Document:

EX-10.19

 Exhibit 10.19 

Banco BPM S.p.A. Parent company of the BANCO BPM Banking Group - Registered Office: Piazza F. Meda, 4 - 20121 Milan ph. 02/77001 Administrative Headquarters:
Piazza Nogara, 2 - 37121 Verona - ph. 045/8675111 www.bancobpm.it Share Capital at 6.4.2019: Euro 7,100,000,000 fully paid - ABI 05034 - Tax ID and Milan Business Register no. 09722490969 - Representative of the IVA Banco BPM Group VAT no.
10537050964 - Member of the Interbank Deposit-Security Fund - Enrolled in the Register maintained by the Bank of Italy and the Association of Banks of the Bank of Italy and the Association of Banking Groups -
Tax-stamp duty paid online, as required, Auth. Revenue Agency of Milan 5 - n. 3358 of 10101/2017 
 PESCHIERA
BORROMEO, 30/04/2019 
  

					
	To Whom it May Concern:	  	To	  	F.A.O.
		  	From	  	
	KALEYRA SPA	  	

	  	BANCO BPM
		  	SEGRATE – SAN FELICE
	VIA TEODOSIO 65	  	PIAZZA CENTRO COMMERCIALE, 36
	20131 MILAN MI	  	20090 SEGRATE MI

 MAJOR BUSINESS LOAN WITH COMMERCIAL COVENANTS LOAN NO. 04261736 

SUMMARY DOCUMENT NO. 1 
 This summary
document, by express mutual agreement of the parties, shall be considered an integral and substantive part of the contract template, to which it is annexed as its frontispiece. 

ECONOMIC CONDITIONS 
  

	 	•	 	 the interest rate is agreed on a variable basis and is calculated based on the following indexation: quotation of
the Euribor - Euro Interbank Offered Rate - 3 (three) months base 360 - timely recording (rate as recorded at 11 am, European Central Time, by the Euribor management committee (EMMI) as made widely available across the main online circuits, such as
http: //it.euribor-rates.eu, and as published in the trade papers) in terms of the value date for the last Reference Business Day of the calendar quarter. The interest rate determined in this fashion shall be updated at the beginning of each
subsequent calendar quarter. “Reference Business Day” refers to the date in which, for any payment in Euro, the Trans-European Automated Real-Time Gross Settlement Express (TARGET 2) is in effect and increased by a spread of 2.00 points.
Currently the reference parameter value is equal to -0.309%, and thus as of today the interest rate is 2.000% (TWO AND /000 percent). 

Should it prove impossible to discern that interest rate, the three-month Libor referring to the Euro as an index parameter, as published on
the second working day prior to the end of the calendar quarter as reported in the trade papers, increased by the spread mentioned supra shall be taken into account; in instances of any increase or decrease of the latter reference parameter,
the interest rate shall be adjusted to accord with the intervening variations beginning 1/1, 1/4, 1/7, 1/10 following the aforementioned variation, and shall remain in effect for the entire calendar quarter in question. 

Should the Euribor, determined as stated supra (or the Libor referring to the Euro, where the Euribor cannot be determined) be negative,
the parties stipulate the rate shall be deemed zero. Thus, Bank shall apply, as against Customer, an interest rate equal to the spread until the Euribor determined as stated supra (or the Libor referring to the Euro, where the Euribor cannot
be determined) is once again positive. 
  

	 	•	 	 the late-payment interest with respect to 2.00 points above the interest rate described supra shall be
applied on the tenth business day of the fifteen-day period prior to the expiry of the instalment due date, and in accordance with Law no. 108/96. 

The interests shall be calculated using the nominal rates described with respect to the actual numbers of lapsed days, with the divisor referring to 360 days.

 The contracting parties stipulate that beginning in the second calendar quarter following disbursement, the established spread may be modified (increased)
in accordance with the rules set forth infra. 
 The spread shall be maintained the same where Borrower complies with the following commercial
covenants (hereinafter also denoted “Covenants”) for each calendar quarter. These Covenants consist in submitting to Bank on a quarterly basis the commercial proceeds from any goods/services contracts duly executed by Borrower. 

The Covenants are set forth immediately infra: 
  

			
	☐ PORTFOLIO	  	submission at a discounted rate of a payment in due course, advance, or release in any form of the bills receivable and electronic payment orders in Italy (including but not limited to bills of exchange, bank receipts and/or
other deposit orders, including those in electronic format);

  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
	Loans-REPAYMENT SCHEDULE	  	 	  	customer copy
	  
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		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 – 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☒ ADVANCE ON INVOICES
	  	presentation for payment in due course of any advance or release in any form of documents (invoices) which are in any way representative of commercial receivables in Italy;
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 1,500,000.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 1,500,000.00
		  	3rd calendar quarter 01/07 – 30/09 for an amount at or above 1,500,000.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 1,500,000.00
	 ☐ PAYMENT OF BILLS RECEIVABLE
	  	presentation for payment into a bank account of any electronic bill receivable/payment orders (Ri.Ba [collection order] and Order Confirmations) which are domiciled for payment at our Institution;
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☐ GUARANTEES PLEDGED
	  	requests for the issuance of international guarantees (including but not limited to Bid Bond, Advanced Bond, Performance Bond);
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☐ IMPORT RECEIVABLES
	  	requests for the issuance of Letters of Import Credit;
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☐ EXPORT ADVANCES
	  	submission of invoices for advances on exports
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☐ IMPORT FINANCING
	  	the opening of import financing;
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00
	 ☐ COMMERCIAL DEPOSITS AND PAYMENTS:
	  	transactions in Euro for deposits and payments into a commercial bank account
		  	1st calendar quarter 01/01 - 31/03 for an amount at or above 0.00
		  	2nd calendar quarter 01/04 - 30/06 for an amount at or above 0.00
		  	3rd calendar quarter 01/07 - 30/09 for an amount at or above 0.00
		  	4th calendar quarter 01/10 - 31/12 for an amount at or above 0.00

  

			
	 To determine the value of Commercial Proceeds with respect to the maintenance of the spread set as stated supra, the
following will be taken into account:
  

	 -  for PORTFOLIO, ADVANCES ON INVOICES and PAYMENT OF BILLS RECEIVABLE
	  	of the nominal value of Accepted documents;
	 -  for GUARANTEES PLEDGED
	  	of the value of the guarantees issued
	 -  for IMPORT CREDITS
	  	of the value of the Letters of Import Credit issued;
	 -  for ADVANCES ON IMPORTS and IMPORT FINANCING
	  	the value of the advances/loans granted;
	 -  for COMMERCIAL DEPOSITS AND PAYMENTS
	  	the value in Euro of transactions in a commercial bank account

 To determine the proceeds, the presentments accepted, guarantees pledged, and loans granted are calculated,
with their value as of the last business day of the quarter. 
 Failure to respect even a single one of the Covenant objectives during the
calendar quarter in question shall lead to the application, during the subsequent calendar quarter, of the spread as herewith set at 2.50; this without prejudice to the fact that (quarter by quarter, and until the end of the repayment period) the
meeting of the foregoing Covenant objectives shall modify the application (with respect to the next quarter) of the established spread. 
  

	b)	 Borrower shall likewise bear the following expenses and conditions: 

 

									
	 -  Underwriting expenses to be repaid through a withholding on the amount
disbursed;
	  	EURO 9,000.00)	 	

  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
	Loans-REPAYMENT SCHEDULE	  	 	  	customer copy
	  
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	 -  Other expenses: ANCILLARY INSURANCE POLICY
	  	 	EURO 0.00	 	 	
	 -  file-processing fees:
	  	 	EURO 0.00	 	 	
	 -  Instalment collection fee:
	  	 	EURO 2.75	 	 	
	 -  Notice-mailing expenses:
	  	 	EURO 0.00	 	 	
	 -  Fees for novations, replacements of guarantee, authorised delays, as well as
supplemental deeds of any kind
	  	 	0.50	% 	 	of the outstanding balance minimum EURO 200.00) maximum EURO 2,000.00)
	 -  Fees for deferring an instalment payment:
	  	 	EURO 0.00)	 	 	
	 -  Fees for notice of instalment due date:
	  	 	EURO 1.25	 	 	(charged only where the instalment is not paid through direct debit from an account held at the disbursing institution);
	 -  Fees for requesting certifications, legal/accounting documents, interests:
	  	 	EURO 1.25	 	 	
	 -  Charges for prepayments calculated based on the prepaid principal amount:
	  	 	1.00	% 	 	
	 -  Expenses for administrative costs deriving from variations of the economic
conditions not in conformity with the contractual terms made through a bilateral agreement between the parties:
	  	 	EURO 50.00:	 	 	
	 -  Alternative tax with respect to the disbursed amount:
	  	 	0.25	% 	 	(where an election has been made under Presidential Decree no. 601/73 and as amended);
	 -  Fees for postal stamp duties and other duties not listed supra in the
applicable statutory amount.
	  				 	

