Document:

Exhibit 4.5

  

  
     

    COMPENSATION POLICY

     

    TABOOLA.COM LTD.

     

    Compensation Policy for Executive Officers and Directors

     

    (As Amended by the Shareholders on December 14, 2021)

     

    
      
        

    

    
    A. Overview

          and Objectives

     

    	1.	
            Introduction

          

     

    This document sets forth the Compensation Policy for Executive Officers and Directors (this “Compensation Policy” or “Policy”) of Taboola.com Ltd. (“Taboola” or the “Company”), in accordance with the requirements of
      the Companies Law, 5759-1999 (the “Companies Law”).

     

    Compensation is a key component of Taboola’s overall human capital strategy to attract, retain,
      reward, and motivate highly skilled individuals that will enhance Taboola’s value and otherwise assist Taboola to reach its business and financial long-term goals. Accordingly, the structure of this Policy is established to tie the compensation of
      each officer to Taboola’s goals and performance.

     

    For purposes of this Policy, “Executive Officers” shall mean “Office Holders” as such term is
      defined in Section 1 of the Companies Law, excluding, unless otherwise expressly indicated herein, Taboola’s directors.

     

    This policy is subject to applicable law and is not intended, and should not be interpreted as limiting or derogating
      from, provisions of applicable law to the extent not permitted.

     

    This Policy shall apply to compensation agreements and arrangements which will be approved
      after the date on which this Policy is adopted and shall serve as Taboola’s Compensation Policy for five (5) years, commencing as of its adoption, unless amended earlier.

     

    The Compensation Committee and the Board of Directors of Taboola (the “Compensation Committee” and the “Board”, respectively) shall
      review and reassess the adequacy of this Policy from time to time, as required by the Companies Law.

     

    	2.	
            Objectives

          

     

    Taboola’s objectives and goals in setting this Policy are to attract, motivate and retain
      highly experienced leaders who will contribute to Taboola’s success and enhance shareholder value, while demonstrating professionalism in a highly achievement-oriented culture that is based on merit and rewards excellent performance in the long term,
      and embedding Taboola’s core values as part of a motivated behavior. To that end, this Policy is designed, among others:

     

    	

          	2.1.	
            To closely align the interests of the Executive Officers with those of Taboola’s shareholders in order to enhance shareholder value;

          

     

    	

          	2.2.	
            To align a significant portion of the Executive Officers’
              compensation with Taboola’s short and
              long-term goals and performance;

          

     

    	

          	2.3.	
            To provide the Executive Officers with a structured compensation package, including competitive salaries, performance-motivating cash and equity
              incentive programs and benefits, and to be able to present to each Executive Officer an opportunity to advance in a growing organization;

          

     

    	

          	2.4.	
            To strengthen the retention and the motivation of Executive Officers in the long-term;

          

     

    	

          	2.5.	
            To provide appropriate awards in order to incentivize superior individual excellency and corporate performance; and

          

     

    	

          	2.6.	
            To maintain consistency in the way Executive Officers are compensated.

          

     

    
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    	3.	
            Compensation Instruments

          

     

    Compensation instruments under this Policy may include the following:

     

    	

          	3.1.	
            Base salary;

          

     

    	

          	3.2.	
            Benefits;

          

     

    	

          	3.3.	
            Cash bonuses;

          

     

    	

          	3.4.	
            Equity based compensation;

          

     

    	

          	3.5.	
            Change of control terms; and

          

     

    	

          	3.6.	
            Retirement and termination terms.

          

     

    	4.	
            Overall Compensation - Ratio Between Fixed and Variable Compensation

          

     

    	

          	4.1.	
            This Policy aims to balance the mix of “Fixed Compensation” (comprised of
                base salary and benefits) and “Variable Compensation” (comprised of cash bonuses and equity-based compensation) in order to, among other things, appropriately incentivize Executive Officers to meet
                Taboola’s short and long-term goals while taking into consideration the Company’s need to manage a variety of business risks.

          

     

    	

          	4.2.	
            The total annual target bonus and equity-based compensation per vesting annum (based on the fair market value at the time of grant calculated on a liner
              basis) of each Executive Officer shall not exceed 95% of such Executive Officer’s total compensation package for such year.

          

     

    	5.	
            Inter-Company Compensation Ratio

          

     

    	

          	5.1.	
            In the process of drafting and updating this Policy, Taboola’s Board and Compensation Committee have examined the ratio between employer cost associated
              with the engagement of the Executive Officers, including directors, and the average and median employer cost associated with the engagement of Taboola’s other employees (including contractor employees as defined in the Companies Law) (the “Ratio”).

          

     

    	

          	5.2.	
            The possible ramifications of the Ratio on the daily working environment in Taboola were examined and will continue to be examined by Taboola from time
              to time in order to ensure that levels of executive compensation, as compared to the overall workforce will not have a negative impact on work relations in Taboola.

          

     

    B. Base Salary and Benefits

     

    	6.	
            Base Salary

          

     

    	

          	6.1.	
            A base salary provides stable compensation to Executive Officers and allows Taboola to attract and retain competent executive talent and maintain a
              stable management team. The base salary varies among Executive Officers, and is individually determined according to the educational
              background, prior vocational experience, qualifications, company’s role, business responsibilities and the past performance of each Executive Officer.

