Document:

Exhibit
10.11

 

 

	Lior
    Samuelson	November
    19, 2013

1304
Stamford Way

Reston,
VA 20194

 

Dear
Lior,

 

On
behalf of Commtouch Inc. (the “Company”) and Commtouch Software Ltd, the Israeli based parent to the Company
(“CTLTD”, together with the Company, “Commtouch”), I am pleased to offer you the position
of Chief Executive Officer. While your base of operations shall be in the United States and your formal employment will
be with the Company, you shall act as the Chief Executive Officer of both CTLTD and the Company. You shall report to the Board
of Directors of CTLTD (“Board”). Additionally, you will remain the Chairman of the Board of the Company and
the Board shall nominate you for reelection as Chairman of CTLTD at the next regularly scheduled annual shareholders’ meeting
as well as nominate you to hold the positions of both Chief Executive Officer and Chairman of the Board.

 

Commencement
Date:

 

Provided
you accept the offer contained herein and provided the undersigned Commtouch representative has signed a copy of this offer letter
indicating Commtouch’s agreement to the terms herein, your term as Chief Executive Officer of Commtouch will commence as
soon as the requisite number of votes of shareholders approve, which shall be no later than the date of the next regularly scheduled
annual shareholders’ meeting currently scheduled for December 23, 2013 (“Start Date”). You will be a
full-time employee.

 

Base
Compensation and Employment Status:

 

Your
compensation package will include a base salary of $21,000 per month or $252,000 on a yearly basis, based on a full-time
schedule. Any subsequent year base salaries shall be set in advance of the anniversary of the Start Date.

 

Salary
will be paid in accordance with the Company’s standard payroll practices, currently on a semi-monthly basis. Notwithstanding
anything that may be interpreted to the contrary herein, your employment shall remain at all times “at will”, and
you are classified as an exempt employee.

 

Chief
Executive Officer Bonus for 2014

 

As
Chief Executive Officer, you will be entitled to earn an annual MBO bonus of $90,000; 85% based on performance and 15% discretionary.

 

i.
Performance Bonus: If during the 2014 calendar year, the Commtouch organization meets certain pre-defined (by the Compensation
Committee) financial performance metrics, as evidenced by the consolidated financial statements of the CTLTD, pre-defined employee
KPIs and the Compensation Committee’s evaluation; all in accordance with and subject to the Executive Compensation Policy
applicable to corporate officers (a copy of which is attached to this offer letter as Exhibit “A”), you shall earn
an annual bonus 85% of $90,000 for your service in 2014 calendar year as a senior corporate officer.

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

     

     

    

 

 

ii.
Discretionary Bonus: Should the Compensation Committee determine that sufficient progress has been made in the advance of general
organization goals during the 2014 calendar year, the Compensation Committee will authorize payment to you of an additional bonus
of up to 15% of $90,000 for your service in 2014 calendar year as a senior corporate officer.

 

In
addition to the terms stated above, the earning of the aforementioned bonuses is conditioned on your remaining in the role of
Chief Executive Officer through the date the bonuses are to be paid – subject to the provisions below under the “Termination”
section. Any bonuses earned by you for a given year in accordance with the above shall be paid on April 1 of the following
year.

 

For
your first partial year of employment as Chief Executive Officer or if subsequently the Company terminates your employment for
any reason other than Good Cause (as that term is defined below), you shall be entitled to a pro rata amount of your annual MBO
bonus earned upon the date of termination of your employment as Chief Executive Officer. Should you voluntarily terminate your
employment as Chief Executive Officer prior to the end of one year, you shall not be entitled to any MBO compensation for the
year in which your termination occurred.

 

A
MBO bonus earned by you for a given year in accordance with the above shall be paid following the end of a year in accordance
with the Executive Compensation Policy.

 

Option
Grant:

 

We
will recommend to the Board of Directors or a committee thereof that you receive a grant of 360,000 options for
purchase of Ordinary Shares in the Company’s parent company, Commtouch Software Ltd., under terms of the Company’s U.S.
stock option plan and subject to the applicable option agreement. Your grant, if approved, will vest over a four year period,
with the first 25% vesting twelve months following the grant date and thereafter in equal monthly increments for thirty six months,
assuming your continued employment. The Grant Date will be the date that the Board of Directors or committee thereof approves
the grant and have an exercise price equal to the fair market value of an Ordinary Share on the grant date.

 

Additionally,
we will recommend that your option grant agreement include an acceleration of vesting provision in the event of a the sale of
all or substantially all the assets of the Company; any merger, consolidation or acquisition of the Company with, by or into another
corporation, entity or person; or any change in the ownership of more than fifty percent (50%) of the voting capital stock of
the Company in one or more related transactions (“Change in Control”).