  

	c)	 The APR (Annual Percentage Rate) is 2.9762% 

 

	d)	 Repayment Schedule annexed to the instant contract. 

CONTRACT CONDITIONS 
 Please note that,
per your request and subject to your acceptance of the terms and conditions set forth in the instant proposal, we herewith grant your company, KALEYRA SPA, with registered office at VIA TEODOSIO 65, 20131 MILAN, Tax ID / VAT no 0000012716960153
(hereinafter, “Borrower”) a loan in the amount of Euro 1,200,000.00 (ONE MILLION TWO HUNDRED THOUSAND AND /00 EURO) to be repaid in 42 months, plus any pre-repayment period, to be understood as a
firm commitment by Bank as defined under Art. 3 of the Contract Terms, infra. 
 The Borrower further states that the loan has been requested for
future company needs; the loan is therefore approved for such purposes by Bank. Thus, Borrower stipulates that the current provisions regarding “Consumer Credit” under Art. 121 of legislative decree 385/93 (Banking Consolidation Act) shall
not apply to the operation. 
 In accordance with applicable
transparency-in-banking and contract rules, under CICR Resolution of 4 March 2003, and subsequent provisions of the Bank of Italy, a “Summary Document” is
annexed to the contract (constituting an integral part of the this contract) in which the economic terms and conditions governing the loan appear. 
 The
loan is further governed by the following terms and conditions, as well as the “General Conditions relating to the Bank - Customer relationship” which you herewith stipulate are known and accepted by you. 

The foregoing shall be without prejudice to the fact that the relationship might be transferred by Bank to another branch without a new contract being
required. Any change in the distinct number of the banking relationship (including where such change is prompted by such a transfer) shall not constitute a novation of the same. 

In exercising its money-lending function, Bank is subject to controls performed by the Bank of Italy, with registered office at Via Nazionale 91 - 00184 Rome.

 This Contract is governed by Italian law. 

CONTRACT RULES 
  

	1)	 Repayment of the loan shall be made by Borrower through a total of fourteen (14) quarterly instalments,
which shall include both principal and interests, currently set at Euro 88,963.30, (EIGHTY-EIGHT THOUSAND NINE HUNDRED SIXTY-THREE AND 30/100 EURO) which shall be due on 31/3, 30/6, 30/9 and 31/12 each year, with the first instalment due on
31/03/2020 and the last instalment on 30/06/2023, as set forth in the repayment schedule which, executed by both parties, is annexed hereto, becoming an integral and substantive part of the instant contract. 

Borrower stipulates that Bank shall (where there is an increase or decrease in the interest rate as determined - for variable-interest rate
contracts) adjust the loan’s repayment schedule accordingly: the outstanding principal shall become the original principal, the remaining term shall be the “term”, and the “interest rate” shall be determined as stated
supra. Consequently, the annexed repayment schedule shall be understood as merely illustrative of the loan repayment: to wit, it may vary depending on the principal portion, as well as with respect to the interest portion, and likewise with
respect to the total amount of each individual instalment (with either graduated repayment, or fixed repayment with equal instalments), or solely with respect to the interest portion and the overall amount of each instalment (for uniform repayment,
that is, one using a fixed principal amount). 
  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
	Loans-REPAYMENT SCHEDULE	  	 	  	customer copy
	  
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 Before beginning the repayment period, Borrower shall pay interests only, calculated at the
rate stated in Art. 2, subpart (a), supra, beginning 30/4/2019. 
 Pre-repayment interests
shall be paid by Borrower to Bank on a postpaid basis in three instalments, the first of which comes due on 30/06/2019, in the amount of Euro 4,066.67 (FOUR THOUSAND SIXTY-SIX AND 67/100 EURO) and each as
specified in the annexed repayment schedule. 
 Borrower stipulates that Bank shall (for any increase or decrease in the interest rate as
determined supra) adjust the instalment of interest-only payments on the loan as well. Consequently, the amount set forth supra shall be understood as supplied for illustrative purposes only. 

Bank shall have the right but not the duty to charge at each individual deadline, against the account Borrower holds at the Lending Bank, the
loan instalment, regardless of whether overdrawn, and by the same token Bank shall have the option to collect any other amount owed to Bank by Borrower pursuant to the loan. Borrower undertakes to make sufficient funds for payment timely available.
Bank is authorised herewith to make changes to the repayment instalments pursuant to any interest-rate variances arising hereafter. 

Borrower, moreover, stipulates that Bank (within the exercise of its credit-assessment operations) shall not be obliged to accept the proposed
Commercial Proceeds unconditionally. Rather, such Proceeds shall be subject to independent, discretionary assessments by Bank, who may therefore decide to reject such Commercial Proceeds as proffered by Borrower. Consequently, a breach of the
Covenants may occur, and the greater spread as defined in the instant article applied. 
  

	2)	 Bank reserves the right to modify the economic conditions (other than the interest rate) applied to the loan.
Where such modification is to Borrower’s detriment, Bank undertakes to comply with all statutory rules regarding contract-condition transparency under Art. 118 of the Consolidated Bank Act (as subsequently amended). Borrower expressly assents
to Bank’s option to do so. 

 Pursuant to Art. 119 of the Consolidated Bank Act, Bank shall supply Borrower (at
contract expiry, and at least once per year) a detailed notice, with a complete, straight-forward advisory on the performance of the relationship, and an updated framework for the economic conditions applied. The method for sending such notice shall
include hard-copy mailing and paperless (electronic) delivery. 
 Borrower expressly agrees to accept paperless delivery of periodic notices.
At any time over the course of the relationship, Borrower shall have the right to change its notice-delivery methods by sending a specific request via registered mail to the branch where the banking relationship was established. 

 

	3)	 Bank undertakes to refrain from withdrawing from the contract throughout its term, except in those scenarios
contemplated in Art. 7 of the instant Contract Terms. 

  

	4)	 Borrower undertakes to repay, by the established deadlines, the amounts owed under the loan as approved.
Compliance with all duties assumed under the loan contract shall not be delayed, even where Borrower and/or Borrower’s guarantors have raised a dispute in or out of court. With respect to the principal, late-payment interests shall be
calculated as contemplated under the contract beginning on the payment due date, and until the actual payment, in any of the following cases: 

  

	 	•	 	 failure to pay the contemplated loan-instalment payment by the established instalment date;

  

	 	•	 	 termination of the relationship following any acceleration of the loan, termination of the contract, or for any
other reason. 

  

	5)	 For any amount of money or for any reason which, to protect its own receivable, Bank pays on Borrower’s
behalf, and any expense (including out-of-court expenses) that Bank might incur for the protection and collection of its own receivable shall be immediately repaid by
Borrower along with interests accruing thereto in the amount contemplated for late-payment interests from the date of disbursement, which a right attaching to Bank to collect as soon as the first payment made; debtor thus waives the option of having
such collected amounts otherwise allocated. By the same token, Bank shall have the right to request Borrower immediately repay any charge or increase following a change and/or new interpretation (including by an administrative authority) of the
rules and provisions governing the transaction. 

  

	6)	 All obligations are understood to be taken on by the Borrower on its own behalf and by its guarantors in a
joint and indivisible manner, and with the binding obligation of joint and several liability and indivisibility for their heirs, successors and assigns. If there is more than one debt relationship with the Bank, the customer has the right to declare
- pursuant to article 1193, first paragraph, of the Italian civil code - at the time of payment which debt it intends to satisfy. Absent such statement, Bank may allocate (as a waiver of the statutory-default provision otherwise available under Art.
1193, paragraph 2 of the Civil Code) the payments made by customer, or any payments received by a third party, to discharge or lessen any duty assumed by customer by providing notice to the latter. 

Unless decided otherwise by the Bank, any payment made by the Borrower shall be allocated firstly to the repayment of expenses and charges,
then to the payment of ancillary charges and interest and, with regard to the remainder, towards the principal. In the event of late payment/default, the Bank shall have the right to allocate the payments it receives firstly to the repayment of the
overall crude late payment interest, the expenses and charges the ancillary charges and interest charges and finally the principal. 
  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
	Loans-REPAYMENT SCHEDULE	  	 	  	customer copy
	  
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	7)	 Borrower may see the loan accelerated upon the occurrence of any scenario enumerated under Art. 1186 of the
Civil Code, including instances of: 

  

	 	•	 	 court actions, protested bills, receiverships and enforcement proceedings, seizure of assets, recordings of
statutory or judicial liens as against the Borrower or guarantor which (in Bank’s estimation) might deteriorate the receivable; 

  

	 	•	 	 Borrower being subject to any insolvency proceeding (including, as the case may be, special administration),
liquidation, or the transfer of assets to creditors; 

  

	 	•	 	 the occurrence of events (including changes to its legal entity, variations in share capital, bond issuances,
changes in company ownership and/or leadership) such that Borrower or guarantor’s equity, corporate, financial, or economic position is infringed thereby, such that Bank’s collection of its receivables is at risk; - Borrower’s failure
to fully and timely discharge its credit/financial duties with respect to any pending transactions with Bank; -change to Borrower’s business operations; 

  

	 	•	 	 the occurrence of any scenario contemplated under Art. 2743 of the Civil Code, subject to Bank’s option
(pursuant to that same statutory provision) to request and obtain a satisfactory security interest in other assets, including in the case of any general or localised depreciation of the guarantee as pledged, as shown through objective market
parameters, as well as for any other reason whatsoever. 

