Document:

EX-10.17

 Exhibit 10.17 

SESTO SAN GIOVANNI, 10/04/2019 

Dear Sirs: 

KALEYRA S.P.A. 

VIA TEODOSIO, 65 

20131 MILAN (MI) 
 Re: LOAN
CONTRACT 
  

					
	 LOAN LOAN 004/01440344
	  	PRODUCT ACC. AZ.EUR.3M NO TAX	  	Convention

 Per your request for a loan – as detailed infra – please find below our contract terms and conditions, which
we herewith tender to you, and which shall remain firm until the end of the day. 
 Should you wish to accept the terms and conditions thereof, we ask that
you please return to us, by that same deadline, a signed letter of acceptance (generated on a form that transcribes the instant proposal in its entirety) in full and unconditional acceptance whereof (three signatures are required: the first to
accept the contract and all its terms and conditions, the second in express approval of specific provisions, and the third as an acknowledgement of receipt of the original proposal as an exemplar of the contract applicable to you), along with the
Summary Document that is an integral and substantive part of the contract and represents the title page of the same. 
 For joint accounts, please have all
joint owners sign; in such cases the contract shall be deemed fully executed once the last of the joint owners has signed. 
 The Bank reserves the right to
reject, at its own unassailable discretion, any later purported joinders, as well. Should it be accepted, Bank herewith extends the validity of its offer to encompass such acceptance date. 

Assigned customer code: 7009785 
 Company/Firm: 

 

			
	 Company name KALEYRA S.P.A.
	 	
	 Registered office in MILAN at VIA TEODOSIO, 65
	 	POST CODE 20131 Province MI
		
	 Tax ID 0000012716960153
	 	

 hereinafter, “Customer”, who for purposes of the instant contract and all subsequent notices respecting the same,
elects the foregoing address as Customer’s domicile. 
 CHARACTERISTICS OF THE LOAN 

TOTAL CREDIT AMOUNT (principal) EUR 2,000,000.00 
 TERM:
twenty-four (24) months 
 DISBURSEMENT AND VALUE DATE: 10/04/2019 

DISBURSEMENT (net of the underwriting expenses stated infra, and all taxes payable to record the legal document) by: 

PAYMENT INTO THE FOLLOWING ACCOUNT: 5717 12809 HELD BY: KALEYRA S.P.A. 

SETTLEMENT ACCOUNT: 5717 000000012809 
 The total cost for
the instant transaction shall be borne by Customer, and shall be calculated in accordance with applicable bank regulations. The cost shall be the APR (Annual Percentage Rate) identified in the Summary Document and in the periodic statements. 

For purposes of calculating the APR, the total credit corresponds to the total funds actually made available to the Customer; therefore, it does not include
expenses relating to the loan paid by the Customer through amounts withheld from the proceeds or upon disbursement of the proceeds, as identified in the summary document (such costs are, however, included in the APR calculations, along with expenses
for mandatory ancillary services paid at times other than loan disbursement) 

			
		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it – E-mail
address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the Business
Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

TRANSACTION NOT SUBJECT TO CONSUMER-CREDIT RULES FOR: 
  

	 	☒	 ACCOUNT HOLDER OTHER THAN A NATURAL PERSON 

 

	 	☐	 RELATING TO APPLICANT’S TRADE OR BUSINESS 

Customer further acknowledges that the transaction shall be governed by the GENERAL CONTRACT CONDITIONS set forth infra, anything set forth in the
following inset, as well as in any conditions appearing in the attached Summary Document, which constitutes the frontispiece to the contract, as well as an integral and substantive part of the contract itself, the terms and conditions of which we
herewith fully acknowledge and accept. 
 NOTES: 

GENERAL CONTRACT CONDITIONS 
  

	1)	 The purpose of the instant contract is a one-time disbursement by Bank to Customer of proceeds, which
disbursement will take place upon all submitted documents being deemed by Bank to be in order, no later than the date set forth in the “Characteristics of the Loan” section. 

Customer undertakes to repay Bank the principal of the loan as well as all interests accruing thereto, along with all expenses, fees, and
anything else contemplated under the terms of the “Characteristics of the Loan” and the Summary Document. Unless otherwise contemplated under points 3) and 4) infra, the amount disbursed shall be repaid in postpaid instalments, and
shall include principal, interests, and expenses. For index-rate loans, the instalment amount shall be modified at every rate change, as described under point 6) infra. 

Should any guarantees be required for repayment of the loan, the amount lent shall be disbursed by Bank to Customer once the guarantees have
been perfected. If this condition is not satisfied before the deadline set forth in the first paragraph, the loan shall be automatically terminated pursuant to 1353 of the Civil Code without prejudice to the Customer’s obligation to pay to the
Bank the underwriting expenses specified in the annexed Summary Document. 
  

	2)	 Repayment of the amortised instalments, as well as any interest-only instalments, expenses, and anything else
arising from, or relating to, the instant transaction shall be paid (with no notice from Bank required) by their respective deadlines. Payment shall be made from the settlement account identified in the instant contract, with such identification to
be construed as an irrevocable direct-debit authorisation as against such account, and into which Customer undertakes to supply sufficient funds. 

Should a settlement account not be identified, the aforementioned repayment shall be made in one of the following manners: 

 

	 	•	 	 issuance of a specific, permanent direct-debit authorisation with respect to an account held at another bank, for
direct-debit requests ordered by the Unione di Banche Italiane S.p.A. in accordance with S.D.D. procedures. (SEPA Direct Debit); 

  

	 	•	 	 payment using a “Payment Request” slip sent to the debtor’s domicile (M.A.V.—payment by
advice procedure); 

  

	 	•	 	 payments made directly at any branch of the Unione di Banche Italiane S.p.A.; 

 

	 	•	 	 wire transfer from another bank. 

 

	3)	 Subject to Bank’s option to consider the same, insofar as possible, as indicia of Customer insolvency
pursuant to Art. 1186 of the Civil Code, Bank shall have the right to terminate the instant contract pursuant to Art. 1456 of the Civil Code upon even a single occurrence of any one of the following events: 

 

	 	•	 	 failure to make even a single instalment payment in full, including where such failure results from insufficient
or lack of funds in the account, or due to any charge-back of a debit under S.D.D. (SEPA Direct Debit) protocols, or Customer breach of any contractual duty as against Bank; 

 

	 	•	 	 the finding, as against Customer and/or any Guarantor, of events that might jeopardise the credit (including but
not limited to: the filing of protested bills; Customer’s failure to submit another sufficient guarantee where the original was subject to decrease or rescission, regardless of the reason for the same; issuance of an injunction and/or the
recording of a judicial lien; seizure orders; the institution of any enforcement proceedings of any kind; granting of a voluntary mortgage; requests to be subject to any procedure under Royal Decree no. 267/1942 (as subsequently amended) or any
submission of an application and/or a plan for admission into the aforementioned procedures; the institution of any liquidation procedures, be they in or out of course, and regardless of whether governed by the aforementioned R.D. no. 267/1942;
submission of any proposal (be it full or partial) to transfer assets to creditors pursuant to Art. 1977 of the Civil Code. 

Failure to pay accrued interests or any other amount payable under the loan shall give Bank the right to accelerate the loan pursuant to Art.
1186 of the Civil Code; in such instances, Customer shall immediately repay the loan in its entirety. Any late payment, even where accepted by Bank, shall not serve to rescind such acceleration. 

 

					
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		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it – E-mail
address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the Business
Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

Subject to the foregoing, Bank may moreover accelerate the loan upon the occurrence of any of the events enumerated under Art. 1186 of the
Civil Code, to which the events enumerated under the first paragraph infra have been stipulated as equivalent. 
 Bank shall provide
notice—via certified letter, telegram, or other written correspondence method to be sent to the address stated herein—of any acceleration under Art. 1186 Civil Code, or the termination of the contract pursuant to art. 1456 Civil Code, with
no warning, notice of default, claim filed in court, or adjudication of insolvency required. 
 In such cases, Bank shall demand immediate
payment of all principal, interests, expenses, and anything else contemplated under the terms of the instant contract. Late payments shall cause late-payment interests to accrue as contemplated under the contract, and Bank may carry out enforcement
measures without any court order required. Late payment shall not make Customer’s account current, absent express desire to the contrary by Bank. 

Any tolerance by Bank of any breach of duties assumed hereunder shall not be in any way construed as acquiescence to the breach, nor as a
waiver of the rights arising from such breach. 
  

	4)	 With respect to any amounts due by Customer for any reason—including following termination or
acceleration—late-payment interests shall accrue as against Customer beginning on the deadline and until payment is made. Such late-payment interests shall be calculated pursuant to the interest rate applied to the loan, increased by 0 (zero)
percentage points, subject to compliance with applicable law, and to the extent that such interests, at the moment they are promised or otherwise negotiated, do not exceed the limit set by Art. 2, paragraph 4, of Law no. 108 (7/3/1996). In any
instance where such limit is purportedly exceeded, it shall automatically be lowered to the aforementioned limit. 

