Document:

EX-10.1

 Exhibit 10.1 

CYBERARK SOFTWARE LTD. 

FOURTH AMENDED INVESTOR RIGHTS AGREEMENT 

THIS FOURTH AMENDED INVESTOR RIGHTS AGREEMENT (this “Agreement”) made as of the 10th day
of July, 2014 by and among, CyberArk Software Ltd., an Israeli company (the “Company”), the persons and entities identified in Schedule 1 attached hereto (collectively the “Ordinary Holders”), the entities
identified in Schedule 2 attached hereto (the “Original Ordinary Holders”), the entities identified in Schedule 3 attached hereto (the “Series A and A1 Preferred Holders”), the entities identified in
Schedule 4 attached hereto (the “Series B Preferred Holders”), the entities identified in Schedule 5 attached hereto (the “Series B1 Preferred Holders”), the entities identified in Schedule 6
hereto (collectively referred to herein as the “Series B2 Preferred holders”), and the entities identified in Schedule 7 hereto (collectively referred to herein as the “Series B3 Preferred holders”) (the
Series A and Series A1 Preferred Holders, the Series B Preferred Holders, the Series B1 Preferred Holders, the Series B2 Preferred Holders and the Series B3 Preferred Holders shall hereinafter be referred to as the “Preferred
Holders” and the Ordinary Holders, the Original Ordinary Holders and the Preferred Holders shall be referred to severally as a “Holder” and collectively as the “Holders”). 

WITNESSETH 
 WHEREAS, the
Preferred Holders are the holders of all of the Company’s issued and outstanding shares of Series A Preferred Shares, Series A1 Preferred Shares, Series B Preferred Shares, Series B1 Preferred Shares, Series B2 Preferred Shares and Series B3
Preferred Shares (collectively, the “Preferred Shares”), and the Ordinary Holders and the Original Ordinary Holders are the holders of Ordinary Shares (the “Ordinary Shares”); and 

WHEREAS, the Company and certain of the Holders are parties to the Third Amended Investors’ Rights Agreement dated December 20, 2011
(the “Prior Agreement” and the “Prior Agreement Date”); and 
 WHEREAS, the Company and the Holders
constituting the required majority to do so desire to amend and restate the Prior Agreement in its entirety by this Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

	1.	Affirmative Covenants. 

 1.1. Delivery of Financial Statements. The Company shall
deliver the documents pursuant to Sections 1.1.1 through 1.1.5 (inclusive) to each Ordinary Holder, Original Ordinary Holder and Preferred Holder, as long as such Ordinary Holder, Original Ordinary Holder or Preferred Holder holds in the aggregate
at least three and one third percent (3.33%) of the issued and outstanding share capital, calculated on an as converted basis, of the Company, and provided that such Ordinary Holder, Original Ordinary Holder and Preferred Holder is not a
corporation or other entity actively engaged in the sale and/or licensing and/or sublicensing of products the Company manufactures or that are manufactured by third parties for the Company (hereinafter a “Major Shareholder”). For
the purposes of this Section 1.1 (including the provisions of Section 1.1.5 below) neither of Vertex, the Ordinary Holders, the Original Ordinary Holders, JVP nor GS (all as defined in Schedule I attached hereto), shall be deemed to be actively
engaged in the sale and/or licensing and/or sublicensing of products the Company manufactures or that are manufactured by third parties, or constitute a competitor of the Company or any of its subsidiaries). 

1.1.1. As soon as practicable, but in any event within 90 (ninety) days after the end of each fiscal year of the Company, a consolidated
balance sheet of the Company as of the end of such year, and statements of income, statement of shareholder’s equity, and statements of 

  
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cash flow of the Company for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, in United States dollar-denominated
amounts, prepared in accordance with United States generally accepted accounting principles (“GAAP”), audited by a firm of Independent Certified Public Accountants as provided in Section 1.3 herein, and accompanied by an opinion of
such firm, in customary form. 
 1.1.2. As soon as practicable, but in any event within 45 (forty-five) days after the end of each of the
first, second and third fiscal quarter of each fiscal year of the Company, an unaudited consolidated balance sheet of the Company as at the end of each such period and unaudited consolidated statements of (i) income and (ii) cash flow of
the Company for such period all in reasonable detail, in United States dollar-denominated amounts and certified, by the chief financial officer (or if none, by the chief executive officer) of the Company (the “CFO”), that such
financial statements were prepared in accordance with GAAP applied on a basis consistent with that of preceding periods and, except as otherwise stated therein, fairly present the financial position of the Company as of their date subject to
(x) there being no footnotes contained therein and (y) changes resulting from year-end audit adjustments, and all reviewed by a firm of Independent Certified Public Accountants as provided in Section 1.3 herein; and 

1.1.3. As soon as practicable, but in any event within 21 days after the end of each month, monthly financial statements together with a brief
executive summary covering any and all relevant issues within the business in a form agreed from time to time by the Company’s Board of Directors; and 

1.1.4. Within 30 days prior to the beginning of each financial year an annual business plan and budget, operating budgets and monthly budgets,
in a form agreed by the Company’s Board of Directors; and 
 1.1.5. Such other information reasonably requested by a Major Shareholder,
provided that such Major Shareholder is not employed by or associated with a competitor of the Company and/or of any of its subsidiaries. 

1.2. Additional Information. The Company will permit the authorized representatives of each Major Shareholder full and free access, at
all reasonable times, and upon reasonable notice, to the Chief Executive Officer and CFO of the Company and all Company information and materials, including without limitation, reports of operations, reports of material adverse developments, copies
of any management letters prepared by the Company’s auditors, and press releases and registration statements, and to visit and inspect the Company’s properties, to examine its books of account and records, and to discuss the Company’s
affairs, finances and accounts with its Chief Executive Officer and CFO to the extent permitted by law. Such authorized representatives that are not employed by such Major Shareholder may, at the Company’s request, be required to execute
confidentiality agreements prior to being granted access as aforesaid; and if employed by such Major Shareholder shall be bound by confidentiality and non-use undertaking towards the Company pursuant to Section 1.5. 

1.3. Accounting. The accountants and auditors of the Company shall be a nationally recognized accounting firm affiliated with one of
the United States “big four” accounting firms. The Company will maintain at its main office a system of accounting established and administered in accordance with GAAP consistently applied, which true records and books of account will be
made of all dealings or transactions relating to the affairs of the Company. 
 1.4. Termination of Financial Information Rights. The
Company’s obligation under Sections 1.1 through 1.3 (inclusive) shall terminate and shall be of no further force or effect upon the closing of the Company’s initial firmly underwritten public offering of its Ordinary Shares pursuant to an
effective registration statement under the United States Securities Act of 1933, as amended, or under other similar law of other jurisdiction. 

1.5. Confidentiality. Each Holder agrees that any confidential or proprietary information relating to or obtained from the Company
(including, without limitation, any information obtained pursuant to this Section 1) and held by such party and its respective employees will not be 

  
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disclosed to any other person or used for any purpose (other than (i) to evaluate and monitor their investment in the Company and to enforce their rights under any agreement with the
Company; or (ii) for the purpose of a potential transfer of such Holder’s shares (or a part thereof) to a third party transferee, provided however that such Holder shall have such potential transferee sign a non-disclosure and
confidentiality agreement with terms substantially as those contained in this Section 1.5 prior to such disclosure), without the prior written consent of the Company, unless such information (a) is known or becomes known to the public in
general (other than as a result of a breach of the confidentiality obligation owed to the Company by such party), or (b) is or has been made known or disclosed to such party by a third party without a confidentiality obligation to the Company,
or (c) is required by law, regulation or is required or requested by any regulatory authority or listing requirement, provided that such party promptly notifies the Company of such disclosure requirement and takes commercially reasonable steps
to minimize the extent of any such required disclosure and to obtain confidential treatment for any information so disclosed. Notwithstanding the foregoing, in connection with periodic reports to their partners, the Major Holders may (i) make
general statements, not containing technical or other confidential information, regarding the nature and progress of the Company’s business; and (ii) provide summary information regarding the Company’s financial information in their
reports to their partners, but may not annex to such reports the full financial information to be provided hereunder by the Company; provided, in each case, that such Major Holders’ partners are bound by confidentiality obligation with respect
to such information, substantially as those contained in this Section 1.5; provided, however, that in the event that a Major Holder is required to annex financial information obtained pursuant to Sections 1.1 and 1.2 to such
reports, such Major Holder shall exert its reasonable efforts to avoid annexing such financial information, in a manner consistent with applicable law and practice, but to the extent that its efforts are unsuccessful, such Major Holder shall be
entitled to annex such financial information to such reports. Notwithstanding anything to the contrary, GS (and any director, officer, employee, agent, consultant, or professional adviser of GS) may disclose to any persons, without limitation of any
kind, the tax treatment and tax structure of the transactions described in the Share Purchase Agreement dated December 20, 2011 by and among certain of the Holders and the Company (the “Sale Agreement”) and all materials of any
kind (including tax opinions or other tax analyses) that are provided to GS relating to such tax treatment or tax structure. This Section 1.5 shall survive the termination of this Agreement. 

 

	2.	Registration Rights. 

 2.1. Definitions. For purposes of Sections 2, through
5 hereof: 
 (a) Affiliate. The term “Affiliate” means (i) with respect to any entity, any entity or individual which
,either itself or via one or more intermediaries, controls, is controlled by or is under common control with, such entity; (ii) with respect to an entity which is a limited partnership, any of its general or limited partners, and any affiliated
limited partnership managed by the same management company or managing general partner of such entity or any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management
company or managing general partner, or (iii) with respect to any limited liability company, the members of any limited liability company and/or affiliated limited liability companies managed by the same management company or managing member of
such limited liability company or by any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management company or managing member. The term “control” as used herein
shall mean the holding of the majority of the shares of such party, or the power to appoint the majority of the directors of such party or the power to direct the management and policies of such party, through contractual means or otherwise 

(b) Business Day. The term “Business Day” means any day that is not Saturday or Sunday or any other day on which banks
in the City of New York or the State of Israel are permitted or required to be closed. 

  
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 (c) Form F-3. The term “Form F-3” means such form or Form S-3 under the
Securities Act (as defined hereinafter) as is in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference
to other documents filed by the Company with the SEC. 
 (d) Holder. The term “Holder” means any Person (as defined
below) owning of record Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement. 

(e) IPO. The Term “IPO” means the Company’s initial underwritten public offering of its Ordinary Shares pursuant
to an effective registration statement under the Securities Act or equivalent law of another jurisdiction. 
 (f) Ordinary Registrable
Securities. Subject to Section 2.1(m), the term “Ordinary Registrable Securities” shall mean (i) any Ordinary Shares of the Company held by the Ordinary Holders as of the Prior Agreement Date or Ordinary Shares issuable
upon exercise of options granted to such Holders; (ii) any shares that an Ordinary Holder may have purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights or rights of first refusal or rights otherwise
granted with respect to Ordinary Shares; (iii) any shares issued to an Ordinary Holder in respect of such shares, including pursuant to rights granted to such holders in the Company’s Articles of Association as in effect (the
“Articles”); and (iv) any Ordinary Shares of the Company issued pursuant to (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split, combination or other
similar recapitalization with respect to, or in exchange for or in replacement of, any Ordinary Shares described in clauses (i), (ii) or (iii) of this subsection (f). 

(g) Original Ordinary Registrable Securities. Subject to Section 2.1(m), the term “Original Ordinary Registrable
Securities” means: (i) any Ordinary Shares of the Company held by the Original Ordinary Holders as of the Prior Agreement Date or Ordinary Shares issuable upon exercise of warrants granted to such Holders as of the Prior Agreement
Date; (ii) any shares that an Original Ordinary Holder may have purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights or rights of first refusal or rights otherwise granted with respect to its Ordinary
Shares; (iii) any shares issued to an Original Ordinary Holder in respect of such shares, including pursuant to the rights granted to the Original Ordinary Holder in the Articles; and (iv) any Ordinary Shares of the Company issued pursuant
to (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split, combination or other similar recapitalization with respect to, or in exchange for or in replacement of, any shares
of the Ordinary Shares described in clauses (i), (ii) or (iii) of this subsection (f). 
 (h) Ordinary Shares. The term
“Ordinary Shares” means the Company’s Ordinary Shares nominal value of NIS 0.01 each. 
 (i) Permitted
Transferee. The term “Permitted Transferee” means: (i) with respect to an individual, any parent, spouse or lineal descendant of such individual or a company or other entity fully owned by such individual, or a trust for the
benefit of such individual or for the benefit of such individual’s Permitted Transferees; (ii) with respect to any Original Investor, any other Original Investor and/or their Permitted Transferees as set forth herein; or (iii) with
respect to any entity, any Affiliate of such entity; or (iv) with respect to a Shareholder who is a trustee, any beneficiary of such trust (and/or the beneficiary’s Permitted Transferees) or an alternate trustee. 