 Other triggers for terminating the contract as a matter of law
under Art.1456 of the Italian civil code in the event of: 
  

	 	•	 	 failure to make timely payment, be it in whole or in part, of any amount due under the loan, and/or of any
interest and ancillary charges relating to the same; 

  

	 	•	 	 failure to use the loan proceeds for approved purposes; 

 

	 	•	 	 misrepresentation in any documentation produced or communication made to Bank; 

 

	 	•	 	 failure to carry out the duties arising from the institution of a security interest where contemplated under the
loan contract 

 Should Bank intend (pursuant to the occurrence of any of the foregoing scenarios) to exercise one of the
options stated supra, Bank shall advise Borrower in writing (including through telex, telegram, fax, simple letter, or certified email a/k/a/ “P.E.C.”). 

Consequently, Borrower and/or guarantors shall be required to make immediate payment not only against the outstanding, past-due instalments, but also as against the entire outstanding principal balance as pending as of the date the contract is terminated or notice of loan acceleration is made, as well as of all interests, ancillary
charges and fees, including the amount for any insurance premiums for which the Bank, in the absence of a payment by Borrower and/or guarantors, provided cover. 

All guarantees as contractually established, and those subsequently acquired by Bank shall stand, and Bank shall have the right to take action
as against Borrower and guarantors in the manner and with the procedures deemed most convenient by Bank. 
 Borrower shall further pay Bank a
penalty calculated in the same manner, and in the same amount, as the fee to be paid for prepayment of disbursed capital in accordance with the economic conditions appearing in the summary document. 

 

	8)	 Borrower shall have the right to request to prepay, or fully pay off, the loan. In such cases, Borrower shall
pay Bank, in addition to the principal, the interests and fees for accounting and other charges as accrued in a manner to be negotiated directly with Bank, as well as the compensation (calculated based on the prepaid principal amount) as set forth
in the Summary Document. 

 Each prepayment shall serve to lower the amount of subsequent instalments; the number of
instalments as originally negotiated shall stand, absent express waiver by bank and borrower. 
  

	9)	 (operating provision for instance of a guarantee with promissory note) To secure repayment of the loan and
anything else due: 

 Borrower shall issue, for Bank’s benefit, its own promissory note to mature “on sight no
later than                 ” as required under Art. 39 of Royal Decree no.1669, in an amount equal to the loan amount and endorsed by
                         
  

 
 Borrower agrees that
the foregoing note be retained by Bank until all credit interests arising from the loan have been satisfied so that Bank might rely on such note, in instances of contract termination or loan acceleration, in an enforcement or court proceeding, in
order to collect its credit (with respect to principal, interests, expenses, and ancillary costs) as actually held as against borrower. 

With respect to the foregoing, Bank is herewith authorised to record on such promissory note both a notation of the amortisation interest as
well as the late-payment interests, in the amount established. 
 Bank shall be released from making a tangible presentment to debtor for
payment of the security; rather (for such purposes) Bank’s notice of contract termination or loan acceleration (in the manner required under the contract) shall suffice. Consequently, the security may be used by Bank in an enforcement or court
proceeding with no other formalities required. 
  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
	Loans-REPAYMENT SCHEDULE	  	 	  	customer copy
	  
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	10)	 The borrower offers the following guarantees that are promptly established with a separate deed:

  
  

Any security interests created with respect to the contract shall be deemed automatically created to secure the duty to repay amounts due by
Borrower in instances of an overdrawn account. 
  

	11)	 (operating provision for any security interests with a lien/privilege) Borrower, any pledgor, their heirs or
assigns, expressly and herewith waives the right to request, with respect to any early payoff, the release (be it full or partial) of the assets on which the lien and/or security interest was pledged until two (2) years from the day of the
payoff was made. Such provision shall be stipulated as an express waiver of the statutory default provision otherwise available under Art. 1200 of the Civil Code. Should repayment be made at contract expiry, or later, the period set forth in the
preceding paragraph shall be adjusted to one (1) year. Bank further reserves the right to permit or restrict, at its own unassailable discretion, the release of any privilege and/or security interest before the aforementioned periods have
elapsed, as well as any restrictions or reductions in the guarantee itself even before full loan payoff is made. 

  

	12)	 Bank’s own accounting ledgers and entries shall be used as proof between Bank and Borrower.

  

	13)	 All expenses under the instant document and its annexes, which arise or relate to the same, as well as any
charges for taxes or fees now pending or arising hereafter shall be borne by the customer, who herewith expressly agrees to assume such charges, pledging to pay and/or reimburse them upon simple request by Bank. 

 

	14)	 The Parties, pursuant to Art. 17 of Presidential Decree no. 601/1973 (as subsequently amended) have elected to
have the instant legal document be subject to alternative tax under Art. 15 et seq. of the aforementioned Presidential Decree no. 601/1973. 

  

	15)	 The sending of letters, any notices, and any other statement or correspondence by Bank shall be made to
Borrower and deemed fully binding if sent to the address set forth below: VIA TEODOSIO 65, 20131 MILAN or as hereafter supplied in writing. All customer correspondence and notices to Bank regarding the pending relationship shall be made in writing
to the branch where the relationship was instituted. Should Borrower move abroad, Borrower’s domicile with respect to the relationships governed hereunder is herewith stipulated as automatically elected with the Mayor of the City of Milan.

  

	16)	 The venue for any dispute shall be the court with personal jurisdiction over Bank’s Registered Office, or
alternatively over that of the Bank branch where the banking relationship was instituted. Both Borrower and Bank may further institute any proceeding including before a court with jurisdiction over the subject matter in the judicial circuit in which
Borrower’s residence or registered office is located; likewise, alternatively, before any court with personal jurisdiction over any Bank branch, provided it is in the Region where the Borrower’s residence or registered office is located,
or where an establishment with representation for Borrower is located, provided such establishment has been authorised to have standing for the subject matter in question. 

 

	17)	 Borrower states that it herewith receives, through a deposit into its account numbered 000000000001726, and
held at branch no. 3180, the full amount of Euro 1,200,000.00 net of the amounts relating to fees, expenses, and taxes, for which it herewith issues, with the instant legal document, a full receipt and satisfaction of the same, and thus expressly
assumes the role of debtor as against Lending Bank, and undertakes to make repayment as set forth in the preceding articles. 

  

	18)	 

  

	1.	 Should a dispute arise between Customer and Bank with respect to the interpretation and application of
contracts relating to services rendered by Bank, Customer may lodge a complaint with Bank in one of the following ways: 

  

	 	•	 	 via hand-delivered letter, and the attendant issuance of a receipt, at any Bank Branch; 

 

	 	•	 	 via registered letter with advice of receipt to the following address: Banco BPM S.p.A. - Complaint Office - Via
Polenghi Lombardo, 13 - 26900 Lodi; 

  

	 	•	 	 online using the “Contact Us” - “Complaints” Section on Bank’s website;

  

	 	•	 	 via email to: reclam@bancobpm.it; 

 

	 	•	 	 via email to: reclami@pec.bancobpmspa.it. reclami@pec.bancobpmspa.it. 

Bank shall be required to respond: 
  

	 	•	 	 within thirty (30) days’ receipt, if the complaint involves banking and financial products and
services; 

  

	 	•	 	 within sixty (60) days’ receipt, if the complaint involves investment services; 

 

	 	•	 	 within forty-five (45) days’ receipt, if the complaint involves insurance contracts and services;

  

	2.	 Should Customer not be satisfied by the resolution of the complaint, or should Customer not have received a
response by the deadline, Customer may launch an out-of-court or mediation / conciliation procedure as set forth infra. 

