Document:

Exhibit 10.15

	
	504221865.1

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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of
March  15th,  2021 (the  “Effective  Date”),  by  and  between  TeleSign  Holdings,  Inc.  (the
 “Company”) and Tom Wesselman (“Executive”). The Company and Executive shall individually
be referred to as a “Party” and collectively as the “Parties”.

WHEREAS, the Company desires to employ Executive, and Executive is willing to be
employed by the Company, in each case on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the promises and mutual covenants contained
herein  and  for  other  good  and  valuable  consideration,  the  receipt  of  which  is  mutually
acknowledged, the Company and Executive agree as follows:

1. Employment  At-Will.    The  Company  hereby  agrees  to  employ  Executive,  and
Executive hereby accepts such employment with the Company, on the terms and conditions set
forth  in  this  Agreement,  commencing  on  March  15th ,  2021  (the  “Start  Date”).  Executive’s
employment is and always will be “at will,” meaning that Executive may resign at any time with
or without cause and the Company may terminate Executive’s employment at any time, with or
without cause. In the event of Executive’s termination of employment, the provisions of Section 8
will determine the compensation, if any, Executive is entitled to receive upon such termination.

2. Position.

(a) While  employed  by  the  Company  hereunder,  Executive  shall  have  the
responsibilities, duties, and authorities commensurate with the role of Chief Technology Officer
of entities of similar size and character, and other responsibilities, duties, and authorities assigned
to him by the CEO.

(b) Executive  shall  provide  his  services  to  the  Company  primarily  at  the
Company’s corporate headquarters in Marina del Rey, California, if requested by the CEO. For
purposes of this Section 2(c), “primarily” shall mean at least three (3) business days per week;
unless the CEO agrees to an alternative schedule for a specific period. Notwithstanding anything
to the contrary contained herein, this Section 2(c) shall not apply while the Company’s corporate
headquarters is closed during the COVID-19 pandemic.

(c) Executive shall carry out Executive’s duties in a manner that is consistent
and in compliance with all applicable federal and state laws and regulations and Company policies,
and subject to the direction of the CEO, or such person as the CEO may designate for this purpose,
consistent with the other terms and conditions of this Agreement.

(d) Executive acknowledges and fully understands that Executive is obligated
to perform Executive’s duties as Chief Technology Officer in good faith, with due care, and in a
manner that Executive believes to be in the best interests of the Company. A material failure by
Executive to fulfill fiduciary obligations imposed on Executive by law or as Chief Technology
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Officer, which is injurious to the Company or any of its affiliates, either monetarily or otherwise,
may be deemed a material breach of this Agreement by Executive.

3. Base Salary.  As compensation for services rendered to the Company, the Company
shall initially pay Executive a base salary at the annual rate of $325,000. Executive shall also be
entitled to such increases in Executive’s base salary, if any, as may be determined from time to
time  in  the  sole  discretion  of  the  Remuneration  Committee  (the  “Committee”).    Executive’s
annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.”

4. Annual  Bonus.    With  respect  to  each  calendar  year  during  the  course  of  this
Agreement, in addition to the Base Salary, and subject to the Company’s Executive Incentive Plan,
Executive shall be eligible to earn an annual performance bonus of up to 40% of Executive’s Base
Salary (the “Target Bonus”) based upon the achievement of performance targets established by
the Committee in its sole discretion. Executive’s annual bonus will be payable at such time as
annual cash bonuses are paid to executive officers typically, on or before January 31 and July 31
of each year).

6. Employee Benefits and Vacation.  While employed by the Company hereunder,
Executive shall be entitled to participate in the Company’s employee benefit plans as in effect
from time to time, on the same basis as those benefits are generally made available to other peer
executives of the Company.  The Company reserves the right to amend, modify or terminate any
such plans.  In addition, the Company provides certain time off with pay without caps or accruals
consistent with our business needs. All time off is subject to the approval by the CEO and the terms
and conditions of the Company’s Open PTO policy.

7. Business Expenses and Indemnification.

(a) Business  Expenses.    While  employed  by  the  Company  hereunder,
reasonable business expenses (including travel expenses) necessarily incurred by Executive in the
performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance
with Company policies as in effect from time to time.

(b) Indemnification.  The Company shall comply with California Labor Code
section 2802, which states:  “An employer shall indemnify his or her employee for all necessary
expenditures or losses incurred by the employee in direct consequence of the discharge of his or
her duties, or of his or her obedience to the directions of the employer, even though unlawful,
unless the employee, at the time of obeying the directions, believed them to be unlawful.”  .