  

	5)	 Bank shall have the right to withdraw from the loan contract at any time by providing simple written notice to
Customer, which notice shall be sent to the aforementioned domicile or, where it has changed, to the domicile which Customer herewith undertakes to disclose to bank via registered letter. Customer, within ten (10) days’ receipt of the
notice of withdrawal, shall pay all outstanding amounts payable with respect to principal, interests, and ancillary expenses, in full, without exception. 

  

	6)	 For any loan with an indexed, variable interest rate, the interest rate shall be automatically adjusted at each
instalment and for the timeframe to which the instalment refers, increasing the index parameter set forth herein, represented by the average of all Euribor (Euro InterBank Offered Rate, hereinafter denoted, for brevity’s sake, “Euribor
Rate”) 360 rates relating to the month immediately preceding the instalment date (thus, the new rate shall apply to the first instalment following the one at the time the rate is identified) by the spread identified in the “Summary
Document Annex”. To that end: 

  

	 	•	 	 the simple average of the Euribor Rate as quoted in the “Il Sole 24 Ore” newspaper (or, failing that,
by another trade paper or by the Reuters circuit) two (2) days before the end of the month shall be taken into account. Such monthly average shall track two “value/days” amount; therefore, the look-back period for the rates taken into
account for purposes of calculation shall contain the data for every day of the month except for the last two, and shall include the last two business days of the prior month; 

 

	 	•	 	 reference shall be made to the average with reference only to the month immediately preceding the beginning of
the instalment, regardless of the interval for the instalments themselves (be they quarterly, biannually, or other). 

 Any
changes to the value of the interest rate undertaken pursuant to the foregoing rules shall apply to the first rate following the one pending when publication occurs. Thus: (i) where the borrower is a non-consumer, solely the redetermination of
the interest amount; on the other hand, the repayment schedule with respect to the original agreed-upon principal shall stand; (ii) where the borrower is a consumer, an adjustment to the repayment schedule shall be made, both with respect to
the principal and to all interests at the new interest rate, based on the outstanding balance and remaining term along with an attendant recalculation of the new equal instalment plans to include an increasing ratio of principal to interest. 

Calculation of accrued interests shall, regardless, take place in accordance with then-applicable banking laws and regulations. 

 

	7)	 Pursuant to Art. 118 of Legislative Decree no. 385/1993 (Consolidated Bank Act, the “TUB”), Bank
shall at all times have the right to make unilateral modifications to the contract conditions for just cause, with the exception of the interest rates, which shall only be modified in the manner, and pursuant to any parameter, contemplated under the
contract. 

 All notices shall be duly made by Bank in writing, sent via regular post or using another durable medium, to
be sent through any suitable remote-communication technology acceptable to Customer, with two months’ minimum notice, and shall enter into effect on the date stated in such notice. Should any unilateral contract-condition modification be made
pursuant to the preceding paragraph, Customer shall have the right to withdraw from the instant contract by the start date for the proposed modification, free of charge. Those conditions previously in effect shall apply to the winding up of the
banking relationship. Should Bank not be provided notice of such withdrawal by the aforementioned deadline, the modifications shall be deemed approved, and enter into effect on the date stated in the aforementioned notice. 

Where the interest rate and other conditions have been calculated with reference to the specific parameters pre-selected by the parties (e.g.
Euribor), any variations made pursuant to different valuations of such parameters shall not be deemed a “modification”. The latter shall, therefore, automatically apply, and shall be set forth ordinary periodic notices as required by
applicable law. 
  

					
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		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it – E-mail
address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the Business
Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

 

	8)	 If contemplated under the instant contract, Customer shall attach to the instant document a promissory note(s)
issued on the date the instant contract is perfected, payable to the order of Unione di Banche Italiane S.p.A., in an amount equal to the loan proceeds. 

  

	9)	 Should the loan proceeds be intended for the purchase of goods and/or services, Bank shall not be privy to any
objection and/or dispute as may arise between Customer and Seller (to that end, Customer acknowledges that there is no agreement granting any exclusivity to Bank to issue credit to Seller’s customers). 

 

	10)	 Only with respect to those loans benefiting from contributions borne by any public or private entity, and
payable to Bank, should such contributions be withheld or rescinded, suspended or tolled, Bank shall collect any such unpaid amounts from Customer. 

  

	11)	 Any direct or indirect tax expense (be it pending or entering effect hereafter), arising or otherwise relating
to the loan, shall be borne exclusively by Customer. 

  

	12)	 Bank may assign receivables arising from the instant contract. 

 

	13)	 Bank warrants it is a member of, and that Bank shall submit all data relating to the receivable arising under
the instant contract to, not only the centralised bank-information database as required under applicable banking regulations (the Risk-Management Centre managed by the Bank of Italy) but also to private-sector credit-reporting companies, as better
described in the specific policy provided directly to Customer. Such notice and any processing of personal information relating to Customer and/or to any jointly liable party shall take place in accordance with the law applicable for each type of
database / credit-reporting system, with which Customer warrants it is familiar. 

  

	14)	 Should Customer operate a business, to better protect its equity from the risks relating to accidents or any
incidents relating to the health of one or more persons identified at Customer’s sole discretion, provided such party is a key person, such as a director, associate, shareholder, or employee, in terms of being unable to pay back the loan (and
consequently to expose Customer to credit-collection efforts which Bank might undertake) when triggered by certain events, Bank offers Customer the option of securing group insurance coverage provided by Cargeas Assicurazioni S.p.A, with different
policies and limits at Customer’s choice. 

 The insurance policy is optional under instant loan; it is not
required to secure the loan under the terms and conditions herein proposed. Therefore, Customer may choose to decline such coverage, or to secure coverage at Customer’s discretion from the wider insurance market. 

Although the insurance policy is strictly optional, should Customer wish to secure such proffered coverage, Customer undertakes (no later than
today’s date) to fill out the application for insurance which may be executed by parties identified by Customer directly, and which shall be sent directly to the Insurance Company. In such cases, the related costs for one of the following
insurance packages shall be stated (for purposes of transparency) in the summary document constituting an integral and substantive part of the instant contract: A) temporary accidental death and disability insurance for total and permanent
disability arising from illness or injury; B) insurance for temporary total disability arising from illness or injury, and hospitalisation insurance; C) temporary insurance for death or injury, insurance for total and permanent disability arising
from illness or injury, and insurance for total, temporary absence from work arising from illness or injury, hospitalisation insurance. 

The conditions governing the relationship between the insured Customer and the Insurance Company are subject to the General Conditions of
Insurance contained in the Informational Brochure that the Customer herewith acknowledges it has reviewed and fully accepts as this was delivered to the Customer prior to the signing of this contract. 

In accordance with the provisions of the insurance contract, Customer shall be at liberty to withdraw from the contract within sixty
(60) days of the execution date or the date of the contract entering into effect, whichever is later. The exercise of the option to withdraw shall terminate the insurance policy and the coverage provided under the same, and give rise to
Customer’s right to repayment of the premium as set by the Insurance Company against which the withdrawal option was exercised, without any liability attaching to Bank thereby. That amount, bearing in mind the strict connection existing between
the policy and the loan, shall be imputed to a partial payment of the loan principal, with the attendant recalculation of the repayment schedule, if not requested by Customer directly to be refunded to the same. To that end, Customer—pursuant
to Art. 1723, paragraph 2, of the Civil Code, grants Bank an irrevocable mandate on behalf of Customer to deposit the amount due to the Insurance Company and to use it as a partial offset of the remaining principal balance, where Customer holds an
account at Bank, and the Company directly deposited such amount into the account in question; Customer herewith authorises Bank to debit a charge in the same amount, to be used to pay off the debt. 

The ancillary service cost with which Customer secured the coverage shall be borne by Customer alone. The Customer shall therefore be required
to reimburse Bank for any insurance premiums paid by the same on Customer’s behalf to the 
  

					
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		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it – E-mail
address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the Business
Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

Insurance Company. To that end, should Customer hold an account at Bank, Customer herewith authorises Bank to charge the consolidated insurance premium against Customer’s account(s). 

Should Customer exercise the right to request the transfer of the loan through subrogation on debtor’s request (“portability”)
or a partial or total prepayment, Bank shall refund Customer, in the manner set forth in the insurance terms and conditions, and in accordance with applicable insurance regulations, the full premium amount paid by the same for the remaining policy
term at the moment the loan is transferred or paid off, subject to Customer’s right to request insurance coverage be maintained until the end of the contract term for the benefit of the identified beneficiary. Customer shall be required to
review the exclusions, deductibles, and moreover all situations in which insurance coverage might lapse (such as where a third party novates the loan) or the coverage limits for any change to the loan-repayment plan agreed upon between Bank and
Customer, as set forth in the Company’s Informational Brochure. 
  

	15)	 Customer shall have the right, at any time, to prepay the loan, whether in whole or in part, by paying Bank the
amount contemplated in the economic conditions set forth in the Summary Document constituting an integral part of the contract. Should the loan be intended for the purchase or remodelling of any parcel of residentially zoned real property, or for
the exercise of one’s trade or business (with respect to any natural person), the Customer has the right at any time to obtain the partial or total prepayment of the loan itself. In such cases no penalty or other expenses shall be payable to
the Bank. 