For any disputes involving banking and financial transactions and services, as well as insurance contracts and services (with the exception of
policies that are deemed to be financial products) Customer may: 
  

	 	•	 	 contact, pursuant to Art. 128-bis of Legislative Decree no. no. 385 (1
September 1993) of the Consolidated Bank Act (hereinafter also denoted the “TUB”), the Banking and Financial Arbitrator (ABF), where the amount in controversy is at or below Euro 100,000, if the claim involves a monetary demand, or for any
amount in controversy in all other cases. The petition shall be signed by Customer; the appeal may be presented on Customer’s behalf by an industry association to which Customer belongs, or by another duly deputised agent. In such cases, the
appeal shall likewise be signed by Customer or shall be accompanied by a power of attorney. The petition shall be generated using the forms posted to the ABF website, and available from any Bank of Italy branch open to the public. Alternatively, the
appeal may be: sent directly to the technical secretariat for the ABF Council with jurisdiction over the matter (following the 

  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
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instructions stated on the forms) or to any Bank of Italy branch, or presented at any Bank of Italy branch open to the public. The petition to the ABF may not be filed later than twelve months
after submission of the complaint to Bank. Should Customer wish to file a complaint petition as stated supra, Customer shall provide prompt notice of the same to Bank by sending a copy of the petition through registered mail with advice of receipt
or certified email to Bank. Further information on the dispute resolution system as per art. 128-bis of the Consolidated Bank Act (TUB) can be found in the website of the Organisation
(www.arbitrobancariofinanziario.it); or alternatively: 

  

	 	•	 	 institute (either with or without having entered into the complaint procedure set forth in paragraph 1, supra) a
mediation proceeding with the Bank Conciliation Entity formed under the Banking and Financial Conciliator - Association for Banking, Finance, and Corporate Dispute Resolution - ADR (enrolled in the register of conciliation entities maintained by the
Ministry of Justice) as the Entity specialised in Banking and Financial disputes, which has a network of conciliators across Italy (information available at www.conciliatorebancario.it). An equivalent right is reserved to Bank.

 In the case of insurance contracts and services (with the exception of policies which constitute financial
products), furthermore, Customer has the option to contact IVASS (Institute for Insurance Supervision) instead, through the www.ivass.it website (see “Guide to Complaints”) where one might obtain all necessary information and forms.

 For any disputes involving investment activities and services, Customer has the option to contact: 

 

	 	•	 	 the Financial Dispute Arbitrator (hereinafter, also denoted “ACF”) pursuant to Art. 2, paragraph
5-bis of Legislative Decree no. 179/2007, which was instituted via CONSOB Resolution no. 19602 of 04 May 2016, provided the amount in controversy is at or below Euro 500,000, and no other out-of-court settlement proceedings have been instituted by Bank and entered into by Customer, and provided the dispute involves the breach of duties of disclosure, care, fairness, and transparency as are
incumbent on all brokers and intermediaries. The petition to the ACF can only be presented by the Customer, personally or through an association representing the interests of consumers or an attorney in fact. The petition shall be drafted and sent
to the ACF in accordance with the procedures published by the ACF on its website. The option to appeal to the ACF shall not be available where more than twelve (12) months have passed since the complaint was lodged with Bank, the dispute
involves damages other than those directly and immediately consequential to Bank’s breach or violation of the foregoing duties, or where the dispute involves non-economic damages. Further information on
the dispute-resolution system established under Consob Resolution no. 19602 are available on the Entity’s website. The right to appeal to the ACF may always be exercised, even where the contract includes a waiver, or provisions allowing the
dispute to be heard by another out-of-court dispute-resolution entity; or alternatively 

 

	 	•	 	 institute (either with or without having entered into the complaint procedure set forth in paragraph 1,
supra) a mediation proceeding with the Bank Conciliation Entity formed under the Banking and Financial Conciliator - Association for Banking, Finance, and Corporate Dispute Resolution - ADR (enrolled in the register of conciliation entities
maintained by the Ministry of Justice) as the Entity specialised in Banking and Financial disputes, which has a network of conciliators across Italy (information available at www.conciliatorebancario.it). An equivalent right is reserved to Bank.

	3.	 The right to file a suit remains unprejudiced when the mediation intended to reach conciliation ends without a
resolution. 

  

	4.	 Customer likewise acknowledges that Art. 5, paragraph 1-bis of Legislative Decree no. no. 28 (4 March
2010), introduced by Law no. 98 (9 August 2013, which converted Law Decree no. 69 of 21 June 2013), established, amongst other things, that those intending to assert a right relating to an insurance, banking, or financial contract dispute in a
court of law are required to make an attempt at mediation under that same Legislative Decree no. 28/2010, or conciliation under Legislative Decree no. 179/2007, or the procedure instituted in implementation of Article 128-bis of the
Consolidated Banking and Credit Act under Legislative Decree no. 385/1993 for the matters governed by the same. Such legal provision shall remain in effect until 21 September 2017, subject of course to any subsequent statutory modifications.

  

	5.	 In relation to the provision referred to in art. With respect to the previously cited provision under Art. 5,
paragraph 1-bis of Legislative Decree no. 28/2010, and in implementation of paragraph 5 of the same Article, the contracting parties herewith agree to submit any disputes arising out of the instant contract to the Banking Conciliation Entity
formed under the Banking and Financial Conciliator - Association for Banking, Financial, and Corporate Dispute resolution - ADR (enrolled in the register of conciliation entities held by the Ministry of Justice) as the entity specialised in
Banking and Finance disputes, and which has a network of conciliators across the country. 

 However, the Customer who
under Art. 3, paragraph 1, of Legislative Decree no. 206 (6 September 2005) the (“Consumer Code”) is deemed a “consumer”, shall only be required to make a mediation attempt by submitting an application for mediation to the
Banking and Financial Conciliator - Association for Banking, Financial, and Corporate Dispute Resolution - ADR, where the aforementioned Entity is located where the Court with personal jurisdiction over the matter is located, that is, over the
consumer’s residence or elective domicile. Therefore, where such criterion is not met, Customer who is also a “consumer” may apply for mediation with another entity in the location where the Court with personal jurisdiction over the
parties is located, provided Customer shall have the right to contact the Banking and Financial Conciliator or the Banking and Financial Arbitrator as well, without being however obliged to do so. 

And the proceeding under Art. 128-bis of the TUB before the Banking and Financial Arbitrator as well as the petition filed under
Legislative Decree no. 179/2007 of the ACF shall - just as with the mediation procedure under Legislative Decree no. 28/2010 - meet the condition precedent for filing suit under the aforementioned Art. 5, paragraph 1-bis, of Legislative
Decree no. 28/2010. 
  

					
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	6.	 In adherence to the parties’ option to select the entity, the contracting parties (whether before or after
execution of the instant contract) may regardless agree to seek out another entity enrolled in the same register held at the Ministry of Justice). That said, and to the extent contemplated under applicable law, the possibility of instituting a
procedure under Art. 128-bis of Legislative Decree no. 385 (1 September 1993), and that is the appeal to the Banking and Financial Arbitrator, the out-of-court
settlement system managed by the Bank of Italy, as well as the option to file a proceeding under Legislative Decree no. 179 of 8 October 2007, and that is, a petition to appear before the ACF, where the dispute involves an investment service,
shall stand. 

  

	7.	 EU Regulation no. 524/2013 of the European Parliament and Council of 21 May 2013 regarding consumer
online-dispute resolution (hereinafter, the “ODR Regulation”), instituted a European platform (hereinafter, the “Online Dispute Resolution Platform’’ or “ODR Platform”) which serves to
facilitate out-of-court dispute resolutions for contractual obligations arising from online sales or service contracts between a consumer residing in the EU, and a
professional with an establishment in the EU. More specifically, the ODR Platform consists of an interactive website which consumers and professionals alike may access free of charge, and which interfaces directly with the Italian
alternative-dispute resolution entities including the ABF and ACF (hereinafter, the “ADR Entities”). In addition to providing general information on
out-of-court settlements of the aforementioned contractual disputes, the ODR Platform allows customers to institute and manage the complaint proceeding before the ADR
Entity online, by filling out the designated electronic form (to which the relating supporting documentation will be attached). Therefore, subject to the provisions of the preceding paragraphs, Customers deemed “consumers” under the
Consumer Code, for the out-of-court settlement of disputes involving services and or products sold by Bank online, may contact the ODR Entity of Customer’s choice,
and submit a complaint through the ODR Platform as well. To that end, Customer may consult the ODR Platform website at httPs://webaate.ec.europa.eu/odr/main/?event=main.home.show&lna=IT. 

SIGNATURES 
 If you agree with the
foregoing, we ask that you kindly return a signed copy of the instant document, using (verbatim) the text appearing infra, in your acceptance whereof, and of all provisions subject to your express approval, and with all representations
required. 
 With best regards, 
  

	
	BANCO BPM
	/s/ Banco BPM

  

	
	

  
  

 
  

 
  

					
	 F.A.O.
 BANCO BPM

 
 I/WE HAVE received your proposal as it appears supra, and which I/we herewith
execute in full and unconditional acceptance whereof.
  
 I/We state:

 
 ☐   I/we have availed
my/ourselves of the option, prior to executing the contract, of obtaining:
  

☐   a copy of the contract suitable for execution at the cost set forth in the summary
document, not to exceed the underwriting expenses
  

☐   contract template without the economic conditions and expense estimate based on the
information supplied by me/us
  
 I/We did not
avail my/ourselves of the option to secure a contract template or copy
 •  the instant document
along with its annexes has been signed by me/us following the placement of a “seal of guaranty” which ensures the restriction against partition or modification of the same.