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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Employee
Benefits/Vacation Accrual: 

 

Provided
that you timely complete all necessary applications/relevant documents, once you become a full-time employee you will be eligible
to participate in our standard employee benefit plans, as they are currently defined and as modified from time to time by the
Company.

 

You
will accrue vacation at a rate of four (4) weeks per year, in accordance with Company policy, as set forth in the Employee
Manual, subject to the Company’s policies as to carrying over and cashing out vacation.

 

Place
of Employment 

 

Unless
otherwise agreed in writing, you are required to work out of the Company’s office in McLean, VA Monday through Friday of
each week, subject to the Company’s holiday schedule as published from time to time. Travel to other locations may be necessary
to fulfill your responsibilities, and you will be visiting CTLTD and the Company’s offices in California, Germany and Iceland.

 

In
addition to the Company’s travel policy, the company will pay for all housing expenses, e.g., corporate housing, rent for
local housing, related to time spent visiting CTLTD up to a maximum for $25,000 per year.

 

Termination

 

You
shall serve as an “at will” employee and, therefore, your employment (including these terms) may be terminated at
any time by either the Company or you. Notwithstanding, both you and the Company agree to give each other 30 days’ advance
written notice of termination. However, the Company may terminate your employment for Good Cause without such advance notice.
“Good Cause” shall mean (i) an action by you involving a willful and wholly wrongful act; (ii) your being convicted
of, or pleading guilty to, a felony; (iii) an intentional, material and substantial violation by you of a Company rule, regulation,
policy or procedure; or (iv) a substantial and material neglect of your duties.

 

		i.	Should
                                         the Company terminate your employment other than for Good Cause or disability, you shall
                                         be entitled to a severance as follows:

 

		a.	A
                                         one-time payment equal to 6 multiplied by your current monthly base salary at the time
                                         notice of termination was given, plus an amount equal to one half of the annual allotment
                                         of vacation days.

 

		b.	Payment
                                         of your costs of securing continued medical, dental and vision coverage through COBRA
                                         (or the relevant state equivalent, if applicable) for a period of up to six months following
                                         termination (subject only to your electing and remaining eligible for such coverage),
                                         unless providing such reimbursement would be treated as discriminatory under applicable
                                         tax or other law. The Company will be billed directly for COBRA amounts.

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

    3

     

    

 

 

		c.	The
                                         options that would have vested in the six months following termination will be accelerated
                                         and deemed vested.

 

		d.	The
                                         bonuses provided for in this letter and later agreed upon, may be earned, pursuant to
                                         the conditions stated above, and, if so earned, will be paid pro rata for that part of
                                         the year that you worked

 

		e.	The
                                         option exercise period for all stock options that are vested at the date of termination
                                         shall be extended to end on 180th calendar day following the date of termination (but
                                         in no event later than the expiration date of the term of such options as set forth in
                                         the option agreement(s)).

 

		ii.	Payment
                                         of your severance under paragraphs a. and b. above shall be made within forty-five days
                                         following termination of your employment as Chief Executive Officer, provided you sign
                                         a release with the terms set out in section iii. below that is effective by the earlier
                                         of the 60th day after employment ends or such date as the Company specifies in the release.
                                         Payments would then be made after the release becomes effective. Payment of your severance
                                         under paragraph d. shall be paid at the time indicated under the bonus section above.
                                         The Company shall be entitled to withhold from the gross amount of the severance payment
                                         any amount on behalf of taxes, etc., as required by law, and the net amount paid to you
                                         shall be considered full and final payment of severance hereunder by the Company. You
                                         also agree that the provisions of Exhibit C apply to your compensation in accordance
                                         with its terms.

 

		iii.	Subject
                                         to the applicability of this Termination section and the Company accordingly fully performing
                                         its obligations thereunder and as required by law, you agree to waive the right to make
                                         any and all claims, actions or demands of any kind against CTLTD or the Company, or any
                                         affiliates, subsidiaries, assignees, successors, employees, officers or directors thereof
                                         relating to the termination of your employment and your terms of employment, including
                                         any alleged right to additional compensation (collective, “Claims”).
                                         In this regard, you also waive, release and promise never to assert any such Claims,
                                         known or unknown, suspected or unsuspected against CTLTD or the Company and/or their
                                         affiliates, subsidiaries, assignees, successors, employees, directors or agents, whether
                                         or not you are aware of the nature or extent of the Claims at the time that the General
                                         Release becomes effective. You therefore waive your rights under Section 1542 of the
                                         California Civil Code or the similar law of any other State. Section 1542 states:

 

“A
General Release does not extend to Claims which the Creditor does not know or suspect to exist in his favor at the time of executing
the General Release, which, if known to him must have materially affected his settlement with the Debtor.”