8. Termination.    The  Parties  understand  and  acknowledge  that  Executive’s
employment is “at-will” and may be terminated by Executive or the Company at any time and for
any reason, with or without cause or notice; provided, however, that Executive is requested to give
the Company advance written notice of any resignation of Executive’s employment (as set forth
in this Section 8).  Notwithstanding any other provision of this Agreement, the provisions of this
Section 8 shall exclusively govern Executive’s rights upon termination of employment with the
Company and its affiliates.

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(a) Termination on or Before the 6-Month Anniversary of the Start Date.

(i) Notwithstanding  anything  to  the  contrary  contained  in  this
Section 8, if Executive’s employment with the Company is terminated for any reason on or before
the 6-month anniversary of the Start Date (i.e., on or before September 15, 2021), Executive shall
be entitled to receive only the “Accrued Rights”, as defined below.

(ii) For purposes of this Section 8, the term Accrued Rights means the
following:

(A) The  accrued  but  unpaid  Base  Salary  as  of  the  date  of
termination;

(B) Reimbursement  for  any  unreimbursed  business  expenses
properly incurred by Executive in accordance with Company policy prior to the date of Executive’s
termination; and

(C) Such employee benefits, if any, as to which Executive may
be entitled under the employee benefit plans of the Company according to their terms and through
the date of termination.

(b) By the Company For Cause, or By Executive’s Resignation Without Good
Reason.

(i) Executive’s  employment may be terminated by the Company for
Cause (as defined below) or by Executive without Good Reason (as defined below); provided that
Executive will be required to give the Company at least thirty (30) days advance written notice of
a resignation without Good Reason.

(ii) For  purposes  of  this  Agreement,  “Cause”  shall  mean  (A)  the
continued failure by Executive to perform his material duties with respect to the Company or its
affiliates or a breach of a fiduciary duty owed by the Employee to the Company including, but not
limited to any material act of dishonesty; (B) the willful or intentional engaging by Executive in
conduct within the scope of his employment that causes injury, monetarily or otherwise, to the
Company; (C) Executive’s conviction for, or a plea of nolo contendere to, the commission of a
felony involving moral turpitude; (D) a material breach of Executive’s covenants set forth in this
Agreement or the Employee Proprietary Information and Inventions Agreement (which is executed
at the same time as this Agreement) that causes injury, monetarily or otherwise, to the Company;
(E) any material conflict of interest, including, but not limited to, solicitation of business on behalf
of a competitor or potential competitor, or the appropriation of (or attempted appropriation of) a
business opportunity of the Company or its affiliates, including attempting to secure or securing
any personal profit in connection with any transaction by the Company or its affiliates without
prior disclosure to and written approval of the CEO, or such person as the CEO may designate for
this  purpose,  in  any  case,  which  is  injurious  to  the  Company  or  any  of  its  affiliates,  either
monetarily or otherwise; (F) violation of the Company’s employment or other policies prohibiting
retaliation, discrimination or harassment of employees, clients, or vendors of the Company; (G)
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fraudulent conduct by Executive in connection with the business affairs of the Company or any of
its affiliates; (H) failure to comply with Company policies and/or any laws, rules or regulations of
any federal, state or local authority having jurisdiction over Company and its business operations;
(I)  Failure  to  comply  with  directions  of  the  Board  of  Directors  or  CEO;  (J)  breach  of  this
Agreement, dishonesty, incompetence, willful misconduct, habitual absence from work, failure to
perform duties, or negligence or incompetence in the performance of stated duties;
(K)  being  found  by  the  Company  to  be  grossly  careless,  negligent  or  having  engaged in
malfeasance or misconduct in the performance or non-performance of his duties; (L) unjustifiable
neglect of the Employee’s duties; (M) acting in any way that has a direct, substantial, and adverse
effect on the Company’s business operation or reputation; (N) engages in conduct which harms or
tends to harm the Company’s standing or image in the community; or (O) working for or being
hired by any other company, individual, or other entity - even as an independent contractor - or
any other perceived or actual conflict of interest..  Except for clause (C) above, Cause shall only
exist after the CEO delivers written notice to Executive of the CEO’s determination that Cause
exists, and Executive has failed to fully correct the issue(s) within 45 days following delivery to
Executive of the CEO’s written notice of its determination that Cause exists.