 

	 30/04/2019
	  		 	 VIA TEODOSIO 65 20131 MILAN MI

	  
	  	  
	 	  

	 Date
	  		 	 Address

	 Surname, First Name, place and date of birth or Business Name
	  		 	Signature
	 	  		 	 Kaleyra S.p.A

			
		  	  
	 	  

	  
  

I/We state we expressly approved, in accordance with Art. 1341, paragraph 2, of the Civil Code - the following
provisions of the foregoing terms and
conditions of your

 Unsecured Variable Rate Loan with Covenants 

2) Bank’s option to modify the economic conditions, other than the interest rate; 

4) Duty to timely discharge all duties even in instances of in- or
out-of-court settlement- late-payment interests; 

ART.5) expenses for credit collection - repayment of charges and increases; 

ART 6) joint and several liability for all heirs and assigns; allocations of payments; 

ART 7) contract termination - acceleration of loan; 
  

					
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 11) waiver of requests to release guarantees; 

12) probative value of Bank accounting ledgers and entries; 

13) tax expenses and charges to be borne by Borrower; 

16) waiver of the right to trial; 

18) Complaints and out-of-court dispute resolution
methods. 

	
	
	 Signature/s:

Kaleyra S.p.A.

	
	I/We state that I/we have received a copy of the instant contract executed as between the undersigned, and a copy of any annexes.
	
	 Signature/s:

Kaleyra S.p.A.

  

					
		  	 Signature in acceptance and approval whereof by Borrower

 
	  	
		  		  	
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 Exhibit 10.20 

[illegible] A. Parent company of the BANCO BPM Banking Group - Registered Office: Piazza F. Meda, 4 -20121 Milan Tel 02/77001 Administrative Office, 2 –
37121 Verona – Tel. 045/8675111 www.bancobpm.it Share Capital at 6.4.2019. Euro 7,100,000,000 ent. Paid up – ABI 05034 - Taxpayer’s Id. Code and Registration in the Companies Register of Milan no. 09722490969 - Representative of the
IVA Banco BPM Group VAT Id. no. IVA 10537050964 - Member of the Fondo Interbancario di Tutela dei Depositi [Interbank Deposit Protection Fund] and of the Fondo Nazionale di Garanzia [National Guarantee Fund] – Registered in the
Bank of Italy’s List of Banks and in the List of Banking Groups - Stamp duty paid online, if due, under Auth. Revenue Ag., Office of Milan 5 - no. 3358 of 10/01/2017. 

PESCHIERA BORROMEO, on 23/07/2019 
  

					
	 To Whom it May Concern:
 KALEYRA SPA

 
 VIA TEODOSIO 65

20131 MILANO
	  	 To From
  
 

	  	 Messrs.
 BANCO BPM

SEGRATE – SAN FELICE
 PIAZZA CENTRO COMMERCIALE, 36

20090 SEGRATE MI

 UNSECURED INTERNATIONALIZATION LOAN 

Loan no. 04362344 
 SUMMARY
DOCUMENT NO. 1 
 This summary document, by express mutual agreement of the parties, shall be considered an integral and essential part of the
contract template, to which it is annexed as its title page. 
 ECONOMIC CONDITIONS 

The interest rate is determined based on the following benchmark: 

3 (three) months Euribor - Euro lnterbank Offered Rate - 360 basis - updated (quoted at 11AM, Central Europe Time, by the Euribor Steering Committee - EMMI -
made public through the main electronic trading platforms, such as http://it.euribor-rates.eu, and through specialized press) with value date at the date of execution and the start date of each instalment. The interest rate so determined will be
updated each time to the date corresponding to the start date of the instalment, increased by a spread of 2.0000 points. 
  

	☐	 fixed throughout the loan term. 

 

	☒	 floating, based on the variations in the benchmark, 

for an amount of / currently equal to nominal 2.0000%. 
 In case
of a floating rate, the above value is indicative and referred to the rate in force at the time of execution: 
  

	 	•	 	 if the benchmark determined as above (and, in case of failure or future impossibility of determination, the Libar
as defined below) has a negative value, the same will be conventionally considered equal to zero: as a consequence, Bank will charge Borrower an interest rate equal to the spread until the benchmark value rises above zero again;

  

	 	•	 	 if it is not possible to determine the benchmark rate as indicated above, the benchmark considered will be the 3
months Libor referred to Euro, quoted on the second working day before the end of each calendar quarter, as reported on specialized press, increased by the spread indicated above; In case of an increase or decrease in this latter benchmark, the
interest rate will be adjusted to reflect the changes occurred, starting from 1/1, 1/4, 1/7 or 1/10 following such change, and will remain in effect throughout each calendar quarter. 

Therefore, given that the value of the aforementioned benchmark is currently equal to -0.3750% and the spread is, as
said, 2.0000 points, the nominal annual rate of the loan, in light of the above, is currently set at 2.0000%. 
 Interest-only period (if applicable) will
be charged in the same way as the repayment interest 
 The interests shall be calculated using the nominal rates described with respect to the actual
numbers of lapsed days, with the divisor referring to 360 days. 
 Late-payment interest: set at 2.0000 percentage points higher than the Interest rate
charged as above, in force at the date of expiry of the instalment, and however in compliance with Law 108/96. 
 The following costs will be charged to
Borrower 
  

											
	 - Arrangement fees to be withheld from the amount of the loan
	  	Euro	  	54,000.00;	 	✓		 	  	
	 - Other expenses: ANCILLARY INSURANCE COVERAGE
	  	Euro	  	0.00;	 				  	
	 - file-processing fees:
	  	Euro	  	0.00;	 				  	
	 - Instalment fee:
	  	Euro	  	2.75;	 				  	
	 - Costs of communications
                on paper:
	  	Euro	  	1.25;	 				  	
	
                   
                                         
electronically.
	  	Euro	  	0.00;	 				  	
	 - Costs for assumptions of debt, security replacements, extensions or deferments, as well as for
additions of any nature whatsoever
	  		  	0.50%	 				  	on the residual debt Euro 200.00 minimum; Euro 2,000.00 maximum;
	 - Fees for deferring an instalment payment:
	  	Euro	  	0.00;	 				  	

  

					
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	 - Fees for notice of instalment due date:
	  	Euro	  	1.25	 		  	(1.25 (charged only where the instalment is not paid through direct debit against an account held at the disbursing institution);
	 - Fees for requesting certifications, legal/accounting documents, interests;
	  	Euro	  	1.25;	 		  	
	 - Charges for prepayments calculated based on the prepaid principal amount:
	  		  	4.50%;	 		  	
	 - Administrative costs due to changes in the economic conditions not in line with the contractual
agreements, stipulated by a mutual agreement of the parties:
	  	Euro	  	50.00;	 		  	
	 - Alternative tax with respect to the disbursed amount:
	  		  	0.25%	 		  	(0.25% (where an election has been made under Presidential Decree no. 601/73 and as amended);
	 - Fees for postal stamp duties and other duties not listed supra in the applicable statutory
amount.
	  		  		 		  	

 The ancillary insurance is optional and is not required to secure the loan under the terms and conditions herein proposed.

 The Annual Percentage Rate of Charge (APRC) is 3.3149% 

The REPAYMENT SCHEDULE is attached to the summary document in accordance with the provisions of art. 4 bis below (“Repayment Schedule”) 

CONTRACT CONDITIONS 
 Whereas Borrower,
named KALEYRA SPA, with registered office in MILAN, Taxpayer’s Id. Code / VAT Id. 12716960253 (the “Borrower”) has applied to Bank for a facility (also referred to as the “Loan”) for an amount of Euro 4,000,000 to be used
for business financing needs; 
  

	a)	 Bank has consented to grant Borrower the requested loan, in view of the legal, administrative, financial and
technical situation of Borrower and of its assets and liabilities, as result from the statements made and the data provided by the same. 

  

	b)	 In compliance with the legislation on transparency in contract conditions of banking transactions and services,
under the CICR [Interministerial Committee for Credit and Savings] Resolution of 4 march 2003 and the subsequent provisions issued by the Bank of Italy, the “summary document” containing all economic conditions that govern the loan is
attached to this agreement as the title page. 

  

	c)	 This loan is regulated by D.Lgs [Legislative Decree] 385 of 1.9.1993 (Consolidated Banking Act, hereinafter the
“TUB”) and by the pre-existing provisions, insofar as applicable; Borrower acknowledges that in view of the statements made and of the information referred to above under letter a), the transaction
is not subject to the laws on “Consumer Credit” under art. 121 of the TUB; 

  

	d)	 In addition to the following terms and conditions, this contract is also governed by the “General Customer
Relationship Conditions” already known to and approved by Customer. 

  

	e)	 This contract may be transferred from one branch to another of Bank without the need to sign a new agreement; a
change in the contract identifying number, including as a consequence of a transfer as referred to above, does not amount to a novation. 

  

	f)	 As security for the loan, by a separate deed in favour of Bank: 

 

	 	☐	 Borrower offers (pledge, guarantee, etc.): 

for an amount of Euro 
  

	 	☐	 the following persons will act guarantors of the loan: 

 

	g)	 Except as otherwise defined therein, the words and expressions used in this contract have the following
meaning: 

 “Bullet repayment”: means a lump sum payment made as Repayment of the entire principal at the Loan expiration
date, together with the relevant portion of interest. Prior to the Loan expiration date, Borrower shall pay instalments comprised entirely of interest, if it is so provided in the Contract. 