 

		iv.	Prior
                                         to your departure (whether voluntarily or involuntarily), you shall be obligated to make
                                         all reasonable efforts to transfer your responsibility to your successor or supervisor,
                                         by assisting and coordinating with such person and helping familiarize him/her with the
                                         Company/CTLTD and your responsibilities.

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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Additional
Terms

 

Any
usage of a home office must receive the advance permission of the Compensation Committee. You agree that any such usage is not
at the request of the Company, and you voluntarily waive any and all claims against the Company arising out of or relating to
the use of your home, or a portion thereof, as an office on behalf of Commtouch, including claims relating to the sufficiency
of the space utilized in performing your duties for Commtouch. Furthermore, you agree to fully indemnify and hold harmless Commtouch
against any claims of any kind pertaining to your home, including those relating to your possession, upkeep, usage, ownership
or rental of your home. The Company will provide for a personal computer that can be used at your home office or in the Company
offices, and will reimburse you for telephonic communications charges directly relating to Company business performed at your
home office.

 

Any
expenses incurred by you shall be reimbursed by the Company upon receipt of an appropriate expense report. Appropriate expense
reports shall be submitted by you in a timely manner, in accordance with Company policy, namely within two weeks of the incurrence
of the expense. The failure to timely submit expense reports may be deemed by the Company, in its sole discretion, as sufficient
cause to reject a request for reimbursement. Expense reimbursements are further subject to the terms of Exhibit C hereto.

 

Should
you agree to employment as described herein, the terms described in this letter, as well as the policies and conditions set forth
in the Company’s Employee Manual and periodic Company written updates, shall constitute the terms of your employment. This
letter constitutes the entire and final expression of the agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, oral and written, between the parties hereto with respect to the subject matter hereof. This
letter may only be amended, canceled or discharged or any obligations thereunder waived through a writing signed by you and the
Chair of the Compensation Committee or any executive officer of the Company (other than you) duly authorized either by the Board
or the Compensation Committee. You are encouraged to review the Company’s Employee Manual, a copy of which will be provided
to you at the offices of the Company.

 

In
signing this letter, you agree that the procedural and substantive laws of Virginia, without regard to laws pertaining to conflicts
of law, shall govern your employment. Furthermore, any dispute arising hereunder, including both statutory and non-statutory claims,
initially shall be referred to mediation in accordance with the Mediation Agreement attached hereto as Exhibit “B”.
Thereafter, if the parties are unable to resolve a dispute via mediation, the parties may bring any action before the courts or
other governmental bodies having proper jurisdiction in the matter. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT
BE WAIVED, THE COMPANY AND YOU HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE),
ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS
LETTER, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, THE PARTIES AGREE THAT
ANY PARTY MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT
AMONG THE PARTIES IRREVOCABLY TO WAIVE THEIR RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS
AGREEMENT OR TO ANY OF THE MATTERS CONTEMPLATED UNDER THIS LETTER, RELATING TO YOUR EMPLOYMENT.

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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All
notices required or permitted under this letter must be in writing and will be deemed effective upon personal delivery or three
business days following deposit in a United States Post Office, by certified mail, postage prepaid, or one business day after
it is sent for next-business day delivery via a reputable nationwide overnight courier service in the case of notice to the Company
at its then principal headquarters, and in the case of notice to you to the current address on file with the Company. Notice to
the Company must include a separate notice to the General Counsel of the Company. Either party may change the address to which
notices are to be delivered by giving notice of such change to the other party in the manner set forth in this paragraph.

 

Please
confirm your acceptance by signing and returning a copy of this letter along with the attached Acceptance and Acknowledgment Form
and Exhibit “B”. This offer is contingent upon its acceptance by November 19, 2013. You will be required
to sign an appropriate NDA and inventions assignment concurrent with the commencement of your employment.

 

Lior,
we are excited about the possibility of having you become an employee and begin your service in the Chief Executive Officer role
and look forward to a productive future together. If you have any questions, please do not hesitate to call.

 

	Sincerely,	 
	 	 
	/s/
    Yair Bar-Touv	 
	Name	 
	Compensation Committee, Chair	 

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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ACCEPTANCE
AND ACKNOWLEDGEMENT

 

I
have read, understand and accept the foregoing terms of employment.

 

I
understand that this letter does not constitute a contract of employment for any specific period of time but will create an “employment
at will” relationship where the relationship can be terminated by me or by the Company at any time for any reason, with or
without cause. This statement supersedes any contrary representations, which may have been made to me.

 

I
understand that this offer of employment is contingent upon my providing verification of my eligibility to work in the United
States per the Public Law, the Immigration Reform and Control Act of 1986. I will also be expected to complete and execute an
Employee Invention Assignment and Confidentiality Agreement, an employment application, and an agreement to comply with the Company’s
policies and guidelines as a condition of employment.