          

     

    	

          	6.2.	
            Since a competitive base salary is essential to Taboola’s ability to attract and retain highly skilled professionals, Taboola will seek to establish a
              base salary that is competitive with base salaries paid to Executive Officers in a peer group of other companies operating in technology sectors which are similar in their characteristics to Taboola’s, as much as possible, while considering,
              among others, such companies’ size and characteristics including their revenues, profitability rate, growth rates, market capitalization, number of employees and operating arena (in Israel or globally), the list of which shall be reviewed and
              approved by the Compensation Committee annually. To that end, Taboola shall utilize as a reference, comparative market data and practices, which will include a compensation survey that compares and analyses the level of the overall
              compensation package offered to an Executive Officer of the Company with compensation packages in similar positions (to that of the relevant officer) in such companies. Such compensation survey may be conducted internally or through an
              external independent consultant.

          

     

    
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          	6.3.	
            The Compensation Committee and the Board may periodically consider and approve base salary adjustments for Executive Officers. The main considerations
              for salary adjustment are similar to those used in initially determining the base salary, but may also include change of role or responsibilities, recognition for professional achievements, regulatory or contractual requirements, budgetary
              constraints or market trends. The Compensation Committee and the Board will also consider the previous and existing compensation arrangements of the Executive Officer whose base salary is being considered for adjustment. Any limitation herein
              based on the annual base salary shall be calculated based, if applicable, on the monthly base salary applicable at the time of consideration of the respective grant or benefit.

          

     

    	7.	
            Benefits

          

     

    	

          	7.1.	
            The following benefits may be granted to the Executive Officers in order, among other things, to comply with legal requirements:

          

     

    	

          	7.1.1.	
            Vacation days in accordance with market practice;

          

     

    	

          	7.1.2.	
            Sick days in accordance with market practice;

          

     

    	

          	7.1.3.	
            Convalescence pay according to applicable law;

          

     

    	

          	7.1.4.	
            Monthly remuneration for a study fund, as allowed by applicable law and with reference to Taboola’s practice and the practice in peer group companies
              (including contributions on bonus payments);

          

     

    	

          	7.1.5.	
            Taboola shall contribute on behalf of the Executive Officer to an insurance policy or a pension fund, as allowed by applicable law and with reference to
              Taboola’s policies and procedures and the practice in peer group companies (including contributions on bonus payments); and

          

     

    	

          	7.1.6.	
            Taboola shall contribute on behalf of the Executive Officer towards work disability insurance, as allowed by applicable law and with reference to
              Taboola’s policies and procedures and to the practice in peer group companies.

          

     

    	

          	7.2.	
            Non-Israeli Executive Officers may receive other similar, comparable or customary benefits as applicable in the relevant
              jurisdiction in which they are employed. Such customary benefits shall be determined based on the methods described in Section 6.2 of this Policy (with the necessary changes and adjustments).

          

     

    	

          	7.3.	
            In events of relocation or repatriation of an Executive Officer to another geography, such Executive Officer may receive other similar, comparable or
              customary benefits as applicable in the relevant jurisdiction in which he or she is employed or additional payments to reflect adjustments in cost of living. Such benefits may include reimbursement for out-of-pocket one-time payments and
              other ongoing expenses, such as housing allowance, car allowance, and home leave visit, etc.

          

     

    	

          	7.4.	
            Taboola may offer additional benefits to its
              Executive Officers, which will be comparable to customary market practices, such as, but not limited to: cellular and land line phone benefits, company car and travel benefits, reimbursement of business travel including a daily stipend when
              traveling and other business related expenses, insurances, other benefits (such as newspaper
              subscriptions, academic and professional studies), etc., provided, however, that such additional benefits shall be determined in accordance with Taboola’s policies and procedures.

          

     

    
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    C. Cash Bonuses

     

    	8.	
            Annual Cash Bonuses - The Objective

          

     

    	

          	8.1.	
            Compensation in the form of an annual cash bonus is an important element in aligning the Executive Officers’ compensation with Taboola’s objectives and
              business goals. Therefore, annual cash bonuses will reflect a pay-for-performance element, with payout eligibility and levels determined based on actual financial and operational results, in addition to other factors the Compensation
              Committee may determine, including individual performance.

          

     

    	

          	8.2.	
            An annual cash bonus may be awarded to Executive Officers upon the attainment of pre-set periodical objectives and individual targets determined by the
              Compensation Committee (and, if required by law, by the Board) for each fiscal year, or in connection with such officer’s engagement, in case of newly hired Executive Officers, taking into account Taboola’s short and long-term goals, as well
              as its compliance and risk management policies. The Compensation Committee and the Board shall also determine applicable minimum thresholds that must be met for entitlement to the annual cash bonus (all or any portion thereof) and the formula
              for calculating any annual cash bonus payout, with respect to each fiscal year, for each Executive Officer. In special circumstances, as determined by the Compensation Committee and the Board (e.g., regulatory changes, significant changes in
              Taboola’s business environment, a significant organizational change, a significant merger and acquisition events etc.), the Compensation Committee and the Board may modify the objectives and/or their relative weights during the fiscal year,
              or may modify payouts following the conclusion of the year.