“Even Total Repayment” or “French Repayment”: means repayment in instalments consisting of increasing capital repayments
(calculated based on the business calendar (360/360)), and interest portions calculated on the residual debt, with reference to the actual number of days included in each period of interest, and 360 as the fixed divisor. Whilst the principal amount
is always calculated as indicated above, the overall (total) amount of each instalment varies in consequence of the different number of calendar days included in each period of interest. 

“Even Principal Repayment” or “Italian Repayment”: means the repayment in instalments comprised of constant capital
Repayments (that is, equal for all instalments, calculated by dividing the loan principal by the number of Repayment instalments) and portions of interest calculated on the residual debt, decreasing over time. 

“REPAYMENT SCHEDULE”: table representing the composition, in terms of principal and interest portions (as well as any other cost items) of
the loan Repayment instalments that Borrower must pay to Bank, calculated at the interest rate defined in the Contract. In floating rate loans, the table is merely indicative. 

[illegible] the above being stated 
 Bank and Borrower,
hereinafter jointly referred to - where required - as the “Parties”, intend hereby to carry out the aforementioned financing transaction under the following terms and conditions. 

  

					
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CONTRACT RULES 
 Art. 1 - Effect of the
recitals 
 The Parties expressly approve the above recitals, which form an integral and essential part of this contract. 

Art. 2 - Subject of the contract 
 Bank hereby grants
Borrower, at Borrower’s request, a loan of the amount of Euro 4,000,000.00 for a maximum term of 24 months, plus the interest-only period, where agreed, under the conditions set out below, and to be intended as a firm commitment by Bank, as
defined in art. 2 bis below. 
 The Parties agree that the amounts granted under this Loan will be disbursed upon the signing of this contract. 

Art. 2 bis - assumption of a firm commitment 
 3) Bank
undertakes to refrain from withdrawing from the contract throughout its term, except in those scenarios contemplated in Art. 14 of the instant Contract Terms. 

Art. 3 - Interest 
 Borrower undertakes, from the date of
disbursement, to pay the interest as agreed in amount and frequency in the summary document and in the Repayment Schedule. 
 Borrower acknowledges and
accepts that if the interest is charged at a floating rate, Bank will redetermine the Repayment Schedule in case of an increase or decrease of the rate, and therefore the Repayment Schedule is to be intended as merely indicative. 

Any delay or failure to deliver the payment notice will not exempt Borrower from the obligation to pay the amounts owed by the due date, and such delay or
failure may not be invoked as a reason of inapplicability of the late-payment interest due under article 11 below. 
 If an interest payment date is not a
business day (calculated based on the calendar of the “TARGET” international payment system), the interest payment shall be considered as due on the next succeeding business day (however, if such day falls in the following month, the
payment must be made on the last working day preceding the actual expiration date), with consequent extension (or reduction) of the interest period until the payment date so modified: interest, where still due, will continue to accrue from the day
following the payment date so modified. 
 It is understood that if the interest rate determined under this article 3, or the late-payment interest under
article 11 below exceed, for any reason, the maximum interest rate allowed by Law no. 108 of 7/3/1996, as published in the quarterly ministerial decrees issued under art. 2, Law 108 of 7/3/1996, such rates shall be automatically reduced to one tenth
of a percentage point lower than the threshold rate under art. 2, Law 108/1996, and therefore applied in compliance with the Usury provisions contained in Law 108 of 7 March 1996 and with the Ministerial indications in force for the time being.

 Art. 4 - Disbursement of the loan upon signing the contract 

Borrower declares that upon signing this contract, the same has received, on its bank account no. 3180, held with branch 1726, the amount of the Loan net of
fees, costs and taxes, full receipt of which is hereby acknowledged. Borrower therefore hereby acknowledges that it owes a debt to Bank and has an obligation of repayment in that respect as provided in article 5 below. For such purpose, Bank hands
Borrower a proof of deposit into the bank account held in Borrower’s name. 
 Art. 4 bis - Repayment Schedule 

The Repayment Schedule - inclusive of the interest-only period, where agreed, and instalment adjustment - is reported in the Summary Document attached hereto.

 Borrower, having been informed and being aware of the various options made available by Bank for the development of the Repayment Schedule, opts for the
☐ Bullet Repayment ☒ the Even Total Repayment ☐ the Even Principal Repayment method. 
 Borrower stipulates that Bank shall (where there
is an increase or decrease in the interest rate as determined - for floating-interest rate contracts) adjust the loan’s Repayment Schedule accordingly: the outstanding principal shall become the original “principal”, the
remaining term shall be the “term”, and the “interest rate” shall be determined as stated supra. Once the amounts are disbursed, upon the signing of this contract, Borrower will be given the Repayment Schedule, which shall be
considered as “indicative”, insofar as its purpose is just to demonstrate what the amount of each instalment would be, if the interest rate determined upon signing the Contract remained unchanged throughout the repayment period. Therefore,
it is not intended to precisely set the final amount of each instalment, which may vary both as to the principal and to the interest portion (in case of Even Total or “French” Repayment) or only with regard to the interest (in case of Even
Principal or “Italian” Repayment, or of Bullet Repayment), and however in relation to the total amount of each single instalment. If the interest rate charged on the loan principal is fixed, on the other hand, the schedule referred to
above shall be considered as the actual Repayment Schedule. 
 Art. 5 - Loan repayment 

Borrower undertakes, on its own behalf as well as for its successors and assigns, to refund any amount owed in connection with this Loan, by paying: 

 

	☒	 1 interest-only instalment on a quarterly basis, the first and last of which will be due on 30/09/2019;

  

	☒	 8 repayment instalments on a quarterly basis, the first of which will be due on 31/12/2019, and the last on
31/12/2021; 

  

	☐	 Bullet Repayment: *************** instalments, the last of which - or the only one - inclusive of the entire
principal, will correspond to the loan expiration date, on ***************. 

 If an interest payment date is not a business day
(calculated based on the calendar of the “TARGET2” (Transeuropean Automated Real Time Gross Settlement Express Transfer) international payment system), the interest payment shall be considered as due on the next succeeding business day;
however, if such day falls in the following month, the payment must be made on the last working day preceding the actual expiration date. 
 Art. 6 -
Overdraft charges on instalments 
 Borrower undertakes to make sufficient funds for payment timely available. Bank shall have the right but not the duty
to charge at each individual deadline, against the account Borrower holds at the Lending Bank, the loan instalment, regardless of whether overdrawn, and by the same token Bank shall have the option to collect any other amount owed to Bank by
Borrower pursuant to the loan. 
 Art. 7 - Debt recovery costs 

  

					
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5) For any amount of money which, for any reason related to protection of its own receivable, Bank pays on Borrower’s behalf, and any expense (including out-of-court expenses) that Bank might incur for the protection and collection of its own receivable shall be immediately repaid by Borrower along with interests accruing
thereto in the amount contemplated for late-payment interests from the date of disbursement, which a right attaching to Bank to collect as soon as the first payment made; debtor thus waives the option of having such collected amounts otherwise
allocated. By the same token, Bank shall have the right to request Borrower immediately repay any charge or increase following a change and/or new interpretation (including by an administrative authority) of the rules and provisions governing
the transaction. 
 Art. 8 - Prepayment - redemption penalty 

Borrower is entitled to repay the loan, entirely or in part, before the due date: In such event, Borrower shall pay Bank, in addition to the principal, the
interest, the expenses for counts and all other accrued charges as agreed with Bank, a redemption penalty calculated on the prepaid principal amount, as indicated in the Summary Document. Each prepayment shall serve to lower the amount of subsequent
instalments; the number of instalments as originally negotiated shall stand, absent express waiver by Bank and Borrower. 
 Art. 9 - Other Obligations of
Borrower 
 In addition to the obligations under this contract, Borrower undertakes to comply with the following requirements, acknowledged as essential
within this contract, until complete repayment of all claims and receivables of Bank. 
  

	a)	 notify Bank in writing of any event, fact, act or circumstance - even publicly known - that may have a
Substantial Adverse Effect (“Substantial Adverse Effect” means a direct and/or indirect consequence of an event, fact or circumstance that may: (i) have a negative and significant effect on the legal, financial, economic,
administrative or technical situation of Borrower, or on Borrower’s assets and liabilities, production capacity or outlook; or (ii) cause a serious prejudice to Bank’s claims and receivables; or (iii) endanger, in the reasonable
and justified judgement of Bank, the prospects of repayment of the loan); 

  

	b)	 send Bank, as soon as available and however no later than 30 (thirty) working days of the relevant approval by
the corporate bodies: the financial statements for the year and/or consolidated financial statements (or a pro forma report, absent the elements required by the law for the mandatory preparation of consolidated financial statements); these must be
accompanied, if Borrower is so required under law, articles of association or other regulations, by a certification of a leading audit company and by the board of directors and the board of auditors’ reports; 

 

	c)	 maintain all authorisations, permits and administrative licenses as required or expedient to carry on its
business. 