 

I
understand that you do not wish me to utilize any confidential or proprietary material of any former employer in performing my
duties for the Company, or to violate any obligation to my former employers, and I have not and will not do so.

 

Acknowledged,
Accepted and Agreed on November 19, 2013.

 

	Lior
    Samuelson	 
	Name	 
	 	 
	/s/ Lior Samuelson	 
	Signature	 

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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EXHIBIT
“A”

EXECUTIVE
COMPENSATION POLICY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

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EXHIBIT
“B”

EFFECT
OF SECTION 409A OF THE CODE

 

Six
Month Delay. If and to the extent any portion of any payment, compensation or other benefit
provided to you in connection with your employment termination is determined to constitute “nonqualified deferred compensation”
within the meaning of Section 409A and you are a specified employee as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue
Code of 1986 (“Section 409A”), as determined by the Company in accordance with its procedures, by which determination
you hereby agree that you are bound, such portion of the payment, compensation or other benefit shall not be paid before the earlier
of (i) the expiration of the six month period measured from the date of your “separation from service” (as determined
under Section 409A) or (ii) the tenth day following the date of your death following such separation from service (the “New
Payment Date” ). The aggregate of any payments that otherwise would have been paid to you during the period between the
date of separation from service and the New Payment Date shall be paid to you in a lump sum in the first payroll period beginning
after such New Payment Date, and any remaining payments will be paid on their original schedule.

 

General
409A Principles. For purposes of the letter to which this Exhibit is attached (the “letter”),
a termination of employment or Separation from Service will mean a “separation from service” as defined in Section
409A and the regulations and other guidance issued thereunder. For purposes of the letter, each amount to be paid or benefit to
be provided will be construed as a separate identified payment for purposes of Section 409A, and any payments that are due within
the “short term deferral period” as defined in Section 409A or paid in a manner consistent with Treas. Reg. §
1.409A-1(b)(9)(iii) will not be treated as deferred compensation unless applicable law requires otherwise. Neither the Company
nor you will have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically
permitted or required by Section 409A. The letter is intended to comply with the provisions of Section 409A and letter shall,
to the extent practicable, be construed in accordance therewith. Terms defined in the letter or this Exhibit will have the meanings
given such terms under Section 409A if and to the extent required to comply with Section 409A. In any event, the Company makes
no representations or warranty and will have no liability to you or any other person if any provisions of or payments under the
letter or this Exhibit are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the
conditions of that section.

 

Expense
Timing. Payments with respect to reimbursements of business expenses will be made in the ordinary
course in accordance with the Company’s procedures (generally within ___ days after you have submitted appropriate documentation,
which you must do within two weeks after incurring the expenses) and, in any case, on or before the last day of the calendar year
following the calendar year in which the relevant expense is incurred. The amount of expenses eligible for reimbursement, or in-kind
benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other calendar year, and the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit.

 

www.commtouch.com

7925
Jones Branch Drive, Suite 5200, McLean, VA 22102 ● tel: 703-760-3320 ●  fax: 703-760-3321

 

 

9Exhibit 10.12

 

Employment Agreement

 

Made and entered into
in Herzliya on May 16, 2013

Between

Commtouch Software
Ltd. 

1 Sapir St., Herzliya

(Hereinafter: the “Company”)

 

And 

Name: Lior Kohavi

7 Ella St., Ramat HaSharon

(Hereinafter: the “Employee”)

 

Whereas the Company
wishes to hire the Employee as CTO, all subject to and in accordance with the provisions of this agreement;

 

The parties have therefore agreed and stipulated
between them as follows:

 

		1.	Preamble and Interpretation

 

		1.1.	The preamble to this agreement is an integral part
hereof.

 

		1.2.	Section titles appear for convenience purposes only and they may not be used in the interpretation
of this agreement.

 

		1.3.	Anything written in the masculine is considered to be written in the feminine, as applicable.

 

		2.	The Parties’ Representations

 

The
parties represent and agree as follows:

 

		2.1.	This is a personal, specific agreement that governs the relationship between the Company and the
Employee, and therefore, no general and/or specific collective agreement that applies to Company’s employees, if any, will
apply to the Employee.

 

		2.2.	This agreement exhausts all payments and/or benefits and/or other terms of any kind and type to
which the Employee is entitled from the Company, and the Employee will not be entitled to any payment and/or benefit from the Company
unless they are expressly set forth in this agreement.

 

		2.3.	The relationship between the Employee and the Company will not be subject to any custom between
the Company and other employees, if any, and/or to any practice, unless they are expressly adopted in this agreement, and to the
extent that they are thus adopted. If the Company gives the Employee any benefit or payment which is not set forth in this agreement
in a particular case – such grant will not establish a custom between the parties and/or obligate the Company in additional
or other cases.