 Should the withdrawal option be exercised, or should the contract be terminated for any reason, Bank shall
move forward with winding up the relationship within seven (7) business days. That term shall begin when Customer has repaid the loan and has complied with all other Bank requests that are instrumental to winding up the relationship. 

 

	16)	 Customer shall be generated in a straight-forward, legible format, and shall be sent to the address identified
by Bank in the instant contract, or to another address subsequently provided in writing at the termination of the same. 

Bank shall send all correspondence to Customer’s domicile as elected hereunder, or to any other address as Customer might hereafter
provide in writing, in a hard-copy format, through regular post, unless Customer requests or agrees to paperless (electronic) delivery. Bank reserves the right, at its sole discretion, to accept or deny any request for a delivery method or format
other than those stated supra. All duties with respect to such notices shall be discharged in accordance with Art. 127-bis of Legislative Decree no. 385/1993 (TUB) and shall be set forth in the Summary Document, which is an integral
part of the instant contract. 
 Should the economic conditions in effect be unvaried with respect to the most recent Summary Document sent,
Bank may, at its discretion, omit sending or delivering the Summary Document provided that either: 
  

	 	•	 	 Customer may at any moment receive (in a timely manner, and free of charge) a copy of the Summary Document from
the bank with the economic conditions then in effect, or 

  

	 	•	 	 Customer, after opting into paperless delivery, may access the updated Summary Document at any moment using
agreed-upon communication methods, and have a copy emailed promptly. Regardless, where Customer is required by law to have a certified email or similar address, Bank may send such notices exclusively in an electronic format, using such instruments.

  

	17)	 Customer, Customer’s successors and assigns, and any trustee or receiver of Customer’s assets, may
secure, at such party’s own expense, a copy of the documents relating to the individual transactions posted over the prior ten (10) years. 

Such expenses shall be made known to Customer upon such request being tendered, and shall be commensurate with the complexity of document
retrieval required, provided that such expenses shall not exceed Bank’s actual costs to retrieve them, and insofar as permitted in any disclosure or policy. 
  

	18)	 Customer may lodge a complaint by hand-delivering (to the branch where Customer’s account was opened)
simple correspondence to Bank, or by sending a registered letter with advice of receipt to the Complaints Office, located at Via Cefalonia, 74—25124 Brescia (BS), or by emailing reclami@ubibanca.it, or by sending a certified email to
ubibanca.reclami@pecgruppoubi.it. Bank shall respond within thirty (30) days from receipt of the complaint. Should Customer be dissatisfied with the response, or should the complaint not be resolved within thirty (30) days from receipt by
Bank, an appeal may be filed with the Banking and Financial Arbitrator, as identified in Art. 18, infra. 

  

	19)	 The instant contract, the execution and performance of which shall be in Italian, shall be governed by Italian
law. 

 Should any dispute arise from the instant contract, the Court of MILAN, or at Bank’s option, the court under
whose aegis the Bank Branch where the account was opened falls, shall have exclusive jurisdiction to hear the matter. Should Customer be deemed a consumer under Art. 3 of Legislative Decree no. 3 of Legislative Decree no. 206/2005, the Court under
whose jurisdiction Customer’s residence or elective domicile falls shall hear the matter. 
 With respect to the duty to attempt
conciliation as a condition precedent to filing suit insofar as required by law (for individual suits to a court authority, see Art. 5, Legislative Decree no. 28/2010), Bank and Customer herewith stipulate they shall submit any dispute as may
arise under the instant contract: 
  

	 	a)	 upon Customer or Bank initiative to the mediation entity at the Banking and Finance
Conciliator—Association for Banking, Financial, and Corporate Disputes (ADR, enrolled in the register of conciliation entities maintained by the Ministry of Justice), as the entity specialised in banking and financial disputes, which offers a
network of mediators in locations across the country. The aforementioned Mediation Entity, formed under the Banking and Financial Conciliator, does not require a complaint to be initially lodged with Bank. Should Customer be deemed a

  

					
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		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it – E-mail
address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the Business
Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

	 	
consumer under Art. 3 of Legislative Decree no. 3 of Legislative Decree no. 206/2005, mediation shall take place at the location nearest Customer’s residence or The terms, conditions, and
procedures are set forth in the bylaws available at www.conciliatorebancario.it, or at any Bank branch. Only where there is no mediation office under the aegis of the Banking and Financial Conciliator in the circuit where the matter is to be heard,
Bank and Customer may submit the issue to another mediator enrolled in the mediation-entity register, provided such mediator is specialised in banking matters, and has personal jurisdiction over the parties. Bank and Customer shall be free, even
after execution of the instant contract, to agree in writing to submit the matter to another entity, provided it is likewise enrolled in the register with the Ministry of Justice; 

 

	 	b)	 on Customer’s initiative alone, to the Banking and Financial Arbitrator (a/k/a
“ABF”)—formed under Art. 128-bis of the TUB—after having lodged a complaint with Bank. The ABF is an out-of-court customer-dispute-resolution programme, intended solely for the determination of rights, duties, and options
(irrespective of the value of the legal relationship in question) or to file a compensation claim at or below Euro 100,000. That system, of which Bank is required to be a member, is governed by provisions promulgated by the Bank of Italy. For more
information on the procedure, Customer may enquire with Bank, any Bank of Italy branch, or visit the Banking and Finance Arbitrator’s website (www.arbitrobancariofinanziario.it). 

 

	20)	 Where the loan proceeds are intended for use in Farming Credit transactions pursuant to Art. 43 of the TUB, the
loan shall be secured by a security interest for the benefit of Bank in the following articles of Customer moveable/personal property, pursuant to Art. 44 of the TUB: a) hanging fruit, finished and semi-processed products; b) livestock, merchandise;
scraps, raw materials, equipment, and other assets acquired with the loan proceeds; c) receivables, current or future, arising from the sale of the assets identified in subparts (a) and (b). To that end, Customer warrants that the farming
and/or livestock operations for which the loan is requested are carried out in the fund identified to Bank using the designated form, signed by Customer during the underwriting process, and that the hanging fruit (collected or future), livestock and
deadstock, and moveable assets, including receivables, subject to the security interests are free of any reserves or privileges, liens, seizures, encumbrances, or claims of any kind. 

 

	21)	 Pursuant to any anti-money-laundering law provision applicable to the instant contract, Customer shall be
required to provide, at Customer’s own risk and liability, all necessary and updated information to allow Bank to comply with its Customer-vetting duties, as well as the vetting of any executor or effective owner. Should Customer breach the
foregoing provision, thereby making it impossible for Bank to comply with such vetting procedures, the provisions contemplated under the aforementioned law and all implementing provisions of the same shall apply, and the contract shall thereupon be
terminated. 

	22)	 Should a material error be found in Customer’s completion of such form, after the contract is executed,
Customer hereby undertakes to execute a new, corrected copy of the contract template, or to execute a suitable amendment, without thereby triggering a novation, and which shall then supersede the one containing the error, which shall be deemed void
for all legal intents and purposes. 

 Should the foregoing proposal match your intent, we would kindly request the return of your letter
of acceptance of this content (verbatim), executed in full and unconditional acceptance thereof, with respect to the entire contract and all terms and conditions set forth therein, and with two additional signatures: one in express approval of the
provisions specifically identified infra, and the other as confirmation of the receipt of the proposal as the contract exemplar applicable to Customer. The clauses of the General Contract Conditions shown above, which are to be specifically
approved, pursuant to art. 1341, paragraph 2, Civil Code, or under any applicable transparency-in-banking provision, are as follows: 
 3 - (Contract
termination and acceleration of repayment); 4 - (Late-payment interests); 7 - (Unilateral modification of contract provisions); 9 - (Bank lacking privity with respect to any provision of goods and/or services to Customer); 11 - (Tax expenses
incumbent on Customer); 12 - (Contract assignment); 15 - (Prepayments); 16 - (Notices); 19 - (Forum selection). 
  

			
		
	 With best regards,
  

SESTO SAN GIOVANNI, 10/04/2019
	  	  
 UNIONE DI BANCHE ITALIANE
S.p.A.
  
 5717
– SESTO SAN GIOVANNI BRANCH

	Place and date
		  	(Bank signature)

  

					
		  	LOAN CONTRACT	  	
	 UBI/00575 (Ed. 15/09/2017
	  	1 –FOR THE CUSTOMER	  	 Page
 6
 of 6
		  	

			
		  	UNIONE DI BANCHE ITALIANE a corporation with registered office at: Piazza Vittorio Veneto, 8 - 24122 Bergamo - Operational Headquarters: Brescia and Bergamo - Certified email address: ubibanca.pec@pecgruppoubi.it –
E-mail address: servizio.clienti@ubibanca.it - Website: www.ubibanca.it Member of the Interbank Deposit-Security Fund. Share Capital Euro 2,843,177,160.24 Member of the Iva UBI Group with VAT no. 04334690163, Tax ID and Enrolment number for the
Business Register of Bergamo 03053920165 ABI Code no. 03111.2 enrolled in the Bank Register held by the Bank of Italy as no. 5678

  

SESTO SAN GIOVANNI, 10/04/2019 
  

					
		  	 Dear Sirs:
 KALEYRA S.P.A.

