Document:

Document

Exhibit 10.13

CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT (the "Agreement") is dated July __, 2016, by and between Kaltura Europe Limited, incorporated and registered in England and Wales with company number 8012257, whose registered office is at 4th floor, Northumberland House, 303- 306 High Holborn, London WClV 7JZ (the "Company") and Ron Yekutiel, an individual, residing at #### (the "Consultant").
R E C I T A L S
WHEREAS, the Company wishes to engage Consultant as an independent contractor to provide the services described herein and Consultant agrees to provide the services for the compensation and otherwise in accordance with the terms and conditions contained in this Agreement; and
WHEREAS, the terms and conditions of this Agreement reflect the past oral arrangements conducted and agreed between the Consultant and the Company since the Effective Date (as such term is defined below);
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, accepted and agreed to, the parties, intending to be legally bound, agree to the terms set forth below:
1.    INTERPRETATION
1.1    The headings in this Agreement are inserted for convenience only and shall not affect its construction. The exhibits and schedules to this Agreement form part of (and are incorporated by reference into) this Agreement. A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re- enactment and includes any subordinate legislation for the time being in force made under it.
2.    TERM OF ENGAGEMENT
2.1    Effective as of the Effective Date, the Company shall engage the Consultant and the Consultant shall provide to the Company the Services (as defined below) on the terms of this Agreement.
2.2    This Agreement and the engagement of the Consultant by the Company on the terms of this Agreement shall commence effective as of May 1, 2014 (the "Effective Date"), and shall continue in full force until terminated by either party as follows:
(a)    Termination by the Company for Cause: The Company may terminate this Agreement immediately, in case of Cause (as such term is defined in clause 2.3 below);
(b)    Termination by the Company for convenience. The Company may terminate this Agreement for any reason, upon delivery of ninety (90) days' prior written notice to the Consultant.
(c)    Termination by the Consultant: The Consultant may terminate this Agreement upon delivery of sixty (60) days' prior written notice to the Company.
2.3    For the purpose of this Agreement, "Cause" shall include (i) a continuing failure by the Consultant to render services to the Company in accordance with the designated duties hereunder, and such failure of performance continuing for a period of more than sixty (60) days after written notice thereof has been provided to Consultant by the Board of Directors of the Company; (ii) court judgment declaring willful misconduct or  gross negligence by Consultant; (iii) Consultant's conviction of a felony, either in connection with the performance of his obligations to the Company, or otherwise, which shall have adversely affected his ability to perform the obligations defined herein, or which shall have material adverse effect on the business activities, reputation, goodwill or image of the Company; (iv) willful disloyalty, deliberate dishonesty, breach of fiduciary duty or material breach of the terms of this Agreement; (v) a court judgment finding the Consultant guilty of an act of fraud, embezzlement; (vi) the Consultant is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court administration order made against him under any applicable law; (vii) deliberate disregard of the rules or policies of the Company which results in material loss, damage on injury to the Company; or (viii) the breach by the Consultant of any of the provisions of Section 6, 7 or 8 hereof.
3.    SCOPE OF SERVICES
3.1    During the term of this Agreement (the "Term") the Consultant shall provide the services detailed in Exhibit A attached hereto and incorporated herein by reference (the "Services"). The Services shall be provided solely and 

exclusively by Consultant. The Consultant shall not subcontract or otherwise delegate performance of any Services without the Company's prior written consent.
3.2    Consultant agrees that during the Term it will provide the Services on a part time basis reflecting an equivalent of 33.33% of full time position or such other scope of work as shall be agreed upon by and between the Company and Consultant. The Services will be scheduled on an as-needed basis and will be coordinated mutually by the parties.
4.    REMUNERATION
4.1    In consideration of the provision of the Services, the Company shall pay to the Consultant a consultancy fee as set forth in Exhibit A attached hereto (the "Consulting Fee").
4.2    The Consultant shall submit monthly to the Company an invoice which gives details of the Services which have been provided by the Consultant and the amount of the fee payable (plus VAT, if applicable) for such Services during that month.
4.3    The Company shall reimburse (or procure the reimbursement of) all reasonable expenses properly and necessarily incurred by the Consultant in the course of the performance of his Services, subject to production of receipts or other appropriate evidence of payment.
4.4    The Consulting Fee and the reimbursement of expenses set forth in clause 4.3 above shall constitute the total and exclusive compensation due to the Consultant under this Agreement and the Consultant shall not be entitled to any other form of compensation, commission,  fee, bonus, reimbursement, equity securities or any other form of payment for the provision of Services hereunder.
4.5    It is explicitly agreed between the parties that, unless explicitly stated otherwise in Exhibit A attached hereto, any and all taxes, duties, fees, governmental or municipal fees or charges and/or other impositions that may be levied pursuant to any applicable law upon the Consultant with regards to the provision of the Services under this Agreement, including, but not limited to, Value Added Tax and Income Tax, shall be borne solely by the Consultant, and the amounts of the aforesaid payments shall be deemed to have been included in the Consulting Fee.
5.    OTHER ACTIVITIES
5.1     The Consultant shall not be engaged in any other employment or engage actively in any other business activities which may hinder its performance hereunder, with or without compensation, for any other person, firm or company without the prior written consent of the Company. This Agreement does not require exclusivity on behalf of the Consultant, and the Consultant may advise other companies, as long as those companies are not in direct competition with the Company, and as long as the Consultant is not in conflict of interest during the performance of the Services to the Company.
6.    CONFIDENTIAL INFORMATION AND COMPANY PROPERTY
6.1    The Consultant acknowledges that in the course of the provision of the Services he will have access to Confidential Information (as defined below). The Consultant has therefore agreed to accept the restrictions in this clause 6. The Consultant acknowledges that the Confidential Information is confidential and is the property of the Company.
6.2    The Consultant shall not (except as directed by the Company or in the proper course of his duties), during or after the Tenn, disclose to any third party (person or entity) or use, directly or indirectly for Consultant's own benefit or the benefit of others, any Confidential Information, or permit any third party to examine or make copies of any documents which may contain or be derived from Confidential Information. This restriction does not apply to: (a) any use or disclosure authorised by the Company or required by law; or (b) any information that was in Consultant's possession or known to the Consultant before receipt from the Company; (c) any information that shall have been lawfully received by the Consultant from another person or entity having no confidentiality obligation to the Company or any of its affiliates; and (d) any information which is already in, or comes into, the public domain otherwise than through the Consultant's unauthorised disclosure.
6.3    The Consultant agrees not to use, disclose to the Company, or induce the Company to use, during the Term, any confidential information or documents belonging to others.
6.4    The obligations in this clause 6 shall continue for a period of three (3) years from the date that the Confidential Information is provided to the Consultant, regardless of whether this Agreement has been terminated.
6.5    For the purposes of this Agreement, the term "Confidential Information" means the Intellectual Property (as such term is defined below) and all other designs, inventions, improvements, business information, customer lists, 
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business strategy, financial information, trade secrets, formulae, algorithms, software systems (including specifications, programs and documentation), the methods and data, and the developments, and works of authorship, which the Company or any of its affiliates uses, owns, plans or develops (whether for its own use or for use by its clients or customers), and to which the Consultant shall have access to, receive, and learn during the engagement with the Company. All documents, manuals, hardware and software provided for the Consultants use by the Company, and any data or documents (including copies) produced, maintained or stored on the Company's computer systems or other electronic equipment, remain the property of the Company.
6.6    Upon termination of this Agreement, the Consultant  shall:  (i)  immediately deliver to the Company all documents, books , materials, records, correspondence, papers and information (on whatever  media and wherever  located) relating to the business or affairs of the Company and any of its affiliates, and any other property of the Company and any of its affiliates, which is in its or his possession or under his control; (ii) irretrievably delete any information relating to the business of the Company and any of its affiliates stored on any magnetic or optical disk or memory and all matter derived from such sources which is in its or his possession or under his control outside the premises of the Company; and (iii) provide a signed statement that he has complied fully with his obligations under this clause 6.6.
7.    INTELLECTUAL PROPERTY
7.1    For purposes of this Agreement, "Intellectual Property" means the following items of intangible and tangible property: (i) patents, whether in the form of utility patents or design patents and all pending applications for such patents; (ii) trademarks, trade names, service marks, designs, logos , trade dress , and trade styles, whether or not registered, and all pending applications for registration of the same; (iii) copyrights or copyrightable material, including but not limited to code, books, articles and publications, whether or not registered, and all pending applications for registration of the same; (iv) invention disclosures, research records, trade secrets,  confidential  information,  product  designs,  engineering  specifications and drawings, technical information, formulae, customer lists, supplier  lists  and  market analyses; (v) computer  programs and related flow-charts,  programmer  notes, updates and data, whether in object or source code form; and (vi) any idea, concept, improvement, invention, technique, process,  method ,  product,  device,  system,  etc.,  conceived or first reduced  to  practice during Consultant's service with the Company, and which  was the result of the Consultant's services to the company.
7.2    The  Consultant  hereby agrees to assign, and hereby assigns, to the Company, all right, title , and  interest to Intellectual  Property,  originated,  conceived,  developed ,  written or made by the Consultant during the Term of the engagement with the Company, which is developed by the Consultant in the course of  the  performance  of  the  Services  for  the Company or in any way connected to the products or services of the Company and any of its affiliates, including those products or services contemplated in a plan adopted by the Board of Directors of the Company or any other affiliate of the Company.
7.3    In furtherance of the foregoing Sections 7.1 and 7.2, the Consultant agrees that all fruits of the Consultant's work  in connection  with the business of the Company or any of its affiliates, including all Intellectual Property rights which are invented or developed by the Consultant as a result of providing Services under this Agreement shall be exclusively and wholly-owned by the Company, and the Company shall  be entitled  to  deal  therewith  as it desires and register the Intellectual Property in its name or in the name of any of its affiliates.
7.4    Upon request, the Consultant will execute any instrument required to vest in the Company or in any of its affiliates complete title and ownership to any Intellectual Property. At the request of the Company, the Consultant  will execute any necessary instrument to obtain legal protection in the U.S. and foreign countries for any Intellectual Property and for the purposes of vesting title thereto in the Company or in any of its affiliates, all at the Company's expense and without any additional compensation of any kind to the Consultant. The Consultant agree to appoint the Company or the Company's designee as its attorney in its name and on its behalf to execute all documents and do all things required in order to give full effect to the provisions of this Section 7.
7.5    The Consultant acknowledges that no further remuneration or compensation other than that provided for in this Agreement is or may become due to the Consultant in respect of the performance of its obligations under this clause 7.
8.    COMPETITIVE ACTIVITY
8.l    For a period of twelve (12) months from and after the termination of this Agreement, the Consultant will not directly compete with the products or services of the Company or in any of its affiliates, or act as a consultant to or employee of, a venture, entity or other business that directly competes with the products or services of the Company or in any of its affiliates.
8.2    For a period of twelve (12) months from and after the termination of this Agreement, neither the Consultant nor its affiliate shall, directly or indirectly, (i) retain, or employ  (either for itself or as agent for another) or induce persuade or encourage any person to leave the Company's employ who, prior to the date hereof was, or during the term of this 
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Agreement will be, employed or retained by the Company as a consultant, independent contractor, reporter, agent, employee or otherwise or (ii) divert or attempt to divert from the Company any business whatsoever by influencing or attempting to influence any client or supplier of the Company.
8.3    The Consultant represents that his engagement with the Company will not, to his knowledge, require him (or any of its affiliates) to violate or breach any obligation to or agreement or confidence with any previous or current employer or third party. The Consultant further represents that no legal impediment exists to his entry into this Agreement and the performance of the Services. The Consultant shall disclose the existence of this Agreement to any previous or current employer or third party in connection with any transaction  between the Company and such previous or current employer or third party, to the extent required by applicable law.
8.4    The parties acknowledge that the time, scope and other provisions of Section 8 have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the transactions contemplated by this Agreement.   If any portion of Section 8 shall be determined to be invalid and unenforceable as written, each such portion shall be enforced to the extent reasonable under the circumstances and such determination shall not affect the validity or enforceability of the balance thereof, and such balance shall remain in full force and effect.
9.    SPECIFIC PERFORMANCE
9.1    The Consultant acknowledges and agrees that any breach of Sections 6, 7 or 8 of this Agreement is likely to result in irreparable injury to the Company, that monetary damages may be an inadequate remedy  of such breach and that, accordingly, in addition to any other remedy that the Company may have, the Company shall be entitled to enforce the specific performance of such Sections.
10.    STATUS
10.1    The relationship of the Consultant to the Company will be that of independent contractor and nothing in this Agreement shall render it (nor the Individual) an employee, worker, agent or partner of the Company and the Consultant shall not hold  himself out as such.
10.2    The Consultant understands and agrees that except as specifically provided in this Agreement or except as required within the scope of the Services, the Company does not grant to the Consultant the right or authority to make or give any agreement, statement, representation, warranty or other commitment, or to create any obligation of any kind, on behalf of the Company or any subsidiary.
10.3    This Agreement constitutes a contract for the provision of services and not a contract of employment and accordingly the Consultant shall be fully responsible for and in respect of payment of the following within the prescribed time limits: (a) any income tax, National Insurance and Social Security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with either the performance of the Services or any payment or benefit received  by the Consultant in respect of the Services, where such recovery is not prohibited by law; and (b) any liability for any employment-related claim or any claim based on worker status (including  reasonable costs and expenses) brought  by Consultant against the Company arising out of or in connection with the provision of the Services, except where such claim is as a result of any act or omission of the Company.
11.    NOTICES
11.1    Any notice given under this agreement shall be in writing and signed by or on behalf of the party giving it and shall be served by delivering it personally, or sending it by pre-paid recorded delivery or registered  post to the relevant party at its registered office for the time being or by sending it by fax to the fax number notified by the relevant party to the other party or by sending it by electronic mail to the email address notified by the relevant party to the other party. Any such notice shall be deemed to have been received: (a) if delivered personally, at the time of delivery; (b) in the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting; (c) in the case of fax or electronic mail, at the time of transmission.
11.2    In proving such service it shall be sufficient to prove that the envelope containing such notice was addressed to the address of the relevant party and delivered either to that address or into the custody of the postal authorities as a pre-paid recorded delivery or registered post or that the notice was transmitted by fax to the fax number or by electronic mail to the email address of the relevant party.
12.    MISCELLANEOUS
12.1    This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter 
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hereof. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made either party which are not expressly set forth in this Agreement.
12.2    This Agreement may be executed in any number of counterparts,  each of which, when executed and delivered, shall be an original, and all the counterparts together shall constitute one and the same instrument.
12.3    The provisions of Sections 6 through 12 of this Agreement shall survive the rescission or termination, for any reason, of this Agreement.
12.4    The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no person other than the Consultant and the Company (and any of  its affiliates) shall have any rights under it. The terms of this Agreement or any of them may be varied, amended  or modified or this Agreement  may be suspended, cancelled or terminated, in each case by agreement in writing between the parties or this Agreement, without the consent of any third party.
12.5    This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law.
12.6    The Company shall have the right to assign this Agreement to any of its affiliates or any corporation or other entity acquiring all or substantially all the assets and business of any of its affiliates (including this Agreement), whether by operation of law or otherwise. Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Consultant, its beneficiaries or legal representatives.
12.7    No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
12.8    The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.
[Signature page to follow]
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officers and the Consultant has executed this Agreement as of the date indicated below.
												