(iii) For  purposes  of  this  Agreement,  “Good  Reason”  shall  mean  if,
other than termination for Cause or without Cause, any of the following has occurred:  (A) any
material reduction in the Base Salary or Target Bonus opportunity (except for across the board
reductions  for  all  senior  executives  of  the  Company);  (B)  a  transfer  of  Executive’s  primary
workplace that increases Executive’s one way commute by more than thirty-five (35) miles; (C) a
material reduction in Executive’s authority, duties, or responsibilities, or (D) the assignment of
any duties or responsibilities inconsistent with Executive’s position with the Company; provided,
however, that, in each case, Good Reason shall cease to exist for an event either to the extent that
Executive shall have consented, in advance and in writing, to such event or to the extent that ninety
(90)  days  shall  have  elapsed  following  Executive’s  written  information  of  such  event  without
Executive having delivered the advance written notice described in (i) above.  For avoidance of
doubt, in the event that the Company becomes a subsidiary of another business enterprise and/or
otherwise acquired and Executive is no longer reporting to the Chief Executive Officer as a result,
the Company and Executive acknowledge that a “substantial reduction in Executive’s authority,
duties,  or  responsibilities”  or  “the  assignment  of  any  duties  or  responsibilities  materially
inconsistent with Executive’s position with the Company” shall not be deemed to have occurred
in  the  event  that  Executive  is  offered  a  substantially  similar  or  equivalent  role  (such  as,  for
example, divisional executive) with an entity of similar or greater scale and scope as the Company.

(iv) If Executive’s employment is terminated by the Company for Cause,
or  if  Executive  resigns  without  Good  Reason,  Executive  shall  be  entitled  to  receive  only  the
Accrued Rights.

Following  such  termination  of  Executive’s  employment  by  the  Company for  Cause  or
resignation  without  Good  Reason  by  Executive,  except  as  set  forth  in  this  Section 8(b)(iv),
Executive  shall  have  no  further  rights  to  any  compensation  or  any  other  benefits  under  this
Agreement.

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(c) Disability or Death.

(i) Executive’s  employment  hereunder  shall  terminate  upon
Executive’s death and may be terminated by the Company if Executive becomes (in the good faith
judgment of the CEO) physically or mentally incapacitated and is therefore unable for a period of
six (6) consecutive months or for an aggregate of six (6) months in any twelve (12) consecutive
month  period  to  perform  Executive’s  duties  (such  incapacity  is  hereinafter  referred  to  as
 “Disability”).

(ii) Upon termination of Executive’s employment hereunder for either
Disability or death, Executive or Executive’s estate (as the case may be) shall be entitled to receive
the Accrued Rights.

Following Executive’s termination of employment due to death or Disability, except as set
forth in this Section 8(c)(ii), Executive shall have no further rights to any compensation or any
other benefits under this Agreement.

(d) By the Company Without Cause or Resignation of Executive with Good
Reason.

(i) Executive’s  employment  hereunder  may  be  terminated  by  the
Company at any time without Cause.  In addition, Executive’s employment hereunder may be
terminated by Executive for Good Reason at any time upon thirty (30) days advance written notice
to the Company and after giving the Company a reasonable opportunity during such thirty-day
period to cure.

(ii) If Executive’s employment is terminated by the Company without
Cause  (other  than  by  reason  of  death  or  Disability)  or  if  Executive  resigns  for  Good  Reason,
Executive shall be entitled to receive the following after Executive’s termination of employment:

(A) Accrued Rights as defined in Section 8;

(C) Subject  to  (I)  Executive’s  continued  compliance  with  the
provisions  of  this  Agreement  and  the  Employee Proprietary  Information  and  Inventions
Assignment and (II) Executive’s execution and non-revocation of a general release in favor of the
Company and its affiliates in a form reasonably acceptable to the Company:

(1) Continued payment of the Base Salary (“Severance
Payment”) for  6  months  following  the  date  of Executive’s termination  of employment
(“Severance Period”); and

(2) Payment by the Company of COBRA premiums (for
both Executive and his dependents) for the Severance Period.

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Following Executive’s termination of employment by the Company without Cause (other
than by reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason,
except  as  set  forth  in  this  Section  8(d)(ii),  Executive  shall  have  no  further  rights  to  any
compensation or any other benefits under this Agreement.

(e) Change in Control.

(i) If  this  Agreement  is  terminated  upon  a  Change  in  Control,  the
Company or successor Company may provide Executive written notice of such termination on or
before the effective date of the Change in Control, in which case Executive shall be entitled to
receive the following amounts and benefits.

(A) Accrued Rights as defined in Section 8;

(C) Subject  to  (I)  Executive’s  continued  compliance  with  the
provisions  of  this  Agreement  and  the  Employee  Proprietary  Information  and  Inventions
Assignment and (II) Executive’s execution and non-revocation of a general release in favor of the
Company and its affiliates in a form reasonably acceptable to the Company:

(1) The Severance  Payment for  the  Severance  Period;
and

(2) Payment by the Company of COBRA premiums (for
both Executive and his dependents) for the Severance Period.

