Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT OF AWARDS 

WHEREAS, Kaleyra, Inc. (the “Company”) has previously granted and is expected in the future to grant Giacomo
Dall’Aglio (“Recipient”) awards under the Company’s 2019 Equity Incentive Plan (the “EIP”); 

WHEREAS, all capitalized terms not otherwise defined herein shall be as defined in the EIP; 

WHEREAS, the EIP in Section 7 provides that except as otherwise provided in an Award, in the event of a Covered Transaction in
which there is an acquiring or surviving entity, (a) if an Award is not assumed by the acquiror or survivor in connection with a Covered Transaction or there is otherwise not a substitution of a new Award for the existing Award, the
exercisability of the Award shall accelerate if the Award requires exercise and the delivery of shares shall accelerate for such Awards that are of Stock Units (including Restricted Stock Units), and the Award will terminate upon the consummation of
the Covered Transaction, and (b) otherwise there shall be either an assumption or substitution of a new Award by the acquiror or survivor or an affiliate of the acquiror or survivor, but no provision for acceleration of the exercisability or
delivery of shares; and 
 WHEREAS, the Administrator of the EIP would like to offer Recipient alternative vesting acceleration under
the Awards previously granted or to be granted as described below. 
 THEREFORE, THE COMPANY AND RECIPIENT AGREE AS FOLLOWS: 

1. Notwithstanding any existing provisions of the EIP or the notice of grant of an Award to the contrary, in the event of a Covered Transaction
in which the Award (the “Original Award”) is assumed or substituted for with an equivalent Award by the successor corporation or a parent or subsidiary of such successor corporation, and Recipient’s employment is
involuntarily terminated without Cause or the Recipient terminates employment for Good Reason within the twelve (12) months following the Covered Transaction, then 100% of the remaining unvested Award shall become vested and immediately
exercisable for the duration of the exercise period otherwise applicable to such Original Award prior to the assumption or substitution under the EIP or notice of grant of the Award if the Award requires exercise, and 100% of the remaining
undelivered shares shall be delivered for such Awards that are of Stock Units (including Restricted Stock Units). 
 2. For the purposes of
this Amendment of Awards (the “Amendment”), 
 (a) “Cause” shall be limited to:
(i) the Recipient’s indictment, charge or conviction of, or plea of nolo contendere to, (A) a felony or (B) any other crime involving fraud or material financial dishonesty or (C) any other crime involving moral turpitude
that might be reasonably expected to, or does, materially adversely affect the Company or any of its Affiliates, whether that effect is to economics, to reputation or otherwise; (ii) the Recipient’s gross negligence or willful misconduct
with regard to the Company or any of its Affiliates, which has a material adverse impact on Company or any of its Affiliates, whether economic or to reputation or otherwise; (iii) Recipient’s refusal or willful failure to substantially
perform his or her duties or to follow a material lawful 

 
written directive of the CEO or the Board within the scope of the Recipient’s duties hereunder which refusal or failure remains uncured or continues thirty (30) days after written
notice from the CEO or the Board which references the potential for a “for Cause” termination and specifies in reasonable detail the nature of the refusal or willful failure which must be cured; (iv) Recipient’s theft, fraud or
any material act of financial dishonesty related to the Company or any of its Affiliates; (v) the failure by the Recipient to disclose any legal impediments to his or her employment by the Company or his or her breach of any of his or her
obligations to a former employer in connection with his or her employment by the Company (e.g., his or her disclosure or use of proprietary confidential information of a former employer on behalf of the Company without such former employer’s
consent); provided that Recipient has been provided with written notification of any of such failure or breach and has been given five (5) days to present any mitigating, corrective or clarifying information to the CEO or the Board;
(vi) the Recipient’s breach or violation of those provisions of his or her agreement with the Company setting forth the Recipient’s obligations with respect to confidentiality, non-competition
and non-solicitation; or (vii) the Recipient’s breach of any other material provision of his or her employment agreement unless corrected by the Recipient within thirty (30) days of the
Company’s written notification to the Recipient of such breach. 
 (b) “Good Reason” shall mean the
occurrence of any one or more of the following events without the Recipient’s consent: (i) a material breach of the Recipient’s employment agreement by the Company; (ii) a material diminution of the Recipient’s title or a
material adverse change in the Recipient’s significant duties, authority or responsibilities, taken as a whole, effectively constitutes a demotion; (iii) any reduction in (except to the extent all executives receive a proportional
decrease) or failure to pay the Recipient’s base salary; or (iv) a material change in the geographic location at which Recipient must perform services to the Company, including, but not limited to, a relocation of Recipient’s primary
place of employment outside of New York, NY and Milan, Italy, except for travel, and visits to Company offices and facilities worldwide, reasonably required to attend to the Company’s business. 