	Executed as a deed by Kaltura Europe Limited acting by Shay David, a director, in the presence of:
		Signature	/s/ Dr. Michal Bur-Shalev
		Director	
				
	Executed as a deed by Ron Yekutiel, in the presence of:
		Signature:	/s/ Ron Yekutiel

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Exhibit A
to the consulting agreement (the "Agreement') by and between Kaltura Europe Limited (the "Company') and Ron Yekutiel (the "Consultant')
Description of the Services:
The Consultant shall provide the following services (the "Services") as an independent contractor: corporate and business development services.
Consideration:
Consulting Fee: In consideration of the provision of the Services, the Company shall pay the Consultant the following fees in accordance with the terms and conditions of the Agreement:
•    For all Services provided during the period commencing on May 1 2014 and ending on April 30, 2015 a one-time payment  of GPB £_156,115.18____ exclusive of Value Added Tax (if applicable) (the "Special Consideration"). The Special Consideration shall be paid to the Consultant within 5 days following the date of the Agreement, subject to of receipt of an invoice submitted in accordance with the terms of the Agreement.
•    For all Services to be provided commencing on May 1 2015 and until termination of the Agreement, a monthly fee of GPB£ 6,319 exclusive of Value Added Tax (if applicable) (the "Monthly Fee"). The Monthly Fee shall be paid to the Consultant within 10 days of receipt of an invoice submitted in accordance with the terms of the Agreement.
•    The Monthly Fee set forth above, and the Maximum Yearly Bonus Amount detailed below, is based on a US$- GPB£ exchange rate of GPB £0.65 per one USD (the "Base Rate"). The Monthly Fee shall be linked to the US Dollar, so that it will maintain the same value in US Dollars per the Base Rate, as defined above.
Bonus: Consultant shall be entitled to annual On Target Earnings bonus, under the following terms (the "Bonus"):
(1)    The maximum amount of the Bonus payment per calendar year (12 months) shall be up to GPB £48,750 (gross) (the "Maximum Yearly Bonus Amount").
(2)    The entitlement of the Consultant to the Bonus amount with respect to each calendar quarter shall be subject to the achievement and attainment of the goals and objectives set forth in the table attached hereto (the "Qualifying Objectives" and "Bonus Table", respectively).
(3)    During each calendar month of each calendar year, the Company shall pay the Consultant a monthly amount as further detailed in the Bonus Table attached hereto (the "Monthly Bonus Amount"), which payments of the Monthly Bonus Amount shall be on account of the applicable Quarterly Bonus Amount (as such term is defined below).
(4)    With respect to each calendar quarter, the Company will assess the achievement and attainment of the Qualifying Objectives, and will calculate the entitlement to the Bonus payment for the applicable calendar quarter as detailed in Section 5 below (the "Quarterly Bonus Amount") in accordance with the formula set forth in the Bonus Table attached hereto.
(5)    The Quarterly Bonus Amounts shall be calculated by the end of the calendar month subsequent to the applicable quarter as follows: (i)
a.    the Quarterly Bonus Amount for Q1 will be calculated by the end of April of the applicable year,
b.    the Quarterly Bonus Amount for Q2 will be calculated by the end of July of the applicable year,
c.    the Quarterly Bonus Amount for Q3 will be calculated by the end of October of the applicable year, and
d.    the Quarterly Bonus Amount for Q4 will be calculated by the end of January of the subsequent calendar year.
(6)    In the event that the applicable Quarterly Bonus Amount exceeds the aggregate Monthly Bonus Amounts paid during such applicable calendar quarter, then the Consultant shall be entitled to receive such balance of the Quarterly Bonus Amount, which will be paid to you in the subsequent month. In the event that the applicable Quarterly Bonus Amount is lower than the aggregate Monthly Bonus Amounts paid during such applicable quarter, then such shortfall amount will be taken into account and deducted from the Quarterly Bonus Amount payable in the subsequent quarter.
(7)    All Bonus payments are stated in gross amounts and are subject to taxes, withholdings, and other required deductions.
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BY THEIR SIGNATURE BELOW, THE PARTIES ACKNOWLEDGE THAT THE FOREGOING EXHIBIT REFLECTS THE PARTIES' AGREEMENT:
												
	Executed as a deed by Kaltura Europe Limited acting by Shay David, a director, in the presence of:
		Signature	/s/ Dr. Michal Bur-Shalev
		Director	
				
	Executed as a deed by Ron Yekutiel, in the presence of:
		Signature:	/s/ Ron Yekutiel