(j) Person. “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

  
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 (k) Preferred Registrable Securities. Subject to Section 2.1(m), the term
“Preferred Registrable Securities” means: (i) any Ordinary Shares of the Company issued or to be issued upon conversion of any Preferred Shares held by a Preferred Holder as of the Prior Agreement Date or purchased under the
Sale Agreement; (ii) any shares that a Preferred Holder may have purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights, rights of first refusal or rights otherwise granted with respect to Preferred
Shares; (iii) any shares issued to a Preferred Holder in respect of such shares, including pursuant to the anti-dilution protection and other rights granted to the holders of Preferred Shares in the
Articles; and (iv) any Ordinary Shares of the Company issued pursuant to (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split, combination or other similar
recapitalization with respect to, or in exchange for or in replacement of, any shares of the Preferred Shares described in clauses (i), (ii) or (iii) of this subsection (k). 

(l) Preferred Shares. The term “Preferred Shares” means the Company’s Series A Preferred Shares, Series A1
Preferred Shares, Series B Preferred Shares, Series B1 Preferred Shares, Series B2 Preferred Shares and Series B3 Preferred Shares (if and when issued). 

(m) Registrable Securities. The term “Registrable Securities” means Preferred Registrable Securities, Ordinary
Registrable Securities and Original Ordinary Registrable Securities as defined above, provided that, with respect to either of the Preferred Registrable Securities, Ordinary Registrable Securities and Original Ordinary Registrable Securities, it
shall not include the following: (a) Ordinary Shares which have previously been registered under an effective registration statement filed pursuant to the Securities Act and disposed of in accordance with such registration statement,
(b) Ordinary Shares which have otherwise previously been sold to the public, (c) Ordinary Shares that could be sold by the holder thereof (in accordance with applicable law and together with any affiliates with whom such holder must
aggregate its sales under Rule 144) pursuant to Rule 144(b)(1) promulgated under the Securities Act if the holder thereof and any such affiliates (x) prior to the expiration of any “lock-up agreement” entered into with the
underwriters of the IPO, hold less than 1% of the outstanding Ordinary Shares of the Company, and (y) after such time, hold less than 5% of the outstanding Ordinary Shares of the Company, and (d) any Ordinary Shares sold by a Holder in a
transaction in which such Holder’s rights under Section 2 of this Agreement are not assigned in accordance with the provisions hereof. 

(n) Registrable Securities then Outstanding. The number of shares of “Registrable Securities then outstanding” shall
mean the number of Ordinary Shares and Preferred Shares of the Company that are Registrable Securities and are then issued and outstanding. 

(o) Registration. The terms “register,” “registered” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended, or the equivalent securities law of another jurisdiction acceptable to holders of a majority of the Preferred Shares,
on an as converted basis (the “Securities Act”), and the declaration or ordering of effectiveness of such registration statement. 

(p) SEC. The term “SEC” or “Commission” means the U.S. Securities and Exchange Commission or the
equivalent securities commission of another jurisdiction acceptable to holders of a majority of the Preferred Shares, on an as converted basis. 

(q) Series B Aggregate Registrable Securities. The term “Series B Aggregate Preferred Registrable Securities” means
collectively (i) the Series B Preferred Registrable Securities; (ii) the Series B1 Preferred Registrable Securities; (iii) Series B2 Preferred Registrable Securities; and (iv) Series B3 Preferred Registrable Securities (if and
when issued). 

  
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 (r) Series B Registrable Securities. Subject to Section 2.1(m), the term “Series B
Preferred Registrable Securities” means (i) any Ordinary Shares of the Company issued or to be issued upon conversion of the Series B Preferred Shares held by a Series B Preferred Holder as of the Prior Agreement Date or issued to such
Series B Preferred Holder upon exercise of warrants or options held by them on the Prior Agreement Date for the purchase of Series B Preferred Shares; (ii) any shares that a Series B Preferred Holder may have purchased after the Prior Agreement
Date or may hereafter purchase pursuant to preemptive rights, rights of first refusal or rights otherwise granted with respect to the Series B Preferred; (iii) any shares issued to a Series B Preferred Holder in respect of such shares,
including pursuant to the anti-dilution protection and other rights granted to a Series B Preferred Holder in the Articles; and (iv) any Ordinary Shares of the Company issued pursuant to (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend, share split, combination or other similar recapitalization with respect to, or in exchange for or in replacement of, any shares of the Series B Preferred Shares described in clauses
(i), (ii) or (iii) of this subsection (r). 
 (s) Series B1 Registrable Securities. Subject to Section 2.1(m), the
term “Series B1 Preferred Registrable Securities” means (i) any Ordinary Shares of the Company issued or to be issued upon conversion of the Series B1 Preferred Shares held by a Series B1 Preferred Holder as of the Prior
Agreement Date or issued to such Series B1 Preferred Holder upon exercise of warrants or options held by them on the Prior Agreement Date for the purchase of Series B1 Preferred Shares; (ii) any shares that a Series B1 Preferred Holder may have
purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights, rights of first refusal or rights otherwise granted with respect to the Series B1 Preferred; (iii) any shares issued to a Series B1 Preferred
Holder in respect of such shares, including pursuant to the anti-dilution protection and other rights granted to a Series B1 Preferred Holder in the Articles; and (iv) any Ordinary Shares of the Company issued pursuant to (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split, combination or other similar recapitalization with respect to, or in exchange for or in replacement of, any shares of the Series B1 Preferred
Shares described in clauses (i), (ii) or (iii) of this subsection (s). 
 (t) Series B2 Registrable Securities. Subject to
Section 2.1(m), the term “Series B2 Preferred Registrable Securities” means (i) any Ordinary Shares of the Company issued or to be issued upon conversion of the Series B2 Preferred Shares held by a Series B2 Preferred Holder as
of the Prior Agreement Date or issued to such Series B2 Preferred Holder upon exercise of warrants or options held by them on the Prior Agreement Date for the purchase of Series B2 Preferred Shares; (ii) any shares that a Series B2 Preferred
Holder may have purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights, rights of first refusal or rights otherwise granted with respect to the Series B2 Preferred; (iii) any shares issued to a Series
B2 Preferred Holder in respect of such shares, including pursuant to the anti-dilution protection and other rights granted to a Series B2 Preferred Holder in the Articles; and (iv) any Ordinary Shares of the Company issued pursuant to (or
issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split, combination or other similar recapitalization with respect to, or in exchange for or in replacement of, any shares of the
Series B2 Preferred Shares described in clauses (i), (ii) or (iii) of this subsection (t). 
 (u) Series B3 Registrable
Securities. Subject to Section 2.1(m), the term “Series B3 Preferred Registrable Securities” means (i) any Ordinary Shares of the Company issued or to be issued upon conversion of the Series B3 Preferred Shares held by a
Series B3 Preferred Holder as of the Prior Agreement Date or issued to such Series B2 Preferred Holder upon exercise of warrants held by them on the Prior Agreement Date for the purchase of Series B3

  
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Preferred Shares; (ii) any shares that a Series B3 Preferred Holder may have purchased after the Prior Agreement Date or may hereafter purchase pursuant to preemptive rights, rights of first
refusal or rights otherwise granted with respect to the Series B3 Preferred; (iii) any shares issued to a Series B3 Preferred Holder in respect of such shares, including pursuant to the anti-dilution protection and other rights granted to a
Series B3 Preferred Holder in the Articles; and (iv) any Ordinary Shares of the Company issued pursuant to (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend, share split,
combination or other similar recapitalization with respect to, or in exchange for or in replacement of, any shares of the Series B3 Preferred Shares described in clauses (i), (ii) or (iii) of this subsection (u). The provisions of this
Agreement as they relate to the Series B3 Registrable Securities shall apply only after any Series B3 Registrable Securities shall be issued. 

2.2. Demand Registration. 

(a) Request by Holders. If the Company shall at any time during the time period commencing immediately following the Company’s IPO
and ending five (5) years thereafter, but subject to the terms of any “lock-up agreement” entered into between the underwriters of the Company’s IPO and a Holder (unless waived by such underwriters), receive a written request
(“Form F-1 Request Notice”) from the Holders of at least 20% (twenty percent) of the Preferred Registrable Securities then outstanding that the Company file a registration
statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 2.2, then the Company shall, within ten (10) Business Days of the receipt of such Form F-1Request Notice, give written notice
of such request to all Holders, and use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that Holders request to be registered and included in such registration by
written notice given by such Holders to the Company within twenty (20) days after receipt of the Form F-1 Request Notice, subject only to the limitations of this Section 2.2; provided, however that the Company shall not be
obligated to effect any such registration if (i) the Company has, within a ninety (90) day period preceding the date of such request, already effected a registration under the Securities Act pursuant to this Section 2.2 or
Section 2.4, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 2.3, other than a registration pursuant to the provisions of Section 2.3(c) from which more than 20% of the Registrable
Securities of Holders that were requested to be included were excluded; (ii) the Company gives notice that it is engaged in preparation of a registration statement to be filed, in the Company’s good faith estimate, within ninety
(90) days from the date of the Form F-1 Request Notice in which the Holder may include Registrable Securities pursuant to Section 2.3 of this Agreement (subject to underwriting limitations); (iii) the Holders propose to sell
Registrable Securities at an estimated aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; or (iv) such registration could be effected on a Form F-3. 

(b) Underwriting. 
 (i)
If the Holders initiating the registration request under this Section 2.2 (“Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise
the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the written notice referred to in subsection 2.2(a). In such event, the right of any Holder to include his Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Preferred
Registrable Securities that have requested to include securities in the registration pursuant to Section 2.2(a), provided that the managing underwriter or underwriters shall be of international repute and approved by the Company, such approval
not to be unreasonably withheld. 

  
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 (ii) Notwithstanding any other provision of this Section 2.2, if the underwriter(s)
advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated first, to each of the Holders of Preferred Registrable Securities, who
requested inclusion of their Registrable Securities in such registration statement on a pro rata and on an as converted basis based on the total number of Preferred Registrable Securities then held by each such Holder, second, each of the
Original Ordinary Holders of Original Ordinary Registrable Securities who requested inclusion of their Original Ordinary Registrable Securities in such registration statement on a pro rata basis based on the total number of Original Ordinary
Registrable Securities then held by each such Holder, third, to each of the Ordinary Holders of Ordinary Registrable Securities who requested inclusion of their Registrable Securities in such registration statement on a pro rata basis based
on the total number of Ordinary Registrable Securities then held by each such Holder, and fourth, Ordinary Shares for sale for the Company’s own account. Any Registrable Securities excluded and withdrawn from such underwriting shall be
withdrawn from the registration. 
 (c) Maximum Number of Demand Registrations. The Company shall not be required to effect more than
two (2) registrations pursuant to this Section 2.2.
 2.3. Piggyback Registrations. 

(a) Other than in connection with a request for registration pursuant to Section 2.2 or 2.4 of this Agreement, if at any time the
Company, including if the Company qualifies as a well-known seasoned issuer (within the meaning of Rule 405 under the Securities Act) (a “WKSI”), proposes to file (i) a prospectus supplement to an effective shelf registration
statement (a “Shelf Registration Statement”), or (ii) a registration statement other than a Shelf Registration Statement for a delayed or continuous offering pursuant to Rule 415 under the Securities Act, in either case, for
the sale of Ordinary Shares for its own account, or for the benefit of the holders of any of its securities other than the Holders, to an underwriter on a firm commitment basis for reoffering to the public or in a “bought deal” or
“registered direct offering” with one or more investment banks (collectively, a “Piggy-Back Underwritten Offering”), then as soon as practicable but not less than fifteen (15) Business Days prior to the filing of
(a) any preliminary prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (b) any prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule
424(b) under the Securities Act (if no preliminary prospectus supplement is used) or (c) such Shelf Registration Statement, as the case may be, the Company shall give notice of such proposed Piggy-Back Underwritten Offering to the Holders and
such notice (a “Piggyback Notice”) shall offer the Holders the opportunity to include in such Piggy-Back Underwritten Offering such number of Registrable Securities as each such Holder may request in writing. Each such Holder shall
then have ten (10) Business Days after receiving such notice to request in writing to the Company inclusion of Registrable Securities in the Piggy-Back Underwritten Offering, except that such Holder shall have two (2) Business Days after
such Holder confirms receipt of the notice to request inclusion of Registrable Securities in the Piggy Back Underwritten Offering in the case of a “bought deal”, “registered direct offering” or “overnight transaction”
where no preliminary prospectus is used. Upon receipt of any such request for inclusion from a Holder received within the specified time, the Company shall use reasonable best efforts to effect the registration in any registration statement of any
of the Holders’ Registrable Securities requested to be included on the terms set forth in this Agreement. Prior to the commencement of any “road show,” any Holder shall have the right to withdraw its request for inclusion of its
Registrable Securities in any registration by giving written notice to the Company of its request to withdraw and such withdrawal shall be irrevocable and, after making such withdrawal, such Holder shall no longer have any right to include
Registrable Securities in the Piggy-Back Underwritten Offering as to which such withdrawal was made. 