3. By virtue of this Amendment of Awards, the acceleration provided for in Section 1 shall apply both to Awards previously granted by the
Company, and to Awards to be granted in the future to Recipient, regardless whether the notice of grant of such future Awards specifically provides for such acceleration. 

4. Recipient acknowledges that he or she has reviewed this Amendment, the notice of grant of Award and the EIP in full. 

5. This Amendment shall be effective as of such date as both the Company and Recipient have signed it. 

6. Recipient represents and warrants that he or she has full power to enter into this Amendment. 

  
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 7. This Amendment, the notice of grant of Award (and any documents incorporated therein or
attached thereto) and the EIP constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior understandings and agreements of the Company and Recipient with respect to the subject
matter hereof (including the employment agreement between the Company and Recipient), and may not be modified except by means of a writing signed by the Company and Recipient. Nothing in this Amendment (except as expressly provided herein) is
intended to confer any rights or remedies on any persons other than the parties. Should any provision of this Amendment be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other
provisions shall nevertheless remain effective and shall remain enforceable. 
 8. This Amendment shall be binding upon the Company and
Recipient as well as the successors and assigns (if any) of the Company and Recipient. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 The parties have executed this Amendment of Awards as of March 13, 2020. 

 

			
	COMPANY:
	
	KALEYRA, INC.
		
	By:	 	/s/ Dario Calogero
		 	Dario Calogero
		
	 Title:
	 	 Chief Executive Officer

  

			
	
	RECIPIENT:
	
	Giacomo Dall’Aglio
		
		 	/s/ Giacomo Dall’Aglio
		 	(Signature)tmdx-ex45_550.htm

Exhibit 4.5

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

The following description sets forth certain material terms and provisions of TransMedics Group, Inc.’s (the “Company”, “us”, “we”, or “our”) securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

DESCRIPTION OF COMMON STOCK

 

The following summary description sets forth some of the general terms and provisions of the common stock, no par value per share (the “Common Stock”). Because this is a summary description, it does not contain all of the information that may be important to you. For a more detailed description of the Common Stock, you should refer to the provisions of our amended and restated certificate of incorporation and our bylaws, as amended and restated, each of which is an exhibit to the Annual Report on Form 10-K to which this description is an exhibit and to the applicable provisions of the Massachusetts Business Corporation Act (the “MBCA”).

 

Common Stock

Dividend Rights 

Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of outstanding shares of Common Stock are entitled to receive dividends out of assets legally available at the times and in the amounts as our board of directors may from time to time determine. 

Voting Rights 

Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters submitted to a vote of shareholders, unless otherwise provided by our restated articles of organization. An election of directors by our shareholders is determined by a majority of the votes cast by the shareholders entitled to vote in the election. Other matters shall be decided by an affirmative vote of our shareholders having a majority in voting power of the votes cast by the shareholders present or represented and voting on such matter, except as otherwise disclosed below. 

No Preemptive Rights 

Our Common Stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. 

Conversion or Redemption Rights 

Our Common Stock is neither convertible nor redeemable. 

 

Liquidation Rights 

Upon our voluntary or involuntary liquidation, dissolution or winding up, the holders of our Common Stock will be entitled to receive pro rata our net assets which are legally available for distribution, after payment of all debts and other liabilities and subject to the preferential rights of any holders of preferred stock then outstanding.  

Preferred Stock

Our board of directors may, without further action by our shareholders, from time to time, direct the issuance of shares of preferred stock in one or more series and may, at the time of issuance, determine the designations, powers, preferences, privileges, and relative participating, optional or special rights as well as the qualifications, limitations or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption and 

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liquidation preferences, any or all of which may be greater than the rights of the Common Stock. Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our Common Stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of our liquidation before any payment is made to the holders of shares of our Common Stock. Under certain circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of a majority of the total number of directors then in office, our board of directors, without shareholder approval, may issue shares of preferred stock with voting and conversion rights, which could adversely affect the holders of shares of our Common Stock and the market value of our Common Stock.

Anti-takeover Effects of Our Restated Articles of Organization and Our Amended and Restated Bylaws 

Our restated articles of organization and amended and restated bylaws contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors but which may have the effect of delaying, deferring or preventing a future takeover or change in control of us unless such takeover or change in control is approved by our board of directors. 