(ii) Upon the satisfaction of the obligations of the Company under this
Section  8(e)  the  Company  shall  have  no  further  obligation  to  Executive  pursuant  to  this
Agreement.

(iii) For purposes of this Agreement, “Change in Control” shall mean
any transaction whereby:

(A) Any person (or persons acting as a group) that is not a current
member or an affiliate of the Company or such member(s) acquires (or has accumulated during
the 12-month period ending on the date of the most recent acquisition by such person or group)
ownership of more than fifty percent (50%) of the equity or voting power in the Company; or

(B) Any person (or persons acting as a group) that is not a current
member or an affiliate of the Company or such member(s) acquires (or has acquired during the 12-
month period ending on the date of the most recent acquisition by such person or group) assets
from  the  Company  from  which  the  Company  derived  more  than  fifty  percent  (50%)  of  its
operational revenues during the preceding 12 months.
Notwithstanding the foregoing, a Change in Control shall not include: (1) any transaction
effected for reincorporation purposes; or (2) any transaction that does not constitute a change of
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ownership of the Company or a substantial portion of its assets within the meaning of Treasury
Regulation Section 1.409A-3(i)(5)(v) or (vii).

(iv) “Change in Control Conditions” means that all of the following
have occurred:
(A) (1) a Termination of Employment by the Company has
occurred for any reason other than for Good Cause or (2) a Termination of Employment by
Executive for Good Reason has occurred; and
(B) A Change in Control has been consummated; and
(C) the Termination of Employment, has occurred either: (1)
within the period beginning on the date of the consummation of the Change in Control and
ending on the last day of the twenty-fourth (24th) month following the consummation of a
Change in Control; or (2) prior to a Change in Control, if such Termination of Employment was
either a condition of the Change in Control or was at the documented request or insistence of a
Person which is a party or an Affiliate of a party to the transaction that constitutes or results in to
the Change in Control.

(f) Notice of Termination.  Any termination of employment by the Company
for Cause shall be communicated by written Notice of Termination to Executive in accordance
with Section 11(g) hereof.  In addition, any termination of employment by Executive for Good
Reason shall be communicated by written Notice of Termination to the Company in accordance
with Section 11(g) hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean
a notice which shall indicate the specific termination provision in this Agreement relied upon and
shall  set  forth  in  reasonable  detail  the  facts  and  circumstances  claimed  to  provide  a  basis  for
termination of employment under the provision so indicated.

(g) Resignation of Officers.  Upon resignation or termination of Executive’s
employment for any reason, Executive agrees that Executive shall automatically be deemed to
have resigned, as of the date of such termination, from all positions that the Executive may then
hold as an employee or officer of the Company or any affiliate of the Company, as well as any
positions that Executive may hold as a representative or on behalf of the Company or at the request
of the Company.  The Executive shall promptly deliver to the Company any additional documents
reasonably required by the Company to confirm such resignations.

9. Non-Disparagement.  The Executive shall not, while employed by the Company or
at any time thereafter, disparage the Company (or any affiliate) in any way that materially and
adversely affects the goodwill, reputation, or business relationships of the Company or the affiliate
with the public generally, or with any of its customers, vendors, or employees. In addition, the
Company shall instruct and take all reasonable steps to cause its officers and members of the Board
not  to  disparage  Executive  on  any  matters  relating  to  Executive’s  services  to  the  Company,
business, professional or personal reputation or standing in the Company’s industry, irrespective
of the truthfulness or falsity of such statement. Nothing in the section shall prohibit the Parties
from testifying truthfully in any forum or to any governmental agency.

10. Specific Performance.  Executive acknowledges and agrees that the Company’s
remedies at law for a breach or threatened breach of the Employee Proprietary Information and
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Inventions Agreement would be inadequate and the Company would suffer irreparable damages
as a result of such breach or threatened breach.  In recognition of this fact, in the event of such a
breach or threatened breach, in addition to any remedies at law, the Company, without posting any
bond, shall be entitled to cease making any payments or providing any benefit (other than earned
wages) otherwise required by any agreement between Executive and the Company and request
equitable  relief  in  the  form  of  specific  performance,  temporary  restraining  order,  temporary
injunction, or permanent injunction or any other equitable remedy that may then be available.  The
Company’s remedies under this Section 11 shall include, in the event that Executive has breached
or  otherwise  failed  to  comply  with  Executive’s  obligations  under  the  Employee  Proprietary
Information and Inventions Agreement, the Company shall be entitled to cease any payments due
to Executive under Section 8(d)(ii)(B).   A party may apply to a court of competent jurisdiction for
temporary  or  preliminary  injunctive  relief  in  connection  with  an  arbitrable  controversy  in
accordance with applicable law, and any such application shall not be deemed incompatible with
or waiver of the parties’ agreement to arbitrate. The court to which the application is made is
authorized to consider the merits of the arbitrable controversy to the extent it deems necessary in
making its ruling, but only to the extent permitted by applicable law. All determinations of final
relief, however, will be decided in arbitration pursuant to the Company’s Arbitration Agreement.

