissory Notes”), dated December 13, 2019, between the Maker and
Cowen Investments II, LLC, and such failure shall continue unremedied for a period of fifteen (15) business days after the Maker first becomes aware of such failure. 

(f)    Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the
Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate action by the Maker in
furtherance of any of the foregoing. 
 (g)    Involuntary Bankruptcy, Etc. The entry of a decree or order
for relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of sixty (60) consecutive days. 
 (h)    Material Adverse
Judgment. The entry of a final judgment or judgments for the payment of money aggregating in excess of $50,000,000 are rendered against the Maker and which judgment is not, within thirty (30) days of when due pursuant to the terms of
such judgement, or within any applicable grace period, bonded, discharged, settled or stayed pending appeal, or are not discharged within ten (10) days after the expiration of such stay; provided, however, any judgment which is covered by
insurance or an indemnity from a credit worthy party shall not be included in calculating the $50,000,000 amount set forth above so long as the Maker provides to the Payee a written statement from such insurer or indemnity provider (which written
statement shall be reasonably satisfactory to the Payee) to the effect that such judgment is covered by insurance or an indemnity and the Maker will receive the proceeds of such insurance or indemnity within ten (10) days of the issuance of
such judgment. 
 (i)    Misrepresentation. Any representation or warranty made in writing by or on behalf
of the Maker in this Note or the Settlement Agreement proves to have been false or incorrect in any material respect on the date as of which made. 

(j)    Repudiation and Rescission of Agreements. The Maker (or any other relevant party) rescinds or purports
to rescind or repudiates or purports to repudiate the Settlement Agreement, this Note or any other relevant document or evidences an intention to rescind or repudiate the Settlement Agreement, this Note or any other relevant document. 

(k)    Disposal of Assets. The Maker disposes (either in a single transaction or in a series of transactions
and whether related or not) of all or a material part of its properties or assets which has or is reasonably likely to have a Material Adverse Effect. 

For the purposes of this Section 9: 

“Group” means the Maker and any of its Subsidiaries for the time being. 

“Material Adverse Effect” means a material adverse effect on (i) the business, operations, affairs, financial condition, assets
or properties of the Group taken as a whole, or (ii) the ability of the, taken as a whole, to perform their respective obligations under this Note or the Settlement Agreement, or (iii) the validity or enforceability of this Note or the
Settlement Agreement. 
 10.    Remedies. 

(a)    Acceleration. Upon and at any time after the occurrence of an Event of Default which is continuing, the
Payee may, at its discretion and by notice to the Maker : (i) declare that all or part of the unpaid principal balance of this Note, and all other sums payable with regard to this Note (including, without

  
 6 

 
limitation, interest accrued thereon at the Default Rate (as defined below)) immediately due and payable, whereon they shall become immediately due and payable; and/or (ii) declare that all
or part of the unpaid principal balance of this Note be payable on demand, whereupon it shall immediately become payable on demand by the Payee; and/or (iii) exercise any of its rights, remedies, powers or discretions under this Note and/or the
Settlement Agreement. 
 (b)    Default Interest. Upon the occurrence of an Event of Default which is continuing,
the interest on this Note shall automatically and immediately accrue on the unpaid principal balance of this Note at the rate of eight and one-half percent (8.5%) per annum (the “Default
Rate”). 
 11.    Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that
might accrue to the Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold
upon any such writ in whole or in part in any order desired by the Payee. 
 12.    Unconditional Liability. The
Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be
granted by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability
hereunder. 
 13.    Notices. All notices, statements or other documents which are required or contemplated by this
Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to
the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other
electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of
written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

14.    Governing Law. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAW PROVISIONS THEREOF. 
 15.    Jurisdiction. The Maker irrevocably and unconditionally agrees that it
will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Payee in any way relating to this Note in any forum other than the courts of the
State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the
jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court.
Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Note
shall affect any right that the Payee may otherwise have to bring any action or proceeding relating to this Note against the Maker or its properties in the courts of any jurisdiction. 

  
 7 

 16.    Venue. The Maker irrevocably and unconditionally waives, to the
fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in any court referred to in Section 15 herein. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

17. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

17.    Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 18.    Amendment; Waiver. Any amendment hereto or waiver
of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 

19.    Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided, however, that the foregoing shall not apply to an
affiliate of the Payee who agrees to be bound to the terms of this Note. 

  
 8 

 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this
Note to be duly executed by the undersigned as of the day and year first above written. 
  

	
	KALEYRA, INC.
	
	 /s/ Dario Calogero

	Dario Calogero, CEO and President

  
 9

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