These provisions include: 

Action by written consent; special meetings of shareholders. Our amended and restated bylaws provide that shareholder action can be taken only at an annual or special meeting of shareholders or by the unanimous written consent of all shareholders entitled to vote on the matter in lieu of such a meeting. Our restated articles of organization and amended and restated bylaws also provide that, except as otherwise required by law, special meetings of the shareholders can only be called pursuant to a resolution adopted by a majority of our board of directors or holders of at least 25% of all the votes entitled to be cast on any issue to be considered at the proposed special meeting. Except as described above, shareholders are not permitted to call a special meeting or to require our board of directors to call a special meeting. 

Advance notice procedures. Our amended and restated bylaws establish an advance notice procedure for shareholder proposals to be brought before an annual meeting of our shareholders, including proposed nominations of persons for election to the board of directors. Shareholders at an annual meeting are only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a shareholder who was a shareholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given timely written notice, in proper form, of the shareholder’s intention to bring that business before the meeting. Although the amended and restated bylaws do not give our board of directors the power to approve or disapprove shareholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the amended and restated bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us. 

Number of directors and filling vacancies. Our restated articles of organization provide that the number of directors is established by the board of directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office. The ability of our board of directors to increase the number of directors and fill any vacancies may make it more difficult for our shareholders to change the composition of our board of directors. 

Authorized but unissued shares. Our authorized but unissued shares of Common Stock and preferred stock are available for future issuance without shareholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of a majority of our Common Stock by means of a proxy contest, tender offer, merger or otherwise. 

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Exclusive forum. Our restated articles of organization require, to the fullest extent permitted by law, that any action under Massachusetts statutory or common law brought derivatively in the name of TransMedics Group, Inc., against directors, officers and employees for breach of a fiduciary duty and other similar actions may be brought only in the Business Litigation Session of the Superior Court of Suffolk County, Massachusetts (or, if and only if the Business Litigation Session of the Superior Court of Suffolk County, Massachusetts lacks jurisdiction, another state or federal court located within the Commonwealth of Massachusetts). Although we believe this provision benefits us by providing increased consistency in the application of Massachusetts law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. In addition, our restated articles of organization provide that any person or entity purchasing or otherwise acquiring any interest in shares of our Common Stock is deemed to have notice of and consented to the foregoing provisions. This provision does not apply to actions arising under the Securities Exchange Act of 1934, as amended, or the Exchange Act, or the Securities Act of 1933, as amended, or the Securities Act. 

 

Anti-Takeover Provisions under Massachusetts Law 

Provisions Regarding Business Combinations 

We are subject to the provisions of Chapter 110F of the MBCA. In general, Chapter 110F prohibits a publicly held Massachusetts corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, five percent or more of the corporation’s voting stock. 

Under Chapter 110F, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: before the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 90% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or at or after the time the stockholder became interested, the business combination was approved by our board of directors of the corporation and authorized at an annual or special meeting of the shareholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder. 

A Massachusetts corporation may “opt out” of these provisions with an express provision in its original articles of organization or an express provision in its articles of organization or bylaws resulting from a shareholders’ amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts of us may be discouraged or prevented. 

Provisions Regarding a Classified Board of Directors 

Section 8.06(b) of the MBCA provides that, unless a company opts out of such provision, the terms of directors of a public Massachusetts company shall be staggered by dividing the directors into three groups, as nearly equal in number as possible, with only one group of directors being elected each year. Our board of directors has opted out of this default requirement for a classified board of directors, and all of our directors serve for one-year terms and are elected annually. 

However, pursuant to Section 8.06(c)(2) of the MBCA, our board of directors may unilaterally opt back into default requirements under Section 8.06(b) of the MBCA and become a classified board of directors without the approval of our shareholders. Sections 8.06(d) and (e) of the MBCA provide that when a board of directors is so classified, (i) shareholders may remove directors only for cause, (ii) the number of directors shall be fixed only by the vote of the board of directors, (iii) vacancies and newly created directorships shall be filled solely by the affirmative vote of a 

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majority of the remaining directors, and (iv) a decrease in the number of directors will not shorten the term of any incumbent director. If our board of directors opts into this classified structure in the future, these provisions are likely to increase the time required for shareholders to change the composition of our board of directors. For example, at least two annual meetings would generally be necessary for shareholders to effect a change in a majority of the members of our board of directors. As a result, the ability of our board of directors to adopt a classified structure in the future without the approval of our shareholders could have the effect of discouraging a potential acquirer from making a tender offer for a majority of the outstanding voting interest of our capital stock or otherwise attempting to obtain control of TransMedics Group, Inc. 

 

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