VIA TEODOSIO, 65
 20131 MILAN (MI)
	  	

 RULES ON THE TRANSPARENCY OF THE CONTRACT CONDITIONS OF BANKING AND FINANCIAL TRANSACTIONS AND SERVICES
— (Title VI Consolidated Banking Act — Leg. Decree 385/1993) 
  

	
	 SUMMARY LOAN
DOCUMENT

 LOAN CODE 004 / 01440344 PRODUCT ACC. AZ.EUR.3M NO TAX  

issued to: 
  

			
	 Company name KALEYRA S.P.A.
	  	
	Registered office in MILAN at VIA TEODOSIO, 65	  	POSTAL CODE 20131 Province MI
		
	 Tax ID 0000012716960153
	  	

 (hereinafter, Customer) 
 The
instant document is an integral and substantive part of the contract, and constitutes the frontispiece to the same 
 REPAYMENT RATE and SCHEDULE

 ANNUAL VARIABLE INTEREST RATE 
  

			
	 •  Index parameter
	  	EUR 3M 360 MMP
	 •  Latest recorded value:
	  	-0.309 %
	 •  Start date:
	  	first day of the month following the reference date for each recording
	 •  Spread:
	  	1.950 p.c.
	 •  Amount of the current interest rate:
	  	nominal 1.641 %
	 Method of rate determination:
	  	
	 •  Indexing criteria:
	  	The rate to be applied to the loan is determined by increasing the index parameter by the contractually negotiated spread.
		
		  	The index parameter is given by the average monthly value date by value for the Euribor rate (Euro InterBank Offered Rate, a/k/a “Euribor Rate”) 360 solely with reference to the month immediately preceding the start of
such rate, regardless of the instalment frequency (including if quarterly, biannually, or other).
		
	 •  Frequency of review:
	  	The rate is subject to review at each instalment and for the timeframe to which it refers; the modification of the interest rate would apply to the first instalment after the one pending at the time the new rate is
recorded.
		
		  	The interest rate is recalculated subject to the amortisation schedule with respect to the principal as initially set.

 The interest rates will vary in relation to the performance of the benchmark index (respecting for each value the parity
principle for the sum of the individual instalments) 
  

			
	 •  Annual Percentage Rate (APR):
The APR is determined as follows:

- Underwriting expenses
	  	2.110 %

  

					
	 UBI50499_001 (Ed. 01/10/2015
	  	1 –FOR THE CUSTOMER	  	
		  	

			
	 - Instalment fee

- Alternative tax / stamp duty

- Correspondence expenses
	  	
	 •  Late-payment interest:
	  	Contractual interest rate + 0.000 percentage points (at the time of the conclusion of the contract equal to 1.641 %)

 REPAYMENT SCHEDULE 
  

			
	 •  Amount:
	  	EUR 2,000,000.00
	 •  Total duration (including any interest-only period):
	  	twenty-four (24) months
	 •  Repayment method:
	  	fixed
	 •  Instalment type:
	  	Fixed instalments with interest rate parity, with increasing principal amounts
	 •  Instalment periods:
	  	Twenty-four (24) monthly fixed rates (at the same interest rate) paid after-the-fact, due on the day of the month corresponding to the disbursement value date
	 •  The current instalment is set at:
	  	EUR 84,767.68
	 •  Interest calculation:
	  	Calendar year
	 •  Value date for imputing interests payable:
	  	Instalment due date
		
	 EXPENSES
	  	
	 EXPENSES FOR CONTRACT EXECUTION
	  	
	 •  Underwriting:
(paid at the same time as disbursement)
	  	EUR 9,000.00
		
	 EXPENSES FOR CONTRACT ADMINISTRATION
	  	
	 •  File processing:
	  	EUR 0.00
	 •  Instalment collection fee:
	  	EUR 4.30
		
	 NOTICES/DISCLOSURES
	  	
	 •  Notices of unilateral modification:
	  	EUR 0.00
	 •  Notices/disclosures required by law including those sent to guarantors (per
document)
	  	
	 - Sent via regular post, unless exempted by law:
	  	EUR 1.11
	 - Sent online through “my accounting documents” (*):
	  	EUR 0.00
	 •  Notices/disclosures sent more frequently than required by law, or which are
not required by law—including those sent to guarantors (per document)
	  	
	 - Sent via regular post:
	  	EUR 1.11
	 - Sent online through “my accounting documents” (*):
	  	EUR 0.00
	 (*) service available upon request for Customers opting into Bank’s
internet-baking services (with the free version offering read-only services) for any posted notices.

	 •  Additional notices/disclosures (or other content) or those submitted with
instruments other than the standard ones contemplated under the contract, if accepted by Bank
	  	Calculation of expenses upon request submission, based on content, and moreover limited to the costs actually
	 •  Frequency of expense charge-back for generating and sending
notices/disclosures
	  	First available instalment after the mailing/sending
	 •  Frequency for sending account statements and annual summary
	  	Annual
	 •  Notices/disclosures not required by law sent to Customer as chosen by
it:
	  	
	 - Statement of interests payable and ancillary charges
	  	No
	 At any point, as this is not a required disclosure, one may opt-in and opt-out of
either hard-copy or paperless delivery, free of charge.

 OTHER 
  

			
	 •  Expenses for changes to the repayment schedule:
	  	EUR 0.00

 FEES FOR PREPAYMENT (FULL OR PARTIAL) 
  

			
	 •  Prepayment penalty
	  	1.000 % on prepayments against principal with a minimum of 0.00 EUR
	 •  Loan reduction penalty
	  	1.000 % on prepayments against principal with a minimum of 0.00 EUR

 OTHER EXPENSES TO BE BORNE 

 

			
	 DISBURSEMENT TIMELINE
	  	
	 Underwriting period:
	  	20 days
	 Fund availability:
	  	One (1) business day following the legal document being executed, subject to any request by Customer to defer disbursement up to and including the last business day of the current month.

 The foregoing conditions, with the exception of the interest rate, may be modified unilaterally by Bank for just cause in
accordance with Art. 6 of the General Contract Conditions. 
 Applicable Transparency in Banking regulations contemplate that the clientèle be
subdivided as follows: 
  

			
	 CONSUMER
	  	A natural person acting outside the scope of business, commerce, trade, or profession (for purposes of the Consumer
		
	 RETAIL CUSTOMER
	  	Consumers who are natural persons carrying on a business or trade, non-profit entities, small businesses (with less than ten staff persons and sales or balance-sheet assets under 2 million Euro)
		
	 OTHER CUSTOMERS
	  	All other customers.

 Pursuant to the foregoing and based on information supplied by you, with respect to the instant banking relationship,
and in accordance with applicable provisions of transparency-in-banking, the classification is as follows: 
  

	 	•	 	 NEITHER A CONSUMER NOR RETAIL CUSTOMER 

The categorisation of individual Customers is determined by intermediaries prior to the contract being executed. Once the contract is executed, the
intermediaries shall only be required to change Customer’s status, should the criteria for the same be met, at Customer’s request. 
 The loan
repayment schedule is annexed to the instant document 

							
	 	  	 	  	 	  	Date 10/04/2019
				
	 Loan no.
	  	004 01440344	  	N.D.G.	  	000007009785
	 Customer
	  	KALEYRA S.P.A.	  	Product	  	ORC AZR3ESE
		  	VIA TEODOSIO, 65	  		  	ACC. AZ.EUR.3M NO TAX
		  	20131 MILAN (MI)	  	Convention	  	
	 Branch
	  	5717 – SESTO SAN GIOVANNI BRANCH	  		  	

  

							
	 Current account
	  	5717 000000012809	  	held by KALEYRA S.P.A.
	 Memo stamp
	  	Repayment schedule subject to various conditions
	 Repayment Schedule Type
	  	Fixed repayment plan	  	
	 Loan data
	  	Disbursement and value date 10/04/2019	  	 Loan amount 2,000,000.00

2,000,000.00
	  	Balance 2,000,000.00
		  	Term: twenty-four (24) months	  	Monthly frequency	  	No. instalments: 24
		  	Interest rate 1.641	  	Late-payment interest 1.641	  	APR 2.110

 This repayment schedule, therefore, with respect to instalments due beyond the print date appearing supra, is merely an
estimate insofar as it represents the repayment amount determined by applying the same interest and expense conditions listed supra throughout the loan term. However, with variable (or mixed) interest rate loans, the interest rate is subject
to periodic variance, based on the performance of a given external index parameter (such as the Euribor) as set forth in the contract with the related formula for the same. Any change to such parameter will require a variance to the individual
instalments coming due (i.e. a higher or lower rate), which at the time the instant document was printed could not be forecasted. For this reason, careful monitoring of the index parameter’s performance shall be required. Please do not hesitate
to contact Bank for further information on that matter, and for a reprinting of the updated repayment schedule upon request. 
  