 

     

     

    

 

		3.	Job Description

 

		3.1.	It is hereby agreed that the Employee will work at the Company and the Company will hire him for
this position. The Company may change the tasks the Employee will be required to carry out within his position, as it will see
fit at its exclusive discretion, from time to time.

 

		3.2.	With regards to the performance of his role, the Employee will be subordinate to a superior on
the Company’s behalf, and he will follow his instructions, according to the Company’s policy and procedures, as applicable from
time to time.

 

		4.	Salary

 

		4.1.	The Employee’s gross monthly salary will be NIS 49,600 (hereinafter: the “Base Salary”).

 

In addition,
the Employee will be entitled to a NIS 12,400 global monthly payment for overtime work (hereinafter: the “Overtime Pay”).
The Company will pay the Employee the Overtime Pay ex gratia, regardless of whether or not the Employee worked overtime in the
relevant month. If the Company is required to make any additional payment for overtime, the Employee will return all amounts the
Company paid as Overtime Pay to the Company, plus all fringe benefits paid with respect to that component. As the Employee’s position
requires an extraordinary level of personal trust, the Employee might have to work beyond the standard work hours. Regardless,
the Employee will not be entitled to any additional consideration due to overtime work in addition to the Overtime Pay. The Base
Salary and the Overtime Pay are referred to hereinafter as the “Salary.” The Salary includes payment for travel
expenses.

 

The Salary
will be paid to the Employee on the dates the Company will stipulate, but no later than the 9th of each month with respect to the
past month.

 

		4.2.	The Salary will be updated according to the provisions of the general market-wide collective agreements
regarding cost-of-living increases.

 

		4.3.	The Employee accepts that the Company will make the permissible deductions out of the Salary according
to the Wage Protection Law, 1958.

 

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		5.	Bonus Plan

 

		1.1.	The Company intends to give the Employee an annual bonus according to the plan that the Company
may revise and modify from time to time at its exclusive discretion.

 

		1.2	The Employee will be entitled to a bonus payment that will be determined, inter alia, based
on his annual evaluation, which is based on criteria that match the terms of the bonus plan (see the bonus objectives section).

 

		1.3.	If in the first year of his employment, the Employee did not work for a full fiscal year, the bonus
will be calculated according to the part of the year in which the Employee worked in practice.

 

		1.4.	An employee who stops being a Company employee for any reason whatsoever prior to the end of the
fiscal year will not be entitled to a bonus.

 

		1.5.	The bonus payment will not be considered part of the Salary and no fringe benefits will be paid
with respect to it.

 

		1.6.	The bonus will be paid after the Company’s Board of Directors confirms the Company’s annual results.

 

		1.7.	The bonus plan’s initial objectives will be defined for the Employee in the first month of his
employment, according to the MBO (Management by Objectives) Model the Company implements.

 

		1.8.	As a signing bonus, the Employee will receive $20,000 for the first year of his employment in the
Company, and $20,000 for the second year of his employment at the Company. If the Employee leaves the Company before a year has
passed from the bonus date – he will return the bonus to the Company on the day he leaves.

 

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The bonus objectives: 30% of the annual
salary: NIS 223,200.

 

		6.	Annual Leave

 

		6.1.	The Employee will be entitled to 24 days of annual leave.

 

		6.2.	The Employee will coordinate his vacations with his superiors in the Company and will take its
needs into account.

 

		7.	Sick Leave

 

		7.1.	The Employee will be entitled to sick leave, as stipulated by law, after presentation of a sick
note by a qualified physician.

 

		7.2.	The parties agree that sick leave may not be redeemed during the term of employment and after the
employee-employer relations comes to an end.

 

		8.	Convalescence Pay

 

The Employee
is entitled to convalescence pay at the terms and at the rates stipulated in the law.

 

		9.	Fringe benefits – the Company will duly make payments to the National Insurance
Institute on your behalf.

 

You will
be included in an executive insurance policy, as follows:

 

Executive
insurance –The Company will pay 8.3% of you Salary on your behalf (not including additions and/or benefits) for the policy’s
severance pay component. This amount will be distributed according to the Employee’s instructions to the insurance agent,
provided that it does not exceed 8.3% of your monthly Salary. Furthermore, the Company will contribute 5% of your above-mentioned
monthly Salary with respect to the executive insurance policy’s benefits component, on the condition that you contribute an amount
equal to 5% of your monthly Salary, through the Company. Moreover, the Company will make a monthly contribution for employment
disability insurance according to the Company’s custom, as a derivative of the gross Salary.