  
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 (b) If the Company does not qualify as a WKSI, (i) the Company shall give each Holder
fifteen (15) days’ notice prior to filing a Shelf Registration Statement and, upon the written request of any Holder, received by the Company within ten (10) days of such notice to the Holder, the Company shall include in such Shelf
Registration Statement a number of Ordinary Shares equal to the aggregate number of Registrable Securities requested to be included without naming any requesting Holder as a selling shareholder and including only a generic description of the holder
of such securities (the “Undesignated Registrable Securities”), (ii) the Company shall not be required to give notice to any Holder in connection with a filing pursuant to Section 2.3(a) unless such Holder provided such
notice to the Company pursuant to this Section 2.3(b) and included Undesignated Registrable Securities in the Shelf Registration Statement related to such filing, and (iii) at the written request of a Holder given to the Company more than
seven (7) days before the date specified in writing by the Company as the Company’s good faith estimate of a launch of a Piggy-Back Underwritten Offering (or such shorter period to which the Company in its sole discretion consents), the
Company shall use reasonable best efforts to effect the registration of any of the Holders’ Undesignated Registrable Securities so requested to be included and shall file a post-effective amendment or, if available, a prospectus supplement to a
Shelf Registration Statement to include such Undesignated Registrable Securities as any Holder may request, provided that (a) the Company is actively employing its reasonable best efforts to effect such Piggy-Back Underwritten Offering; and
(b) the Company shall not be required to effect a post-effective amendment more than two (2) times in any twelve (12) month period. 

The Company shall have the right to terminate or withdraw any registration or offering initiated by it under this Section 2.3 before the
effective date of such registration or the completion of such offering, whether or not any Holder has elected to include Registrable Securities in such registration or offering. The expenses of such withdrawn registration or offering shall be borne
by the Company in accordance with Section 2.5. 
 (i) All Holders of Registrable Securities proposing to distribute their Registrable
Securities through a Piggy-Back Underwritten Offering shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Company. 

(ii) Notwithstanding any other provision of this Agreement, if the managing underwriter(s) of a Piggy-Back Underwritten Offering determine(s)
in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the Piggy-Back Underwritten Offering, and the number of shares that may be included in the
Piggy-Back Underwritten Offering shall be allocated, first to the Company, provided that, other than in an IPO, the amount of Series B Aggregate Preferred Registrable Securities included in the offering shall not be reduced below the lesser
of (x) the number of Series B Registrable Securities in respect of which the Holders thereof have requested the registration thereof hereunder and (y) ten percent (10%) of the total amount of securities included in such offering,
second, to each of the Holders of Preferred Registrable Securities (considered as one group of shareholders) who requested inclusion of their Registrable Securities in such Piggy-Back Underwritten Offering on a pro rata and as converted basis
based on the total number of Preferred Registrable Securities then held by each such Holder and which were not included in the registration by virtue of the previous sentence, third, to each of the Original Ordinary Holders of Original
Ordinary Registrable Securities who requested inclusion of their Original Ordinary Registrable Securities in such Piggy-Back Underwritten Offering on a pro rata and as converted basis based on the total number of Original Ordinary Registrable
Securities then held by each such Holder and, fifth, to each of the Ordinary Holders of Ordinary Registrable Securities who requested inclusion of their Ordinary Registrable Securities in such Piggy-Back Underwritten Offering on a pro rata
and as converted basis based on the total number of Ordinary Registrable Securities then held by each such Holder. 

  
 9 

 (c) Not Demand Registration. Registration pursuant to this Section (c) shall not be
deemed to be a demand registration as described in Section 2.2 or Section 2.4. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this
Section (c). 
 2.4. Form F-3 Registration. 

(a) In case the Company shall receive from any of the following: (i) Holders of a majority of the Series B3 Preferred Registrable
Securities and Series B2 Preferred Registrable Securities (considered for the purposes of this Section 2.4 as one class of shareholders), (ii) Holders of a majority of the Series B1 Preferred Registrable Securities, (iii) Holders of a
majority of the Series B Preferred Registrable Securities, (iv) Holders of a majority of the Preferred Registrable Securities (excluding Series B3 Preferred Registrable Securities (if and when issued), Series B2 Preferred Registrable
Securities, Series B1 Preferred Registrable Securities and Series B Preferred Registrable Securities), (v) JVP (so long as they are a Holder), (vi) GS (so long as they are a Holder), (vii) Vertex (so long as they are a Holder),
(viii) Holders of a majority of the Original Ordinary Registrable Securities then outstanding, or (ix) Holders of a majority of the Ordinary Registrable Securities then outstanding, a written request or requests (a “Form F-3
Request Notice”) that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then, subject to the conditions of
this Section 2.4, the Company will give written notice of the proposed registration within fifteen (15) Business Days after receipt of any such Form F-3 Request Notice to all other Holders, and include in such registration all Registrable
Securities held by all such Holders who wish to participate in such registration and who have provided the Company with written notice requests for inclusion therein within eleven (11) Business Days after the receipt of the Company’s
notice. The Company shall not be obligated to any filing of a Form F-3 pursuant to this Section 2.4 if the Company has, within a ninety (90) day period preceding the date of such request, already effected a registration under the
Securities Act pursuant to Section 2.2 or this Section 2.4, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 2.3, other than a registration pursuant to the provisions of
Section 2.3(c) from which more than 20% of the Registrable Securities of Holders that were requested to be included were excluded. Subject to the terms hereof, the Company will used its reasonable best efforts to effect such registration as
soon as practicable. All written requests from any Holder or Holders to effect a registration on Form F-3 pursuant to this Section 2.4 shall indicate whether such Holder(s) intend to effect the offering promptly following effectiveness of the
registration statement or whether, pursuant to Section 2.4(a), they intend for the registration statement to remain effective so that they may effect the offering on a delayed basis (a “Shelf Request”). 

(b) Shelf Request. In the event a Form F-3 is filed pursuant to a Shelf Request, upon a written request (a “Form F-3 Demand
Notice”) from any Holder or Holders that is entitled to sell securities pursuant to such Form F-3 without filing a post-effective amendment that the Company effect an offering with respect to
Registrable Securities (a “Takedown”), the Company will, as soon as practicable, (x) deliver a notice relating to the proposed Takedown to all other Holders who are named or are entitled to be named as a selling shareholder in
such Form F-3 without filing a post-effective amendment thereto and (y) promptly (and in any event not later than twenty (20) days after receiving such request) supplement the prospectus included in the Shelf Registration Statement as
would permit or facilitate the sale and distribution of all or such portion of the Initiating Holders’ Registrable Securities as are specified in such request together with the Registrable Securities requested to be included in such Takedown by
any other Holders who notify the Company in writing within ten (10) Business Days after receipt of such notice from the Company; except that (i) the Registrable Securities requested to be offered pursuant to

  
 10 

 
such Takedown must have an anticipated aggregate price to the public (net of any underwriting discounts and commissions) of not less than $1,000,000, and (ii) the Company shall not be
obligated to effect any such Takedown (x) if the Company has within the twelve (12) month period preceding the date of such request already effected two (2) Takedowns under this Section 2.4(a) or (y) within ninety
(90) days of effecting a previous Takedown under this Section 2.4(a) or an offering pursuant to Section 2.2. 
 (c)
Registration. The Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(1) if Form F-3 is not available for such offering by the Holders: 

(2) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to
sell Registrable Securities and such other securities (if any) at an estimated aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000; 

(3) if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the
Securities Act other than a registration pursuant to the provisions of Section 2.3(c) from which more than 20% of the Registrable Securities of Holders that were requested to be included were excluded; or 

(4) the Company gives notice that it is engaged in preparation of a registration statement to be filed within ninety (90) days in which
the Holder may include Registrable Securities pursuant to this Agreement (subject to underwriting limitations). 
 (d) Not Demand
Registration. Form F-3 registrations shall not be deemed to be demand registrations as described in Section 2.2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration
of Registrable Securities under this Section 2.4. 
 2.5. Expenses. All expenses incurred in connection with any registration,
filing or qualification, pursuant to Section 2.2, 2.3 or 2.4, including without limitation all federal and “blue sky” registration, filing and qualification fees, printer’s and accounting fees, and fees and disbursements of
counsel for the Company and one counsel for the Holders selected by a majority in interest of the Holders participating in such registration, filing or qualification (but excluding underwriters’ discounts and commissions relating to shares sold
by the Holders (collectively, the “Holders Expenses”)) shall be borne by the Company. Each Holder participating in a registration pursuant hereto shall bear such Holder’s proportionate share (based on the total number of shares
sold in such registration other than for the account of the Company) of all Holders Expenses in connection with such offering, and any fees expenses which the Company is not required to pay pursuant to this Section. Notwithstanding the foregoing,
the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this Section 2.2 or 2.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the
Preferred Registrable Securities to be registered or included in an offering pursuant to a Shelf Request (the “Withdrawing Holders”) and, in such event, the Withdrawing Holders shall pay such expenses pro rata based on the number of
securities they had requested to include in such registration or offering, unless in the case of Section 2.2 the Withdrawing Holders agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to
Section 2.2(c); provided, further, however, that any such withdrawal which is based upon information showing a material adverse change in the condition, business, or prospects of the Company and which was not known or
available to such Holders at the time of their request for such registration and such Holders have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be
required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to Section 2.2(c). 

  
 11 

 2.6. Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 
 (a) Registration
Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, provided, however, that the Company
shall not be required to keep any such registration statement effective for more than ninety (90) days or, if sooner, until the distribution contemplated in the registration statement has been completed. 

(b) Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

(c) Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration. 

(d) Blue Sky. Use its best reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to subject itself to taxation or
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e)
Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating
in such underwriting shall also enter into and perform its obligations under such an agreement. 
 (f) Notification. 

(i) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(ii) Notify each Holder of Registrable Securities covered by such registration statement promptly after the Company shall receive notice
thereof, of the time when such registration statement becomes effective or when any amendment or supplement or any prospectus forming a part of such registration has been filed. 

(iii) Notify each Holder of Registrable Securities covered by such registration statement promptly of any request by the SEC for the amending
or supplementing of such registration statement or prospectus for additional information. 
 (g) Advising the Holders. Advise each
Holder whose Registrable Securities are included in such registration statement promptly after the Company shall receive notice or otherwise obtain knowledge of the issuance of any order by the SEC suspending the effectiveness of such registration
statement or amendment thereto or of the initiation or threatening of any proceeding for that purpose, and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal promptly if a stop order should
be issued. 

  
 12 

 (h) Listing. Cause all such Registrable Securities registered pursuant hereunder to be
listed on each securities exchange on which similar securities issued by the Company are then listed. 
 (i) Transfer Agent. Provide
a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

(j) Compliance with Rules and Regulations. Use its best efforts to comply with all applicable rules and regulations of the SEC, and
make available to its security holders, as soon as reasonably practicable, any required documents. 
 (k) Opinion and Comfort Letter.
Subject to each selling Holder to whom the comfort letter is addressed providing a customary representation letter to the independent registered public accounting firm of the Company in form and substance reasonably satisfactory to such accountants,
(A) use its reasonable best efforts to obtain customary “comfort” letters from such accountants (to the extent deliverable in accordance with their professional standards) addressed to such selling Holder (to the extent consistent
with the Statement on Auditing Standards No. 100 of the American Institute of Certified Public Accountants) and the managing underwriter(s), if any, in customary form and covering matters of the type customarily covered in “comfort”
letters in connection with underwritten offerings and (B) use its reasonable best efforts to obtain opinions of counsel to the Company and updates thereof covering matters customarily covered in opinions of counsel in connection with
underwritten offerings, addressed to each selling Holder and the managing underwriter(s), if any, provided that the delivery of any “10b-5 statement” and opinion may be conditioned on the prior or concurrent delivery of a comfort letter
pursuant to subsection (A) above; provided, further that the Company shall only be required to comply with this clause (k) in connection with an underwritten offering. 