																													
	 #
	    	End date	 	    	Portion
relating to
Interests	 	    	Portion
relating to
Principal	 	    	Ancillary
charges	 	    	Instalment
amount	 	    	Remaining
balance	 	    	%	 
	1	    	 	10/05/2019	 	    	 	2,697.53	 	    	 	82,070.15	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,917,929.85	 	    	 	1.641	 
	2	    	 	10/06/2019	 	    	 	2,673.07	 	    	 	82,094.61	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,835,835.24	 	    	 	1.641	 
	3	    	 	10/07/2019	 	    	 	2,476.11	 	    	 	82,291.57	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,753,543.67	 	    	 	1.641	 
	4	    	 	10/08/2019	 	    	 	2,443.96	 	    	 	82,323.72	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,671,219.95	 	    	 	1.641	 
	5	    	 	10/09/2019	 	    	 	2,329.22	 	    	 	82,438.46	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,588,781.49	 	    	 	1.641	 
	6	    	 	10/10/2019	 	    	 	2,142.90	 	    	 	82,624.78	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,506,156.71	 	    	 	1.641	 
	7	    	 	10/11/2019	 	    	 	2,099.17	 	    	 	82,668.51	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,423,488.20	 	    	 	1.641	 
	8	    	 	10/12/2019	 	    	 	1,919.95	 	    	 	82,847.73	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,340,640.47	 	    	 	1.641	 
	9	    	 	10/012020	 	    	 	1,866.84	 	    	 	82,900.84	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,257,739.63	 	    	 	1.641	 
	10	    	 	10/02/2020	 	    	 	1,748.15	 	    	 	83,019.53	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,174,720.10	 	    	 	1.641	 
	11	    	 	10/03/2020	 	    	 	1,527.43	 	    	 	83,240.25	 	    	 	4.30	 	    	 	84,771.98	 	    	 	1,091,479.85	 	    	 	1.641	 
	12	    	 	10/04/2020	 	    	 	1,517.07	 	    	 	83,250.01	 	    	 	6.52	 	    	 	84,774.20	 	    	 	1,008,229.24	 	    	 	1.641	 
	13	    	 	10/05/2020	 	    	 	1,356.15	 	    	 	83,411.53	 	    	 	4.30	 	    	 	84,771.98	 	    	 	924,817.71	 	    	 	1.641	 
	14	    	 	10/06/2020	 	    	 	1,285.42	 	    	 	83,482.26	 	    	 	4.30	 	    	 	84,771.98	 	    	 	841,335.45	 	    	 	1.641	 
	15	    	 	10/07/2020	 	    	 	1,131.67	 	    	 	83,636.01	 	    	 	4.30	 	    	 	84,771.98	 	    	 	757,699.44	 	    	 	1.641	 
	16	    	 	10/08/2020	 	    	 	1,053.14	 	    	 	83,714.54	 	    	 	4.30	 	    	 	84,771.98	 	    	 	673,984.90	 	    	 	1.641	 
	17	    	 	10/11/2020	 	    	 	936.78	 	    	 	83,830.90	 	    	 	4.30	 	    	 	84,771.98	 	    	 	590,154.00	 	    	 	1.641	 
	18	    	 	10/10/2020	 	    	 	793.81	 	    	 	83,973.87	 	    	 	4.30	 	    	 	84,771.98	 	    	 	506,180.13	 	    	 	1.641	 
	19	    	 	10/11/2020	 	    	 	703.55	 	    	 	84,064.13	 	    	 	4.30	 	    	 	84,771.98	 	    	 	422,116.00	 	    	 	1.641	 
	20	    	 	10/12/2020	 	    	 	567.78	 	    	 	84,199.90	 	    	 	4.30	 	    	 	84,771.98	 	    	 	337,916.10	 	    	 	1.641	 
	21	    	 	10/01/2021	 	    	 	470.09	 	    	 	84,297.59	 	    	 	4.30	 	    	 	84,771.98	 	    	 	253,618.51	 	    	 	1.641	 
	22	    	 	10/02/2021	 	    	 	353.47	 	    	 	84,414.21	 	    	 	4.30	 	    	 	84,771.98	 	    	 	169,204.30	 	    	 	1.641	 
	23	    	 	10/03/2021	 	    	 	213.00	 	    	 	84,554.68	 	    	 	4.30	 	    	 	84,771.98	 	    	 	84,649.62	 	    	 	1.641	 
	24	    	 	10/04/2021	 	    	 	118.06	 	    	 	84,649.62	 	    	 	6.52	 	    	 	84,774.20	 	    	 	0.00	 	    	 	1.641	 
	 Totals
	 	    	 	34,424.32	 	    	 	2,000,000.00	 	    	 	107.64	 	    	 	2,034,531.96EX-10.18

 Exhibit 10.18 

SUMMARY DOCUMENT 
 BANCA MONTE DEI
PASCHI DI SIENA 
 MILAN BRANCH NO. 52 (2806) 

MILAN 10/04/2019 
 Summary
Document no. 028061900001 
 Summary Document – LOAN SERVICE 2806741927994 

The instant Summary Document, generated in accordance with the provisions set forth in the CICR Resolution of 4 March 2003, and related implementing
provisions, constitutes the frontispiece and shall be an integral part of the CONTRACT to which it is joined, and in which the following economic conditions appear. 

ECONOMIC CONDITIONS OF SERVICE 
  

			
	ANNUAL PERCENTAGE RATE (APR)	  	
	VALUE	  	1.61%
	REPAYMENT PERIOD	  	
	YEARS	  	3
	MONTHS	  	O
	CONDITIONS FOR THE FIRST REPAYMENT SCHEDULE	  	
	EQUAL FIXED-RATE MONTHLY INSTALMENT	  	
	INTEREST RATE	  	FIXED
	FIXED-RATE VALUE	  	0.950000%
	CONDITIONS FOR THE INTEREST-ONLY PERIOD	  	
	RATE TYPE	  	FIXED
	FIXED-RATE VALUE	  	0.950000%
	LATE-PAYMENT INTEREST	  	
	NON-INDEXED SPREAD TO BE ADDED TO THE LOAN INTEREST RATE	  	
	SPREAD	  	POINTS 3.000000 +
	UNDERWRITING FEES	  	
	UNDERWRITING	  	€ 3,000.00
	FILE-PROCESSING FEES	  	
	PROCESSING FEE	  	€ 3,000.00
	INSTALMENT COLLECTION FEES	  	
	DIRECT-DEBIT FEES	  	€ 2.50
	OTHER PAYMENT METHODS	  	€ 5.00
	FEES FOR GENERATING AND SENDING NOTICES	  	
	PRODUCTION EXPENSE	  	€ 0.30
	MAILING/SENDING EXPENSE	  	SEE NOTES (*)
	LOAN NOVATION FEES	  	
	LOAN NOVATION (SUBROGATION)	  	€ 78.00
	FEES FOR CALCULATING LOAN BALANCE	  	
	FEES FOR CALCULATING LOAN BALANCE	  	€ 26.00 SEE NOTES (**)
	PREPAYMENT PENALTY	  	
	FEE TYPE	  	FIXED PERCENT.
	FEE VALUE	  	1.000000%
	PENALTY FOR FAILURE TO COMPLY WITH COMMERCIAL COVENANTS
	FEE TYPE	  	FIXED PERCENT.
	FEE VALUE	  	0.50000 %see NOTES (***)
	FEES FOR SENDING REMINDER LETTERS	  	
	FEES FOR SENDING REMINDER LETTERS	  	€ 5.00
	INTEREST-CERTIFICATION FEES	  	
	INTEREST-CERTIFICATION FEES	  	€ 8.00
	DUPLICATE RECEIPT FEES	  	

 BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 Share
Capital: Euro 10,328,618,280.14 at 20.12.2017 Tax ID and Enrollment number for the Arezzo - Siena Business Register: 00884060526 - IVA MPS Group - VAT no. 01483500524 - www.mps.it - Monte dei Paschi di Siena Banking Group - Bank Code 1030.6 - Group
Code 1030.6 
 Enrolled in the Register maintained by the Bank of Italy as no. 5274 - Member of the Interbank Deposit-Protection Fund and the
National Guarantee Fund 
  
 Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 2
 of 8

  
  

			
	 DUPLICATE RECEIPT    
	  	€ 5.84
	 FEES FOR LOAN APPROVAL CERTIFICATION
	  	
	 FEES FOR LOAN APPROVAL CERTIFICATION
	  	€ 52.00
	 REPAYMENT-SCHEDULE COPY FEE
	  	
	 REPAYMENT-SCHEDULE COPY FEE
	  	€ 6.00
	 REPAYMENT PLAN CHARACTERISTICS
	  	
	 MPS IMPRESA CRESCITA – ADD ON 2018 KIRO AA1-A3
TF
	  	
	 INSTALMENT REPAYMENT FREQUENCY
	  	MONTHLY
	 INTEREST-CALCULATION METHOD
	  	STANDARD YEAR
	 TAX TREATMENT
	  	
	 STAMP DUTY
	  	€ 0.00
	 RECORDING CHARGE
	  	€ 0.00

 NOTICES 
 Please note
that Customer may prepay the loan, either in whole in part, by providing the notice required in the body of the contract. 
  

	 	•	 	 Customer has the right, in any mortgage or loan document, to transfer the contract (known as
“portability”) to another intermediary without paying any penalty or charges of any kind, insofar as permitted by law. Bank of Italy Guides on mortgage loans offered to consumers are available at Bank locations. 