 

    4

     

    

 

From the
first day of your employment, a continuing education fund will be opened for you – the Company will contribute 7.5% of
your monthly Salary and also deduct 2.5% of your monthly Salary for said continuing education fund, all up to the statutory cap.

 

Moreover,
the Company will pay you, as a monthly bonus, the difference (NIS 3471.6) between the Company’s contribution up to the above
cap (7.5% x NIS 15,712) and the Company’s full contribution (7.5% x 62,000) based on your Salary. This bonus will be canceled
if the Company decides to make full contributions with respect to the continuing education fund for all Company employees.

 

		10.	Work
                                         Hours

 

The work hours quota is based
on 43 work hours a week, and your Salary is global; the Company is not committed to any quota of hours. The hours quota will be
determined by the Company’s management, according to the Company’s needs, as applicable from time to time.

 

		11.	The Company’s Option Plan 

 

You will be entitled to 270,000
options, subject to the approval of the Company’s Board of Directors. At the recommendation of your superiors and subject
to your achievements, you will be included in other Company option plans.

 

Additionally, we will recommend
that your option grant agreement include an acceleration of vesting provision in the event that the Company is the target of an
acquisition by third party i.e. 100% vesting if you are terminated as a result of the acquisition, and 50% at closing if you remain
with the Company and 50% on the earlier of your one year anniversary of the acquisition on your termination by the successor Company
thereafter.

 

		12.	Vehicle – you are eligible to participate in the Company’s leasing
                                                                program, which is an integral part of this contract. In the framework of this plan, you may use a Company car and the monthly
                                                                cost of the lease will be deducted from your gross Salary, as set forth in section 4.

 

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		13.	The Employee’s Undertakings

 

		13.1.	The Employee undertakes to dedicate his time, energy, skill, knowledge, and experience to his work
at the Company, to the extent required of him, to work for it faithfully and act to the best of his ability to advance the Company’s
business and interests.

 

		13.2.	The Employee will not receive any consideration or any benefit from any entity whatsoever in connection
with his work at the Company, including from Company customers or vendors, directly or indirectly.

 

		13.3.	The Employee undertakes to immediately notify the Company of any matter or subject in which he
has a personal interest and that might cause a conflict of interests with his work in the Company.

 

		13.4.	The Employee declares and undertakes that the execution hereof and the performance of the duties
do not constitute a breach of any previous undertaking, express or implicit, to which the Employee is subject under any agreement
and/or under any law.

 

		14.	Employment Start Date

 

This
agreement is made for an undefined period commencing on June 1, 2013.

 

		15.	Termination of the Employee-Employer Relationship

 

If either party wishes to terminate
this contract, it must give the other party 90 days written notice. The foregoing notwithstanding, the Company may terminate the
agreement immediately subject to payment in lieu of prior notice. The foregoing notwithstanding, until the first three months of
employment have passed, the parties will be obligated to give prior notice pursuant to the Prior Notice Law, 2001. In any event
in which either you or the Company have given such notice, the Company may terminate your employment on the notice date or at any
time thereafter, provided that the advance notice fee is paid.

 

This section will not apply
if it transpires that you are in breach of this contract and/or have acted dishonestly and/or unfaithfully toward the Company and/or
you are convicted with an offense involving moral turpitude and/or another offense whose circumstances, ethically, are such that
the Company will be of the opinion that your continued employment will cause the Company harm. In such case, the Company may terminate
your employment with no advance notice, and you will not be entitled to severance pay. Upon notice of the termination of your employment
and/or the termination of your employment for any reason whatsoever, you undertake to transfer your position at the Company to
a person whose identity the Company will determine, upon the Company’s demand, in an orderly fashion, to the Company’s satisfaction,
at the time and in the manner the Company shall determine. If such a transfer of position is required after the end of the advance
notice period and/or after the termination of your employment at the Company, as applicable, you will be entitled to wages (with
no extras) for the days you will fulfill your above undertaking.

 

    6

     

    

 

		16.	The Employee will sign a declaration of nondisclosure and non-compete as set forth in Appendix
A.

 

		17.	All rules and guidelines in place at the Company, as they apply on the date hereof and as the Company
may modify and adjust them from time to time, regarding all or some of the Company’s employees, as applicable, also apply
to the Employee and are considered a part of the terms hereof.

 

		18.	This is a personal, special agreement that governs the relationship between the Employee and the
Company and that exclusively establishes the terms of his employment at the Company. No agreement, memorandum, understanding, promise,
representation, custom, or summary, whether made in writing and/or orally between the parties before this agreement, shall have
any effect.

 

		19.	The terms of this agreement and the appendixes thereto are confidential and are considered “Confidential
Information,” as defined in Appendix A. Without derogating from the contents of Appendix A, you undertake to keep the agreement
and its specific details in confidence (including the terms of the Employee’s employment at the Company) and not to disclose them
to any third party.