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AMENDMENT TO CONSULTING AGREEMENT (RON YEKUTIEL)
THIS AMENDMENT ("Amendment")   to the consulting agreement (the "Agreement") in effect between Kaltura Europe Limited ("Company") and Ron Yekutiel ("Consultant") shall be effective as of January 1, 2018 Amendment Effective Date").
WHEREAS, Company and Consultant entered into the Agreement on or about July 1, 2016 (effective as of May 1, 2014); and
WHEREAS, the parties now desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.    Unless expressly defined herein, capitalized terms shall have the meaning set forth in the Agreement.
2.    The following language hereby replaces and supersedes the "Consideration" section in Exhibit A the Agreement:
Consulting Fee
For all Services provided commencing July 1, 2018 and until termination of the Agreement, the applicable Monthly Fee payable by Company to Consultant shall be USD $12,500. The Monthly Fees for the second half of the 2018 calendar year (i.e., July 1, 2018 through December 31, 2018) shall be paid as follows: (a) USD $9,722 shall be payable at the end of each calendar month; and (b) USD $16,668 shall be payable by the end of January 2019. From January 1, 2019 until the termination of the Agreement, the full Monthly Fee (USD $12,500) shall be payable on a monthly basis, within 10 days of Company's receipt of an invoice submitted in accordance with the terms of the Agreement.
Bonus
The applicable Bonus for the 2018 calendar year, and any subsequent calendar years until the termination of the Agreement, shall be as follows:
a.    The maximum amount of the Bonus payment per calendar year (12 months) shall be: (a) a maximum Annual Bonus of USD $93,100 (gross); and (b) a maximum Annual Additional Stretch Bonus of USD $22,403 (gross).
b.    Consultant's entitlement to the Bonus shall be determined, for each calendar year, on the basis of the attainment of the goals and objectives defined by Company (the ("Qualifying Objectives"). The Qualifying Objectives for each calendar year shall be those defined and approved by the Kaltura, Inc. Board of Directors. For the 2018 calendar year, the Qualifying Objectives shall be those set forth in Exhibit A hereto.
CONFIDENTIAL

c.    From September 2018 through the end of December 2018, Company shall pay Consultant USD $2,083 per month (i.e., the equivalent of 50% of the pro-rated annual bonus in effect prior to the execution of this contract) on account of the Bonus (the "Monthly Bonus Amount"). Beginning from January 2019, the Monthly Bonus Amount shall increase to a total of USD $5,431 per month (i.e., the equivalent of 70% of the pro-rated Annual Bonus). The Monthly Bonus Amount shall be payable on a monthly basis, within 10 days of Company's receipt of an invoice submitted in accordance with the terms of the Agreement.
d.    At the end of Q2 of each calendar year, and again at the end of the calendar year, Company will assess attainment of the Qualifying Objectives, and will calculate Consultant's entitlement to the Bonus (or any portion thereof). In the event that Annual Bonus and Annual Additional Stretch Bonus attainment amounts exceed the aggregate Monthly Bonus Amounts paid during the applicable calendar year, then Consultant shall be entitled to receive the balance, which will be paid in September (based on attainment calculated as of the end of Q2) and March of the subsequent calendar year (for attainment calculated as of the end of the applicable calendar year), respectively. In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus attainment amounts are lower than the aggregate Bonus amounts paid during the applicable calendar year, then such shortfall amount will be taken into account and deducted from Consultant's future Bonus payments. For the avoidance of doubt, for the 2018 calendar year, the difference between the Monthly Bonus Amounts paid in 2018 (inclusive of any monthly amounts paid prior to the execution of this Amendment) and the Annual Bonus and Annual Additional Stretch Bonus attainment calculated at the end of the calendar year shall be paid by the end of March 2019.
e.    For the avoidance of doubt, Company shall have exclusive discretion in determining whether or not any Bonus payment is paid to Consultant.
3.    Except as expressly set forth herein, all terms of the Agreement shall remain in full force and effect. If there is any conflict between the provisions of this Amendment and the provisions of the Agreement, the provisions of this Amendment shall prevail.
Each of the undersigned represents and warrants that he or she is duly authorized to sign this Amendment on behalf of the party he or she represents. Each party has read, understands, and agrees to the terms of this Amendment. This Amendment may be executed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
CONFIDENTIAL

															
	Kaltura Europe Ltd.		Ron Yekutiel
					
	Signature:	/s/ Sigal Srur		Signature:	/s/ Ron Yekutiel
	Name:	Sigal Srur			
				Date Signed:	November 5, 2018
	Title:	SVP Human Resources			
					
	Date Signed:				

CONFIDENTIAL

EXHIBIT A
•18.5% of the on-target Annual Bonus shall be based on attainment of the New MRR Booking Goal ($2.163M)
o    Linear from 75% to 100% of Annual New MRR Booking Goal; zero under 75% attainment (i.e., under $1.62M new MRR booking). Double rate north of 100% attainment up to a maximum of 150% attainment (which is attained at 125% of the Annual New MRR Booking Goal, i.e., at $2.7038M new MRR booking)
•18.5% of the on-target Annual Bonus shall be based on attainment of the Average % Gross MRR Churn Goal (-9.8%)
o    150% for better than 7.5% Gross MRR Churn
o    140% for 7.5-8% Gross MRR Churn
o    130% for 8-8.5% Gross MRR Churn
o    120% for 8.5-9% Gross MRR Churn
o    110% for 9-9.5% Gross MRR Churn
o    100% for 9.5-10% Gross MRR Churn
o    90% for 10-11% Gross MRR Churn
o    80% for 11-12% Gross MRR Churn
o    70% for 12-13% Gross MRR Churn
o    60% for 13-14% Gross MRR Churn
o    50% for 14-15% Gross MRR Churn
o    No bonus for the churn component if over 15% Gross MRR Churn
•18.5% of the on-target Annual Bonus shall be based on attainment of the Free Cash Flow Annual Goal (negative $11.546M)
o    130% for better than ($7.0M)
o    120% for ($7.0M)    ($8.5M)
o    110% for ($8.5M)    ($10.0M)
o    100% for ($10.0M)    ($11.5M)
CONFIDENTIAL

o    90% for ($11.5M)    ($12.0M)
o    80% for ($12.0M)    ($12.5M)
o    70% for ($12.5M)    ($13.0M)
o    60% for ($13.0M)    ($13.5M)
o    50% for ($13.5M)    ($14.0M)
o    0% under ($14.0M)
•44.5% of the on-target Annual Bonus shall be based on the attainement of OKRs defined by Company (no attainment beyond 100%)
CONFIDENTIAL

AMENDMENT TO CONSULTING AGREEMENT (RON YEKUTIEL)
THIS AMENDMENT ("Amendment")   to the consulting Agreement (the "Agreement") in effect between Kaltura Europe Limited ("Company") and Ron Yekutiel ("Consultant") shall be effective as of January 1, 2018 Amendment Effective Date").
WHEREAS, Company and Consultant entered into the Agreement on or about July 1, 2016 (effective as of May 1, 2014); and
WHEREAS, the parties now desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.    Unless expressly defined herein, capitalized terms shall have the meaning set forth in the Agreement.
2.    The following language hereby replaces and supersedes the "Consideration" section in Exhibit A the Agreement: 
Consulting Fee
From January 1, 2020 until the termination of the Agreement, the full Monthly Fee shall be $13,750.00 and such fee shall be payable on a monthly basis, within 10 days of Company's receipt of an invoice submitted in accordance with the terms of the Agreement. 
Bonus 
The applicable Bonus for the 2020 calendar year, and any subsequent calendar years until the termination of the Agreement, shall be as follows:
a.    The maximum amount of the Bonus payment per calendar year (12 months) shall be: (a) a maximum Annual Bonus of USD $102,440.00; and (b) a maximum Annual Additional Stretch Bonus of USD $24,657.00.
b.    Consultant's entitlement to the Bonus shall be determined, for each calendar year, on the basis of the attainment of the goals and objectives defined by Company (the "Qualifying Objectives"). For the 2020 calendar year, the Qualifying Objectives shall be those determined and approved by the Compensation Committee of the Kaltura, Inc. Board of Directors in February 2020.
c.    Beginning from January 1, 2020, Company shall pay Consultant USD $5,976.00 per month (i.e., the equivalent of 70% of the pro- rated Annual Bonus) on account of the Bonus (the "Monthly Bonus Amount"). The Monthly Bonus Amount shall be payable on a monthly 
CONFIDENTIAL

basis, within 10 days of Company's receipt of an invoice submitted in accordance with the terms of the Agreement.
d.    For the avoidance of doubt, Company shall have exclusive discretion in determining whether or not any Bonus payment is paid to Consultant.
3.    Except as expressly set forth herein, all terms of the Agreement shall remain in full force and effect. If there is any conflict between the provisions of this Amendment and the provisions of the Agreement, the provisions of this Amendment shall prevail.
Each of the undersigned represents and warrants that he or she is duly authorized to sign this Amendment on behalf of the party he or she represents. Each party has read, understands, and agrees to the terms of this Amendment. This Amendment may be executed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one and the same instrument.
															
	Kaltura Europe Ltd.		Ron Yekutiel
					
	Signature:	/s/ Sigal Srur		Signature:	/s/ Ron Yekutiel
	Name:	Sigal Srur			
				Date Signed:	January 21, 2020
	Title:	Chief Human Resources Officer			
					
	Date Signed:	January 20, 2020			

CONFIDENTIAL

AMENDMENT TO CONSULTING AGREEMENT (RON YEKUTIEL)
THIS AMENDMENT (“Amendment”) to the consulting agreement (the “Agreement”) in effect between Kaltura Europe Limited (“Company”) and Ron Yekutiel (“Consultant”) shall be effective as of January 1, 2021 (the “Amendment Effective Date”).  
WHEREAS, Company and Consultant entered into the Agreement effective as of May 1, 2014; and
WHEREAS, the parties now desire to amend the Agreement as set forth herein. 
NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
1.Unless expressly defined herein, capitalized terms shall have the meaning set forth in the Agreement.  
2.Exhibit A of the Agreement is hereby stricken in its entirety and replaced with the following:
Consulting Fee
For all Services provided commencing January 1, 2021 and until termination of the Agreement, the applicable Monthly Fee payable by Company to Consultant shall be USD $15,088, which fee shall be payable on a monthly basis, within 10 days of Company’s receipt of an invoice submitted in accordance with the terms of the Agreement. 
Bonus
The applicable Bonus for the 2021 calendar year, and any subsequent calendar years until the termination of the Agreement, shall be as follows:
a.The maximum amount of the Bonus payment per calendar year (12 months) shall be: (a) a maximum Annual Bonus of USD $ 131,607 (gross); and (b) a maximum Annual Stretch Bonus of USD $ 42,900 (gross). 
Consultant’s entitlement to the Bonus shall be determined, for each calendar year, on the basis of the attainment of certain financial and operational metrics set by Kaltura Inc.’s board of directors  (the “Qualifying Objectives”). 
b.From January 2021 through the end of December 2021, Company shall pay Consultant USD $ 7,677 per month on account of the Bonus (the “Monthly Bonus Amount”).  The Monthly Bonus Amount shall be payable on a 
CONFIDENTIAL

monthly basis, within 10 days of Company’s receipt of an invoice submitted in accordance with the terms of the Agreement.  
c.In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus attainment exceed the aggregate Monthly Bonus Amounts paid during such applicable calendar year, then Consultant shall be entitled to receive the balance, which will be paid in March of the subsequent year. In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus amounts are lower than the aggregate Monthly Bonus Amounts paid during such applicable calendar year, then such shortfall amount will be taken into account and deducted from Consultant’s future payments. 
d.For the avoidance of doubt, Company shall have exclusive discretion in determining whether or not any Bonus payment is paid to Consultant. 
3.Except as expressly set forth herein, all terms of the Agreement shall remain in full force and effect. If there is any conflict between the provisions of this Amendment and the provisions of the Agreement, the provisions of this Amendment shall prevail.   
Each of the undersigned represents and warrants that he or she is duly authorized to sign this Amendment on behalf of the party he or she represents.  Each party has read, understands, and agrees to the terms of this Amendment.  This Amendment may be executed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one and the same instrument. 
															