FEES FOR NOTICES: Mailing expenses shall be applied in accordance with the fee schedule as negotiated between the bank and the leading market operators. This
is posted on the bank’s website (www.mps.it) and available at any bank branch. Fees are waived for any disclosures or notices sent electronically insofar as contemplated by law. 

 

	*	 NOTE-fees for generating and sending notices required under Art. 118 (Unilateral changes) of the Consolidated
Banking Act, regardless of the channel used, are likewise waived. 

	**	 NOTE - Amount only required where the total or partial payment takes place after the current instalment is due
per the repayment schedule. 

	***	 NOTE - Percentage to be applied against the remaining loan balance; the amount shall be received, in the manner
set forth by contract, only if the bank verifies a breach of the commercial covenant. 

 REPAYMENT SCHEDULE 

 

																					
	 Instalment
 number
	  	Due date	 	  	Interest portion	 	  	Principal portion	 	  	Loan instalment*	 	  	Principal balance	 
	 1
	  	 	31.05.2019	 	  	 	475.00	 	  	 	16,436.89	 	  	 	16,911.89	 	  	 	583,563.11	 
	 2
	  	 	30.06.2019	 	  	 	461.99	 	  	 	16,449.90	 	  	 	16,911.89	 	  	 	567,113.21	 
	 3
	  	 	31.07.2019	 	  	 	448.96	 	  	 	16,462.93	 	  	 	16,911.89	 	  	 	550,650.28	 
	 4
	  	 	31.08.2019	 	  	 	435.93	 	  	 	16,475.96	 	  	 	16,911.89	 	  	 	534,174.32	 
	 5
	  	 	30.09.2019	 	  	 	422.89	 	  	 	16,489.00	 	  	 	16,911.89	 	  	 	517,685.32	 
	 6
	  	 	31.10.2019	 	  	 	409.83	 	  	 	16,502.06	 	  	 	16,911.89	 	  	 	501,183.26	 
	 7
	  	 	30.11.2019	 	  	 	396.77	 	  	 	16,515.12	 	  	 	16,911.89	 	  	 	484,668.14	 
	 8
	  	 	31.12.2019	 	  	 	383.70	 	  	 	16,528.19	 	  	 	16,911.89	 	  	 	468,139.95	 
	 9
	  	 	31.01.2020	 	  	 	370.61	 	  	 	16,541.28	 	  	 	16,911.89	 	  	 	451,598.67	 
	 10
	  	 	29.02.2020	 	  	 	357.52	 	  	 	16,554.37	 	  	 	16,911.89	 	  	 	435,044.30	 
	 11
	  	 	31.03.2020	 	  	 	344.41	 	  	 	16,567.48	 	  	 	16,911.89	 	  	 	418,476.82	 
	 12
	  	 	30.04.2020	 	  	 	331.29	 	  	 	16,580.60	 	  	 	16,911.89	 	  	 	401,896.22	 
	 13
	  	 	31.05.2020	 	  	 	318.17	 	  	 	16,593.72	 	  	 	16,911.89	 	  	 	385,302.50	 
	 14
	  	 	30.06.2020	 	  	 	305.03	 	  	 	16,606.86	 	  	 	16,911.89	 	  	 	368,695.64	 
	 15
	  	 	31.07.2020	 	  	 	291.88	 	  	 	16,620.01	 	  	 	16,911.89	 	  	 	352,075.63	 
	 16
	  	 	31.08.2020	 	  	 	278.73	 	  	 	16,633.16	 	  	 	16,911.89	 	  	 	335,442.47	 
	 17
	  	 	30.09.2020	 	  	 	265.56	 	  	 	16,646.33	 	  	 	16,911.89	 	  	 	318,796.14	 
	 18
	  	 	31.10.2020	 	  	 	252.38	 	  	 	16,659.51	 	  	 	16,911.89	 	  	 	302,136.63	 
	 19
	  	 	30.11.2020	 	  	 	239.19	 	  	 	16,672.70	 	  	 	16,911.89	 	  	 	285,463.93	 

  

Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 3
 of 8

  

																					
	 20
	  	 	31.12.2020	 	  	 	225.99	 	  	 	16,685.90	 	  	 	16,911.89	 	  	 	268,778.03	 
	 21
	  	 	31.01.2021	 	  	 	212.78	 	  	 	16,699.11	 	  	 	16,911.89	 	  	 	252,078.92	 
	 22
	  	 	28.02.2021	 	  	 	199.56	 	  	 	16,712.33	 	  	 	16,911.89	 	  	 	235,366.59	 
	 23
	  	 	31.03.2021	 	  	 	186.33	 	  	 	16,725.56	 	  	 	16,911.89	 	  	 	218,641.03	 
	 24
	  	 	30.04.2021	 	  	 	173.09	 	  	 	16,738.80	 	  	 	16,911.89	 	  	 	201,902.23	 
	 25
	  	 	31.05.2021	 	  	 	159.84	 	  	 	16,752.05	 	  	 	16,911.89	 	  	 	185,150.18	 
	 26
	  	 	30.06.2021	 	  	 	146.58	 	  	 	16,765.31	 	  	 	16,911.89	 	  	 	168,384.87	 
	 27
	  	 	31.07.2021	 	  	 	133.30	 	  	 	16,778.59	 	  	 	16,911.89	 	  	 	151,606.28	 
	 28
	  	 	31.08.2021	 	  	 	120.02	 	  	 	16,791.87	 	  	 	16,911.89	 	  	 	134,814.41	 
	 29
	  	 	30.09.2021	 	  	 	106.73	 	  	 	16,805.16	 	  	 	16,911.89	 	  	 	118,009.25	 
	 30
	  	 	31.10.2021	 	  	 	93.42	 	  	 	16,818.47	 	  	 	16,911.89	 	  	 	101,190.78	 
	 31
	  	 	30.11.2021	 	  	 	80.11	 	  	 	16,831.78	 	  	 	16,911.89	 	  	 	84,359.00	 
	 32
	  	 	31.12.2021	 	  	 	66.78	 	  	 	16,845.11	 	  	 	16,911.89	 	  	 	67,513.89	 
	 33
	  	 	31.01.2022	 	  	 	53.45	 	  	 	16,858.44	 	  	 	16,911.89	 	  	 	50,655.45	 
	 34
	  	 	28.02.2022	 	  	 	40.10	 	  	 	16,871.79	 	  	 	16,911.89	 	  	 	33,783.66	 
	 35
	  	 	31.03.2022	 	  	 	26.75	 	  	 	16,885.14	 	  	 	16,911.89	 	  	 	16,898.52	 
	 36
	  	 	30.04.2022	 	  	 	13.37	 	  	 	16,898.52	 	  	 	16,911.89	 	  	 	0.00	 

  

	*	 To the amount of each individual loan instalment, costs for “Instalment fees” and “Fees
for generating and mailing/sending notices” as set forth in the “Economic conditions of service” shall be added. 

  

Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 4
 of 8

  

MPS IMPRESA CRESCITA – ADD ON 2018 KIRO AA1-A3 TF LOAN 

Between BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3, MILAN BRANCH NO. 52 Share Capital: Euro
10,328,618,260.14 at 20.12.2017 Tax ID and Enrollment number for the Arezzo - Siena Business Register: 00884060526 - Gruppo IVA MPS - VAT no. 01483500524 www.mps.it - Monte dei Paschi di Siena Banking Group - Bank Code 1030.6 - Group Code 1030.6 -
enrolled in the Register maintained by the Bank of Italy as no. 5274; member of the Interbank Deposit-Protection Fund and the National Guarantee Fund, hereinafter denoted “Bank”, by and through Ms Barbara Cimino, born in ZAMBIA on
18.05.1970 - Tax ID no. CMNBBR70E58Z355Z as Branch Manager; 
 and the Company KALEYRA S.P.A. with registered offices in VIA TEODOSIO 65 POST CODE 20131
CITY MILAN Tax Code/VAT number 12716960153, that is referred to herein as Borrower represented by Mr CALOGERO DARIO, born in MILAN on 07.06.1962, resident in MILAN ,VIALE LOMBARDIA 12, tax code CLGDLP62H07F205X, in his capacity as CHAIRMAN OF THE
BOARD; 
 NOW THEREFORE, the Parties agree as follows: 

ART. 1 - Purpose, conditions of approval, and use of loan proceeds - Repayment terms and conditions 

Bank herewith grants Borrower a Euro 600,000.00 (SIX HUNDRED THOUSAND AND 00/100 EURO) loan. 

The loan term shall be thirty-six (36) months. 

Borrower undertakes to repay the aforementioned amount in thirty-six (36) months by paying a total of thirty-six monthly instalment payments, including principal and interests (defined as “repayment”). 
 The
repayment period shall begin on 01.5.2019, with the first instalment due immediately thereafter, on 31.5.2019. 
 Borrower shall further agree to pay Bank
interests accruing from the date the loan is disbursed until the date the repayment period commences (technical, pre-repayment period), in the amount stated in Art. 2, infra. 2. 

Annexed to the instant contract is the repayment schedule which includes, in addition to the interest-only instalment dates, the portions of principal included
in the individual monthly repayment instalments to be paid gradually over the agreed-upon time period. That same repayment schedule shows the remaining principal balance on a
month-by-month basis across the repayment period. 
 The foregoing repayment
instalments include, in addition to the principal amount appearing in the annexed schedule, the interests accruing at the rate set forth in Art. 2, infra. 