          

     

    	

          	8.3.	
            In the event the employment of an Executive Officer is terminated prior to the end of a fiscal year, the Company may (but shall not be obligated to) pay
              such Executive Officer an annual cash bonus (which may or may not be pro-rated).

          

     

    	

          	8.4.	
            The actual annual cash bonus to be paid to Executive Officers shall be approved by the Compensation Committee and the Board.

          

     

    	9.	
            Annual Cash Bonuses - The Formula

          

     

    Executive
          Officers other than the CEO

     

    	

          	9.1.	
            The performance objectives for the annual cash bonus of Taboola’s Executive Officers, other than the
              chief executive officer (the “CEO”), may be approved by Taboola’s CEO (in lieu of the Compensation Committee) and
              may be based on company, division and individual objectives. The performance measurable objectives, which include the objectives and the weight to be assigned to each achievement in the overall evaluation, will be based on actual financial
              and operational results, such as (by way of example and not by way of limitation) revenues, operating income and cash flow and may further include, divisional or personal objectives which may include operational objectives, such as (by way of
              example and not by way of limitation) market share, initiation of new markets and operational efficiency, customer focused objectives, project milestones objectives and investment in human capital objectives, such as (by way of example and
              not by way of limitation) employee satisfaction, employee retention and employee training and leadership programs. The Company may also grant annual cash bonuses to Taboola’s Executive Officers, other than the CEO, on a discretionary basis.

          

     

    	

          	9.2.	
            The target annual cash bonus that an Executive Officer, other than the CEO, will be entitled to receive for any given fiscal year, will not exceed 125%
              of such Executive Officer’s annual base salary.

          

     

    	

          	9.3.	
            The maximum annual cash bonus, including for overachievement performance, that an Executive Officer, other than the CEO, will be entitled to receive for
              any given fiscal year, will not exceed 200% of such Executive Officer’s target annual bonus.

          

     

    
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    CEO

     

    	

          	9.4.	
            The annual cash bonus of Taboola’s CEO will be mainly based on performance measurable objectives and subject to minimum thresholds as provided in
              Section 8.2 above. Such performance measurable objectives will be determined annually by Taboola’s Compensation Committee (and, if required by law, by Taboola’s Board) and will be based on company and personal objectives. These performance
              measurable objectives, which include the objectives and the weight to be assigned to each achievement in the overall evaluation, will be based on overall company performance measures, which are based on actual financial and operational
              results, such as (by way of example and not by way of limitation) revenues, sales, operating income, cash flow or Company’s annual operating plan and long-term plan.

          

     

    	

          	9.5.	
            The less significant part of the annual cash bonus granted to Taboola’s CEO, and in any event not more than 30% of the annual cash bonus, may be based
              on a discretionary evaluation of the CEO’s overall performance by the Compensation Committee and the Board based on quantitative and qualitative criteria.

          

     

    	

          	9.6.	
            The target annual cash bonus that the CEO will be entitled to receive for any given fiscal year, will not exceed 125% of his or her annual base salary.

          

     

    	

          	9.7.	
            The maximum annual cash bonus including for overachievement performance that the CEO will be entitled to receive for any given fiscal year, will not
              exceed 200% of his or her target annual bonus.

          

     

    	10.	
            Other Bonuses

          

     

    	

          	10.1.	
            Special Bonus. Taboola may grant its Executive Officers a special
                bonus as an award for special achievements (such as in connection with mergers and acquisitions, offerings, achieving target budget or business plan under exceptional circumstances, or special recognition in case of retirement) or as a retention award at the CEO’s discretion for Executive Officers other than the CEO (and in the
                CEO’s case, at the Compensation Committee’s and the Board’s discretion), subject to any additional approval as may be required by the Companies Law (the “Special Bonus”). Any such Special Bonus will not exceed
                200% of the Executive Officer’s annual base salary. Special Bonus can be paid, in whole or in part, in equity in lieu of cash.

          

     

    	

          	10.2.	
            Signing Bonus. Taboola may grant a newly recruited Executive Officer
                a signing bonus, at the CEO’s discretion for Executive Officers other than the CEO (and in the CEO’s case, at the Compensation Committee’s and the Board’s discretion), subject to any additional approval as may be required by the Companies
                Law (the “Signing Bonus”). Any such Signing Bonus will not exceed 500% of the Executive Officer’s annual base salary and may be paid in cash or equity.

          

     

    	

          	10.3.	
            Relocation/ Repatriation Bonus. Taboola may grant its
              Executive Officers a special bonus in the event of relocation or repatriation of an Executive Officer to another geography (the “Relocation Bonus”).

              Any such Relocation bonus will include customary benefits associated with such relocation and its monetary value will not exceed 100% of the Executive Officer’s annual base salary.