	Kaltura Europe Ltd.		Ron Yekutiel
					
	Signature:
	/s/ Yaron Garmazi		Signature:
	/s/ Ron Yekutiel
					
	Name:
	Yaron Garmazl		Date Signed: March 7, 2021
					
	Title:	CFO			
					
	Date Signed: March 7, 2021			

CONFIDENTIALDocument

Exhibit 10.14

KALTURA

EMPLOYMENT AGREEMENT
This Employment  Agreement  (the "Employment  Agreement")  is made  as  of  June 18 2017  by  and  between Kaltura  Ltd., Company Number  5-1391737-7,  an  Israeli company, having its principal  place of  business at 2 Shoham St. Ramat Gan, Israel (the "Company"), and Yaron Garmazi holder of an Israeli ID number ####  (the "Employee").
WHEREAS, the Company wishes to employ the Employee, and the Employee agrees to  be employed  by the Company, as of June 19, 2017 (the"Effective Date") and throughout the Term (as such term is defined below), all in accordance with the terms and conditions set forth in this Employment Agreement); and
WHEREAS, the Employee represents that he has significant expertise and knowledge with regard to the Position.
NOW,  THEREFORE, in consideration of the mutual premises, covenants and other agreements contained herein, the parties hereby agree as follows:
1.    General
1.1    The preamble to this Employment Agreement constitutes an integral part thereof.
1.2    The appendices to this Employment Agreement are an integral part thereof and are hereby incorporated by reference.
1.3    The headings in this Employment Agreement are for the purpose of convenience only and shall not be used for the purposes of interpretation.
1.4    In this Employment Agreement words referring to a male employee are intended also for a female employee.
2    Employment and Position.
2.1    The Employee's employment with the Company shall commence on the Effective Date and shall continue for
an unlimited period, in accordance with the provisions of this Employment Agreement
2.2    The Company hereby agrees to employ the Employee and the Employee hereby agrees to be employed by Company  in the position  as  described  in Exhibit  A hereto (the "Position"). The Employee shall have such authority as shall be delegated to him/her by the authorized representative(s) of the Company from time to time. The Company may, at its sole discretion, change the Position, the scope of authority, the content of the Position and its definitions, and/or to ask the Employee to render services out of the scope of the Position.
2.3    The Employee shall report regularly to the person set forth in Exhibit A hereto, or to any other person or
position as Company, at its sole discretion, shall instruct the Employee from time to time (the"Direct Manager").
3    Employee's Duties.
3.1    The Employee affirms and undertakes throughout the term of this Agreement:
3.1.1    To devote his entire working time, know-how, expertise, talent, experience and best efforts to the business and affairs of the Company and to perform his/her duties and functions diligently and skillfully with the utmost expertise and devotion.
3.1.2    To travel abroad from time to time if and as may be required pursuant to his Position.
3.1.3    Not to receive, at any time, whether during the term of this Agreement and/or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration, from any third party in connection with his employment with the Company, without the Company's prior written authorization.
3.1.4    To immediately and without delay inform the Company of any affairs and/or matters that might constitute a conflict of interest with Employee's Position and/or employment with Company (including its affiliates) and/or the interests of the Company (including its affiliates).
3.1.5    Not, without the prior written consent of the Company,  to undertake or accept any other paid or unpaid employment or occupation or engage in or be associated with, directly or indirectly,  any other businesses, duties or pursuits except for de minimis non-commercial or non-business activities.
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3.1.6    To comply with all the Company's regulations, work-rules, policies, procedures and objectives, as shall be in effect from time to time (the"Company's Rules"). In the event of inconsistency or contradiction between the provisions of this Employment Agreement and the Company's Rules, this Agreement shall prevail.
3.1.7    To comply with any applicable law or provision, pertaining to his employment, including, without limitation, the Company's Rules for Prevention of Sexual Harassment at the Workplace.
3.1.8    To the transfer of any information related to the Employee and held by the Company to a database (including a database located abroad) and to any other person or entity, as the Company shall deem necessary and reasonable for business purposes or to pursue the Company's business interests.
3.2    This Employment Agreement is confidential and therefore the Employee shall not disclose this Employment Agreement as a whole, or any part thereof, to any third party (not including the Employee's spouse, attorney or tax advisor), including, without limitation, to any other employee of the Company.
4    Time and Attention
4.1    In general, work for the Company shall be performed on Sunday through Thursday, unless determined and instructed otherwise by the Company, as set forth hereunder. A regular workday with the Company shall consist of9.6 hours, including a I hour daily break which shall be taken by the Employee, and which shall be the Employee's responsibility to take. Saturday shall be the Employee's recognized and official rest day.
4.2    Employee agrees and acknowledges that due to the Employee's senior managerial position in the Company, the special personal trust involved in the position in which the Employee shall be employed, and the inability to monitor the Employee's actual work hours, the Hours of Work and Rest Law, 195 l (the "Hours of Work and Rest Law") shall not apply to the Employee. The Employee acknowledges that the set amount of the Monthly Salary (as defined hereunder), as well as all other compensation and benefits provided to the Employee by the Company, as agreed upon between the Employee and the Company, reflect the requirements of the position to work additional and irregular hours and days. Accordingly, the Employee shall not be entitled to claim or receive payments or any additional pay for work performed at overtime hours, nights, weekends, or at any other times in which the Hours of work and Rest Law requires payment of special payments (to employees who are not in a position such as the position of the Employee). Notwithstanding, the Employee shall not generally be required to work on Saturdays or holidays.
5    Term and Termination
5.1    Employee's employment under this Employment Agreement shall commence on the Effective Date and shall remain in full force and effect unless terminated in accordance with the terms and conditions herein (the "Term").
5.2    Either the Company or Employee may terminate the Employee's employment by providing prior written notice in the number of days set forth in Exhibit A hereto (the "Notice Period"). During the Notice Period, whether notice has been given by the Employee or by the Company, the Employee shall continue to work unless instructed otherwise by the Company, and shall cooperate with the Company and use his/her best efforts to assist the integration into the Company organization of the person or persons who will assume the Employee's responsibilities
and duties.
5.3    Nonetheless, the Company shall be entitled, but not obligated, at any time prior to the expiration of the Notice Period, at its sole discretion: (i) to waive the Employee's actual work during the Notice Period, in which event the Company shall pay to the Employee during the remainder of the Notice Period the payments payable to the Employee under Section 6 below; or (ii) to immediately terminate this Employment Agreement and the employment relationship, at any time prior to the expiration of the Notice Period, in which event the Company shall pay the Employee upon termination of the Employment Agreement and the employment relationship the value of the Monthly Salary during the remainder of the Notice Period.
5.4    Notwithstanding the foregoing, the Company may immediately terminate this Employment Agreement and the employment relationship at any time for 'Cause' (as defined below) without Notice Period or any compensation in lieu of Notice Period and/or severance pay (subject to applicable law). For the purpose of this Employment Agreement, "Cause" means: (i) the Employee's breach of trust or fiduciary duties, including but not limited to theft,embezzlement, self-dealing, or breach of the provisions of the  IP Agreement  (as defined  below); (ii) any willful failure to perform or failure to perform competently any of the Employee's material functions or duties hereunder (including violation of the Company's Rules), or other breach of this Employment  Agreement, which, if capable of cure, was not cured within five (5) days of receipt  by the  Employee of written  notice thereof; (iii) an event  in which the Employee deliberately or gross negligently causes harm to the Company's business affairs or reputation; (iv) conviction of, or entry of any plea of guilty or nolo contendere by, the Employee for any felony or other lesser crime that would require removal from his or her position at the Company (e.g., any alcohol or drug related misdemeanor);
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(v) personal dishonesty; (vi) willful misconduct; (vii) other cause justifying termination  or  dismissal  without severance payment under applicable law; or (viii) if the Employee has provided the Company with false information about past career and/or education during the recruiting phase.
6    Salary and Social Benefits
6.1    Commencing from the Effective Date and during the Term, in consideration for the fulfillment of the Employee's work and other obligations set forth in this Employment Agreement, the Company  shall  pay  the Employee a gross monthly salary in the amount as set forth in Exhibit A hereto (the "Monthly Salary").
6.2    [Reserved].
6.3    The Monthly Salary shall be paid to the Employee no later than the 9th day of the following month.
6.4    The Company and the Employee will obtain and maintain Managers' Insurance or a pension fund according to the Employee's choice (the "Pension Insurance”). The contributions to the Pension h1surance shall be as follows
6.4.1    In the event that the Pension Insurance is Managers Insurance: the Company shall contribute 14.833% of the Monthly Salary (of which 8.33% will go towards severance, at least 5% are designated for premium payments and an additional percentage will go towards disability insurance, at a rate necessary to insure 75% of the Monthly Salary - "Company Contribution") and the Employee shall contribute 6% of the Monthly Salary payment ("Employee's Contribution") toward the premiums payable in respect of such insurance (the "Pension Insurance Policy.
6.4.2    In the event that the Pension Insurance is a Pension Fund the Company shall contribute 14.833% of the Monthly Salary (of which 8.33% will be towards severance - "Company Contribution") and the Employee shall contribute 6% of the Monthly Salary payment ("Employee's Contribution") toward the premiums payable in respect of such fund (the "Pension Insurance Policy").
6.4.3    For clarity's sake, the abovementioned contributions to the Employee's Pension Insurance may be changed from time to time according to applicable law.
6.4.4    It is hereby agreed that upon termination of employment under this Employment Agreement, the Company shall release to the Employee all amounts accrued in the Pension Insurance on account of  both the Company's and Employee's Contributions. However, it is hereby agreed that if the Employee's employment shall terminate under the circumstances defined in Section 16 and/or Section 17  of  the  Severance  Pay  Law -  the Employee shall not be entitled to any Severance Pay.
6.4.5    The Employee and the Company explicitly acknowledge and agree that the amounts accrued in the Pension Insurance Policy on account of the Company's Contribution  designated  for severance payments shall  be in lieu and in full and final substitution of any severance pay the Employee shall be or become entitled to under any applicable Israeli law. This section is in accordance with Section 14 of the Severance Pay Law, and the General Approval of the Labor Minister, dated June 30, 1998, (as amended and as may be amended from time to time) (the ''General Approval"}, issued in accordance to the said Section 14, a copy of which is attached hereby as Exhibit C, together with an English translation of the same, attached  hereto as Exhibit  D. The General  Approval forms an integral part of this Agreement. In so far as amendments to the General Approval shall be necessary, according and subject to any law or regulations, the  provisions of the amended General  Approval shall prevail and replace the General Approval attached hereto as Exhibit C and Exhibit D.