11. Miscellaneous.

(a) Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of California, without regard to conflicts of laws principles
thereof.

(b) Entire  Agreement/Amendments.    This  Agreement  and  the  Employee
Proprietary  Information  and  Inventions  Agreement,  the  terms  of  which  are  incorporated  by
reference herein, contain the entire understanding of the Parties with respect to the employment of
Executive  by  the  Company.    There are  no  restrictions,  agreements,  promises,  warranties,
covenants, or undertakings between the Parties with respect to the subject matter herein other than
those expressly set forth herein.  This Agreement may not be altered, modified, or amended except
by written instrument signed by the Parties hereto.

(c) No Waiver.  The failure of a party to insist upon strict adherence to any term
of  this  Agreement  on  any  occasion  shall  not  be considered  a  waiver  of  such  party’s  rights  or
deprive such party of the right thereafter to insist upon strict adherence to that term or any other
term of this Agreement.

(d) Severability.  In the event that any one or more of the provisions of this
Agreement  shall  be  or  become  invalid,  illegal,  or  unenforceable  in  any  respect,  the  validity,
legality, and enforceability of the remaining provisions of this Agreement shall not be affected
thereby.

(e) Assignment.    This  Agreement,  and  all  of  Executive’s  rights  and  duties
hereunder,  shall  not  be  assignable  or  delegable  by  Executive.    Any  purported  assignment  or
delegation by Executive in violation of the foregoing shall be null and void ab initio and of no
force or effect.  This Agreement may be assigned by the Company to a Person that is an affiliate
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or a successor in interest to any portion of the business operations of the Company.  Upon such
assignment, the rights  and obligations  of the Company hereunder shall  become the rights  and
obligations of such affiliate or successor Person.

(f) Successors; Binding Agreement. This Agreement shall inure to the benefit
of and be binding upon personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees, and legatees.

(g) Notice.    For  the  purpose  of  this  Agreement,  notices  and  all  other
communications provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered by hand or overnight courier or three days after it has been mailed
by United States registered mail, return receipt requested, postage prepaid, addressed to Executive
at his last known address on the books of the Company or, in the case of the Company, to it at its
principal place of business.

(h) Set Off; No Mitigation.  The Company’s obligation to pay Executive the
amounts provided and to make the arrangements provided hereunder shall be subject to set off,
counterclaim,  or  recoupment  of  amounts  owed  by  Executive  to  the  Company  or  its  affiliates;
provided, however, that in no event shall Executive be obligated to seek other employment or take
any other action by way of mitigation of the amounts payable to Executive under Section 8 of this
Agreement.

(i) Prior Agreements.  This  Agreement  supersedes  all prior agreements  and
understandings  (including  verbal  agreements)  between  Executive  and  the  Company  and/or  its
affiliates regarding the terms and conditions of Executive’s employment with the Company and/or
its affiliates.

(j) Cooperation.  Executive shall provide Executive’s reasonable cooperation
in connection with any action or proceeding (or any appeal from any action or proceeding), which
relates to events occurring during Executive’s employment hereunder. This provision shall survive
any termination of this Agreement.

(k) Withholding  Taxes.    The  Company  may  withhold  from  any  amounts
payable under this Agreement such Federal, state, and local taxes as may be required to be withheld
pursuant to any applicable law or regulation.

(l) Counterparts.    This  Agreement  may  be  signed  in  counterparts,  each  of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the me instrument.

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of
the day and year first above written.

TELESIGN HOLDINGS, INC.   Tom Wesselman

DocuSign Envelope ID: B149C27D-7D51-4B25-A943-BF29863D44BC
confidentia
JJ Miller
telesign.com
Jul 20, 2021 18:26
confidentia
JJ Miller
telesign.com
Jul 20, 2021 18:26
confidential
Andrew Whitworth
telesign.com
Jan 21, 2022 3:37 PM EST
confidential
Andrew Whitworth
telesign.com
Jan 21, 2022 3:37 PM EST

    

     

    	
	504221865.1

10

By:_______________________________  _______________________________

Name: Joe Burton

Title: CEO
DocuSign Envelope ID: B149C27D-7D51-4B25-A943-BF29863D44BC
confidentia
JJ Miller
telesign.com
Jul 20, 2021 18:26
confidentia
JJ Miller
telesign.com
Jul 20, 2021 18:26
confidential
Andrew Whitworth
telesign.com
Jan 21, 2022 3:37 PM EST
confidential
Andrew Whitworth
telesign.com
Jan 21, 2022 3:37 PM ESTExhibit 10.17

 

 

Treasury Services Agreement

 

Dated
as of December 3, 2021

 

		Between	TeleSign Corporation, a California corporation having its registered office at 13274Fiji Way Suite 600, Marina del Rey, CA
90292, U.S.A., with entity number C2716106.