          

     

    	11.	
            Compensation Recovery (“Clawback”)

          

     

    	

          	11.1.	
            In the event of an accounting restatement, Taboola shall be entitled to recover from its Executive Officers the bonus compensation or performance-based
              equity compensation in the amount in which such compensation exceeded what would have been paid based on the financial statements, as restated, provided that a claim is made by Taboola prior to the second anniversary following the filing of
              such restated financial statements.

          

     

    	

          	11.2.	
            Notwithstanding the aforesaid, the compensation recovery will not be triggered in the following events:

          

     

    
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          	11.2.1.	
            The financial restatement is required due to changes in the applicable financial reporting standards; or

          

     

    	

          	11.2.2.	
            The Compensation Committee has determined that Clawback proceedings in the specific case would be impossible, impractical, or not commercially or
              legally efficient.

          

     

    	

          	11.3.	
            Nothing in this Section 11 derogates from any other “Clawback” or similar provisions regarding disgorging of profits imposed on Executive Officers by
              virtue of applicable securities laws or a separate contractual obligation and Taboola may implement other “clawback” policies covering events such as breach of company policies and other “bad boy” provisions.

          

     

    D. Equity Based Compensation

     

    	12.	
            The Objective

          

     

    	

          	12.1.	
            The equity-based compensation for Taboola’s Executive Officers will be designed in a manner consistent with the underlying objectives of the Company in
              determining the base salary and the annual cash bonus, with its main objectives being to enhance the alignment between the Executive Officers’ interests with the long-term interests of Taboola and its shareholders, and to strengthen the
              retention and the motivation of Executive Officers in the long term. In addition, since equity-based awards are structured to vest over several years, their incentive value to recipients is aligned with longer-term strategic plans.

          

     

    	

          	12.2.	
            The equity-based compensation offered by Taboola is intended to be in a form of share options and/or other equity-based awards, such as RSUs or
              performance stock units, in accordance with the Company’s equity incentive plan in place as may be updated from time to time.

          

     

    	

          	12.3.	
            All equity-based incentives granted to Executive Officers (other than bonuses paid in equity in lieu of cash) shall normally be subject to vesting
              periods in order to promote long-term retention of the awarded Executive Officers. Unless determined otherwise in a specific award agreement or in a specific compensation plan approved by the Compensation Committee and the Board, grants to
              Executive Officers other than non-employee directors shall vest based on time, gradually over a period of at least 2-4 years, or based on performance.  In addition, with respect to any newly appointed Executive Officer, the vesting terms of
              any “new hire”, “replacement” or “sign-on” grants may have shorter vesting periods, including those that match those of any equity or similar incentives forfeited by such incoming Executive Officer in connection with his or her departure from
              his or her former employer.  The exercise price of options shall be determined in accordance with Taboola’s policies, the main terms of which shall be disclosed in the annual report of Taboola.

          

     

    	

          	12.4.	
            All other terms of the equity awards shall be in accordance with Taboola’s incentive plans and other related practices and policies. Accordingly, the
              Board may, following approval by the Compensation Committee, make modifications to such awards consistent with the terms of such incentive plans, subject to any additional approval as may be required by the Companies Law.

          

     

    	13.	
            General Guidelines for the Grant of Awards

          

     

    	

          	13.1.	
            The equity-based compensation shall be granted from time to time and be individually determined and awarded according to the performance, educational
              background, prior business experience, qualifications, role and the personal responsibilities of the Executive Officer.

          

     

    
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          	13.2.	
            In determining the equity-based compensation granted to each Executive Officer, the Compensation Committee and the Board shall consider the factors specified in Section
              13.1 above, and in any event, the total fair market value of an annual equity-based compensation at the time of grant (not including bonuses paid in equity in lieu of cash) shall
              not exceed: (i) with respect to the CEO - the higher of (w) 900% of his or her annual base salary or (x) 1% of the Company’s fair market
              value; and (ii) with respect to each of the other Executive Officers - the higher of (y) 900% of his or her annual base salary or (z) 1% of
              the Company’s fair market value.

          

     

    	

          	13.3.	
            The fair market value of the equity-based compensation for the Executive Officers will be determined by multiplying the number of shares underlying the
              grant by the market price of Taboola’s ordinary shares on or around the time of the grant or according to other acceptable valuation practices at the time of grant, in each case, as determined by the Compensation Committee and the Board.

          

     

    	

          	13.4.	
            The Company may satisfy tax withholding obligations related to equity-based compensation by net issuance, sale to cover or any other mechanism as
              determined by the Board from time to time.

          

     

    E. Retirement
          and Termination of Service Arrangements

     

    	14.	
            Advanced Notice Period

          

     

    Taboola may provide
        an Executive Officer, other than the CEO, according to his/her seniority in the Company, his/her contribution to the Company’s goals and achievements and the circumstances of retirement and the
      CEO a prior notice of termination of up to twelve (12) months in the case of the CEO and twelve (12) months in the case of other Executive Officers, during which the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of his/her equity-based compensation. Such advance notice may or may not be provided in addition to severance, provided, however, that the Compensation Committee shall take into consideration the
        Executive Officer’s entitlement to advance notice in establishing any entitlement to severance and vice versa.