6.5    The  Company and the Employee shall open and maintain an education fund ("Keren Hishtalmut" in Hebrew) (the "Education Fund"). The Company shall contribute to the Education Fund an amount equal to seven and a half percent (7.5%) and the Employee shall contribute to such Education Fund an amount equal to two and a half percent (2.5%) of each Monthly Salary payment. Notwithstanding the above, the amounts contributed by the Company to the Education Fund will not exceed the limit recognized by the Income Tax Authority from time to time. In any event, any tax liability related to the Education Fund shall be borne, exclusively, by the employee. The Employee hereby authorizes the Company to transfer to the Education Fund the amount of the employee's and the Company's contribution from each Monthly Salary payment.
6.6    The Employee shall be entitled to paid annual vacation days as set forth in Exhibit A hereto. Accumulation, execution and redemption of such annual vacation days shall be made in accordance with the applicable Company's Rules, as may be amended from time to time.
6.7    It is explicitly acknowledged and agreed that the Monthly Salary includes mandatory travel expenses in accordance with applicable law and Employee shall not be entitled to receive any additional reimbursement of travel expenses.
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6.8    The Employee shall be entitled to sick leave and convalescence payments (known as "Dmei Havra'a'') in accordance with the applicable law, extension orders and in accordance with the applicable Company' Rules, as may be amended from time to time.
6.9    The Employee shall bring to the attention of his Direct Manager any call-up order for military reserve duty immediately upon receipt of the order.
7    Bonus
7.1    The Employee shall be entitled to MBO incentive payments, according to the CEO decision.
7.2    The MBO payment will be under the following terms (the "Bonus"),:
7.2.1    Maximum Bonus payment per year shall be NIS 240,000. Bonus will be paid at the end of each quarter, as detailed below:
7.2.2    Company shall provide Employee with a written Plan that Employee must achieve in order to be entitled to receive the Bonus, in whole or in part (the "Plan").
7.2.3    At the end of each quarter the Company will assess the Employee's performance and determine if the Employee is entitled to the predefined Bonus payments, in part or in full. Company's determinations in this respect shall be final and binding.
7.2.4    MBO payments will be made on a quarterly basis, during the second month of the following quarter (e.g., MBO payments related to Q3 performance will be paid out in November).
7.2.5    If Employee's employment is terminated prior to the end of a quarter, or if Employee was on notice period during the quarter and was not actively and fully performing all his duties through the entire quarter, then the Employee shall be entitled for the related period.
7.2.6    Since Bonus payments, if paid, are conditional and discretionary payments, Bonus payments shall not be deemed to be part of the Employee's salary, and shall not be taken into account in the calculation of the Employee's allocations to pension plan, education fund, severance pay, redemption of vacation, or any other employment related payment or benefit.
7.2.7    All Bonus payments shall be subject to all mandatory deductions, and shall be deemed to be quoted in gross figures.
8    Additional Benefits
8.1    Company Car. The  Company  shall provide the Employee  with a leased car (the "Leased Car"), which shall be of type and make to be elected by the Company. If  the Employee  will  be entitled  to use a Leased  Car  and will choose to actually use it, then the Company and the Employee shall enter into an addendum to this Employment Agreement, providing for, amongst other things, (a) the Employee's liabilities and responsibilities with respect to the use of the Leased Car and the Company's written policy regarding car leasing, which may be amended from time to time by the Company (collectively, the "Car Leasing Documents"); and (b) that the use of such Leased Car shall be subject to certain reductions and deductions from the Monthly Salary, in accordance with the Company's Car Policy, as may be amended by the Company from time to time. The Employee shall bear any applicable tax imposed with regard to the Leased Car. The Employee agrees and acknowledges that (i) the execution of a written withhold, or to have withheld, any such tax. The Employee hereby irrevocably authorizes the  Company  to  deduct from any payment, which may be due to the Employee from  the  Company,  any amount which the  Employee may owe to the Company hereunder.
8.2.4     The Employee acknowledges and confirms that as of the Effective Date, the above provisions constitute the sole promise made by the Company with respect to the grant of options and any other equity securities of Kaltura to the Employee, in  his capacity as  an Employee and in any other capacity; provided that notwithstanding the foregoing, Employee acknowledges and agrees that Employee has no right to receive any such stock or options to acquire stock unless the grant is approved by the Board of Directors of Kaltura.
9    Confidentiality, Non-Compete and Proprietary Rights
9.1     The Employee shall be required, as a condition to Employee's employment with the Company, to sign the Non-Competition, Proprietary Information and Inventions Agreement in the form attached hereto as Exhibit B hereto (the "IP Agreement").
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9.2    Employee represents and warrants to the Company that he is aware that any breach of,  or  failure to comply with, the terms and conditions set forth in the IP Agreement, or part of them, will cause the  Company  or the Company's affiliates serious and irreparable damage, and that no financial  compensation  can  be an appropriate remedy to such damage. Therefore, Employee agrees, that if such a breach occurs, the Company, any  of  the Company's affiliates or any of their designee(s) shall be entitled, without  prejudice,  to  take  all  legal  means necessary, and all and any injunctive relief as is necessary to restrain any continuing or further breach of this Agreement and the IP Agreement
9.3    For the removal of doubt, it is hereby clarified that the Employee's compensation under this Employment Agreement has been calculated to include special consideration for the commitments under Exhibit B and the Employee will not be entitled to any further consideration  for such commitments,  expressly  including no entitlement to royalties for any Service Inventions as defined in Section 132 of the Patent Law, l 967 (the "Patent Law"). This clause constih1tes an express waiver of my rights under Section 134 of the Patent Law.
9.4    To the extent the services, deliverables, Inventions (as defined in the IP Agreement) or any other work product provided by Employee include any software, computer code and/or firmware, any such services, deliverables, Inventions or work product shall not incorporate or include any Open Source (as defined below), unless explicitly approved  in writing by Company in each instance. In addition, all services, deliverables, Inventions and any other work product provided by Employee shall on delivery be free of viruses, malicious code, time bombs, Trojan horses, back doors, drop dead devices, worms, or other code of any kind that may disable, erase, display any unauthorized message, permit unauthorized access, automatically or remotely stop software, code and/or firmware from operating, or otherwise impair the services, deliverables, Inventions or work product or the Company network or any part thereof . "Open Source" means any software that requires as a condition of its use, the modification and/or distribution of such software or other software incorporated into, derived from or distributed with such software be: (i) disclosed or distributed in source code form; (ii) licensed for the purpose of making derivative works; or (ii) redistributable at no charge.
10    Employee Representations and Warranties
10.1     The Employee represents and warrants to the Company that the execution and delivery of this Employment Agreement and the fulfillment of the terms  hereof: (i)  will not constitute a default  under or breach  of any agreement or other instrument to which he/she is a party or by which he is bound, including without limitation, any confidentiality, invention assignment or non competition agreement; (ii) that no provision of any law, regulation, agreement or other document  prohibits him/her from entering  into this Employment  Agreement; {iii) do not require the consent of any person or entity; and (iv) shall not utilize during the term of his/her employment any proprietary information of any third pai1y, including prior employers of the Employee (other than any affiliate of the Company).
10.2    The Employee acknowledges that the Company is relying on the Employee's representations under this Section 8 upon entering into this Employment Agreement and any misrepresentation under this section by the Employee shall constitute a material breach of this Employment Agreement.
10.3    The Employee hereby agrees and acknowledges that he has read, understands and consents to the Company Computer Policy attached hereto as Exhibit E and incorporated herein by reference, and agrees to, concurrently with the execution of this Employment Agreement, to execute such form.
10.4    The Employee shall immediately and without delay inform the Company of any affairs and/or matters that might constitute a conflict of interest with the Employee's Position and/or employment with Company and/or the interests of the Company.
11    General
11.1    This Employment Agreement, together with its Exhibit and Schedules, constitute the entire understanding and agreement between the parties hereto, supersedes any and all prior discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect, except by a subsequent written document executed by both Employee and the Company.
11.2    The Company may assign or transfer this Employment Agreement or any right, claim or obligation provided herein subject to any applicable law, provided however that none of the Employee's rights under this Agreement are thereby diminished. The obligations of the Employee hereunder shall not be assignable or delegable.
11.3    All notices, requests and other communications to any party hereunder shall be given or made in writing and faxed, emailed, mailed (by registered or certified mail) or delivered by hand to the respective party at the address set forth in the caption of this Employment Agreement or to such other address (or fax number or email address) as such party may hereafter specify for the purpose of notice to the other party hereto. Each such notice, request or other communication shall be effective (a) if given by 
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fax or email, one (1) business day after such fax is transmitted to the fax number or email address specified herein and the appropriate answer back is received, or (b) if given by any other means, when delivered at the address specified in the Employment Agreement.
11.4    This Employment Agreement shall be governed by, and construed and enforced in accordance with, the laws of Israel without giving effect to principles of conflicts of law thereof. The parties submit to the exclusive jurisdiction of the competent courts of Israel in any dispute related to this Employment Agreement.
11.5    The parties hereby confirm that this is a personal services contract and that the relationship between the parties hereto shall not be subject to any general or special collective employment agreement or any custom or practice of the Company in respect of any of its other employees or contractors.
11.6    This Employment Agreement includes the terms to be contained in, and constitutes, the written notice to be delivered to the Employee pursuant to the Notice to Employee Law (Terms of Employment), 2002. Accordingly, this Employment Agreement shall come in lieu of the notice that is required under the Notice to Employee Law.
IN WITNESS WHEREOF, the Company and the Employee have executed this Employment Agreement as of the date first appearing above.
																		