  

	d)	 not modify its articles of association without the prior written consent of Bank. It is understood, however,
that no consent will be required from Bank for amendments to the articles of association which are just formal and not substantive (such as, without limitation, transferring the registered office within the Italian territory, changing the corporate
name or extending the term of the company); and (ii) amendments that are required under state laws or regulations; 

  

	e)	 not suspend, discontinue or modify its current business or a
non-marginal part thereof; 

  

	f)	 not resolve to reduce its share capital unless it is compelled to do so by law, 

 

	g)	 not enter into a voluntary liquidation procedure; 

Art. 10 - Joint and several liability 
 6) All obligations
shall be deemed assumed by Borrower individually and by all guarantors, with joint and several liability amongst them, and with the duty of joint and several liability attaching to their heirs, successors and assigns. Should more than one debt
connect Borrower to Bank, Customer shall have the right to state - pursuant to Art. 1193, paragraph 1 of the Civil Code - at the time of payment which debt Customer is intending to repay. Absent such statement, as an exception to Art. 1193,
paragraph 1 of the Civil Code, Bank may allocate the payments made by Customer, or however collected from third parties, to pay off or reduce any or more obligations of Customer, and notify this latter thereof. 

Art. 11 - Late-payment interest 
 In case of delay on the
agreed dates, in paying all or part of any loan repayment instalment and/or the relevant interest as well as any other amount owed under this contract and not paid on the due date, Borrower shall pay a late-payment interest on the overdue
amount, at the rate indicated in the economic conditions contained in the Summary Document. 
 Late-payment interest shall be charged on all overdue amounts
in principal, interest and ancillary charges, by operation of law and without any need for a prior notice of default or any other formal notice, just for the fact that the payment is overdue. 

Art. 12 - Representations and Warranties 
 Borrower
represents and warrants the following to Bank: 
  

	a)	 the corporate bodies have passed all necessary resolutions, in accordance with the forms and procedures
required by the respective articles of association, to approve the execution and performance of this contract. The powers conferred as above are in effect and have not been revoked and/or modified, even in part, 

 

	b)	 Borrower has not submitted a plan for relief of its outstanding liabilities under article 67. paragraph 3,
letter d), of Royal Decree no. 267 of 16/3/1942, or debt restructuring agreements under article 182 bis of the mentioned Bankruptcy Law. 

  

	c)	 Borrower has not been declared insolvent or subjected to insolvency proceedings of any nature and to its
knowledge, no actions have been taken against Borrower, which may result in insolvency proceedings of any nature 

  

	d)	 Borrower has not entered into voluntary liquidation procedures 

 

	e)	 Borrower is not in a situation of “capital reduction as a result of losses” or “reduction of the
share capital below the legal requirements”. 

 Art. 13 - Notices 

Pursuant to Art. 119 of the Consolidated Banking Act, Bank shall supply Borrower at contract expiry, and however at least [illegible] once per year, a detailed
notice, with a complete, straight-forward advisory on the performance of the relationship, and an updated framework [illegible] for the economic conditions applied. 

The method for sending such notice shall include hard-copy mailing and electronic delivery; Borrower expressly agrees to accept paper delivery of periodic
notices; Borrower has the right at any time throughout the term of the contract to change the notice method used by a request to that effect through a registered letter sent to the Bank branch with which the arrangement is in place. Borrower has
also the right to request additional information or more frequent notices than indicated above. The request must be submitted in writing as indicated above. If Borrower requests to receive notices more frequently than indicated above, Bank may debit
contractually agreed fees as indicated in the Summary Document, which are fair and proportional to the costs actually incurred by Bank and indicated in the contract. 

Art. 14 - Termination of contract and Withdrawal 
 The
Obligation of Borrower to repay all amounts due under this contract on the due dates, and more generally, to meet all obligations assumed under this contract shall not be suspended or delayed for any reason whatsoever, even in case of a claim,
including claims filed in court, whether raised by Borrower or otherwise arising between the Parties. 
 Borrower shall be subject to the acceleration
clause with regard to the whole outstanding balance upon occurrence of an event under art. 1186 of the Civil Code, including the following: 

  

					
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	a)	 foreclosure, seizure, attachment or confiscation of property of Borrower that may have a Substantial Adverse
Effect, unless Borrower provides documentary evidence to Bank showing that the proceedings opened are groundless or however irrelevant; 

  

	b)	 commencement of actions, lawsuits, disputes, controversies, arbitration procedures or administrative or legal
proceedings in general, of any nature whatsoever, against Borrower and with any adverse party, whether public or private, which may have a Substantial Adverse Effect, unless Borrower provides documentary evidence to Bank showing that the commenced
proceedings are groundless; 

  

	c)	 occurrence of any event, fact, act or circumstance - even publicly known - which may have a Substantial Adverse
Effect; 

 other triggers for terminating the contract as a matter of law under Art. 1456 of the Civil Code regard the following cases:

  

	d)	 failure to pay on due date all or part of any amount owed under the loan and/or as interest or ancillary
charges as stipulated in articles 3, 5 and 7 of this contract, or 

  

	e)	 untrue or inaccurate statements under article 12 above and/or 

 

	f)	 non-compliance with obligations under article 9; 

If even one event under the preceding paragraphs occurs, Bank will have the right - to be exercised through a registered letter A.R. or a PEC [certified
email] to Borrower - to withdraw from this contract and/or declare it terminated by operation of law, even during the Availability period agreed between the Parties. 

Accordingly, this loan shall be intended as expired with regard to the whole outstanding balance and Borrower shall pay Bank - immediately in case of
termination and within 20 (twenty) days in case of withdrawal - the residual amount of the loan with the accrued interest, as well as late-payment interest calculated as indicated in article 11 herein-above on all outstanding instalments and on the
residual principal owed from the date of termination and/or withdrawal until the date of actual payment. 
 Art. 15 - Charges, expenses and taxation

 13) All expenses under the instant document and its annexes, which arise from or relate to the same, as well as any charges for taxes or fees
now pending or arising hereafter shall be borne by Borrower, who herewith expressly agrees to assume such charges, pledging to pay and/or reimburse them upon simple request by Bank. 

As regards the tax charges applicable to this contract and to all orders, deeds, formalities and guarantees related to the same, the Parties opt for the
substitute tax under D.P.R. 601 of 29 September 1973, and subsequent amendments and additions, in place of registration fees, stamp duties, mortgage and cadastral taxes and government concession fees. The amount of such tax shall be paid
by Borrower upon receiving the loan. If borrower fails to do so, Bank will have the right to withhold the tax from the disbursed Loan: to that effect, Borrower expressly authorises Bank to do so under art. 1723, paragraph 2 of the Civil Code. 

Art. 16 - Unilateral change of conditions by Bank 
 Bank
reserves the right to modify the economic conditions of the loan other than the interest rate: in case of a change that is unfavourable to Borrower, Bank shall comply with the legal requirements under art. 118 TUB. Therefore, Bank may modify the
economic terms other than the interest rate for a justified reason. In such event, Bank shall send Borrower a “Proposal of unilateral modification of the contract” in writing with 2 months prior notice. The amendment - for the effects and
purposes of art. 118 TUB - will be intended to have been approved if Borrower does not withdraw from the contract within the date of efficacy of the amendment. Borrower is entitled, if Bank exercises the right to change the economic terms - other
than the rate - to withdraw from the contract at no cost; in such event, Borrower has a right to the previously applicable economic conditions being applied to the closure of the contractual arrangements. The Parties acknowledge and agree that the
justified reason may relate to decisions of Public Authorities as well as to any law or regulation, fact, circumstance or supervening situation however affecting the economic, organisational and operating conditions concerning Bank as they were upon
signing the contract, and liable to alter the balance of the mutual obligations of the parties as originally agreed. Just for example and without limitation, a justified reason may be linked to adjustments to laws, increases in the ISTAT annual cost-of-living index, contractual increases in labour costs, entering into agreements relating to the banking and financial system, actions however implying extraordinary
investments on the operational structure of Bank to change the conditions in which the business or significant sectors thereof are carried out, business reorganisation, where required by laws or regulations, and any other circumstance, fact,
supervening situation and legal provision however affecting the original balance of the contractual obligations, according to the criteria specified more in detail above. 

Art. 17 - Accounting records and Italian Laws 

Bank’s own accounting ledgers and entries shall be dispositive as between Bank and Borrower. 