 

		20.	Titles in this agreement and its appendixes are intended for convenience only and may not be used
in the interpretation of this agreement or its appendixes.

 

		21.	If any one or more of the provisions of this agreement and its appendixes is found to be unenforceable
or somehow invalid, this will not affect or detract from the legality, force, and enforceability of the remaining provisions of
this agreement or its appendixes.

 

		22.	This
                                         offer will only take effect as a binding agreement after you sign this document on its
                                         margins and deliver it to your superior in the Company, no later than May 14,
                                         2013.

 

		23.	Lior,
                                         we wish you and us good luck on our journey.

 

In witness whereof the parties have set
their hand:

 

	/s/ Lior Samuelson	 	/s/ Lior Kohavi
	The Company	 	The Employee

 

    7

     

    

 

Appendix A

 

Nondisclosure and Non-Compete

 

		1.	For purposes of this appendix – “Confidential
Information” means any information that is in any way recognized as Company information that the Employee received from
the Company or during the course of his work at the Company or in his capacity as a Company employee, directly or indirectly,
in the past, present, or future, in writing, orally, and/or otherwise, including information that concerns the Company’s
and/or third parties’ commercial or business activities in any way relating to the Company, professional, financial, and
marketing information, customer lists, work methods, procedures, and information that concerns an email project and information
that will be gathered and/or accumulated by the Employee in connection with the above objectives, including information that concerns
the Company’s and/or third parties’ business and commercial activities that in any way concern the Company. It is
clarified that all of the foregoing Confidential Information is the exclusive property of the Company.

 

		2.	“Vendor” – means a person, company, agency, partnership, government entity, or
any other local or foreign entity that provides and/or markets and/or sells and/or leases and/or rents and/or transfers to the
Company and/or through it, products and/or services and/or rights, of any kind, directly or indirectly, including anyone providing
services and/or consulting to the Company and/or through it, directly or indirectly, in Israel or abroad, in any of the Company’s
fields of business.

 

		3.	“Company” – refers to Commtouch Software Ltd. and any subsidiary, affiliated company,
and/or related company, and any entity under its control.

 

		4.	The Employee is aware and accepts that the contents of this appendix are intended to protect the
Company’s and the Employee’s fair and legitimate interests, and the Employee is aware of the importance of these clauses to the
Company and its past and future business activity.

 

		5.	Nondisclosure

 

During the
term of his employment, the Employee undertakes not to transfer or use the Company’s Confidential Information except within
the Company and for it, for its benefit only; he will not disclose or distribute any Confidential Information, directly or indirectly;
he will keep everything that concerns the Company’s business and affairs secret and will in no way harm the Company’s reputation
and/or its clientele. Is clarified that the undertaking in this subsection is for an unlimited time.

 

At all times
after the end of the Employee’s employment at the Company, the Employee undertakes not to transfer or use the Company’s Confidential
Information; he will not disclose or distribute any Confidential Information, directly or indirectly; he will keep everything that
concerns the Company’s business and affairs in confidence and will in no way harm the Company’s reputation and/or its clientele.
It is clarified that the undertaking in this subsection is not limited in time.

 

The Employee
undertakes to use maximum caution to prevent any third party from becoming aware of or receiving any Confidential Information.

 

Without detracting
from the generality of the foregoing, the Employee undertakes not to remove any object and/or document and/or product and/or material
and/or Confidential Information he will receive within the framework of his work at the Company from the Company’s offices, including
if these were prepared in the course of his work at the Company and/or in connection with it and/or in connection with its businesses
and/or plans, other than as part of his duties.

 

The Employee
will not copy and/or allow others to duplicate, copy, photocopy, print, and/or otherwise make a copy of the Confidential Information,
except within his position.

 

The Employee
states that all documents and/or product and/or software and/or other objects received by him in the course of his work for the
Company will be the exclusive property of the Company at all times, and the Employee waives any right of lien or attachment with
respect to such a document and/or object. For the avoidance of doubt, this also applies to photocopies and/or copies of such documents.

 

Immediately
upon the end of the Employee’s employment at the Company, for any reason whatsoever, the Employee will return all Confidential
Information and/or any Company material in his possession, if any, to the Company.

 

    A-1

     

    

 

		6.	Service Inventions

 

The Employee hereby declares and
undertakes that any invention, development, and/or idea and/or sample and/or model and/or program and/or algorithm (hereinafter:
“Service Invention”) that will be made and/or developed in the course of and/or as a result of his work at the
Company, on his own or with others, will be the exclusive property of the Company, and he does not nor will he have any right whatsoever
to them. Without derogating from the above, the Employee hereby grants and assigns any right whatsoever if and when such a right
may exist to the Company in advance. This section does not derogate from the provisions of any law. The salary the Company pays
the Employee is and will be the full and final consideration paid for all rights in such a Service Invention.