	KALTURA Ltd.
		Employee	
						
	By:
	/s/ Ron Yekutiel		Signature:
	/s/ Yaron Garmazi	
						
	Name: Ron Yekutiel
		Name: 
	Yaron Garmazi	
						
	Title: CEO
		Date: 
	June 18, 2017	

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

	Position	CFO
	Direct Manager
	CEO
	Monthly Salary
	Monthly Salary:
	NIS (gross) 70,000

	MBO	Monthly MBO NIS paid on quarterly basis 20,000

	Scope of Work
	Full time

	Notice Period (by the Company or the Employee)
	60 days

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

	Keren Hishtalmut
(Education Fund)
	☑ Entitled (not exceed the limit recognized by the Income Tax Authority from
time to time).
Company Contribution- 7.5% of the Monthly Salary
Employee Contribution- 2.5% of the Monthly Salary

	Vacation Days
	20 workdays per year.

	Sick Leave Days per Year
	Per Applicable Law.

	Recreation Days
	Per Applicable Law.

IN WITNESS WHEREOF, the parties have executed these Employment Terms Agreement effective as of the Effective Date.
																		
	KALTURA Ltd.
		Employee	
						
	By:
	/s/ Ron Yekutiel		Signature:
	/s/ Yaron Garmazi	
						
	Name: 
	Ron Yekutiel		Name: 
	Yaron Garmazi	
						
	Title:
	CEO				

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Exhibit B
THIS NON-COMPETITION, PROPRIETARY INFORMATION AND INVENTIONS   AGREEMENT ("Agreement") is made and entered by and between Kaltura Ltd., an Israeli company ("Company"), and the undersigned individual ("Employee"), which Agreement will be effective as of the first day of the Employee's employment by the Company (the "Effective Date"). Unless the context otherwise requires, the term "Company'' shall also include all direct and indirect existing and future subsidiary, parent or related corporations of the Company.
AGREEMENT
Employee acknowledges that Employee's employment by the Company creates a relationship of confidence and trust between Employee and the Company with respect to all Confidential Information (as defined below) of the Company.
In consideration and as a condition of Employee's employment by the Company, the compensation paid therefore and the benefits received therefore, the sufficiency of which is hereby acknowledged, it is hereby agreed as follows:
1.    Confidential Information.
(a)    Confidentiality. Except as herein provided, Employee agrees that during and after termination of his or her employment with the Company, he or she (i) shall keep Confidential Information (as defined below) confidential and shall not directly or indirectly, use, divulge, publish or otherwise disclose or allow to be disclosed any aspect of Confidential Information without the Company's prior written consent; (ii) shall refrain from any action or conduct which might reasonably or foreseeably be expected to compromise the confidentiality or proprietary nature of the Confidential Information; and (iii) shall follow recommendations made by the Board of Directors, officers or supervisors of the Company from time to time regarding Confidential Information. "Confidential Information" includes but is not limited to Inventions (as defined in section 2(b)), trade secrets, confidential information, knowledge or data of the Company, or any of its clients, customers, consultants, shareholders, licensees, licensors, vendors or affiliates, that Employee may produce, obtain or otherwise acquire or have access to during the course of his or her employment by the Company (whether before or after the date of this Agreement), including but not limited to: business plans, records, and affairs; customer files and lists; special customer matters; sales practices; methods and techniques; merchandising concepts, strategies and plans; sources of supply and vendors; special business relationships with vendors, agents, and brokers; promotional materials and information; financial matters; mergers; acquisitions; equipment, technologies and processes; selective personnel matters; inventions; developments; product specifications; procedures; pricing information; intellectual property; know-how; technical data; software programs; algorithms; operations and production costs; processes; designs; formulas; ideas; plans; devices; materials; and other similar matters which are confidential. AB Confidential Information and all tangible materials containing Confidential Information are and shall remain the sole property of the Company.
(b)    Limitation. Employee shall have no obligation under this Agreement to maintain in confidence any information that (i) is in the public domain at the time of disclosure, (ii) though originally Confidential Information, subsequently enters the public domain other than by breach of Employee's obligations hereunder or by breach of another person's or entity's confidentiality obligations.
(c)    Former Employer Information. Employee agrees that he or she has not and will not, during the term of his or her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity (except for affiliates of the Company) with which Employee has an agreement or duty to keep in confidence information acquired by Employee, if any, or (ii) bring onto the premises of the Company any document or confidential or proprietary information belonging to such employer, person or entity unless consented to in writing by such employer, person or entity. Employee will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys'  fees and costs of suit, arising out of or in connection with any violation of the foregoing.
(d)    Third Party Information.  Employee recognizes that the Company  may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. Employee agrees that Employee owes the Company and such third parties, during Employee's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.
(e)    Conflicting Activities. While employed by the Company, Employee will not work as an employee or consultant of any other organization or engage in any other activities which  conflict,  directly  or indirectly, with the obligations to the Company, without the express prior written approval of the Company.
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2.    Inventions.
(a)    Inventions Retained and Licensed. Employee represents that there are no Prior Inventions (as defined below). Employee hereby acknowledges that, if in the course of  his or  her service  for  Company, Employee incorporates into a Company product, process or  machine a Prior Invention owned  by Employee or  in which he or she has an interest, Company is hereby granted and shall have a fully paid, nonexclusive, royalty-free, irrevocable,  perpetual, worldwide, transferable  and sub licensable right and license to  make, have made, modify, create derivative works,  reproduce,  use, offer to sell, sell, sublicense and  otherwise distribute  such  Prior  Invention (as may be improved or enhanced by or for Company) and in the event of copyrightable materials, copy, distribute, publicly perform, publicly  display, make derivative works thereof,  and sublicense such copyrightable  materials, as part of or in connection with such product, process or machine.
For the purposes of this Agreement, the term "Prior Inventions" shall mean inventions, ideas, improvements, designs or discoveries, whether or  not patentable and whether or  not reduced to  practice, original works of authorship, computer programs (including, but not limited to, code, modules, tools, and libraries) and trade secrets made or conceived by or  belonging to Employee (whether  made solely  by Employee or jointly with others) that  (i)  were developed  by Employee prior to Employee's  employment  by Company, (ii) relate to Company's actual or proposed business, operations, products or research and development, and (iii) are not assigned to Company hereunder.
(b)    Assignment of Inventions. Except as provided in Section 2(e) hereof, Employee hereby assigns and transfers to Company, to the fullest  extent  under applicable  law,  his or  her entire right, title and interest in and to all inventions (including, but not limited to, "Service Inventions" as defined in Section  132 of the Israeli Patent Law- 1967 (the "Patent Law"), ideas, improvements,  designs,  developments,  works,  know-how,  original works of authorship, formulae, ideas, concepts, techniques, methods, systems, processes, compositions of matter, algorithms, computer software programs (including, but not limited to, any code, modules, tools, and libraries), databases, trade secrets  and  discoveries  and  any  other  intellectual  creations  of  any  nature  whatsoever  (the "Inventions"), whether or  not patentable and whether or  not reduced to  practice, made or conceived  by Employee, whether solely by Employee or jointly with others, prior to or during the period of his or her employment  with Company that (i) relate in any manner to the actual or demonstrably anticipated business, work, or research and development of Company, its affiliates or subsidiaries, (ii) are developed  in whole or in part on Company's time or using Company's  equipment, supplies, facilities or Confidential  Information, or (iii) result from or are suggested  by any task assigned to Employee or any work performed by Employee for or on behalf of Company, its affiliates or subsidiaries, or by the scope of Employee's  duties  and  responsibilities with Company,  its  affiliates  or  subsidiaries. In the event that Employee believes that he or she is entitled to ownership, either in whole or in part, of an Invention pursuant  to Section  2(e) hereof,  he or she shall  notify Company of such in writing. Except  in such cases as the Board of Directors of Company confirms in writing that Employee is entitled to ownership, Employee agrees that all Inventions are the sole property of Company.   Employee further acknowledges that all original  works of authorship that are made by Employee, solely or jointly with others, within the scope of and during the period of Employee's employment by Company and that are protectable by copyright are "works made for hire," as defined in the U.S. Copyright Act and shall be owned solely by the Company. Without derogating from the aforementioned, the Employee hereby explicitly waives any interest, claim or demand that the Employee may have for, or may be entitled to, with respect to any consideration, compensation or royalty in connection with Assignable Inventions, including but not limited to, any claims for consideration, compensation or royalty before the Committee for Compensation and Royalties (the "Committee") or other tribunal with competent jurisdiction pursuant to Section 134 of the Patent Law or any other similar provision under any law of any applicable jurisdiction. The Employee hereby acknowledges and declares that the monthly salary and any other benefits provided under the Employment Agreement to which this Exhibit is attached, constitutes the entire compensation to which he/she is entitled to and includes any and all consideration with respect to the Inventions developed by him/her. The Employee further waives the right to bring any claims, demands or allegations to receive compensation, consideration or royalty with respect to the Moral Rights (as defined below) and the Company Inventions before the Committee under the Patent Law. Notwithstanding the above, in the event that despite the parties' agreement hereunder and the aforementioned waiver it is determined by any competent authority (including but not limited to the Committee) that for any reason whatsoever the Employee is or will be entitled to consideration, compensation or royalty in connection with one or more Company Inventions, the Employee agrees and acknowledges that the Special Compensation (as defined below) will be deemed the sole and final consideration, compensation or royalty payments to which Employee is, and will be, entitled to in connection with such Company Inventions. " Moral Rights" as used herein means the rights of an author under Section 45 of the Israeli Copyright Law, 2007, or any other similar provision under any law of any applicable jurisdiction, including the right of the author to be known as the author of his/her work; to prevent others from being named as the author of his/her work; to prevent others from making deforming changes in his/her work in a manner that reflects negatively on his/her professional standing, his/her goodwill or dignity. For the purpose hereof, the term "Special Compensation" shall mean an amount equal to 10% of the monthly salary of the Employee, which amount shall be considered as a special compensation for the Employee's contribution any
Company's Invention.
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(c)    Disclosure of Inventions. Employee agrees that in connection with any Invention: (i) Employee shall promptly disclose such Invention in writing to his or her immediate supervisor at Company (which shall be received in confidence by Company), with a copy to the Company, regardless of whether Employee believes the Invention is covered by Section 2(e), in order to permit Company to claim rights to which it may be entitled under this Agreement; and (ii) Employee shall, at Company's request, promptly execute a written assignment of title to Company for any Invention required to be assigned by Section 2(b) (an "Assignable Invention"), and Employee will preserve any such Assignable Invention as Confidential Information of Company.
(d)    Patent and Copyright Registrations. Employee agrees to assist Company, or its designee, at Company's expense, in every proper way to secure Company's rights in the Assignable Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and other instruments that Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Assignable Inventions, and any copyrights, patents, or other intellectual property rights relating thereto. Employee further agrees that his or her obligation to execute or cause to be executed, when it is in his or her power to do so, any such instrument or papers shall continue after the termination of Employee's employment by Company. If Company is unable because of Employee's mental or physical incapacity or for any other reason to secure Employee's signature to apply for or to pursue any application for any lsrael, U.S. or other patents or copyright registrations covering Assignable Inventions or original works of authorship assigned to Company as above, then Employee hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Employee's agent and attorney-in-fact, to act for and in Employee's behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and
effect as if executed by Employee.
(e)    Exception to Assignments. Assignable Inventions shall not include any Invention (i) that Employee develops entirely on Employee's own time, (ii) without use of any Company assets and (iii) which useful with and does not relate to Company's actual or proposed business, products or research and development.
(f)    Other Obligations. Employee acknowledges that Company from time to time may have agreements with other persons or with the Israeli, U.S. or other governments, or agencies thereof, that impose obligations or restrictions on Company regarding Inventions made during  the  course  of  work  thereunder  or regarding the confidential nature of such work. Employee agrees to be bound by all such obligations and restrictions and to take all action necessary to discharge the obligations of Company thereunder.
3.    Return of Confidential Material. Upon Company's request or in the event of Employee's termination of employment with Company for any reason whatsoever, Employee agrees promptly to surrender and deliver to Company all records, materials, equipment, drawings, documents and data of any nature pertaining to any Confidential Information or to his or her employment, and Employee will not retain or take with him or her any tangible materials or electronically stored data, containing or pertaining to any Confidential Information that Employee may produce, acquire or obtain access to during the course of his or her employment.
4.    Notification of New Employer. If employee leaves the Company's employ, Employee hereby consents to the Company  notifying  Employee's  new employer  about  Employee's  rights and  obligations under this Agreement.
5.    Non-Solicitation and Non-Competition.
(a)    Restrictions.          Employee agrees that during the period of his or  her employment with the Company and for one (1) year after the date of termination of  his or her employment  with Company (for any reason or no reason, whether voluntary or involuntary), he or she will not (i) induce, solicit, recruit or encourage (or endeavor to induce, solicit, recruit or encourage) any employee or consultant of the Company to leave the employ of Company,  (ii) solicit the  business of any client or customer of Company (other than on behalf of Company), (iii) engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company (iv) carry on or hold an interest in any corporation, venture, entity or other business (other than a minority interest in a  publicly  traded company)  which competes with the  products or services of the Company,  or (v) assist any other person or organization in competing or in preparing to compete with any business or  demonstrably anticipated business of the Company or act as an employee, officer consultant or in any managerial capacity in a business in competition with the Company.
(b)    Enforcement.        If at any time any of  the provisions  of Section  5(a) are deemed  invalid or unenforceable or are prohibited by the laws of the state or place where they are to be performed or enforced, by reason of being vague or unreasonable as to duration or geographic scope or scope of activities restricted, or for any other reason, such provisions 
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shall be considered divisible and shall become and be immediately amended to include only such restrictions and to such extent as shall be deemed to  be reasonable and enforceable  by the court or other body having jurisdiction over this Agreement. The  provisions of Section 5(a), as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included.
6.    Representations. Employee agrees to execute any proper oath or verify any proper document  required to carry out or evidence compliance with the terms of this Agreement.   Employee represents that his or her performance of all the terms of this Agreement, and as an employee of the Company, will not breach any agreement to keep in confidence proprietary information acquired by Employee in confidence or in trust prior to Employee's retention by Company. Employee has not entered into, and Employee agrees that he or she will not enter into, any oral or written agreement in conflict herewith.
7.    Equitable Relief. Employee agrees that it would be impossible or inadequate to measure and calculate the Company's damages from any breach of the covenants set forth in this Agreement. Accordingly, Employee agrees that if Employee breaches this Agreement,  including  without  limitation  the  provisions  of Paragraph 5(a), hereunder, the Company will have available, in addition to any other right or  remedy available, the right to obtain  an injunction  from a court of competent jurisdiction  restraining such breach or  threatened  breach and to specific performance of any such provision of this Agreement. Employee further agrees that no bond or other security shall be required in obtaining such equitable relief and Employee  hereby  consents  to such injunction's issuance and to the ordering of specific performance.   In any legal  proceeding  commenced  under this Paragraph  7, the losing party shall pay the prevailing party's actual attorneys' fees and expenses incurred in the preparation for, conduct of or appeal or enforcement of judgment from the proceeding. The phrase "prevailing party'' shall mean the party who is determined in the proceeding to have prevailed or who prevails by dismissal, default or otherwise.
8.    Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of Israel, without regard to the choice of law provisions thereof. Employee hereby expressly consents to the personal jurisdiction of the competent courts located in Tel Aviv-Jafo for any lawsuit arising from or relating to this Agreement.
9.    Entire Agreement. This Agreement sets forth the entire agreement and understanding between Company and Employee relating to the subject matter herein and merges all  prior  discussions  and agreements between the parties with respect that subject matter. No modification  of  or  amendment  to  this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by the Company. Any subsequent change or changes in Employee's duties, salary or compensation will not affect the validity or scope of this Agreement.
10.    Severability. If one  or more of the  provisions  in this Agreement  are  deemed  void  by law, then the remaining provisions will continue in full force and effect.
11.    Successors and Assigns. This Agreement will be binding upon Employee's heirs, executors, administrators and other legal representatives and will be for the benefit of Company, its successors, and its assigns.
12.    Counterparts. This Agreement  may be signed in two counterparts,  each of  which shall be deemed an original and both of which shall together constitute one and the same instrument.
13.    No Employment Contract. Nothing in this Agreement shall be construed to create a contract of employment, either express or implied-in-fact, for any fixed term or requiring cause for termination.
IN WITNESS WHEREOF, the parties have executed these Employment Terms Agreement effective as of the Effective Date.
																		