     

    	15.	
            Adjustment Period

          

     

    Taboola may provide
        an additional adjustment period of up to twenty-four

      (24)  months to the CEO and  any other Executive Officer according to his/her seniority in the Company, his/her contribution to the Company’s goals
      and achievements and the circumstances of retirement, during which the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of his/her equity-based compensation.

     

    	16.	
            Additional Retirement and Termination Benefits

          

     

    Taboola may provide an additional cash bonus equal to (a) for the CEO, the product of (i) the
      sum of (x) the CEO’s base salary plus (y) the higher of the CEO’s target bonus and actual bonus as determined over the prior two years multiplied by (ii) 200%; and (b) for all other Executive Officer’s, the product of (i) the sum of (x) the Executive
      Officer’s base salary plus (y) the higher of the Executive Officer’s target bonus and actual bonus as determined over the prior two years multiplied by (ii) 200%.  Taboola may provide additional retirement and terminations benefits and payments as
      may be required by applicable law (e.g., mandatory severance pay under Israeli labor laws), or which will be comparable to customary market practices, including, without limitation, health and welfare benefit continuation. 
      The severance benefits set forth in this Section 16 may be subject to the applicable Executive Officer’s execution and nonrevocation of a general release of claims and waiver and/or restrictive covenants agreement, including any applicable
      noncompetition and nonsolicitation covenants.

     

    For the avoidance of doubt, except as described in Section 19, any outstanding, unvested equity awards held by the
      Executive Officer will be forfeited on a termination of employment for any reason without any payment being owed to such Executive Officer.

     

    
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    	17.	
            Non-Compete Grant

          

     

    Upon termination of employment and subject to applicable law, Taboola may grant to its
      Executive Officers a non-compete grant as an incentive to refrain from competing with Taboola for a defined period of time. The terms and conditions of the non-compete grant shall be decided by the Board and shall not exceed such Executive Officer’s
      monthly base salary multiplied by twelve (12).  The Board shall consider the existing entitlements of the Executive Officer in connection with the consideration of any non-compete grant.

     

    	18.	
            Limitation Retirement and Termination of Service Arrangements

          

     

    The total non-statutory payments under
        Section 14-17 above for a given Executive Officer shall not exceed the Executive Officer’s monthly base salary multiplied by sixty (60). The
        limitation under this Section 18 does not apply to benefits and payments provided under other chapters of this Policy and shall not apply in the event of retirement or termination of service arrangements in connection with a change of control.

     

    	19.	
            Change of Control

          

     

    In addition to the benefits
      applicable in the case of any retirement or termination of service, if, (x) within 24 months following a change of control the service of the CEO or
        Executive Officer is terminated or adversely adjusted in a material way, any outstanding equity awards held by an CEO or Executive Officer may be subject to the following treatment: (i) vesting acceleration of outstanding options or other
        equity-based awards, including the making of a determination by Taboola with respect to the achievement of performance metrics (which may be based on target or actual performance, including at maximum performance, through the date of the change of
        control, as determined in the discretion of the Compensation Committee and the Board); and (ii) extension of the exercising period of equity-based compensation for Taboola’s Executive Officers for a period of up to one (1) year, following the date
        of service termination.

     

    F. Exculpation,
          Indemnification and Insurance

     

    	20.	
            Exculpation

          

     

    Taboola may exempt
        its directors and Executive Officers in advance for all or any of his/her liability for damage in
        consequence of a breach of the duty of care vis-a-vis Taboola, to the fullest extent permitted by applicable law.

     

    	21.	
            Insurance and Indemnification

          

     

    	

          	21.1.	
            Taboola may indemnify its directors and Executive Officers to the fullest extent permitted by applicable law, for any liability and expense that may be
              imposed on the director or the Executive Officer, as provided in the indemnity agreement between such individuals and Taboola, all subject to applicable law and the Company’s articles of association.

          

     

    	

          	21.2.	
            Taboola will provide directors’ and officers’ liability insurance (the “Insurance Policy”) for its directors and Executive Officers as follows:

          

     

    	

          	21.2.1.	
            The limit of liability of the insurer shall not exceed the greater of $30,000,000 or 50% of the Company’s shareholders equity based on the most recent financial statements of the Company at the time of
                approval by the Compensation Committee; and

          

     

    	

          	21.2.2.	
            The Insurance Policy, as well as the limit of liability and the premium for each extension or renewal shall be approved by the Compensation Committee (and, if required
              by law, by the Board) which shall determine that the sums are reasonable considering Taboola’s exposures, the scope of coverage and the market conditions and that the Insurance Policy reflects the current market conditions, and it shall not
              materially affect the Company’s profitability, assets or liabilities.