 

The Employee undertakes to notify
the Company immediately of any invention, development, enhancement, or method that are in any way relevant to the Company’s engagements.
The Employee also undertakes to sign any document the Company and/or others on its behalf may require at any time, upon demand,
to protect any Service Invention and/or transfer it to the Company pursuant to this document.

 

The Employee declares and confirms
that his inventions, alone and/or with others, before he started working at the Company are the ones listed below and he has no
other besides them:

 

		7.	Non-Compete

 

Throughout the entire term of
the Employee’s employment at the Company, the Employee undertakes not to engage in any subject related to all types of email, and
not to compete against the Company in any way whatsoever; not to work and/or engage in any other occupation that may harm the Company
and/or the performance of his duties, directly or indirectly, and as part of this, not to engage in direct or indirect commercial
relationships with the Company’s customers and/or vendors regarding any product and/or service the Company markets or provides.

 

For six months following the end
of the Employee’s employment at the Company (hereinafter: the “Additional Period”), the Employee undertakes not
to engage in any matter that concerns all kinds of antispam, and not to compete in any way in any area in the Company’s field of
business in which he was directly involved, not to engage any direct or indirect commercial relationship with the Company’s customers
and/or vendors regarding any product and/or service the Company markets or provides.

 

Throughout the Additional Period,
the Employee will not work, directly and/or indirectly, for any of the Company’s customers and/or agents and/or vendors and/or
distributors, with whom he has a direct relationship or if it involves competition against the Company and/or harm to its interests
and/or disclosure of Company commercial secrets and/or Confidential Information.

 

Throughout the Additional Period,
for whatever reason, the Employee will not engage in any occupation or provide any service that may place it in competition against
the Company or in conflict of interest with it, unless he received the Company’s prior written consent.

 

		8.	Each of the provisions of this appendix is independent and separate, gives rise to additional liability,
and they are cumulative with respect to the remaining provisions hereof.

 

		9.	The provisions hereof do not detract from, but rather add to, the provisions of any law.

 

	19.5.13	/s/ Lior Kohavi
	Date	Employee’s name and signature

 

    A-2

     

    

 

Amendment to Section 15 of the May 16,
2013 Employment Contract

Between Lior Kohavi, I.D. No. 024966509
(hereinafter: the “Employee”)

And Cyren Ltd. (formerly Commtouch
Software Ltd) (hereinafter: the “Company”)

 

Below are details of the amended
section:

 

If either party wishes to terminate
this contract, it must give the other party 90 days written notice. The foregoing notwithstanding, the Company may terminate the
agreement immediately subject to payment in lieu of prior notice. The foregoing notwithstanding, during the first three months
of employment, the parties will be obligated to give prior notice pursuant to the Prior Notice Law, 2001. In any event in which
either you or the Company have given such notice, the Company may terminate your employment on the notice date or at any time thereafter,
provided that the advance notice fee is paid. At the end of your employment and subject to the provisions of any law, the Company
will release the executive insurance policy and continuing education fund to you, including contributions made to said fund as
severance pay.

 

At the end of your employment
and subject to the provisions of any law, the Company will release the executive insurance policy and continuing education fund
to you, including contributions made to said fund as severance pay. The foregoing notwithstanding and without derogating from the
provisions of any law, the Company reserves the right not to transfer the severance pay accumulated in the executive insurance/allowance/pension
policy to the Employee, if he did not complete a term of 12 consecutive months of employment.

 

This section will not apply
if it transpires that you are in breach of this contract and/or have acted dishonestly and/or unfaithfully toward the Company and/or
you are charged with an offense involving moral turpitude and/or another offense whose circumstances, ethics-wise, are such that
the Company will be of the opinion that your continued employment will cause the Company harm. In such case, the Company may terminate
your employment with no advance notice, and you will not be entitled to severance pay. Upon notice of the termination of your employment
and/or the termination of your employment for any reason whatsoever, you undertake to transfer your position at the Company to
a person whose identity the Company will determine, upon the Company’s demand, in an orderly fashion, to the Company’s satisfaction,
at the time and in the manner the Company shall determine. If such a transfer of position is required after the end of the advance
notice period and/or after the termination of your employment at the Company, as applicable, you will be entitled to wages (with
no additions) due to the workdays in which you will perform your foregoing duty.

 

All other sections of the agreement
remain unchanged.

 

Signed by:

 

	/s/
    Lior Kohavi 	 
	The Employee	 
	 	 
	/s/
    Lior Samuelson 	 
	The Company 	 

 

 

A-3

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