The contract is governed by Italian law, 
 Art. 18 -
Complaints - Alternative dispute resolution methods - Mediated settlement - Condition of admissibility 
  

	1.	 Bank informs Borrower that should a dispute arise in consequence of the execution of this Contract and all
related and consequent transactions, Borrower may: 

  

	 	a)	 submit a complaint to Bank by registered letter A.R. sent to: Banco BPM S.p.A. - Complaints Management - Via
Polenghi Lombardo, 13 - 26900 Lodi, or, electronically, to www.bancobpm.it section “Contact us” - “Complaints”. Bank shall reply within thirty days of the date of receipt; if Borrower is not satisfied with the complaint
result, or does not receive a reply within the above time limit, it may 

  

	 	b)	 after carrying out the complaint procedure under letter a) and within 12 (twelve) months of submitting the
complaint, file an application under art. 128-bis of Legislative Decree no. 385 of 1 September 1993, Consolidated Banking Law, with the Banking and Financial Arbitrator (ABF), where the amount in
controversy is at or below Euro 100,000.00 (one hundred thousand/00), if the claim involves a monetary demand, or for any amount in controversy in all other cases. The application must be signed by Borrower: it may be filed on behalf of Borrower by
a trade association of which Borrower is a member, or by an authorised representative. In such events, the application must be also signed by Borrower or accompanied by a proxy. The application shall be drawn up using the forms published on the ABF
website and available in all Branches of the Bank of Italy open to the public, and it may be: sent directly as indicated in the forms, to the technical administrative office of the competent tribunal and to any Bank of Italy Branch, or,
alternatively, submitted with any Branch of the Bank of Italy which is open to the public. Should Borrower wish to file an application as above, Borrower shall provide prompt notice of the same to Bank by sending a copy of the application through
registered mail with advice of receipt or certified email to Bank. More information on the dispute resolution system under art. 128-bis TUB is available on the Body’s website 

(www. arbitrobancariofinanziario.it); 

or, as a further alternative, 
  

	 	c)	 institute (either with or without having entered into the complaint procedure set forth supra in letter
a), a mediation proceeding with the Bank Conciliation Entity formed under the Banking and Financial Conciliator - Association for Banking, Finance, and Corporate Dispute Resolution - ADR (enrolled in the register of conciliation entities maintained
by the Ministry of Justice) as the Entity specialised in Banking and Financial disputes, which has a network of conciliators across Italy (information available at www.conciliatorebancario.it). Bank has the same right.

 In addition, the Lending Bank informs Borrower that the condition for admissibility of applications in court in
connection with disputes arisen from the execution of this Contract and all related and consequent transactions, under art. 5, paragraph 1-bis of Legislative Decree no. 28 of 4 March 2010, introduced by
Law 98 of 9 August 2013, converting Decree-Law 69 of 21 June 2013, is the previous institution of an alternative dispute resolution procedure or of the mediated settlement procedure. 

  

					
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With respect to the mentioned provision of art. 5, paragraph 1-bis of Legislative Decree no. 28/2010,
and in implementation of paragraph 5 of the same Article, the Parties herewith agree to submit any disputes arising out of this Contract to the Banking Conciliation Entity formed under the Banking and Financial Conciliator - Association for Banking,
Financial, and Corporate Dispute resolution - ADR (enrolled in the register of conciliation entities held by theMinistry of Justice) as the entity specialised in Banking and Finance disputes, and which has a network of conciliators across the
country. 
 Art. 19 - Address for service 
 Letters,
notices and any other statement or communication from Bank shall have effect for all purposes if given to Borrower at the address indicated above in the Contract, or subsequently notified in writing. All notices and notifications from Borrower to
Bank related to the loan arrangements must be given in writing to the Branch with which the arrangements are in place. 
 Borrower undertakes to notify
Bank, within fifteen days through a registered letter, of any change in the address as indicated above. Borrower shall not hold Bank liable in case of late delivery or non-delivery of correspondence related to
this loan due to failure by Borrower to comply with the above obligation. 
 Art. 20 - Disclosure of information 

Borrower acknowledges and accepts that Bank may disclose the personal data provided by Borrower, as well as the contents of this contract and any information
relevant to Borrower as Bank deems appropriate: 
  

	(a)	 in any dispute arising from or however related to this contract; or 

 

	(b)	 where required by a court order of any nature; or 

 

	(c)	 where required by a government, tax or banking authority of any competent jurisdiction; or

  

	(d)	 to its own auditors and professional consultants and to those of Borrower, provided that such parties have
previously signed a confidentiality agreement; or 

  

	(e)	 to the European Central Bank and/or the Bank of Italy within refinancing loans granted within the
“Abaco’ (Collateralised Bank Assets) procedure, as regulated by the provisions governing “Eurosystem monetary policy instruments” in force for the time being; or 

 

	(f)	 to any person who is a prospective assignee in the meaning of article 21 below. 

Art. 21 - Transfer of rights and obligations arising from the contract 

Bank may at any time assign to third parties all or part of its receivables, claims, guarantees, benefits and obligations arising from this contract, or all or
part of the contract itself. In such event, Bank shall be released from the part of obligations that relates to the transfer, all joint and several liability between assignor and assignee being excluded. 

The transfer shall require a specific contract to be stipulated between assignor and assignee (this latter assuming the capacity of “Bank”).
Therefore, following such transfer, whenever reference is made to Bank in this contract, this will include all and any assignee Banks, without need for further specifications. 

Starting from the date of efficacy of the transfer, as indicated in the transfer contract referred to in the preceding paragraph, the assignee will take over
the position of the assignor for all effects and purposes as to the rights and obligations that are to be exercised or performed by or against Borrower and any other assignee Banks. 

All costs (including notification expenses and any taxes on the transfer), shall be solely borne by the assignee. 

Borrower acknowledges the right of transfer under the terms set out in the preceding paragraphs and herewith expressly accepts such transfer, now for then.

 The effects of the transfer with respect to Borrower are conditioned upon the transfer contract or contracts being notified to the same. 

It is expressly agreed, however, that Bank may use all receivables under the Loan, without restrictions, as
“non-negotiable assets” to be provided as collateral in favour of the European central Bank and/or of the Bank of Italy for refinancing loans granted by the latter within the “Abaco”
(Collateralised Bank Assets) procedure, as regulated by the provisions governing “Eurosystem monetary policy instruments” for the time being. 

The Parties expressly agree that Borrower has no right to assign or transfer any of its rights, benefits and obligations under this contract, unless this is a
legal effect consequent to mergers or split-ups to which Bank has given its prior consent. 

SIGNATURES 
 If you agree with the
foregoing, we ask that you kindly return a signed copy of the instant document, using (verbatim) the text appearing infra, in your acceptance hereof, and of all provisions subject to you express approval, and with all representations as required.

 With best regards, 
  

	
	
	BANCO BPM
	
	/s/ Banco BPM

 Messrs. 
 BANCO BPM

 I/WE HAVE received your proposal as it appears supra, and which I/we herewith execute in full and unconditional acceptance whereof. 

I/We declare that: 

  

					
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	☐	 I/we have availed of the option, prior to executing the contract, of obtaining: 

 

	 	☐	 a copy of the contract suitable for execution at the cost set forth in the summary document, not to exceed the
arrangement expenses 

  

	 	☐	 a contract sample without the economic terms, and an estimate of expenses based on the information I/we have
provided 

  

	☒	 I/we have not exercised the right to obtain a copy or sample of the contract 

 

	 	•	 	 the instant document along with its annexes has been signed by me/us following the placement of a “seal of
guaranty” which ensures the restriction against partition or modification of the same. 

  

			
	 23/07/2019
	  	 VIA TEODOSIO 65 20131 MILAN

	Date	  	Address

  

			
	Surname, First Name, place and date of birth or Business Name:	  	Signatures:
	  
	  	  

		  	Kaleyra S.p.A.
		
	  
	  	 /s/ Dario Calogero

		
	  
	  	  

 I/We state we expressly approved, in accordance with Art. 1341, paragraph 2, of the Civil Code - the following provisions of
the foregoing terms and conditions of yours: 
 “Unsecured Loans to Large Companies” 

 

	 	•	 	 Art. 6) Overdraft charges on instalments; 

 

	 	•	 	 Art. 7) Debt recovery costs; 

 

	 	•	 	 Art. 8) Prepayment - redemption penalty; 

 

	 	•	 	 Art. 9) Other Obligations of Borrower; 

 

	 	•	 	 Art. 70) Joint and several liability 

 

	 	•	 	 Art. 11) Late-payment interest 

 

	 	•	 	 Art. 14) Termination of contract and Withdrawal; 

 

	 	•	 	 Art. 15) Charges, expenses and taxation; 

 

	 	•	 	 Art. 16) Unilateral change of conditions by Bank; 

 

	 	•	 	 Art. 17) Accounting records and Italian Laws; 

 

	 	•	 	 Art. 18) Complaints - Alternative dispute resolution - Mediated settlement - Condition of admissibility;

  

	 	•	 	 Art. 21) Transfer of rights and obligations arising from the contract. 

 
  

	
	Signature/s:
	
	Kalyera S.p.A
	
	/s/ Dario Calogero

  
 I/We declare
that I/we have received a copy of the instant contract executed as between the undersigned, and a copy of any annexes. 
  

	
	Signature/s:
	
	Kalyera S.p.A
	
	/s/ Dario Calogero

  

					
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