          

     

    
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          	21.3.	
            Upon circumstances to be approved by the Compensation Committee (and, if required by law, by the Board), Taboola shall be entitled to enter into a “run
              off” Insurance Policy of up to seven (7) years, with the same insurer or any other insurance, as follows:

          

     

    	

          	21.3.1.	
            The limit of liability of the insurer shall not exceed the greater of $30,000,000 or 50% of the Company’s shareholders equity based on the most recent financial statements of the Company at the time of
                approval by the Compensation Committee; and

          

     

    	

          	21.3.2.	
            The Insurance Policy, as well as the limit of liability and the premium for each extension or renewal shall be approved by the Compensation Committee (and, if required
              by law, by the Board) which shall determine that the sums are reasonable considering the Company’s exposures covered under such policy, the scope of cover and the market conditions, and that the Insurance Policy reflects the current market
              conditions and that it shall not materially affect the Company’s profitability, assets or liabilities.

          

    

    	

          	21.4.	
            Taboola may extend the Insurance Policy in place to include cover
              for liability pursuant to a future public offering of securities as follows:

          

     

    	

          	21.4.1.	
            The Insurance Policy, as well as the additional premium shall be approved by the Compensation Committee (and if required by law, by the Board) which shall determine
              that the sums are reasonable considering the exposures pursuant to such public offering of securities, the scope of cover and the market conditions and that the Insurance Policy reflects the current market conditions, and it does not
              materially affect the Company’s profitability, assets or liabilities.

          

     

    G. Board of Directors Compensation

     

    	22.	
            All Taboola’s non-employee Board members may be entitled to annual total compensation (in the form of cash compensation and equity grants) of up to
              $750,000. The fair market value of the equity-based compensation for Taboola’s non-employee Board members will be determined by multiplying the number of shares underlying the grant by the market price of Taboola’s ordinary shares on or
              around the time of the grant or according to other acceptable valuation practices at the time of grant, in each case, as determined by the Compensation Committee and the Board.

          

     

    	23.	
            The compensation of the Company’s external directors, if elected, shall be
                in accordance with the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director), 5760-2000, as amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of
                Israel), 5760-2000, as such regulations may be amended from time to time.

          

     

    	24.	
            Notwithstanding the provisions of Section 22 above, in special circumstances, such as in the case of a professional director, an expert director or a
              director who makes a unique contribution to the Company, such director’s compensation may be different than the compensation of all other directors and may be greater than the maximal amount allowed under Section 22.

          

     

    	25.	
            All terms of the equity awards shall be in accordance with Taboola’s incentive plans and other related practices and policies. Accordingly, the Board may, following
              approval by the Compensation Committee, make modifications to such awards consistent with the terms of such incentive plans, subject to any additional approval as may be required by the Companies Law. In addition, the Company may satisfy tax
              withholding obligations related to equity-based compensation granted to directors by net issuance, sale to cover or any other mechanism as determined by the Board from time to time.

          

     

    	26.	
            In addition, members of Taboola’s Board may be entitled to reimbursement of expenses in connection with the performance of their duties.

          

     

    
      10

      
        

    

    	27.	
            It is hereby clarified that the compensation (and limitations) stated under Section H will not apply to directors who serve as Executive Officers.

          

     

    H. Miscellaneous

     

    	28.	
            Nothing in this Policy shall be deemed to grant to any of Taboola’s
                Executive Officers, employees, directors, or any third party any right or privilege in connection with their employment by or service to the Company, nor deemed to require Taboola to provide any compensation or benefits to any person. Such
                rights and privileges shall be governed by applicable personal employment agreements or other separate compensation arrangements entered into between Taboola and the recipient of such compensation or benefits. The Board may
              determine that none or only part of the payments, benefits and perquisites detailed in this Policy shall be granted, and is authorized to cancel or suspend a compensation package or any part of it.

          

     

    	29.	
            An Immaterial Change in the Terms of Employment of an Executive Officer
                other than the CEO may be approved by the CEO, provided that the amended terms of employment are in accordance with this Policy. An “Immaterial Change in the Terms of Employment” means a change in the terms of employment of an
              Executive Officer with an annual total cost to the Company not exceeding an amount equal to two (2) monthly base salaries of such employee. 

          

     

    	30.	
            In the event that new regulations or law amendment in connection with Executive Officers’ and directors’ compensation will be enacted following the adoption of this Policy, Taboola may follow such new regulations or law amendments, even if such new regulations are in contradiction to the compensation
              terms set forth herein.

          

     

    *********************

     

    This Policy is designed solely for the benefit of Taboola and none of the provisions thereof are intended to
      provide any rights or remedies to any person other than Taboola.

     

  

   

    

  11EX-4.2

  Exhibit 4.2

  Description of Registrant’s Securities

   

  Unless otherwise indicated or the context otherwise requires, references in this Exhibit 4.2 to “we, “us” and “our” refer collectively to Cullman Bancorp, Inc. and Cullman Savings Bank or to any of those entities, depending on the context. 

   

  General

  Cullman Bancorp, Inc. is authorized to issue 30,000,000 shares of common stock, par value of $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share.  Each share of common stock has the same relative rights as, and is identical in all respects to, each other share of common stock.  All of our shares of common stock are duly authorized, fully paid and non-assessable.