2.7. Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections
2.2, 2.3(c) or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as shall be required to timely effect
the Registration of their Registrable Securities. 
 2.8. Deferral. Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting the filing of a registration statement or the undertaking of an offering a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board, it would be materially
detrimental to the Company and its shareholders for such registration statement to be filed or offering to be undertaken, for instance, as it would (i) materially interfere with a significant acquisition, corporate reorganization, or other
similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with
requirements under applicable securities laws, then the Company shall have the right to defer the filing of a registration statement or suspend the use of a registration statement; provided, however, that the Company may not utilize
this right more than twice in any twelve (12) month period nor for more than ninety (90) days in the aggregate during such twelve (12) month period. 

2.9. Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3(c) or
2.4: 
 (a) By the Company. To the extent permitted by law; the Company will indemnify and hold harmless each Holder, the partners,
officers directors and shareholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as determined in the Securities Act) for such Holder, any Holder deemed to be an underwriter (as determined under the

  
 13 

 
Securities Act) and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “1934
Act”), or the equivalent securities exchange law of another jurisdiction, against any losses, claims, damages, or liabilities (or actions in respect thereof) (joint or several) to which they may become subject under the Securities Act, the
1934 Act or other federal or state law or the equivalent securities exchange law of another jurisdiction, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively a “Violation”): 
 (i) any untrue statement or alleged untrue statement
of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading; or 
 (iii) any violation or alleged violation by the Company of the Securities Act, the 1934 Act, any federal or
state securities law or any rule or regulation promulgated under the Securities Act, the 1934 Act or any federal or state securities law or the equivalent securities exchange law of another jurisdiction, in connection with the offering covered by
such registration statement. 
 The Company will reimburse each such Holder, partner, officer or director, shareholder, underwriter, legal consultant or
accountants, or controlling Person for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this subsection 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, nor shall the Company be
liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs solely in reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling Person of such Holder. 

(b) By Selling Holders. To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the registration statement, each legal consultant or accountant, each Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling
securities under such registration statement or any of such other Holder’s partners, directors or officers or any Person who controls such Holder within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages or
liabilities (joint or several) to which the Company or any such director, officer, controlling Person, underwriter or other such Holder, partner or director, officer or controlling Person of such other Holder may become subject under the Securities
Act, the 1934 Act or other federal or state law, or the equivalent securities exchange law of another jurisdiction, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation,
in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will
reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, legal consultants and accountants, controlling Person, underwriter or other Holder, partner, officer, director or controlling Person of such
other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.9(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, and provided, further, that in no event shall any indemnity under this subsection 2.9(b) exceed the gross proceeds from
the offering received by such Holder. 

  
 14 

 (c) Notice. Promptly after receipt by an indemnified party under this Section 2.9 of
notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel selected by indemnifying party and reasonably satisfactory to the indemnified party; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified
party under this Section 2.7 to the extent the indemnifying party is prejudiced as a result thereof, but the omission so to deliver written notice to the indemnified party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 2.7. 
 (d) Contribution. In order to provide for just and equitable contribution to
joint liability under the Securities Act in any case in which either (i) an indemnified party, exercising rights under this Agreement, makes a claim for indemnification pursuant to this Section 2.7 but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this
Section 2.7 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such indemnified party in circumstances for which indemnification is provided under this
Section 2.7; then, and in each such case, the Company and such indemnified party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that
such Holder is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered
by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion; provided, however, that, in any such case: (A) no such Holder will be required to contribute any
amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation; and (C) no Holder shall be required to contribute any amount in excess of the amount
such Holder would have been required to indemnify if indemnification had been applicable in accordance with its terms. 
 2.10. No
Registration Rights to Third Parties. Without the prior written consent of the Holders of a majority in interest of the Preferred Registrable Securities then outstanding (voting as one class), the Company covenants and agrees that it shall not
grant, or cause or permit to be created, for the benefit of any Person, any registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this Section 2, or otherwise) relating to
shares of the Company’s Preferred Shares or any other voting securities of the Company, other than rights that are on a parity with or subordinate in right to the Preferred Holders; provided, however, that the Company may without
such consent (i) enter into an agreement with any holder or prospective holder of any securities of the Company that would 

  
 15 

 
allow such holder or prospective holder to include such securities in any registration pursuant to Section 2 hereof if the rights of such holder or prospective holder are subordinate to the
rights of the Preferred Holders and (ii) enter into an agreement with any holder or prospective holder of any securities of the Company related to the filing of a resale shelf registration statement to register shares issued to such holder or
prospective holder in an acquisition, if and only if such resale shelf registration statement does not permit underwritten offerings. 

2.11. Reports Under Securities Exchange Act of 1934. In the event the Company becomes subject to reporting under the 1934 Act, then
with a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form F-3, the Company agrees to: 
 (i) make and keep public information
available, as those terms are understood and defined in Rule 144, at all times after ninety (90) days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public;

 (ii) take such action, including the voluntary registration of its Ordinary Shares under Section 12 of the 1934 Act, as is necessary
to enable the Holders to utilize Form F-3 for the sale of their Registrable Securities. 
 (iii) file with the SEC in a timely manner all
reports and other documents required of the Company under the Securities Act and the 1934 Act; and 
 (iv) furnish to any Holder, so long as
the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the
first registration statement filed by the Company), the Securities Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such
other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

2.12. “Market Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not sell or otherwise transfer or
dispose of any Ordinary Shares (or other securities) of the Company held by such Holder (other than those included in the registration) for a period specified by the underwriters of Ordinary Shares (or other securities) of the Company not to exceed
(i) one hundred and eighty (180) days following the effective date of the registration statement for the Company’s IPO or (ii) ninety (90) days from the date of the final prospectus for any other offering, provided that all
officers and directors of the Company and, in the case of the Company’s IPO, holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The foregoing provisions of
this Section shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which
are consistent with the foregoing or which are necessary to give further effect thereto. The obligations described in this Section 2.12 shall not apply to a registration relating solely to employee benefit plans on Form S-8 or similar forms that may
be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form F-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Ordinary
Shares (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) or ninety (90) day period. In addition to the foregoing, no Holder that would be required to sign an agreement restricting
its ability to transfer pursuant to this section shall distribute shares to its stockholders, partners or members after receipt of a Piggyback Notice or a Form F-1 Request Notice until such time as such Holder has signed such an agreement required
pursuant hereto. 

  
 16 

 Notwithstanding anything to the contrary in this Agreement, none of the provisions herein shall in any way limit
GS from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity or other similar activities conducted
in the ordinary course of its business with respect to shares of the Company, other than shares held for its own account. The Company acknowledges that the restrictions contained in this Agreement shall not apply to securities of the Company
acquired by GS following the effective date of an IPO, other than shares held for its own account. 
  

	3.	Additional Covenants. 

 3.1. Company Subsidiaries. A shareholder or group
of shareholders having a right to appoint a director or observer to the Company’s Board of Directors in accordance with the Articles of the Company (and subject to the terms thereof), or any transferee of such right pursuant to the Articles of
the Company (and subject to the terms thereof), shall be entitled to designate the same number of directors or observers to the board of directors of each of the Company’s subsidiaries, such that the composition of the board of directors and
observers thereto of each of the Company’s subsidiaries shall be identical to the composition of the board of directors and the observers thereto of the Company, as detailed in the Company’s Articles. In the absence of any
designation(s) as set forth above, the Company’s Board of Directors shall appoint the board of directors of each of the Company’s subsidiaries. 

3.2. GS Use of Name. The Company agrees that it will not, without the prior written consent of GS, use in connection with any public
announcement, posting of information on a website or written news release, advertising, publicity or otherwise, the name of Goldman Sachs & Co. or any of its affiliates or any partner or employee thereof, nor represent, directly or
indirectly, that any product or service provided by the Company has been approved or endorsed by GS. Notwithstanding the foregoing, the Company may use and disclose the name of GS in disclosures required by law or regulation; provided,
GS is given prior written notice of such requirement and an opportunity to seek a protective order. The Company hereby grants to GS permission to use the Company’s name and logo in GS’ marketing materials. GS shall include a
trademark attribution notice giving notice of the Company’s ownership of its trademarks in the marketing materials in which the Company’s name and logo appear. 

3.3. Information. If and to the extent permitted by applicable law, the Company agrees to inform GS, as long as it holds at least 5%
(five percent) of the issued and outstanding share capital of the Company, on an as converted basis, as soon as practicable after the Company becomes aware of a criminal, tax or regulatory investigation or action instituted against the Company or
the Subsidiary, in each case, which is reasonably expected to be material to the Company or any of its subsidiaries.
 3.4. Right to
Conduct Activities. The Company acknowledges that certain Holders which are venture capital funds, private equity funds or investment companies, and their respective Affiliates (collectively, the “Fund Holders”) are engaged in
the business of investing in private and public companies in a wide range of industries, including industries in which the Company operates (the “Company Industry Segments”). Accordingly, the Company and such Fund Holders agree
that, to the extent not otherwise restricted or prohibited by or otherwise contrary to any applicable law or regulation or any agreement, undertaking or commitment binding upon such Fund Holder, any Fund Holder shall not be obligated to refrain from
participating as an investor or from nominating any person not serving as an office holder of the Company as a director in any company or other person or entity that is engaged in the Company Industry Segments nor shall such Fund Holder be required
to direct to the Company any opportunity that becomes known to such Fund Holder in connection with the Company Industry Segments. Nothing herein shall be construed as a waiver, in whole or in part, of any Fund Holder’s duty of loyalty or
obligation of confidentiality with respect to use or the disclosure of confidential information of the Company and/or such obligations and duties of any member of the Board of Directors. 

  
 17 

	4.	Assignment and Amendment. 

 4.1. Assignment. Notwithstanding anything
herein to the contrary: 
 (a) Information Rights. The financial information rights of the Ordinary Holders, Original Ordinary
Holders and Preferred Holders under Sections 1.1 and 1.2 are transferable to any current shareholder or third party (a “Transferee”) provided that such Transferee shall hold (after giving effect to such transfer) amounts of
shares in the Company such that it would be defined as a Major Holder; provided, however, that no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning and transferring party at
the time of such assignment and transfer stating the name and address of the Transferee and identifying the securities of the Company as to which the rights in question are being assigned and transferred; and provided further that any
such Transferee shall receive such assigned and transferred rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 4. 

(b) Registration Rights. The registration rights of each of the Holders under Section 2 hereof may be assigned and transferred to
any Transferee acquiring or receiving Registrable Securities from such Holder constituting at least two hundred thirty thousand (230,000) Registrable Securities (as adjusted for any share dividend, share split, combination or other similar
recapitalization); provided, however, that no Transferee may be assigned and transferred any of the foregoing rights unless the Company is given a written notice by the assigning and transferring party (not later than the time of such
assignment and transfer) stating the name and address of the Transferee and identifying the securities of the Company as to which the rights in question are being assigned and transferred; and provided further that any such Transferee shall
undertake in advance and in writing to be bound by this Agreement and shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 4. 

(c) General. Except as set forth in this Section 4.1 above or in Section 3.1, none of the rights, privileges, or obligations set forth
in, arising under, or created by this Agreement may be assigned or transferred without the prior consent in writing of the Company. Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. 
 4.2. Entire Agreement; Amendment of
Rights. This Agreement and the Schedules hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matters hereof and thereof and supersedes and replaces any previous agreement among the
parties hereto with respect to such subject matter (whether or not all parties hereto were parties to that agreement), including but not limited to the Prior Agreement, which shall be of no force and effect as of the date of this Agreement. Any
provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the holders of a majority of
the Preferred Registrable Securities, provided that that any amendment pursuant to which the rights or preferences of any specific Holder are adversely altered by the amendment shall require the written consent of such Holder. Any amendment or
waiver effected in accordance with this Section 4.2 shall be binding upon each Holder, each permitted successor or assignee of each Holder and the Company. For avoidance of doubt and without derogating from any other provision contained herein,
granting by the Company of registration rights and/or similar rights equal or senior to those of the Holders to holders of a new class(es) of preferred shares shall not be deemed an amendment pursuant to which the rights or preferences of any
Holder(s) are adversely altered. Notwithstanding anything else herein to contrary, the holders of a majority of the Preferred Registrable Securities may, through their written consent and without consent of the Company, act to amend this Agreement
and the Schedules hereto so as to add to the definition and amount of Registrable Securities, securities held as of the date hereof by officers of employees of the Company from time to time including Ordinary Shares issued pursuant to the exercise
or conversion of any such securities. 

  
 18 

 4.3. Prior Agreement. The parties hereto explicitly agree that this Agreement amends and
restates the Prior Agreement in its entirety. 
  