	KALTURA Ltd.
		Employee	
						
	By:
	/s/ Ron Yekutiel		Signature:
	/s/ Yaron Garmazi
	
						
	Name: 
	Ron Yekutiel
		Name: 
	Yaron Garmazi
	
						
	Title:
	CEO				

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Exhibit D - English Summary of Exhibit C1
GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY
By virtue of my power under section 14 of the Severance Pay Law, 1963 (hereinafter: the "Law"), I certify that payments made by an employer commencing from the date of the publication of this approval on behalf of his employees to a comprehensive pension benefit fund that is not an insurance fund within the meaning thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds) Regulations, 1964 (hereinafter: the "Pension Fund") or to managers insurance including the possibility of an insurance pension fund or a combination of payments to an annuity fund and to a non-annuity fund (hereinafter: the "Insurance Fund), including payments made by him by a combination of payments to a Pension Fund and an Insurance Fund, whether or not the Insurance Fund has an annuity fund (hereinafter: the "Employer's Payments), shall be made in lieu of the severance pay due to the said employee in respect of the salary from which the said payments were made and for the period they were paid (hereinafter: the "Exempt Salary"), provided that all the following conditions are fulfilled:
1.    The Employer's Payments -
1.1.    To the Pension Fund are not less than 141/3% of the Exempt Salary or 12% of the Exempt Salary if the employer pays for his employee in addition thereto additional payments to supplement severance pay to a benefit fund for severance pay or to an Insurance Fund in the employee's name in an amount of 21/3 % of the Exempt Salary. In the event that the employer has not paid an addition to the said 12%, his payments shall be only in lieu of 72% of the employee's severance pay;
1.2.    To the Insurance Fund are not less than one of the following:
1.2.1.    131/ 3% of the Exempt Salary, if the employer pays for his employee in addition thereto also payments to secure monthly income in the event of disability, in a plan approved by the Commissioner of the Capital Market, Insurance and Savings Department of the Ministry of Finance, in an amount required to secure at least 75% of the Exempt Salary or in an amount of 21/2% of the Exempt Salary, the lower of the two (hereinafter: "Disability Insurance"); or
1.2.2.    11% of the Exempt Salary, if the employer paid, in addition, a payment to the Disability Insurance, and in such case the Employer's Payments shall only replace 72% of the Employee’s severance pay; In the event that the employer has paid, in addition to the foregoing payments to supplement severance pay, to a benefit fund for severance pay or to an Insurance Fund in the employee's name in an amount of 21/3% of the Exempt Salary, the Employer's Payments shall replace 100% of the employee's severance pay.
2.    No later than three months from the commencement of the Employer's Payments, a written agreement is executed between the employer and the employee in which:
2.1.    The employee has agreed to the arrangement pursuant to this approval in a text specifying the Employer's Payments, the Pension Fund and Insurance Fund,. as the case may be; the said agreement shall also include the text of this approval; and
2.2.    The employer waives in advance any right, which he may have to a refund of monies from his payments, unless the employee's right to severance pay has been revoked by a judgment by virtue of Section 16 and 17 of the Law, and to the extent so revoked and/or the employee has withdrawn monies from the Pension Fund or Insurance Fund other than by reason of an entitling event; in such regard "Entitling Event" means death, disability or retirement after the age of 60.
3.    This approval is not such as to derogate from the employee's right to severance pay pursuant to any law, collective agreement extension order or employment agreement, in respect of salary over and above the Exempt Salary.