  Common Stock

  Dividends.  Cullman Bancorp, Inc. may pay dividends on its common stock if, after giving effect to such dividends, it would be able to pay its debts in the usual course of business and its total assets would exceed the sum of its total liabilities plus the amount needed to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the dividends.  However, even if Cullman Bancorp, Inc.’s assets are less than the amount necessary to satisfy the requirement set forth above, Cullman Bancorp, Inc. may pay dividends from: its net earnings for the fiscal year in which the distribution is made; its net earnings for the preceding fiscal year; or the sum of its net earnings for the preceding eight fiscal quarters.  The payment of dividends by Cullman Bancorp, Inc. is also subject to limitations that are imposed by applicable regulation, including restrictions on payments of dividends that would reduce Cullman Bancorp, Inc.’s assets below the then-adjusted balance of the liquidation account established in the mutual-to-stock conversion of Cullman Savings Bank, MHC.  The holders of common stock of Cullman Bancorp, Inc. are entitled to receive and share equally in dividends as may be declared by our board of directors out of funds legally available therefor.  If Cullman Bancorp, Inc. issues shares of preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends.

  Voting Rights.  The holders of common stock of Cullman Bancorp, Inc. have exclusive voting rights in Cullman Bancorp, Inc.  They elect Cullman Bancorp, Inc.’s board of directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented to them by the board of directors.  Generally, each holder of common stock is entitled to one vote per share and will not have any right to cumulate votes in the election of directors.  Any person who beneficially owns more than 10% of the then-outstanding shares of Cullman Bancorp, Inc.’s common stock, however, will not be entitled or permitted to vote any shares of common stock held in excess of the 10% limit.  If Cullman Bancorp, Inc. issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Certain matters require the approval of 80% of our outstanding common stock.

  Liquidation.  In the unlikely event of any liquidation, dissolution or winding up of Cullman Savings Bank, Cullman Bancorp, Inc., as the holder of 100% of Cullman Savings Bank’s capital stock, would be entitled to receive all assets of Cullman Savings Bank available for distribution, after payment or provision for payment of all debts and liabilities of Cullman Savings Bank, including all deposit accounts and accrued interest thereon, and after distribution of the balance in the liquidation account as required by federal regulation.  In the unlikely event of liquidation, dissolution or winding up of Cullman Bancorp, Inc., the holders of its common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities (including payments with respect to its liquidation account), all of the assets of Cullman Bancorp, Inc. available for distribution.  If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.

  Preemptive Rights.  Holders of the common stock of Cullman Bancorp, Inc. are not be entitled to preemptive rights with respect to any shares that may be issued.  The common stock is not subject to redemption.

  

  Preferred Stock

  None of Cullman Bancorp, Inc.’s authorized shares of preferred stock have been issued.  Preferred stock may be issued with preferences and designations as our board of directors may from time to time determine.  Our board of directors may, without stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the voting strength of the holders of the common stock and may assist management in impeding an unfriendly takeover or attempted change in control.

  Forum Selection for Certain Stockholder Lawsuits

  	The articles of incorporation of Cullman Bancorp, Inc. provide that, unless Cullman Bancorp, Inc. consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of Cullman Bancorp, Inc., (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of Cullman Bancorp, Inc. to Cullman Bancorp, Inc. or Cullman Bancorp, Inc.’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine will be conducted in a state or federal court located within the State of Maryland, in all cases subject to the court’s having personal jurisdiction over the indispensible parties named as defendants.  This exclusive forum provision does not apply to claims arising under the federal securities laws.  Under the articles of incorporation, any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of Cullman Bancorp, Inc. shall be deemed to have notice of and consented to the exclusive forum provision of the articles of incorporation.  This exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum it finds favorable for disputes with Cullman Bancorp, Inc. and its directors, officers, and other employees or may cause a stockholder to incur additional expense by having to bring a claim in a judicial forum that is distant from where the stockholder resides, or both.

   

  Maryland Law and Articles of Incorporation and Bylaws of Cullman Bancorp, Inc.

  Maryland law, as well as Cullman Bancorp, Inc.’s articles of incorporation and bylaws, contain a number of provisions relating to corporate governance and rights of stockholders that may discourage future takeover attempts.  As a result, stockholders who might desire to participate in such transactions may not have an opportunity to do so. In addition, these provisions also render the removal of the board of directors or management of Cullman Bancorp, Inc. more difficult. 

  Directors. The board of directors is divided into three classes.  The members of each class are elected for a term of three years and only one class of directors is elected annually.  Thus, it would take at least two annual elections to replace a majority of the board of directors.  The bylaws establish qualifications for board members, including restrictions on affiliations with competitors of Cullman Savings Bank, restrictions based upon prior legal or regulatory violations and a residency requirement.  Further, the bylaws impose notice and information requirements in connection with the nomination by stockholders of candidates for election to the board of directors or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders.  Such notice and information requirements are applicable to all stockholder business proposals and nominations, and are in addition to any requirements under the federal securities laws. 

  Restrictions on Calling Special Meetings.  The articles of incorporation and bylaws provide that special meetings of stockholders can be called by the president, the chairperson, by a majority of the whole board of directors or upon the written request of stockholders entitled to cast at least a majority of all votes entitled to vote at the meeting.