	5.	General Provisions. 

 5.1. Legends. Each Holder understands that, until
registered under the Securities Act or transferred pursuant to the provisions of Rule 144 as promulgated by the SEC, all certificates evidencing any shares of the Company, including upon any transfer thereof, shall bear a legend, prominently stamped
or printed thereon, reading substantially as follows: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR WITHOUT AN EXEMPTION THEREFROM OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE BENEFIT FROM CERTAIN RIGHTS AND ARE SUBJECT TO CERTAIN OBLIGATIONS
UNDER AN AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT, DATED JULY 10, 2014, AMONG CYBERARK SOFTWARE LTD. AND THE OTHER PARTIES THERETO. FOR THE PURPOSE OF SUCH AGREEMENT, THESE SHARES ARE [SERIES B AGGREGATE REGISTRABLE SECURITIES, PREFERRED
REGISTRABLE SECURITIES, ORDINARY REGISTRABLE SECURITIES AND ORIGINAL ORDINARY REGISTRABLE SECURITIES].” 
 If some or all of the
Company’s share capital is held in book entry form, the Company’s share register and/or any book entry notification shall contain a notation to the above effect. 

5.2. Removal of Legend. In the event of any transfer of Registrable Securities subject to the second paragraph of the foregoing legend
in a transaction pursuant to which registration rights are assigned in accordance with Section 4.1(b), the Registrable Securities held by the transferee following such transfer shall also bear such paragraph. The second paragraph of the legend
may be removed at the request of the Company to its transfer agent (a) in the event of a transfer in which registration rights are not assigned to the transferee in accordance with Section 4.1(b), or (b) if the subject securities are
otherwise no longer Registrable Securities. 
 5.3. Notices. Except as may be otherwise provided herein, all notices, requests,
waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when sent by facsimile or electronic mail at the
contact details set forth below, provided that the sending party receives an electronic confirmation of delivery (or if delivered on a non-Business Day or after recipient’s business hours, on the first business day after transmission);
(c) seven (7) Business Days after deposit in the mail with first class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d) two (2) Business Days after deposit with a
national overnight delivery service, postage prepaid, addressed to the parties as set forth below with next-Business Day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider.

  

			
	If to the Company:	  	 94 Em-Ha’moshavot Road, P.O.B. 3143

Petach-Tikva 4970602, Israel

Telephone:    +972-(0)3-918-0000

		  	Facsimile:     +972-(0)3-924-0111
		  	Attention:      Udi Mokady, CEO
		  	E-mail:          udi.mokady@cyber-ark.com

  
 19 

			
		
		  	With copy (which shall not constitute notice) to:
		
		  	Meitar Liquornik Geva Leshem Tal
		  	16 Abba Hillel Road, Ramat Gan 52506 Israel
		  	Telephone:    +972-(0)3-610-3100
		  	Facsimile:     +972-(0)3-610-3111
		  	Attention:      Dan Shamgar, Advocate
		  	                      Shira Azran, Advocate
		  	E-mail:          dshamgar@meitar.com
		  	                      sazran@meitar.com
		
		  	With copy (which shall not constitute notice) to:
		
		  	White & Case LLP
		  	1155 Avenue of the Americas, New York NY 10025
		  	Telephone:    +1 (212 ) 819-8754
		  	Facsimile:     +1 (212) 354-8113
		  	Attention:      Colin Diamond
		  	E-mail:          cdiamond@whitecase.com
		
	If to the Holders:	  	to the addresses set forth in Schedule I.

 A party may change or supplement the contact details given above, or designate additional addresses, for purposes of this
Section 5.3 by giving the Company (in case of the Holders) or the Holders (in case of the Company) written notice of the new contact details in the manner set forth above, provided, however, that any such notice shall only be valid upon actual
receipt. 
 5.4. Governing Law; Jurisdiction. This Agreement shall be governed exclusively by and construed according to the laws of
the State of Israel without regard to its provisions concerning conflicts of laws. Any dispute arising under or relating to this Agreement or any transactions contemplated herein shall be resolved by the courts located in Tel Aviv-Jaffa, and each of
the parties hereby submits irrevocably to the jurisdiction of such jurisdiction. 
 5.5. Severability. If one or more provisions of
this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable
in accordance with its terms. 
 5.6. Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any
Person, other than the parties hereto and their permitted successors and assigns, any rights or remedies under or by reason of this Agreement. 

5.7. Successors and Assigns. Subject to the provisions of Section 4.1, the provisions of this Agreement shall inure to the benefit
of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 
 5.8. Aggregation of Shareholdings.
Other than with respect to rights, limitations and calculations pursuant to Section 2 hereof, all shares of the Company held or acquired by any Holder and its Permitted Transferees (as defined in the Company’s Articles) shall be aggregated
together for all means and purposes, including for the determination of the availability of any rights, the applicability of any limitation under this Agreement and for the calculation of any a Holder’s pro rata share. In connection with the
foregoing, for avoidance of doubt, all shares held or acquired by any entities of which JVP is comprised of shall be aggregated together, without regard to the specific series of shares held by each such entity. In connection with the foregoing, the
same shall apply with respect to the entities of which Vertex, SCP, the Original Ordinary Holders and GS (as such terms are defined in the Schedules attached hereto) are comprised of and the affiliates of each of the foregoing. 

  
 20 

 5.9. Captions; Interpretation. The captions to sections of this Agreement have been
inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. Each of the parties acknowledges that it had assessed the risk, uncertainties and benefits of the transactions contemplated by
this Agreement, and that it was represented by legal counsel in the negotiation, execution and delivery thereof. Accordingly, and based on the foregoing facts, among other factors, each party acknowledges and agrees that, for purposes of
interpreting this Agreement, no party has had any preference in the design of the provisions of this Agreement (within the meaning of Section 25(b1) of the Contracts Law (General Part), 1973 (as amended). 

5.10. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile transmission or by electronic
delivery in .pdf format or the like shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original. 

[SIGNATURE PAGES IMMEDIATELY FOLLOW] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

							
	 The Company:
	 		 		 	
			
		 		 	CYBERARK SOFTWARE LTD.
				
		 		 	By:	 	 /s/ Joshua Siegel

				
		 		 	Name:	 	 Joshua Siegel

				
		 		 	Title:	 	 Chief Financial Officer

				
	 Shareholders:
	 		 		 	
			
		 		 	 /s/ Udi Mokady

		 		 	UDI MOKADY
			
		 		 	CABARET SECURITY LTD.
				
		 		 	By:	 	 /s/ Amnon Shoshani

				
		 		 	Name:	 	 Amnon Shoshani

				
		 		 	Title:	 	 Managing Partner

			
		 		 	ARBAONE, INC.
				
		 		 	By:	 	 /s/ Debra Pell

				
		 		 	Name:	 	 Debra Pell

				
		 		 	Title:	 	 President

  
 22 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	SEED CAPITAL PARTNERS LLC
		
	By:	 	 /s/ Jordan Levy

		
	Name:	 	 Jordan Levy

		
	Title:	 	 Manager

	
	SEED CAPITAL PARTNERS II LLC
		
	By:	 	 /s/ Jordan Levy

		
	Name:	 	 Jordan Levy

		
	Title:	 	 Manager

	
	CHASE/SEED INVESTMENTS LLC
		
	By:	 	 /s/ Jordan Levy

		
	Name:	 	 Jordan Levy

		
	Title:	 	 Manager

	
	SEED CAPITAL PARTNERS ADVISORS FUND
		
	By:	 	 /s/ Jordan Levy

		
	Name:	 	 Jordan Levy

		
	Title:	 	 Manager

  
 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

									
	JERUSALEM VENTURE PARTNERS IV, L.P.	 		 	JERUSALEM VENTURE PARTNERS IV-A, L.P.
		 	 /s/ Gadi Tirosh
	 		 		 	 /s/ Gadi Tirosh

	Name:	 	 Gadi Tirosh
	 		 	Name:	 	 Gadi Tirosh

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Kobi Rozengarten
	 		 		 	 /s/ Kobi Rozengarten

	Name:	 	 Kobi Rozengarten
	 		 	Name:	 	 Kobi Rozengarten

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Michal Drayman
	 		 		 	 /s/ Michal Drayman

	Name:	 	 Michal Drayman
	 		 	Name:	 	 Michal Drayman

	Title:	 	 Chief Financial Officer
	 		 	Title:	 	 Chief Financial Officer

			
		 		 	
	JERUSALEM VENTURE PARTNERS IV (ISRAEL), L.P.	 		 	JERUSALEM VENTURE PARTNERS ENTREPRENEURS FUND IV, L.P.
		 	 /s/ Gadi Tirosh
	 		 		 	 /s/ Gadi Tirosh

	Name:	 	 Gadi Tirosh
	 		 	Name:	 	 Gadi Tirosh

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Kobi Rozengarten
	 		 		 	 /s/ Kobi Rozengarten

	Name:	 	 Kobi Rozengarten
	 		 	Name:	 	 Kobi Rozengarten

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Michal Drayman
	 		 		 	 /s/ Michal Drayman

	Name:	 	 Michal Drayman
	 		 	Name:	 	 Michal Drayman

	Title:	 	 Chief Financial Officer
	 		 	Title:	 	 Chief Financial Officer

			
		 		 	
	JVP OPPORTUNITY VI, L.P.	 		 	JVP OPPORTUNITY VI-A, L.P.
		 	 /s/ Gadi Tirosh
	 		 		 	 /s/ Gadi Tirosh

	Name:	 	 Gadi Tirosh
	 		 	Name:	 	 Gadi Tirosh

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Kobi Rozengarten
	 		 		 	 /s/ Kobi Rozengarten

	Name:	 	 Kobi Rozengarten
	 		 	Name:	 	 Kobi Rozengarten

	Title:	 	 General Partner
	 		 	Title:	 	 General Partner

					
		 	 /s/ Michal Drayman
	 		 		 	 /s/ Michal Drayman

	Name:	 	 Michal Drayman
	 		 	Name:	 	 Michal Drayman

	Title:	 	 Chief Financial Officer
	 		 	Title:	 	 Chief Financial Officer

				
		 		 		 	
	JVP OPPORTUNITY VI ENTREPRENEUR FUND, L.P.	 		 		 	
		 	 /s/ Gadi Tirosh
	 		 		 	
	Name:	 	 Gadi Tirosh
	 		 		 	
	Title:	 	 General Partner
	 		 		 	
					
		 	 /s/ Kobi Rozengarten
	 		 		 	
	Name:	 	 Kobi Rozengarten
	 		 		 	
	Title:	 	 General Partner
	 		 		 	
					
		 	 /s/ Michal Drayman
	 		 		 	
	Name:	 	 Michal Drayman
	 		 		 	
	Title:	 	 Chief Financial Officer
	 		 		 	

  
 24 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

									
	VERTEX ISRAEL II (C.I.) FUND, L.P.
					
	By:	 	/s/ Ran Gartenberg	 		 	By:	 	/s/ Yoram Oron
					
	Name:	 	Ran Gartenberg	 		 	Name:	 	Yoram Oron
					
	Title:	 	CFO & General Partner	 		 	Title:	 	Founder & General Partner
	
	VERTEX ISRAEL II (A) FUND L.P.
					
	By:	 	/s/ Ran Gartenberg	 		 	By:	 	/s/ Yoram Oron
					
	Name:	 	Ran Gartenberg	 		 	Name:	 	Yoram Oron
					
	Title:	 	CFO & General Partner	 		 	Title:	 	Founder & General Partner
	
	VERTEX ISRAEL II (B) FUND L.P.
					
	By:	 	/s/ Ran Gartenberg	 		 	By:	 	/s/ Yoram Oron
					
	Name:	 	Ran Gartenberg	 		 	Name:	 	Yoram Oron
					
	Title:	 	CFO & General Partner	 		 	Title:	 	Founder & General Partner
	
	VERTEX ISRAEL II DISCOUNT FUND L.P.
					
	By:	 	/s/ Ran Gartenberg	 		 	By:	 	/s/ Yoram Oron
					
	Name:	 	Ran Gartenberg	 		 	Name:	 	Yoram Oron
					
	Title:	 	CFO & General Partner	 		 	Title:	 	Founder & General Partner
	
	VERTEX ISRAEL II (C.I.) EXECUTIVE FUND L.P.
					
	By:	 	/s/ Ran Gartenberg	 		 	By:	 	/s/ Yoram Oron
					
	Name:	 	Ran Gartenberg	 		 	Name:	 	Yoram Oron
					
	Title:	 	CFO & General Partner	 		 	Title:	 	Founder & General Partner

  
 25 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	 /s/ Joseph P. DiSabato

		
	Name:	 	 Joseph P. DiSabato

		
	Title:	 	 Vice President

	
	BRIDGE STREET 2011, L.P.
		