The amount for each of the aforementioned instalments will appear in the notices relating to the individual deadlines. 

ART. 2 - Rate conditions 
 A 0.950% nominal annual
interest rate shall be applied to determine repayment interests; a 0.950% interest rate shall apply to pre-repayment interest. 

The aforementioned interest rate shall remain fixed throughout the loan term. 

The repayment plan, annexed to the instant contract, was developed based on the term contemplated in Article 1, supra, at the nominal annual interest
rate under the instant article. 
 Interests both during the pre-repayment period as well as in the amortisation
period shall be calculated on a commercial-year basis. 
 ART. 3 - Conditions of loan disbursement - Joint and indivisible nature of the duties 

Bank undertakes to disburse the agreed-upon amount to Borrower within one (1) day’s receipt of a copy of the instant contract, duly executed by
Borrower, upon vetting compliance with all agreed-upon contract conditions, as stated below: 
 covenant on: 

Foreign cash proceeds            .Outgoing cash
flows         ,Incoming SEPA wire transfers 
 Bank shall pay the amount into account no. 1589301 held by Borrower at
Bank’s MILAN BRANCH NO. 52. 
 Borrower states that all duties assumed with the instant legal document shall constitute a single, indivisible duty
including with respect to their successors and assigns, albeit on individual assets. 
 ART. 4 - Late-payment interests 

All amounts due and payable for any reason under the instant contract shall give rise to late-payment interests as against Borrower and for the benefit of Bank
in accordance with the applicable provision of the Civil Code. 
 The late-payment interest rate has been set by increasing the agreed-upon rate as set forth
supra, and as applicable from time to time, by 3.000 annual percentage points. 
 Failure to make full and timely payment on all agreed-upon
instalments, and against any other amount due at the stated deadlines shall, moreover, give Bank the right to accelerate Borrower’s loan, and thus give Bank the right to demand payment of the entire outstanding balance without requiring any
formal notice of default, as well as the right to take action in any forum to collect its credit. 
 ART. 5 - Duties incumbent on Borrower; loan
acceleration; contract termination 
 Borrower undertakes to immediately report any threats, service of process, injunction, judgements, adjudication of
protested bills, etc., and any material or legal change, howsoever incurred, which is prejudicial to its equity, financial, or economic position, to Bank immediately. 

The occurrence of any situation under Art. 1186 of the Civil Code - including events that might have a negative impact on the equity, financial, or economic
position - shall trigger loan acceleration. 
 The parties stipulate that the following situations shall be deemed equivalent to the statutory scenarios:

  

	 	•	 	 Borrower is subject to protested bills, receiverships or enforcement proceedings or judicial liens, or takes any
action serving to diminish its equity, financial, or economic position. 

 Bank, furthermore, shall have the right to terminate the
contract pursuant to Art. 1456 of the Civil Code if 
  
 Customer
copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 5
 of 8

  
  

	 	•	 	 Borrower fails to make payment of even a single repayment instalment; 

 

	 	•	 	 Borrower breaches any duty incumbent on the same under the instant contract, except those set forth in the
article entitled “Commercial Covenants - Offsets”, infra. 

 In instance of any contract lapse or termination, Bank shall
further have the right to demand immediate repayment of the outstanding balance of principal, interests (including late-payment interests) to the extent permitted under Article 4, infra, and all ancillary charges, and take action (without any
formal notice to Borrower required). Bank shall choose the means and procedure therefor at its discretion. The foregoing is subject, regardless, to all security interests and/or personal guarantees pledged by Borrower, whether pending or acquired
hereafter. 
 ART. 6 - Commercial Covenants - Off-sets 

Throughout the loan term, Borrower shall pledge (hereinafter, the “Commercial Covenants”) to submit to Bank on a biannual basis: 

 

	 	•	 	 certain advances against invoices and documents (the total value of the invoices submitted and/or documents
representing commercial receivables in Euro in Italy as accepted by Bank, and for which advances during the reference period were granted), totalling € 0.00. 

 

	 	•	 	 certain foreign cash proceeds understood as the overall amount of incoming or outgoing wire transfers (Non-SEPA Zone) and the foreign accredited cheques, totalling € 165,000.00. 

  

	 	•	 	 certain P.O.S. cash proceeds understood as the total amount of deposits occurring during the Reference Period on
accounts held by Borrower and opened at Bank, upon use of the card-acceptance service through P.O.S. devices (Point Of Sale) disbursed by Bank (physical/virtual or equivalent), totalling € 0.00. 

 

	 	•	 	 certain cash proceeds from ATM - Cash-in Account Deposits understood as
the total value of Deposits made into ATM - Cash-in (cash, cheques, cashier’s cheques) totalling € 0.00. 

 

	 	•	 	 certain portfolio proceeds (subject to payment in due course) understood as the total amount of presentments for
credit to the account subject to payment in due course of receivables and payment orders in Italy, including but not limited to bills of exchanges, collection orders and/or payment orders, whether in hard-copy or electronic format, channelled
through Bank coffers during the period in question, and totalling € 0.00. 

  

	 	•	 	 certain outgoing payment flows understood as the total amount of payments made (credit- and debit-card
transactions, regular and rush RID [direct debit], Ri.Ba. [collection order], SEPA Direct-Debit, MAV [payment by advice], RAV [government remittance], F23, F24, payment slips, SEPA wire transfers), totalling € 165,000.00; excluded however
are payments in which Bank is acting as creditor (e.g. loan instalment payments). 

  

	 	•	 	 certain incoming SEPA wire-transfer proceeds understood as the total incoming SEPA wires credited to the account
during the period in question, totalling € 165,000.00. 

 The parties stipulate, however: . 

 

	 	•	 	 the detailed rules on individual services/products which supplement the reference parameters for the tracking of
relevant balances with respect to the foregoing list, including the rules regarding any differentials, the option to reject the portfolio as presented, etc., shall remain in effect, 

 

	 	•	 	 Borrower’s requests to access one or more services on the foregoing list, involving the issuance of credit,
shall regardless be subject to Bank’s unassailable discretion on whether Borrower meets Bank’s requirements in terms of credit worthiness and Bank’s own interest. 

The Parties agree that at the end of each semester beginning on 1/1 or 1/7 immediately subsequent to the date the loan is disbursed (“Reference
Period”), Bank shall vet compliance in terms of Borrower’s continuing to abide by the pledge made under the instant article. 
 Should the
foregoing duty not be entirely discharged, regardless of the reason, the Parties stipulate that Borrower shall pay a reasonable Off-setting Amount commensurate with the difference between the
(i) rate/spread that would have applied to the Borrower had the latter not assumed the duty under the instant article; and (ii) rate/spread actually applied to the instant loan. That amount, calculated on a biannual basis as 0.500% of the
outstanding loan balance as of the date the breach of duty is discovered, shall be paid within twenty (20) days of Bank’s notifying Borrower of the aforementioned breach. Bank shall, regardless, reserve the right to charge the
aforementioned amount to the bank account opened in Borrower’s name. 
 The finding regarding compliance with the duty in question shall be made during
each Reference Period until the loan is fully repaid. The Offsetting Amount shall only be paid for each Reference Period in which the biannual audit uncovers a failure to comply with such undertaking, as documented in the related notice sent by
Bank. 
 The APR value set forth in the article entitled “Banking transparency, unilateral modification to the conditions and Banking and Financial
Arbitrator” shall be calculated based on a presumption of ongoing compliance with the “covenant” and therefore without including the offset amount set forth in the instant article. The Annual Percentage Rate for the loan may be
higher, overall, should Borrower fail to comply with the foregoing undertaking. 
 ART. 7 - Rescission, reduction, and release of guarantees by Bank

 Any guarantees pledges in consideration for the instant contract shall remain firm and binding until the full balance of the debt is paid, regardless
of when such pay-off occurs, and moreover until Bank expressly releases them, whether in whole or in part, or assents to their release or reduction. 

ART. 8 - Prepayment 
 Borrower may prepay all or a portion
of the loaned principal. Should Borrower exercise the prepayment option, and in accordance with applicable law, Borrower shall pay Bank an all-inclusive fee totalling 1.000% of the prepaid principal. 

The full or partial prepayment shall, without exception, be predicated on an express written request, providing at least thirty (30) days’ notice,
and provided Borrower has already had the loan disbursed. 
 Along with the principal, all interest on the prepaid principal accruing from the most recent
instalment date until the repayment date, at the interest rate applicable immediately prior to the date of the repayment, shall be paid. 
  

Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 6
 of 8

  
 Any
partial repayment shall serve to decrease the amount of subsequent instalments, whereas the total number of instalments as originally negotiated shall remain the same. 

The foregoing shall also apply in those cases in which, due to a contract breach or for another reason, Bank has the right to demand immediate repayment of its
receivables, including principal, interests (inclusive of late-payment interests), expenses, and anything else outstanding. 
 Where applicable according to
the law, the Borrower’s right of subrogation pursuant to art. 120 quater of legislative decree385/93 and amended remains unprejudiced, with the exclusion of penalties or charges of any nature for the prepayment of this loan. 