  Prohibition of Cumulative Voting.  The articles of incorporation prohibit cumulative voting for the election of directors. 

  Limitation of Voting Rights.  The articles of incorporation provide that no record owner of any of Cullman Bancorp, Inc.’s outstanding common stock that is beneficially owned, directly or indirectly, by a person who beneficially owns more than 10% of the outstanding shares of common stock will be permitted to vote any shares in excess of such 10% limit.  This provision has been included in the articles of incorporation in reliance on Section 

  

  2-507(a) of the Maryland General Corporation Law, which entitles stockholders to one vote for each share of stock unless the articles of incorporation provide for a greater or lesser number of votes per share or limit or deny voting rights.

  Restrictions on Removing Directors from Office.  The articles of incorporation provide that directors may be removed only for cause, and only by the affirmative vote of the holders of at least two-thirds of the voting power of all of Cullman Bancorp, Inc.’s then-outstanding common stock entitled to vote (after giving effect to the limitation on voting rights discussed above in “—Limitation of Voting Rights”).

  Authorized but Unissued Shares.  Cullman Bancorp, Inc. has authorized but unissued shares of common and preferred stock.  The articles of incorporation authorize 10,000,000 shares of serial preferred stock.  Cullman Bancorp, Inc. is authorized to issue preferred stock from time to time in one or more series subject to applicable provisions of law, and the board of directors is authorized to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the shares of each such series.  In the event of a proposed merger, tender offer or other attempt to gain control of Cullman Bancorp, Inc. that the board of directors does not approve, it may be possible for the board of directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the completion of the transaction.  An effect of the possible issuance of preferred stock therefore may be to deter a future attempt to gain control of Cullman Bancorp, Inc. 

  Amendments to Articles of Incorporation and Bylaws.  Amendments to the articles of incorporation must be approved by the board of directors and by the affirmative vote of at least two-thirds of the outstanding shares of common stock, or by the affirmative vote of a majority of the outstanding shares of common stock if at least two-thirds of the members of the whole board of directors approves such amendment; provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend certain provisions.

  The articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of Cullman Bancorp, Inc.’s directors or by the affirmative vote of at least 80% of the total votes eligible to be cast by stockholders at a duly constituted meeting of stockholders.  Any amendment of this super-majority requirement for amendment of the bylaws would also require the approval of 80% of the total votes eligible to be cast.

  The provisions requiring the affirmative vote of 80% of the total votes eligible to be cast for certain stockholder actions have been included in the articles of incorporation of Cullman Bancorp, Inc. in reliance on Section 2-104(b)(4) of the Maryland General Corporation Law, which permits the articles of incorporation to require a greater proportion of votes than the proportion that would otherwise be required for stockholder action under the Maryland General Corporation Law.

  Business Combinations with Interested Stockholders.  Maryland law restricts mergers, consolidations, sales of assets and other business combinations between Cullman Bancorp, Inc. and an “interested stockholder,” as defined under Maryland law.

  Evaluation of Offers.  The articles of incorporation of Cullman Bancorp, Inc. provide that its board of directors, when evaluating a transaction that would or may involve a change in control of Cullman Bancorp, Inc. (whether by purchases of its securities, merger, consolidation, share exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy solicitation or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of Cullman Bancorp, Inc. and its stockholders and in making any recommendation to the stockholders, give due consideration to all relevant factors, including, but not limited to, certain enumerated factors.

  Federal Conversion Regulations

  Without the prior written approval of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), no person may make an offer or announcement of an offer to purchase shares or actually acquire shares of a converted institution or its holding company for a period of three years from the date of the completion of the conversion of Cullman Savings Bank, MHC if, upon the completion of such offer, announcement or 

  

  acquisition, the person would become the beneficial owner of more than 10% of the outstanding stock of the institution or its holding company.  The Federal Reserve Board has defined “person” to include any individual, group acting in concert, corporation, partnership, association, joint stock company, trust, unincorporated organization or similar company, a syndicate or any other group formed for the purpose of acquiring, holding or disposing of securities of an insured institution.  However, offers made exclusively to a bank or its holding company, or to an underwriter or member of a selling group acting on the converting institution’s or its holding company’s behalf for resale to the general public, are excepted.  The regulation also provides civil penalties for willful violation or assistance in any such violation of the regulation by any person connected with the management of the converting institution or its holding company or who controls more than 10% of the outstanding shares or voting rights of a converted institution or its holding company.

  Change in Control Law and Regulations

  Under the Change in Bank Control Act, no person may acquire “control” of a savings and loan holding company, such as Cullman Bancorp, Inc., unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition.  Control, as defined under the Change in Bank Control Act, means ownership, control of or the power to vote 25% or more of any class of voting stock.  There is a presumption of control upon the acquisition of 10% or more of a class of voting stock under certain circumstances, such as where the holding company involved has its shares registered under the Securities Exchange Act of 1934.

  The Federal Reserve Board has adopted a final rule, effective September 30, 2020, that revises its framework for determining whether a company has a “controlling influence” over a bank or savings and loan holding company for purposes of the Bank and Savings and Loan Holding Company Acts.

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