	By:	 	 /s/ Joseph P. DiSabato

		
	Name:	 	 Joseph P. DiSabato

		
	Title:	 	 Vice President

	
	BRIDGE STREET 2011 OFFSHORE, L.P.
		
	By:	 	 /s/ Joseph P. DiSabato

		
	Name:	 	 Joseph P. DiSabato

		
	Title:	 	 Vice President

	
	MBD 2011 HOLDINGS, L.P.
		
	By:	 	 /s/ Joseph P. DiSabato

		
	Name:	 	 Joseph P. DiSabato

		
	Title:	 	 Vice President

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	HORIZON TRUST N
		
	By:	 	 /s/ Elana Mokady

		
	Name:	 	 Elana Mokady

		
	Title:	 	 Trustee

	
	HORIZON TRUST N
		
	By:	 	 /s/ Elana Mokady

		
	Name:	 	 Elana Mokady

		
	Title:	 	 Trustee

	
	HORIZON TRUST A
		
	By:	 	 /s/ Elana Mokady

		
	Name:	 	 Elana Mokady

		
	Title:	 	 Trustee

  
 27 

 SCHEDULE 1 

Ordinary Holders 
  

	
	Name
	
	Udi Mokady
	Horizon Trust N
	Horizon Trust M
	Horizon Trust A
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.

  
 28 

 SCHEDULE 2 

Original Ordinary Holders 
  

	
	Name
	
	Cabaret Security Ltd.
	ArbaOne Inc.

  
 29 

 SCHEDULE 3 

Series A and Series A1 Preferred Holders 
  

	
	Name
	
	Seed Capital Partners LLC
	Seed Capital Partners Advisors Fund LLC
	Cabaret Security Ltd
	ArbaOne Inc.
	Jerusalem Venture Partners IV L.P.
	Jerusalem Venture Partners IV – A L.P.
	Jerusalem Venture Partners IV (Israel) L.P.
	Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.
	Vertex Israel II (A) Fund L.P.
	Vertex Israel II (B) Fund L.P.
	Vertex Israel II (C.I.) Fund, L.P.
	Vertex Israel II (C.I.) Executive Fund L.P.
	Vertex Israel Discount Fund, L.P.
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.

  
 30 

 SCHEDULE 4 

Series B Preferred Holders 
  

	
	Name
	
	Seed Capital Partners II LLC
	Seed Capital Partners Advisors Fund LLC
	Jerusalem Venture Partners IV L.P.
	Jerusalem Venture Partners IV – A L.P.
	Jerusalem Venture Partners IV (Israel) L.P.
	Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.
	Vertex Israel II (A) Fund L.P.
	Vertex Israel II (B) Fund L.P.
	Vertex Israel II (C.I.) Fund, L.P.
	Vertex Israel II (C.I.) Executive Fund L.P.
	Vertex Israel Discount Fund, L.P.
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.

  
 31 

 SCHEDULE 5 

Series B1 Preferred Holders 
  

	
	Name
	
	Jerusalem Venture Partners IV L.P.
	Jerusalem Venture Partners IV – A L.P.
	Jerusalem Venture Partners IV (Israel) L.P.
	Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.
	Vertex Israel II (A) Fund L.P.
	Vertex Israel II (B) Fund L.P.
	Vertex Israel II (C.I.) Fund, L.P.
	Vertex Israel II (C.I.) Executive Fund L.P.
	Vertex Israel Discount Fund, L.P.
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.
	Cabaret Security Ltd
	ArbaOne Inc.

  
 32 

 SCHEDULE 6 

Series B2 Preferred Holders 
  

	
	Name
	
	Jerusalem Venture Partners IV L.P.
	Jerusalem Venture Partners IV – A L.P.
	Jerusalem Venture Partners IV (Israel) L.P.
	Jerusalem Venture Partners Entrepreneurs Fund IV L.P.
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.
	Vertex Israel II (A) Fund L.P.
	Vertex Israel II (B)Fund L.P.
	Vertex Israel II (C.I.) Fund, L.P.
	Vertex Israel II (C.I.) Executive Fund L.P.
	Vertex Israel Discount Fund, L.P.
	Cabaret Security Ltd.
	ArbaOne Inc.
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.

  
 33 

 SCHEDULE 7 

Series B3 Preferred Holders 
  

	
	Name
	
	JVP Opportunity VI, L.P
	JVP Opportunity VI-A, L.P
	JVP Opportunity VI Entrepreneur Fund, L.P.
	The Goldman Sachs Group, Inc.
	Bridge Street 2011, L.P.
	Bridge Street 2011 Offshore L.P.
	MBD 2011 Holdings, L.P.
	Cabaret Security Ltd.
	ArbaOne Inc.
	Vertex Israel II (C.I.) Fund, L.P.
	Vertex Israel II (A) Fund, L.P.
	Vertex Israel II (B) Fund, L.P.
	Vertex Israel II Discount Fund, L.P.
	Vertex Israel II (C.I.) Executive Fund, L.P.

  
 34 

 SCHEDULE I 
  

			
	JVP OPPORTUNITY VI, L.P.
	JVP OPPORTUNITY VI-A, L.P.
	JVP OPPORTUNITY VI ENTREPRENEUR FUND, L.P.
	JERUSALEM VENTURE PARTNERS IV, L.P.
	JERUSALEM VENTURE PARTNERS IV-A, L.P.
	JERUSALEM VENTURE PARTNERS IV(ISRAEL), L.P.
	JERUSALEM VENTURE PARTNERS ENTREPRENEURS FUND IV, L.P.
	(collectively, “JVP”)	  	

  

			
	Address:	  	24 Hebron Road, Jerusalem, 93542, Israel
	Telephone:	  	972-2-640-9000
	Facsimile:	  	972-2-640-9001
	Attention:	  	Yehoshua Ennis
	E-mail:	  	yehoshua@jvpvc.com

  

	
	THE GOLDMAN SACHS GROUP, INC.
	BRIDGE STREET 2011, L.P.
	BRIDGE STREET 2011 OFFSHORE L.P.
	MBD 2011 HOLDINGS, L.P.
	(collectively, “GS”)

  

			
	Address:	  	200 West Street, New York, NY 10282
	Telephone:	  	(212) 902-9431
	Facsimile:	  	(212) 256-4871
	Attention:	  	Bill Eng
	E-mail:	  	bill.eng@gs.com

  

			
	VERTEX ISRAEL II (C.I.) FUND, L.P.
	VERTEX ISRAEL II (A) FUND, L.P.
	VERTEX ISRAEL II (B) FUND, L.P.
	VERTEX ISRAEL II DISCOUNT FUND, L.P.
	VERTEX ISRAEL II (C.I.) EXECUTIVE FUND, L.P.
	(collectively, “Vertex”)	  	

  

			
	Address:	  	1 Hashikma St., Savyon 56530
	Telephone:	  	972-3-7378888
	Facsimile:	  	972-3-7378889
	Attention:	  	Ran Gartenberg
	E-mail:	  	ran@vertexvc.com

  

			
	EHUD (UDI) MOKADY; HORIZON TRUST

			
		
	Address:	  	144 Middlesex Road #2, Chestnut Hill, MA, USA 02467
	Telephone:	  	+1-617-794-3020
	Facsimile:	  	+1-617-965-1644
	E-mail:	  	udi.mokady@cyber-ark.com

  
 35 

			
	ARBAONE INC.

			
		
	Address:	  	Haoranim St. Beit Zait 90815
	Telephone:	  	+972-2-5703267
	Facsimile:	  	+972-2-5703268
	Attention:	  	Debra Pell
	E-mail:	  	dpellface@aol.com

  

			
	CABARET SECURITY LTD.

			
		
	Address:	  	7 Chalamish St., Caesarea 30889 Israel
	Telephone:	  	+972-4-6377757
	Facsimile:	  	+972-4-6377288
	Attention:	  	Amnon Shoshani
	E-mail:	  	amnon@cabaret.co.il

  

			
	SEED CAPITAL PARTNERS LLC
	SEED CAPITAL PARTNERS II LLC
	CHASE/SEED INVESTMENTS LLC
	SEED CAPITAL PARTNERS ADVISORS FUND LLC
		
	(collectively “Seed”)	  	

			
	Address:	  	1 HSBC Center, Suite 3850, Buffalo, NY 14203
	Telephone:	  	716-845-7530
	Facsimile:	  	716-845-7539
	Attention:	  	Mark Zogaria / Ron Schreiber
	E-mail:	  	mark@seedcp.com / ron@seedcp.com

  
 36EX-10.2

 Exhibit 10.2 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (the
“Agreement”), dated as of             , 201    , is entered into by and between CyberArk Software Ltd. an Israeli company whose address is Em-Hamoshavot
Road 34, Petah-Tikva, Israel (the “Company”), and the director or officer of the Company whose name appears on the signature page hereto (the “Indemnitee”). 

 

			
	WHEREAS, 	  	Indemnitee is an Office Holder (“Nosse Misra”), as such term is defined in the Companies Law, 5759–1999, as amended (the “Companies Law” and
“Office Holder” respectively), of the Company, and, at the request of the Company, may serve in the capacity of an Office Holder of a company controlled by the Company;
		
	WHEREAS,	  	both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against Office Holders of companies and that highly competent persons have
become more reluctant to serve corporations as directors and officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to, and activities on behalf of, companies;
		
	WHEREAS,	  	the Articles of Association of the Company authorize the Company to indemnify and advance expenses to its Office Holders and provide for insurance and exculpation to its Office
Holders, in each case, to the fullest extent permitted by applicable law;
		
	WHEREAS, 	  	the Company has determined that (i) the increased difficulty in attracting and retaining competent persons is detrimental to the best interests of the Company’s
shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future, and (ii) it is reasonable, prudent and necessary for the Company contractually to obligate itself to
indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, so that they will serve or continue to serve the Company directly or, at the Company’s request, through another entity controlled
by the Company, free from undue concern that they will not be so indemnified; and
		
	WHEREAS, 	  	in recognition of Indemnitee’s need for substantial protection against personal liability in order to assure Indemnitee’s continued service to the Company directly or, at
the Company’s request, through another entity controlled by the Company, in an effective manner and, in part, in order to provide Indemnitee with specific contractual assurance that the indemnification, insurance and exculpation afforded by the
Articles of Association will be available to Indemnitee, the Company wishes to undertake in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent permitted by applicable law and as set forth in
this Agreement and provide for insurance and exculpation of Indemnitee as set forth in this Agreement.

 NOW, THEREFORE, the parties hereto agree as follows: 

 

	1.	INDEMNIFICATION. 

  

	 	1.1.	 The Company hereby undertakes to indemnify Indemnitee to the fullest extent permitted by applicable law for any liability and expense specified in
Sections 1.1.1 through 1.1.4 below, imposed on Indemnitee due to or in connection with an act performed by such Indemnitee, either prior to or after the date hereof, in Indemnitee’s capacity as an Office Holder, including, without limitation,
as a director, officer, employee, agent or fiduciary 

	 	
of the Company, any subsidiary thereof or any another corporation, collaboration, partnership, joint venture, trust or other enterprise, in which Indemnitee serves at any time at the request of
the Company (the “Corporate Capacity”). The term “act performed in Indemnitee’s capacity as an Office Holder” shall include, without limitation, any act, omission and failure to act and any other circumstances
relating to or arising from Indemnitee’s service in a Corporate Capacity. The following shall be hereinafter referred to as “Indemnifiable Events”: 

 

	 	1.1.1.	Financial liability imposed on Indemnitee in favor of any person pursuant to a judgment, including a judgment rendered in the context of a settlement or an
arbitrator’s award approved by a court. 

  

	 	1.1.2.	Reasonable Expenses (as defined below) expended or incurred by Indemnitee as a result of an investigation or any proceeding instituted against the Indemnitee by an
authority that is authorized to conduct an investigation or proceeding, and that was concluded without filing an indictment against the Indemnitee and without imposing on the Indemnitee a financial obligation in lieu of a criminal proceeding, or
that was concluded without filing an indictment against the Indemnitee but imposing a financial obligation in lieu of a criminal proceeding in an offence that does not require proof of mens rea, or in connection with a financial sanction. In
this section “conclusion of a proceeding without filing an indictment in a matter in which a criminal investigation has been instigated” and “financial liability in lieu of a criminal proceeding” shall have the meaning assigned
to such terms under the Companies Law, and the term “financial sanction” shall mean such term as referred to in Section 260(a)(1a) of the Companies Law; 

 

	 	1.1.3.	Reasonable Expenses incurred by or charged to Indemnitee by a court, in a proceeding instituted against him by the Company or on its behalf or by another person, or in
a criminal charge from which he or she was acquitted or in which he or she was convicted of an offence that does not require proof of Mens Rea; and 

  

	 	1.1.4.	Any other event, occurrence, matter or circumstances in respect of which the Company may, or will be able to, indemnify an Office Holder of the Company (including,
without limitation, under Section 56h(b)(1) of the Israeli Securities Law 5728-1968 (the “Israeli Securities Law”), if applicable, and Section 50P(b)(2) of the Israeli Restrictive Trade Practices Law, 5758-1988 (the
“RTP Law”)). 