 

Torino Holding Corp., a Delaware corporation
having its registered office c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle, Delaware 19801, U.S.A., with
entity number 6386899.

 

TeleSign Holdings, Inc., a Delaware
corporation having its registered office c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle, Delaware 19801,
U.S.A., with entity number 5137758.

 

“the TeleSign Companies”

 

		And	Proximus SA de droit public / NV van publiek recht, incorporated under Belgian law, having its
registered office at Boulevard du Roi Albert II 27, 1030 Brussels, Belgium, and registered in the R.P.M. (Registre National des Personnes
Morales) under number BE 0202.239.951 (“PXS”),

 

Together “the Parties”

 

		In which	the Parties
                                            want to formalize their areas of cooperation and the optimal structure and related costs
                                            to their treasury management activities.

 

Accordingly, the
Parties agree as follows:

 

Preamble 

 

Proximus through its Proximus Group Treasury
team performs a number of financial services for its subsidiaries in general and for the TeleSign Companies in
particular as described in this agreement, deploying its expertise, software and administrative tools to support the subsidiaries
leveraging its expertise in financial markets to obtain the best possible prices from banks for financial products and
services. As per the practice maintained with all its affiliates Proximus does provide these services against a remuneration paid by its
affiliates through the margins charged on loans and deposits.

 

This Treasury Services Agreement describes the
financial services offered and terms and conditions upon which these services are offered by Proximus to the TeleSign Companies, including
the margins charged for loans and deposits in lieu of services rendered.

 

Proximus and TeleSign Corporation had previously
entered into a Treasury Services Agreement dated 23 August 2021 (“TeleSign Agreement”) wherein, Proximus were to provide treasury
services to TeleSign Corporation on the terms and conditions contained therein. The Parties herein agree that this Treasury Services Agreement
shall supersede and replace the TeleSign Agreement upon the date of this Treasury Services Agreement.

 

    
	Proximus public limited company of Belgian Public Law, exercising its activities under the commercial name Proximus, located in Bd. du Roi Albert II 27, B-1030 Brussels, Belgium,VAT BE 0202.239.951, Brussels Register of Legal Entities, Giro BE50 0001 7100 3118	Page 1 of 5

 

     

    

 

 

 

1       Daily
cash management 

 

PXS will provide daily cash management services
to the TeleSign Companies in the best interest of the TeleSign Companies, PXS and Proximus Group as a whole. Cash management decisions
will be amongst others based on the TeleSign Companies’ internal and external obligations, incoming and outgoing payments, tax prerequisites,
the financial markets conditions, Proximus Group’s counterparty risk policies and credit availability.

 

The mutual rights and obligations of the Parties
in the cash management relationship between PXS and the TeleSign Companies mainly concern the treasury flows and financing needs of the
TeleSign Companies.

 

PXS acts as inhouse bank for Proximus affiliates,
operating at arms’ length and in line with normal practices on the financial markets. Accordingly, and consistent with this role
and market practices, Proximus will benefit from a margin on its loans to the TeleSign Companies and a discount on loans from the TeleSign
Companies as described below and in Appendix 1.

 

1.1       Cash
concentration centre activities

 

Consistent with TeleSign Companies’ working
capital needs, the TeleSign Companies shall deposit their excess cash with PXS for fixed periods ranging from *** at the interest conditions
foreseen in Appendix 1.

 

PXS will however have the optionality to accept
or refuse these deposits from TeleSign Companies, any such decision being contingent on PXS’ own cash position, conditions
on the financial markets, fiscal context, or other consideration as may be at play and impacting PXS’ overall assessment of
the deposit request on its merits. If PXS decides not to accept a deposit, parties may either revise the rate as described in Appendix
1 for the concerned deposit, or alternatively PXS can support TeleSign Companies to find an alternative channel to deposit
the money, consistent with the PXS Counterparty Risk Policy, as may be updated from time to time. 

 

PXS will inform the TeleSign Companies of
any changes in the margin defining the interest rate as per Appendix 1, at least one month in advance of the new interest rate being
applicable. The new interest rates will apply only to future loans or deposits and will not affect the outstanding deposits.  