ART. 9 - Fees - Tax treatment 
 All fees and charges
(including tax-related ones) arising from or relating to the instant contract shall be borne exclusively by Borrower. 

Bank, by mutual agreement with Borrower (who herewith states it has been advised on the implications of such choice) shall not elect alternative tax under Art.
17 of Presidential Decree no. 601 (29 September 1973); thus, the loan contract and any security interests or guarantees in support of the same, regardless of when pledged, shall be subject to ordinary tax insofar as owed. 

ART. 10 - Domicile - Forum selection 
 For all legal
intents and purposes, Bank herewith elects its domicile in MILAN at the branch location for MILAN AG. 52, and Borrower at VIA TEODOSIO 65 20131 - MILAN (MI). 

Disputes shall be heard by the court with personal jurisdiction over Borrower’s domicile. 

ART. 11 - Banking transparency, unilateral modifications to conditions and the Banking and Financial Arbitrator 

Once the instant contract is executed, Borrower shall agree to pay Bank: 
  

	 	•	 	 underwriting fees totalling Euro 3,000.00, hereby granting Bank the right to withdraw such amount from the
overall loan amount; 

  

	 	•	 	 a processing fee totalling Euro 3,000.00 for the additional services offered by Bank and as previously announced,
a fee which Bank is hereby authorised to withdraw as a separate charge against the amount actually disbursed. 

 Borrower acknowledges that
the Annual Percentage Rate (APR), that is, the total transaction cost borne by the same, expressed as an annual loan percentage, shall be 1.610%. 

Borrower further acknowledges it has reviewed the Informational Brochure relating to the instant loan. 

Borrower directly acknowledges that all fees and expenses for each of the following ancillary services, requested over the lifecycle of the transaction, shall
be borne by the same, according to the schedule set forth below: 
 INSTALMENT COLLECTION FEES 

 

	 	•	 	 direct-debit fees € 2.50 

 

	 	•	 	 other payment methods € 5.00 

FEES FOR GENERATING AND SENDING NOTICES 
  

	 	•	 	 fees for generating € 0.30 

 

	 	•	 	 mailing/sending expenses - applied in accordance with the fee schedule as negotiated between Bank and the leading
operators and the market. It is posted to Bank’s website (www.mps.it) and available at any Bank branch. 

  

	 	•	 	 loan novation (assignment) € 78.00 

 

	 	•	 	 repayment plan extensions-reductions € 104.00 

 

	 	•	 	 expenses for calculating the loan balance € 26.00 

(not charged when full pay-off is actually made by the due date for the pending instalment at the time of the request)

  

	 	•	 	 fees for sending reminder letters € 5.00 

 

	 	•	 	 interest-certification fee € 8.00 

 

	 	•	 	 duplicate of receipt € 5.84 

 

	 	•	 	 fees for certifying loan approval € 52.00 

 

	 	•	 	 repayment-schedule copy fee € 6.00 

The expense items called “Fees for generating” and “Mailing/sending expenses” specified in the section “Fees for generating and
sending notices” will not be collected by the Bank if the notices are sent electronically * NOTE-fees for generating and sending notices required under Art. 118 (Unilateral changes) of the Consolidated Banking Act, regardless of the channel
used, are likewise waived. 
 Bank further states, and Borrower herewith agrees, pursuant to applicable banking-transparency rules, that the quantification
of fees charged as periodic-notice fees shall not exceed the actual cost incurred for mailing. 
 In the event of a just cause, Bank reserves the right to
modify contract and economic conditions under the instant article by sending a “Proposal for unilateral contract modification” with at least two (2) months’ notice, in accordance with Art. 118 of Legislative Decree no. 385 (1
September 1993). 
 Borrower warrants it is neither a small business or consumer, acknowledging that Bank reserves the right in accordance with paragraph 2
of Art. 118 of Legislative decree 385/93, where the elements set forth therein be met, to modify the interest rate in whole or in part should any of the following events or conditions arise: 

 

	 	•	 	 increase in coverage costs incurred by Bank with respect to the form of financing contracted as a consequence to
any monetary policy decision, or discernible from a material increase in indices including but not limited to: 

 1. average CDS (Credit
Default Swap) value at the leading Italian banks for capitalisations or equivalent indices that are representative of the credit spread used by leading Italian banks; 

return differential between Italian treasury securities and German treasury securities (known as the BTP-BUND spread);

 3. return on the issuance (a/k/a auction) of Italian treasury securities with a term equal to, or similar to, the remaining term on the loan contract;

  
 Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 7
 of 8

  
  

	 	•	 	 - modification to any law (be it a statute or regulation) or trends in opinions by any authority with
jurisdiction over the matter concerning an increase in Bank’s coverage costs in terms of reserve obligations or tax-treatment; 

 

	 	•	 	 - increase in operating costs incurred by Bank following an increase in inflation rates as recorded by ISTAT
through the national overall consumer price index (“NIC”) or other equivalent index; 

  

	 	•	 	 - a decline in Borrower credit-worthiness with an attendant need to set aside greater principal amounts by Bank
to cover the higher bad-debt risk; 

 118 paragraph 2 bis, shall be disclosed through a
‘Proposal to unilaterally modify the contract’ with two-months’ notice, at a minimum, in accordance with the provisions of Art. 118 of Legislative Decree no. 118 of Legislative Decree no. 385 of
1 September 1993. 
 The modification shall be deemed approved where Borrower fails to withdraw from the contract by the date contemplated for its
entering into effect, without any penalties or winding-up expenses, and with the restoration of conditions previously in effect. 

Borrower further states it accepts and expressly approves the foregoing, including for purposes of provisions relating to transparency in banking. 

For any disputes relating to interactions with Bank, Borrower may contact Bank’s Complaint Office (Viale Pietro Toselli n. 60 - 53100 Siena); where
criteria for the same are met, Borrower may also contact the Banking and Financial Arbitrator (ABF)’s dispute-resolution system pursuant to Art. 128 bis of legislative decree 385/1993 (TUB), following the procedures described in the “Guide
to the ABF” which can be found on the website www.arbitrobancariofinanziario.it, in your bank branch or on the bank’s website www.mps.it. 

ART. 12 - Mediation procedure 
 With respect to the duty
imposed by 5 of Legislative Decree no. no. 28 (4 March 2010, as subsequently amended) to make an attempt at mediation prior to filing suit, the contracting parties herewith agree, in accordance with the aforementioned Art. 5, paragraph 5, to subject
any disputes which might arise under the instant contract to the following entities (selected for their specialisation in banking and finance): 
  

	 	•	 	 Banking and Financial Arbitrator, dispute-resolution service instituted pursuant to Art. 128-bis of
Legislative Decree no. 385/93 (Consolidated Banking Act), following the instructions set forth in the “Practical Guide to the ABF”, available at www.arbitrobancariofinanziario.it, at Bank branches or online at www.mps.it
(which is only available to Customer, and only for disputes relating to banking services); 

  

	 	•	 	 Banking Conciliation Entity, formed by the Banking and Finance Conciliation Association, in accordance with the
“Conciliation Bylaws” available at the following website www.conciliatorebancario.it. at any Bank branch or online at www.mps.it. 

Parties shall therefore be free (including after the instant contract is executed) to agree to enter into mediation with another entity, distinct from those
listed supra, provided they are enrolled with the Register held at the Ministry of Justice, agreeable to both parties, and specialised in banking and finance. 
  

Customer copy 

							
	BANCA MONTE DEI PASCHI DI SIENA a corporation with registered office in Siena at Piazza Salimbeni, 3 – Share Capital: Euro 10,328,618,260.14 at 20.12.2017 – Tax ID and Registration number in the Arezzo-Siena
Business Register: 00884060526 – IVA MPS Group – VAT no. 01483500524 – www.mps.it – Monte dei Paschi di Siena Banking Group – Bank Code 1030.6 – Group Code 1030.6 – Enrolled in the Register maintained by the Bank
of Italy as no. 5274 – Member of the Inter-bank Fund for Deposit Protection and the National Guarantee Fund	  	Date 10/04/2019	  	 MILAN Branch 52

KALEYRA S.P.A. (141890818)
 File no. 37899562

Archive no. 55177253
	  	 p. 
 8
 of 8

  
 The
present contract proposal, including the “Summary Document”, totals nine (9) stapled pages. 
 Should you agree with the foregoing, we ask
that you kindly manifest your acceptance of the same by transcribing the full content hereof. 
 Would you kindly further copy the following provisions,
signing each in explicit, individual acceptance whereof pursuant to Art. 1341, paragraph 2 of the Civil Code: 
 Art. 5 (Duties incumbent on
Borrower; loan acceleration; contract termination) 
 Art. 7 (Cancellation, reduction, and waiver of guarantees by Bank) 

Art. 10 second paragraph (derogation of jurisdiction) 
 Art. 11
(Unfavourable modifications of the economic conditions) 
 Art. 6 (Commercial Covenant - Off-setting amount)

  

							
	Date 10/04/2019	 		 		 	
		 		 		 	BANCA MONTE DEI PASCHI DI SIENA
		 		 		 	MILAN Branch 52

  
  

Customer copy

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