 For the purpose of this Agreement, “Expenses” shall include,
without limitation, attorneys’ fees and all other costs, expenses and obligations paid or incurred by Indemnitee in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness in or participate in any claim relating to any matter for which indemnification hereunder may be provided. Expenses shall be considered paid or incurred by Indemnitee at such time as Indemnitee is required to pay or incur such cost or
expenses, including upon receipt of an invoice or payment demand. The Company shall pay the Expenses in accordance with the provisions of Section 1.3. 
  

	 	1.2.	 Notwithstanding anything herein to the contrary, the Company’s undertaking to indemnify the Indemnitee in advance under Section 1.1.1 shall only
be in respect to events described in Exhibit A hereto (without limitation of the Company’s ability to 

  
 - 2 -

	 	
indemnity retroactively, at its discretion and subject to applicable law). The Board of Directors of the Company (the “Board”) has determined that the categories of events listed
in Exhibit A are likely to occur in light of the operations of the Company. The maximum amount of indemnification payable by the Company under Section 1.1.1 of this Agreement for each specific event of the categories described in Exhibit A and the
aggregate amount of indemnification for all events described in Exhibit A shall be as set forth in Exhibit A (the “Limit Amount”). The Limit Amount payable by the Company as described in Exhibit A is deemed by the Company to be
reasonable in light of the circumstances. The indemnification provided under Section 1.1.1 herein shall not be subject to the limitations imposed by this Section 1.2 and Exhibit A if and to the extent such limits are no longer required by the
Companies Law. 

  

	 	1.3.	To the fullest extent permitted by law, the Company will make available all amounts payable to Indemnitee in accordance with Section 1 above on the date on which
such amounts are first payable by Indemnitee. If so requested by Indemnitee, and subject to the Company’s repayment and reimbursements rights set forth in Sections 3 and 5 below, the Company shall advance payments to cover Indemnitee’s
Expenses with respect to which Indemnitee is entitled to be indemnified under Section 1.1 above. The payments of such amounts shall be made by the Company directly to the Indemnitee (if Indemnitee actually made payment of such amount) or to the
relevant third party (if Indemnitee has not yet made payment of such amount), as soon as practicable, but in any event no later than seven (7) days after written demand by such Indemnitee therefor to the Company, and any such payment shall be
deemed to constitute indemnification hereunder. As part of the aforementioned undertaking, the Company will make available to Indemnitee any security or guarantee that Indemnitee may be required to post in accordance with an interim decision given
by a court, governmental or administrative body, or an arbitrator, including for the purpose of substituting liens imposed on Indemnitee’s assets. 

  

	 	1.4.	The Company’s obligation to indemnify Indemnitee and advance Expenses in accordance with this Agreement shall be for such period (the “Indemnification
Period”) as Indemnitee shall be subject to any actual, possible or threatened claim, action, suit, demand or proceeding or any inquiry or investigation, whether civil, criminal or investigative, arising out of the Indemnitee’s service
in the Corporate Capacity as described in Section 1.1 above, whether or not Indemnitee is still serving in such position. 

  

	 	1.5.	The indemnification hereunder will, in each case, cover all sums of money (100%) that Indemnitee will be obligated to pay, in those circumstances for which
indemnification is required, and to the extent required, to be paid under this Agreement. 

  

	2.	SPECIFIC LIMITATIONS ON INDEMNIFICATION. 

 Notwithstanding anything to the contrary in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee with respect to (i) any act, event or circumstance with respect to which
it is prohibited to do so under applicable law, or (ii) a counter claim made by the Company or in its name in connection with a claim against the Company filed by the Indemnitee, other than a claim to enforce such Indemnitee’s rights under
this Agreement. 
  

	3.	REPAYMENT OF EXPENSES. 

  

	 	3.1.	 In the event that the Company provides or is required to provide indemnification with respect to Expenses hereunder and at any time thereafter the
Company determines, based on advice from its legal counsel, that the Indemnitee was not entitled to such 

  
 - 3 -

	 	
payments, the amounts so indemnified by the Company will be promptly repaid by Indemnitee, unless the Indemnitee disputes the Company’s determination, in which case the Indemnitee’s
obligation to repay to the Company shall be postponed until such dispute is resolved. 

  

	 	3.2.	Indemnitee’s obligation to repay to the Company for any Expenses or other sums paid hereunder shall be deemed as a loan given to Indemnitee by the Company subject
to the minimum interest rate prescribed by Section 3(9) of the Income Tax Ordinance [New Version], 1961, or any other legislation replacing it, which is not considered a taxable benefit. 

 

	4.	SUBROGATION. 

 In
the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  

	5.	PRIMACY OF INDEMNIFICATION; REIMBURSEMENT. 

  

	 	5.1.	The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by the party nominating
such Indemnitee to serve on the Board of Directors of the Company or by affiliates of such party (the “Sponsor Indemnitors”). The Company hereby agrees (i) that it is the indemnitor first resort (i.e., its obligations to
Indemnitee are primary and any obligation of the Sponsor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the
full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the
Articles of Association, without regard to any rights Indemnitee may have against the Sponsor Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Sponsor Indemnitors from any and all claims against the Sponsor
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Sponsor Indemnitors on behalf of Indemnitee with respect to any claim for which
Indemnitee has sought indemnification from the Company shall affect the foregoing and the Sponsor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
Indemnitee against the Company. The Company and Indemnitee agree that the Sponsor Indemnitors are express third party beneficiaries of the terms of this Section 5. 

 

	 	5.2.	Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is a witness or is made (or asked to) respond to discovery requests in any
proceeding involving the Company, any subsidiary thereof, any another person in which Indemnitee serves at any time at the request of the Company, its officers or directors, in their Corporate Capacities, to which Indemnitee is not a party,
Indemnitee shall be indemnified against all expenses paid or incurred by Indemnitee in connection therewith and in the manner set forth in this Agreement. 

  

	 	5.3.	 Subject to the provisions of this Section 5, the Company shall not be liable under this Agreement to make any payment in connection with any
Indemnifiable Event to the 

  
 - 4 -

	 	
extent Indemnitee has otherwise actually received payment under any insurance policy with respect to such Indemnifiable Event or otherwise (without any obligation of Indemnitee to repay any such
amount) of the amounts otherwise indemnifiable hereunder, but only to the extent of any such actually received payment. Any amounts paid to Indemnitee under such insurance policy or otherwise after the Company has indemnified Indemnitee for such
liability or Expense shall be repaid to the Company promptly upon receipt by Indemnitee, in accordance with the terms set forth in Section 3.2. 

  

	6.	EFFECTIVENESS. 

 This
Agreement shall be valid, binding and enforceable in accordance with its terms and shall be in full force and effect immediately upon its approval by the Company’s shareholders. If for the validation of any of the undertakings in this Agreement
any corporate act, resolution, approval or other procedure is required, the Company undertakes, to the extent permitted by law, to take all reasonable action in order to cause them to be done or adopted in a manner which will enable the Company to
fulfill all its undertakings as aforesaid. 
  

	7.	NOTIFICATION AND DEFENSE OF CLAIM. 

 Indemnitee shall notify the Company of the commencement of any action, suit or proceeding, and of the receipt of any notice or threat that any such legal proceeding has been or shall or may be initiated
against Indemnitee (including any proceedings by or against the Company and any subsidiary thereof), promptly upon Indemnitee first becoming so aware; but the omission so to notify the Company will not relieve the Company from any liability which it
may have to Indemnitee under this Agreement unless and to the extent that such failure to provide notice prejudices the Company’s ability to defend such action. Notice to the Company shall be directed to the Chief Executive Officer or Chief
Financial Officer of the Company at the address shown in the preamble to this Agreement (or such other address as the Company shall designate in writing to Indemnitee). With respect to any such action, suit or proceeding as to which Indemnitee
notifies the Company of the commencement thereof and without derogating from Sections 1.1 and 2: 
  

	 	7.1.	The Company will be entitled to participate therein at its own expense. 

  

	 	7.2.	Except as otherwise provided below, and other than with respect to proceedings that have been initiated against Indemnitee by the Company or in its name, the Company,
alone or jointly with any other indemnifying party similarly notified, will be entitled to assume the defense thereof, with counsel selected by the Company, and reasonably satisfactory to the Indemnitee. Indemnitee shall have the right to employ his
or her own counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of Indemnitee, unless: (i) the employment
of counsel by Indemnitee has been authorized in writing by the Company; (ii) the Company shall not have assumed the conduct of Indemnitee’s defense as contemplated in a timely manner, (iii) the Company refers the conduct of
Indemnitee’s defense to an attorney who is not reasonably satisfactory to the Indemnitee, (iv) the Indemnitee and the Company shall have agreed (on the basis of advise by legal counsel) that there is a conflict of interest between the
Company and the Indemnitee in the conduct of the defense of such action; in either of which cases the reasonable fees and expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any
action, suit or proceeding brought by or on behalf of the Company or as to which the Indemnitee and the Company shall have reached the conclusion specified in (iv) above. 

  
 - 5 -

	 	7.3.	The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts or expenses paid in connection with a settlement of any action, claim or
otherwise, effected without the Company’s prior written consent. 

  

	 	7.4.	The Company shall have the right to conduct the defense as it sees fit in its sole discretion (provided that the Company shall conduct the defense in good faith and in
a diligent manner), including the right to settle or compromise any claim or to consent to the entry of any judgment against Indemnitee without the consent of the Indemnitee, provided that, the amount of such settlement, compromise or judgment does
not exceed the Limit Amount (if applicable) and is fully indemnifiable pursuant to this Agreement and/or applicable law, and any such settlement, compromise or judgment does not impose any penalty or limitation on Indemnitee without the
Indemnitee’s prior written consent. The Indemnitee’s consent shall not be required if the settlement includes a complete release of Indemnitee, does not contain any admission of wrong-doing by Indemnitee, and includes monetary sanctions
only as provided above. In the case of criminal proceedings the Company and/or its legal counsel will not have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s name without the Indemnitee’s prior written consent.
Neither the Company nor Indemnitee will unreasonably withhold or delay their consent to any proposed settlement. The Company shall not, without Indemnitee’s prior written consent, consent to the entry of any judgment against Indemnitee or enter
into any settlement or compromise which (i) includes an admission of Indemnitee’s fault, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such proceeding or
(iii) is not fully indemnifiable pursuant to this Indemnification Agreement and pursuant to law. 

  

	 	7.5.	Indemnitee shall fully cooperate with the Company and shall give the Company all information and access to documents, files and to his or her advisors and
representatives as shall be within Indemnitee’s power, in every reasonable way as may be required by the Company with respect to any claim which is the subject matter of this Agreement and in the defense of other claims asserted against the
Company (other than claims asserted by Indemnitee), provided that the Company shall cover all expenses, costs and fees incidental thereto such that the Indemnitee will not be required to pay or bear such expenses, costs and fees.

  

	 	7.6.	If the Company fails to comply with any of its material obligations under this Agreement or in the event that the Company or any other person takes any action to
declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, except with respect to such actions, suits or proceedings
brought by the Company that are resolved in favor of the Company, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, and reasonably acceptable to the Company and at the expense of the Company, to represent Indemnitee in
connection with any such matter, to the extent that such matter is within the provisions of Section 1 hereof. 

  

	8.	EXCULPATION. 

 Subject to
the provisions of the Companies Law, the Company hereby releases, in advance, the Office Holder from liability to the Company for any damage that arises from the breach of the 

  
 - 6 -

 
Office Holder’s duty of care to the Company (within the meaning of such terms under Sections 252 and 253 of the Companies Law), other than breach of the duty of care towards the Company in a
distribution (as such term is defined in the Companies Law). 
  

	9.	NON-EXCLUSIVITY. 

 The
rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights Indemnitee may have under the Company’s Articles of Association, applicable law, any agreement, a vote of shareholders or a resolution of directors, or
otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee prior to such amendment,
alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. It is hereby clarified that
nothing in here shall limit the Company’s right to indemnify the Indemnitee, post factum, for any and all amounts or events, subject to applicable law. 
  