1 This is not an official translation of Exhibit C and should not be relied upon for its accuracy. In any event, Exhibit C prevails.
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EXHIBIT E
COMPANY COMPUTER POLICY CONSENT
Kaltura Ltd. (the"Company") has a policy regarding the use of the Company's computer systems (the"Company's Computers Policy"), as follows:
1.    The Company has provided you, for the purpose of the performance of your duties, various types of computer related devices, including a computer, hardware, software, Company e-mail account, phone etc. (the "Computer Devices"). The Computer Devices are the exclusive property of the Company, and in order to protect the Computer Devices, you are hereby required to adhere to the following instructions:
1.1    Hardware- it is prohibited to install hardware on, and/or to, Computer Devices without the prior authorization  of your manager  or the  Company's computer systems team. In this regard, it is prohibited to connect  to a  Computer  Device an external  hard -  drive, disk on  key (also  known as memory stick and/or flash memory), camera, cell phone or any other type of hardware without the prior authorization of your manager or the Company's computer systems team.
1.2    Software-  it is  prohibited  to  install software on Computer Devices without the prior authorization of your manager or the Company's computer systems team. In this regard, it is prohibited to install software which enables processing of photos, games, chat programs, toolbars or any other type of software.
1.3    Files- it is prohibited to  save on Computer  Devices any files, photos or  videos that are not  related to the Company;  unless, all such files, photos or videos shall be saved  under one folder  labeled  as "Private 11  located at the  root directory of the computer. The attention of the Employee's attention is  particularly drawn to potential issues of intellectual property rights that may arise from such saving of files.
1.4    If any of the above instructions is not clear or if you have a question regarding the use of Computer Devices, please contact your manager or Company's computer systems team.
2.    Notwithstanding the above, the Company is aware that you may be  required to make use of Computer Devices for your own private needs. Such private use of the Computer Devices is allowed subject to the following instructions:
2.1    The Company's e-mail account  which was assigned to  you is provided to  you only for the purpose of work related use. You are not allowed to use the Company's e-mail account, which was assigned to you, for private purposes which are not related to the Company's activities, such prohibited private use of your e-mail account includes correspondence with friends and family.
2.2    In the event you wish to send  private e-mails  during work hours  and/or  while at Company’s offices, you can do so through your private external web based e-mail account (Gmail, Hotmail etc.). As said, it is prohibited to save to Computer Devices any files received by you through your external web based e-mail account.
2.3    You may access the internet for your own private use provided that such access is done for a reasonable period of time, without such access having a negative effect on your performance, in accordance with the Company's Computers Policy.
3.    In order to maintain the security of the Computer Devices and the protection of the Company's legitimate interests, the Company is using various monitoring technologies, as well as  blocking technologies,  in the scope detailed in the Computer Policy. These technologies enable the Company to monitor and review content and information which is present on Computer Devices or exchanged through Computer Devices, including through the Company's e-mail account assigned to Company's employees.
4.    Said monitoring is not intended to infringe your privacy, and as a general rule the Company is not interested in reviewing correspondence which is exchanged through the Company's e-mail account assigned to you. However, the Company may review professional correspondence and will act within the boundaries of applicable law, and when circumstances so require, necessitate and obligate, in order to protect the Company's legitimate interests.
5.    In the event that private correspondence exists in the Computer Devices and/or the Company e-mail account assigned to you, this, despite the clear instructions detailed hereinabove, the Company may review such correspondence, if special and unique circumstances exist in which there is a serious suspicion that  you are  carrying out harmful or illegal activity through Computer Devices, and subject to your consent.
As a sign of your consent to the Computer Policy and the foregoing instructions, you are required to sign below.
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EMPLOYEE ACKNOWLEDGEMENT AND CONSENT
I, the undersigned, hereby acknowledge and approve that I have read all the above mentioned, received any and all clarifications which I required, and agree to it.
																					
	Yaron Garmazi
		####		/s/ Yaron Garmazi
		
							June 18, 2017
	Name
		ID number
		Signature
		Date

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ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT
THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "Addendum") is made and entered into this 27 day of September 2018 by and between Kaltura Ltd., (the "Company''), and Yaron Garmazi (the "Employee"). Company and Employee are sometimes referred to herein individually as a "Party" and collectively as the "Parties."
WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 (the "Employment Agreement");
WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;
NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:
Capitalized terms used but not defined herein have the meanings assigned to them in the Employment Agreement.
1.    Salary
a.    Effective from 1 July 2018 the amounts contributed by the Company to the Employee's Education Fund will not be subject to the limit recognized by the Income Tax Authority.
b.    It is explicitly acknowledged and agreed that the Monthly Salary includes mandatory travel expenses in accordance with applicable law and Employee shall not be entitled to receive any additional reimbursement of travel expenses.
2.    Bonus
a.    The applicable Bonus for the 2018 calendar year and any subsequent calendar years shall be as follows:
i.    The maximum Annual Bonus shall be 420,000 NIS (gross).
ii.    The maximum Annual Additional Stretch Bonus shall be 121,333 NIS (gross)
b.    Employee's entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of Employee's (and the Company's) attainment of certain goals and objectives defined by the Company. The goals and objectives for calendar year 2018 are set forth in Exhibit 4 to the Kaltura, Inc. board resolution of 14 August 2018 (the "Qualifying Objectives").
c.    During September to December 2018 the Company will pay the Employee a monthly amount of 10,000 NIS (gross) ("Monthly Bonus Amount") (i.e., the equivalent of 50% of the pro-rated annual bonus in effect prior to the execution of this Addendum) on account of the Annual Bonus (section 2.a.i above).
d.    As of January 2019 the Employee's Monthly Bonus Amount shall be 24,500 NIS (gross) (1.e., the equivalent of 70% of the pro-rated Annual Bonus).
e.    At the end of Q2 of each calendar year, and again at the end of the calendar year, Company will assess attainment of the Qualifying Objectives, and will calculate Employee's entitlement to the Bonus (or any portion thereof). In the event that Annual Bonus and Annual Additional Stretch Bonus attainment amounts exceed the aggregate Monthly Bonus Amounts paid during the applicable calendar year, then the Employee shall be entitled to receive the balance, which will be paid in September (based on attainment calculated as of the end of Q2) and March of the subsequent calendar year (for attainment calculated as of the end of the applicable calendar year), respectively. In the event that the applicable Annual Bonus and Annual Additional Stretch Bonus attainment amounts are lower than the aggregate Bonus amounts paid during the applicable calendar· year, then such shortfall amount will be taken into account and deducted from Employee's future Bonus payments. For the avoidance of doubt, for the 2018 calendar year, the difference between the Monthly Bonus Amounts paid in 2018 (inclusive of any monthly amounts paid prior to the effective date of this Addendum) and the Annual Bonus and Annual Additional Stretch Bonus attainment calculated at the end of the calendar year shall be paid by the end of March 2019.
1
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f.    As of January 2018, Bonus payments shall not be taken into account in the calculation of any employment related payments or social benefits.
g.    As of January 2018, all contributions made by Company to Employee's insurances or funds, derived from the Bonus payments, will be deemed excess payments on account of the Employee's Bonus, and shall be deducted from calendar year 2018's Annual Bonus as calculated and paid to the Employee in accordance with section 2e. above.
3.    Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.
IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.
															
	THE COMPANY
		THE EMPLOYEE

					
	By:
	/s/ Sigal Srur		By:
	/s/ Yaron Garmazi

					
	Name:
	Sigal Srur		Name:
	Yaron Garmazi

					
	Title:
	SVP HR		Title:
	CFO
					
	Date:
	18.10.18		Date:
	20.10.18

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KALTURA

ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT
THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "Addendum") is made and entered into this  30 day of December 2019 by and between Kaltura Ltd., (the "Company"), and Yaron Garmazi (the "Employee"). Company and Employee are sometimes referred to herein individually as a "Party" and collectively as the "Parties."
WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 as was amended from time to time (collectively, the Employment Agreement");
WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below;
NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:
Capitalized terms used but not defined herein have the meanings assigned to them in the Employment Agreement.
1.    Salary
a.    Effective from 1 January 2020 (the "Salary Increase Date") Employee's Monthly Salary shall be as follows:
i.    Base Salary shall be NIS 64,465 (gross)
ii.    Global Overtime Pay shall be NIS 16,116(gross)
iii.    Monthly Salary (Base + Global Overtime Pay) shall be NIS 80,581(gross)
2.    Bonus
a.    The applicable Bonus for the 2020 calendar year shall be as follows:
i.    The maximum Annual Bonus shall be 483,488NIS (gross).
ii.    The maximum Annual Additional Stretch Bonus shall be 139,674NIS (gross)
b.    Employee's entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basic of Employee's (and the Company's) attainment of certain goals and objectives defined by the Company. The goals and objectives for calendar year 2020 will be set by the Compensation Committee that will be held on February 2020 ("Qualifying Objectives").
c.     As of January 2020, the Employee's Monthly Bonus Amount shall be 28,203NIS (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus).
3.    Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.
IN WITNESS WHEREOF, the Parties hereto have executed this Addendum as of the date set forth above.
															
	THE COMPANY
		THE EMPLOYEE

					
	By:
	/s/ Sigal S		By:
	/s/ Yaron Garmazi

					
	Name:
	Sigal S		Name:
	Yaron Garmazi

					
	Title:
	CHRO		Title:
	cfo
					
	Date:
	December 30, 2019		Date:
	January 9, 2020

1
Confidential

ADDENDUM TO PERSONAL EMPLOYMENT AGREEMENT
THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this “Addendum”) is made and entered into this 4 day of March 2021 by and between Kaltura Ltd., (the “Company”), and Yaron Garmazi (the “Employee”). The Company and the Employee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”
WHEREAS, the Parties entered into an Employment Agreement dated 18 June 2017 (as subsequently amended, the “Employment Agreement”);
WHEREAS, the Parties wish to amend or add certain terms and provisions to the Employment Agreement as detailed below; 
NOW, THEREFORE, in consideration of the premises and mutual covenants and conditions herein contained, the Parties agree as follows:
Capitalized terms used but not defined herein have the meanings assigned to them in the Employment Agreement.
1.Salary
a.Effective from 1 January 2021, the Employee’s Monthly Salary shall be as follows:
i.Base Salary shall be NIS 72,000 (gross)
ii.Global Overtime Pay shall be NIS 18,000 (gross)
iii.Monthly Salary (Base + Global Overtime Pay) shall be NIS 90,000 (gross) 
2.Bonus
a.The applicable Bonus for the 2021 calendar year shall be as follows:
i.The maximum Annual Bonus shall be NIS 810,000 (gross). 
ii.The maximum Annual Additional Stretch Bonus shall be NIS 303,750 (gross)
b.The Employee’s entitlement to the Annual Bonus and Additional Stretch Bonus shall be determined, for each calendar year, on the basis of the attainment of certain financial and operational metrics set by Kaltura, Inc.’s board of directors. 
c.As of January 2021, the Employee’s Monthly Bonus Amount shall be NIS 47,250 (gross) (i.e., the equivalent of 70% of the pro-rated Annual Bonus) on account of the Annual Bonus (section 2.a.i above).
3.Section 8.1 (Company Car) is hereby stricken in its entirety from the Employment Agreement. 
4.Except as expressly set forth herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and each Party hereto agrees to be bound by the terms thereof.
1
Confidential

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

					
	By:
	/s/ S. Srur		By:
	/s/ Yaron Garmazi

					
	Name:
	Sigal S		Name:
	Yaron Garmazi

					
	Title:
	CHRO		Title:
	cfo
					
	Date:
	March 7, 2021		Date:
	March 7, 2021

2
Confidential

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