 

1.2       Intragroup
financing centre activities

 

REVOLVING CREDIT FACILITY

 

A revolving credit facility may be granted by
PXS to the TeleSign Companies. However, a maximum credit amount is defined in Appendix 2. The setup of, or changes of to a credit facility
can be agreed upon, consistent with respective parties’ internal governance.

 

TERMS OF USE OF THE CREDIT
FACILITY

 

The credit facility can be used in the form of
straight loans for a fixed period ranging from ***.

 

No commitment fees shall be charged for any unused
portions of the facility.

 

Long term loans granted by PXS to the TeleSign
Companies do not fall under this facility. Such specific long term loan agreements for structural financing requirements (e.g. CAPEX,
goodwill, etc.) can be set up between both parties consistent with respective parties internal governance.

 

The credit facility can be used in EUR or USD.
Other currencies are subject to the agreement of the Treasury Department of PXS. Used amounts under the credit facility will be converted
to the currency in which the credit facility is labelled at the ECB fixing of a particular day in order to calculate the outstanding credit
facility amount on that day.

 

    
	Proximus, Bd. du Roi Albert II 27, B-1030 Brussels, Belgium
 VAT BE 0202.239.951, Brussels Register of Legal Entities, Giro BE61310124803017EUR - BBRUBEBB	Page 2 of 5

 

     

    

 

 

 

INTEREST RATE

 

Short term straight loans will bear interest based
on the EURIBOR or LIBOR rate of the corresponding tenor of the loan and a margin which can be found in Appendix 1. The interest calculation
for the loan will be based on the exact number of days, divided by 360 or 365, in line with common practice for the currency of the loan.
Interests are due on the maturity date of the straight loan.

 

However, straight loans (capital including maturing
interests) can be renewed (as a roll over) by contacting PXS’s Treasury at the latest *** before the maturity date as long as the
credit facility exists.

 

If a straight loan is not repaid on its final
maturity date, the capital and interests will bear late interest charges equal to the original rate of the straight loan plus a late interest
margin of ***.

 

EXPIRATION OF THE CREDIT FACILITY

 

The credit facility is granted for an undefined
period of time and is revolving in nature. However, it can be terminated by either party giving a one month’s notice to the other
party. At the end of this notice period, any outstanding amount will become immediately due.

 

No interest penalty will be due for an early reimbursement
of borrowed amounts under normal circumstances.

 

1.3       Currency
centre activities

 

HEDGING OPERATIONS

 

Proximus Group’s foreign exchange risk management
is centralized within PXS. Its front office is solely authorized to execute hedging operations with the banks’ dealing rooms due
to the expertise which is required to execute such kind of specialized operations.

 

The TeleSign Companies remain nevertheless responsible
for calculating their foreign exchange position in every foreign currency used in the business, such as open purchase orders, invoices
to receive, accounts receivable, accounts payable, bank accounts balances, CAPEX or OPEX investments, etc, ... and for taking the
relevant measures to mitigate any foreign currency exposure as soon as it appears. However, PXS will provide the necessary support to
the TeleSign Companies during this exercise and will give advice and guidance in the transactions to be made before PXS will execute the
necessary operations, in line with prevailing group policies, in order to hedge these foreign currency exposures and minimize any currency
fluctuation risk.

 

HEDGING ADMINISTRATION

 

PXS’ Operations team will take care of the
administration linked to the transactions with banks, such as sending correct bank confirmations within the specified timeframes, executing
bank transfers, sending Standard Settlement Instructions to banks, providing accurate reporting and accounting, etc.

Nevertheless, the TeleSign Companies remain responsible
for the good execution of all wire transfers, payments, ... to PXS, from bank accounts on which PXS doesn’t have power of attorney.

 

1.4       Payment
factory activities

 

Not foreseen in this contract.

.

 

    
	Proximus, Bd. du Roi Albert II 27, B-1030 Brussels, Belgium
 VAT BE 0202.239.951, Brussels Register of Legal Entities, Giro BE61310124803017EUR - BBRUBEBB	Page 3 of 5

 

     

    

 

 

 

2        Financial
advisory services and general business support

 

Next to the treasury services described in part
1 of this Agreement, PXS will also provide additional services which support these treasury working areas and the TeleSign Companies’s
business as a whole.

 

PXS will provide amongst others the following
services to the TeleSign Companies on an ad-hoc or more regular basis, as it applies:

 

		-	Working Capital and Free Cash Flow: monitoring and analysis, the identification of areas for improvement,
and the suggestion of specific actions in the domains of Accounts Receivable, Accounts Payable and Inventory Management (e.g. payment
terms guidance and cash discount analysis);

 

		-	Leasing files analyses: providing guidance, benchmarking input and compliance advice.

 

		-	Contact and negotiation with potential financial counterparties, supporting the commercial and technical
business units.

 

3       Documentation,
regulatory and administrative services

 

PXS will also provide accurate document management,
compliance with relevant regulatory frameworks and extensive administrative support to the TeleSign Companies with regard to the services
described in parts 1 and 2 of this Agreement.

 

These additional services include amongst others:

 

		-	The execution of all relevant Treasury front and back-office activities such as bank relationship management,
the management of financial accounts, treasury reporting, etc.

 

		-	The conclusion and maintenance of ISDA (“International Swaps and Derivatives Association”)
Agreements with all relevant counterparties in the context of core treasury activities and commodity deals for the business, in the best
interest of the TeleSign Companies, PXS and Proximus Group as a whole.

 

		-	The assurance of compliance with the EMIR (“European Market Infrastructure Regulation”) rules.
This regulation is applicable to the Parties as they have entered into and will continue to enter into OTC derivative transactions (mainly
forward FX contracts).

 

PXS and the TeleSign
Companies consider themselves as Non-Financial Counterparties (NFC) below the clearing threshold and below the portfolio compression obligation
threshold for EMIR classification purposes (i.e. NFC-) and are holding the OTC derivatives for commercial hedging purposes only. As a
consequence, the Parties need to comply with the EMIR requirements related to Timely Confirmation, Portfolio Reconciliation & Dispute
Resolution and Trade Reporting.

 

PXS provides this
compliance service to the TeleSign Companies and takes as such all necessary actions and decisions in this context, including but not
limited to: adherence to the relevant ISDA protocols, request and maintenance of Legal Entity Identifiers (LEI), conclusion of “Reporting
on behalf” Agreements with financial counterparties in name of the TeleSign Companies,

 

However, the TeleSign
Companies remains responsible to comply with applicable U.S laws as it relates to its obligations under this Agreement.

 

4       General
provisions

 

PARTIAL INVALIDITY

 

Any invalidity of a
provision in this Agreement will in no way affect the other provisions of the Agreement. The terms and conditions of the Agreement
need to be understood as stipulated, subject to any changes that may result from legislative or regulatory acts or from new
administrative interpretations, since these changes are integrated in the Agreement once they are adopted. In the event a provision
in the Agreement should become null and void or its validity is affected, both Parties agree to negotiate a new provision in good
faith in which the Parties will strive for an outcome which is as close as possible to the former provision.

 

    
	Proximus, Bd. du Roi Albert II 27, B-1030 Brussels, Belgium
 VAT BE 0202.239.951, Brussels Register of Legal Entities, Giro BE61310124803017EUR - BBRUBEBB	Page 4 of 5

 

     

    

 

 

 

MODIFICATIONS

  

Safe for revisions of the margins defining interest
rates as per Appendix 1 which can be reviewed by PXS upon 1 month notice to the TeleSign Companies (section 1.1), any modification to
this Agreement requires prior written consent of all Parties.

  

TRANSFER AND ASSIGNMENT

 

Neither PXS nor the TeleSign Companies will assign
any of its rights or obligations under this Agreement or transfer its legal relationship to another party, in whole or in part, without
the prior written consent of the other party (such consent not to be unreasonably withheld or delayed).

 

NOTICES

 

Any notices required under this Treasury Services
Agreement can be validly sent to the following addresses by mail:

 

		·	For PXS: 	Proximus SA – Treasury

	 	 	 	Attn
                                      : *** 
	 	 	 	Tel: ***
	 	 	 	Mail: ***

 

		·	For the TeleSign Companies: 

	 	 	 	Attn
                                      : ***
	 	 	 	 
	 	 	 	Tel: ***
	 	 	 	 
	 	 	 	Mail: ***

 

DURATION AND TERMINATION

 

This Treasury Services Agreement is entered into
for an indefinite duration but can be terminated by either party upon three-month prior written notice.

 

APPLICABLE LAW AND JURISDICTION

 

This Agreement and any non-contractual obligations
arising out of or in connection with it will be governed by, and construed and enforced in accordance with the Belgian law.

 

The Parties hereby agree that any dispute (including
of a non-contractual nature), which arise out of or in connection with this Agreement, will be brought to the competent court in Brussels.

 

	For PXS  NV	 	For the TeleSign Companies
	***	 	*** 
	*** 	 	***
	*** 	 	***
	*** 	 	***

 

    
	Proximus, Bd. du Roi Albert II 27, B-1030 Brussels, Belgium
 VAT BE 0202.239.951, Brussels Register of Legal Entities, Giro BE61310124803017EUR - BBRUBEBB	Page 5 of 5

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