	10.	PARTIAL INDEMNIFICATION. 

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses,
judgments, fines or penalties actually or reasonably incurred by Indemnitee in connection with any proceedings, and not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments,
fines or penalties to which Indemnitee is entitled under any provision of this Agreement. Subject to the provisions of Section 5 above, any amount received by Indemnitee (under any insurance policy or otherwise) shall not reduce the Limit Amount
hereunder and shall not derogate from the Company’s obligation to indemnify the Indemnitee in accordance with the provisions of this Agreement up to the Limit Amount, as set forth in Section 1.2. 

 

	11.	BINDING EFFECT. 

 This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. In the event of a merger or consolidation of the Company or a transfer or disposition of all
or substantially all of the business or assets of the Company, the Indemnitee shall be entitled to the same indemnification and insurance provisions as the most favorable indemnification and insurance provisions afforded to the then-serving Office
Holders of the Company, to the full extent permitted by law. In the event that in connection with such transaction the Company purchases a directors and officers’ “tail” or “run-off” policy for the benefit of its then
serving Office Holders, then such policy shall cover Indemnitee and such coverage shall be deemed to be in satisfaction of the insurance requirements under this Agreement. This Agreement shall continue in effect during the Indemnification Period
regardless of whether Indemnitee continues to serve in a Corporate Capacity. 
 Any amendment to the Companies Law, the Israeli
Securities Law, the RTP Law or other applicable law adversely affecting the right of the Indemnitee to be indemnified pursuant hereto shall be prospective in effect, and shall not affect the Company’s obligation or ability to indemnify the
Indemnitee for any act or omission occurring prior to such amendment, unless otherwise provided by applicable law. 

  
 - 7 -

	12.	SEVERABILITY. 

 The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application
thereof or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or
unenforceable provision and (b) the remainder of this Agreement and the application of such provision or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 
  

	13.	NOTICE. 

 All notices and
other communications pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally, sent by facsimile, reputable overnight courier or mailed by registered or certified mail (return receipt requested), postage
prepaid, to the parties at the addresses shown in the preamble to this Agreement, or to such other address as the party to whom notice is to be given may have furnished to the other party hereto in writing in accordance herewith. Any such notice or
communication shall be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of facsimile, one business day after the date of transmission if electronic confirmation
of full transmission is received, (iii) in the case of a reputable overnight courier, three business days after deposit with such reputable overnight courier service, and (iv) in the case of mailing, on the seventh business day following
that on which the mail containing such communication is posted. 
  

	14.	GOVERNING LAW; JURISDICTION. 

 This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the conflicts of law provisions of those laws. The Company and
Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts of Tel Aviv, Israel for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement. 

 

	15.	ENTIRE AGREEMENT. 

 This
Agreement represents the entire agreement between the parties and supersedes and replaces any other agreements, contracts or understandings between the parties, whether written or oral, with respect to the subject matter of this Agreement [for
Directors add:], including without limitation that certain Indemnification Agreement previously signed between the parties. 
 Notwithstanding the foregoing, the indemnification obligation set forth in this Agreement will also apply, subject to the terms, conditions and limitations set forth in this Agreement, with respect to
actions committed, in Indemnitee’s capacity as an Office Holder of the Company or of any Affiliate, during the period prior to the date of this Agreement. 
  

	16.	ADVERSE PRESUMPTION. 

Neither the settlement nor termination of any proceeding nor the failure of the Company to award indemnification or to determine that
indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any proceeding by judgment or order (unless such judgment or order provides so specifically)
or settlement, shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or
proceeding, had reasonable cause to believe that Indemnitee’s action was unlawful. 

  
 - 8 -

	17.	NO MODIFICATION AND NO WAIVER. 

 No supplement, modification or amendment, termination or cancellation of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

 

	18.	ASSIGNMENTS; NO THIRD PARTY RIGHTS. 

 Neither party hereto may assign any of its rights or obligations hereunder except with the express prior written consent of the other party (except in the case of a merger or consolidation of the Company
or a transfer or disposition of all or substantially all of the business or assets of the Company, but subject to Section 11). Other than with respect to Section 5 hereof, nothing herein shall be deemed to create or imply an obligation
for the benefit of a third party. Without limitation of the foregoing, nothing herein shall be deemed to create any right of any insurer that provides directors and officers’ liability insurance, to claim, on behalf of Indemnitee, any rights
hereunder. 
  

	19.	SUCCESSORS. 

Notwithstanding anything to the contrary herein, this Agreement shall continue for the benefit of Indemnitee’s heirs’, personal
representatives’, executors’ and administrators’ benefit after Indemnitee ceases to be an Office Holder of the Company. 
  

	20.	INTERPRETATION; DEFINITIONS. 

 Unless the context shall otherwise require: words in the singular shall also include the plural, and vice versa; any pronoun shall include the corresponding masculine, feminine and neuter forms; the words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; the words “herein”, “hereof” and “hereunder” and words of similar import
refer to this Agreement in its entirety and not to any part hereof; all references herein to Sections or clauses shall be deemed references to Sections or clauses of this Agreement; any references to any agreement or other instrument or law, statute
or regulation are to it as amended, supplemented or restated, from time to time (and, in the case of any law, to any successor provisions or re-enactment or modification thereof being in force at the time); any reference to “law” shall
include any supranational, national, federal, state, local, or foreign statute or law and all rules and regulations promulgated thereunder; any reference to a “day” or a number of “days” (without any explicit reference otherwise,
such as to business days) shall be interpreted as a reference to a calendar day or number of calendar days; reference to month or year means according to the Gregorian calendar; reference to a “company”, “corporate body” or
“entity” shall include a, partnership, firm, company, corporation, limited liability company, association, joint venture, trust, unincorporated organization, estate, or a government municipality or any political, governmental, regulatory
or similar agency or body, and reference to a “person” shall mean any of the foregoing or a natural person. 
  

	21.	COUNTERPARTS. 

 This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument; it
being understood that parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic delivery in pdf format shall be sufficient to bind the parties to the terms and
conditions of this Agreement, as an original. 
 [SIGNATURE PAGE TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties, each acting under due and proper authority, have
executed this Indemnification Agreement as of the date first mentioned above, in one or more counterparts. 
  

			
	CyberArk Software Ltd.
		
	By:	 	  

		
	Name and title:	 	  

	
	Indemnitee
		
	Name:	 	  

		
	Signature:	 	  

		
	Address:	 	  

		
	Telephone:	 	  

		
	Facsimile:	 	  

  
 - 10 -

 EXHIBIT A* 

 

			
	CATEGORY OF INDEMNIFIABLE EVENT
		
	1.	  	Claims in connection with labor relations, employment or consulting relationships with and/or by employees or consultants of the Company, and in connection with business relations
between the Company and its employees, independent contractors, customers, suppliers, agents, and various service providers.
		
	2.	  	Negotiations, execution, delivery and performance of agreements of any kind or nature, anti-competitive acts, acts of commercial wrong doing, approval of corporate actions including
the approval of the acts of the Company’s management, their guidance and their supervision, actions concerning the negotiation or approval of transactions with Office Holders or shareholders, including controlling persons and claims of failure
to exercise business judgment and a reasonable level of proficiency, expertise and care with respect to the Company’s business.
		
	3.	  	Violation, infringement, misappropriation, dilution and other misuse of copyrights, patents, designs, trademarks, service marks, trade secrets and any other intellectual property
rights, acts in connection with the registration, assertion or protection of rights to intellectual property and the defense of claims related to intellectual property, breach of confidentiality obligations, acts in regard of invasion of privacy
including with respect to databases, acts in connection with slander and defamation, and claims in connection with publishing or providing any information or omission thereof, including any filings with any governmental authorities, whether or not
required under any applicable laws.

  
 - 11 -

			
	4.	  	Violations of securities laws of any jurisdiction, including without limitation, claims under the U.S. Securities Act of 1933 or the U.S. Exchange Act of 1934 or under the Israeli
Securities Law, fraudulent disclosure claims, failure to comply with any securities authority or any stock exchange disclosure or other rules and any other claims relating to relationships with investors, debt holders, shareholders and the
investment community and/or related to inadequate or improper disclosure to any of the foregoing; claims relating to or arising out of financing arrangements, any breach of financial covenants or other obligations towards lenders or debt holders of
the Company, class actions, violations of laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction; actions taken in connection with the offer, issuance, purchase, holding or
disposition of any type of securities of Company, including, without limitation, the grant of options to purchase any of the same or any offering of the Company’s securities to private investors or to the public, and listing of such securities,
or the offer by the Company to purchase securities from the public or from private investors or other holders, and any undertakings, representations, warranties and other obligations related to any such offering, listing or offer or to the
Company’s status as a public company or as an issuer of securities; any occurrences resulting from the Company’s public filings or omissions to make a public filing, delisting of shares, or buy-back of Company’s
securities.
		
	5.	  	Liabilities arising in connection with any products or services developed, distributed, rendered, sold, provided, licensed or marketed by the Company and/or any third party acting
on its behalf, and any actions in connection with the distribution, provision, sale, marketing, license or use of such products or services, including without limitation in connection with professional liability and product liability
claims.
		
	6.	  	The offering of securities by the Company to the public and/or to private investors or the offer by the Company to purchase securities from the public and/or from private investors
or other holders pursuant to a prospectus, agreement, notice, report, tender and/or any other proceeding, whether in the United States, Israel or abroad.
		
	7.	  	Events in connection with change in ownership, control or in the structure of the Company, its reorganization, dissolution, or any decision concerning any of the foregoing,
including but not limited to, merger, sale or acquisition of assets or shares, division, change in capital; actions in connection with the purchase or sale of companies, legal entities, business, securities or assets, and the division
or

  
 - 12 -

			
		  	consolidation thereof, including without limitation, any Tender Offer, Forced Sale of Shares, Arrangement and Compromise (as such capitalized terms are defined in the Companies Law)
or any reorganization, merger or consolidation of whatever kind or nature within the meaning of any law applicable to such claim or demand.
		
	8.	  	Any claim or demand made in connection with any transaction not in the ordinary course of business of the Company, including the sale, lease or purchase of any assets or
business.
		
	9.	  	Any claim or demand made by any third party suffering any personal injury and/or bodily injury or damage to business or personal property or any other type of damage through any act
or omission attributed to the Company, or its directors, officers, employees, agents or other persons acting or allegedly acting on its behalf, including, without limitation, failure to make proper safety arrangements for the Company or its
employees and liabilities arising from any accidental or continuous damage or harm to the Company’s employees, its contractors, its guests and visitors as a result of an accidental or continuous event, or employment conditions, permanent or
temporary, in the Company’s offices; any act or omission undertaken in negotiating, signing and performing an insurance policy or any claim relating to a failure to maintain appropriate insurance and/or adequate safety
measures.
		
	10.	  	Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to pay, report, keep
applicable records or otherwise, of any foreign, federal, state, county, local, municipal or city taxes or other compulsory payments of any nature whatsoever, including, without limitation, income, sales, service, use, transfer, excise, value added,
registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or
addition thereto, whether disputed or not.
		
	11.	  	Any administrative, regulatory, judicial or civil actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of
noncompliance or violation by any governmental entity or other person alleging potential responsibility or liability (including potential responsibility or liability for costs of enforcement investigation, cleanup, governmental response, removal or
remediation, for natural resources damages, property damage, personal injuries or penalties or for contribution, indemnification, cost recovery, compensation or injunctive relief) arising out of, based on or related to (a) the presence of, release,
spill, emission, leaning, dumping, pouring, deposit, disposal, discharge, leaching or migration into the environment (each a “Release”) or threatened Release of, or exposure to, any hazardous, toxic, explosive or radioactive
substances, wastes or other pollutants, including

  
 - 13 -

			
		  	petroleum or petroleum distillates, asbestos or asbestos-containing material, polychlorinated biphenyls (“PCBs”) or PCB-containing materials or equipment, radon
gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any environmental law, at any location, whether or not owned, operated, leased or managed by the Company or any of its
subsidiaries, or (b) circumstances forming the basis of any violation of any environmental law or environmental permit, license, registration or other authorization required under applicable environmental law.
		
	12.	  	Any administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of
noncompliance or violation by any governmental entity or other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of any governmental entity applicable to the Company or any of its businesses,
assets or operations, or the terms and conditions of any operating certificate or licensing agreement.
		
	13.	  	Participation and/or non-participation at the Company’s Board meetings, bona fide expression of opinion and/or voting and/or abstention from voting at the Company’s Board
meetings.
		
	14.	  	Review and approval of the Company’s financial statements, including any action, consent or approval related to or arising from the foregoing, including, without limitations,
execution of certificates for the benefit of third parties related to the financial statements.
		
	15.	  	Violation of laws, rules or regulations requiring the Company to obtain regulatory and governmental licenses, permits and authorizations or laws related to any governmental grants
in any jurisdiction (including without limitation relating to export and encryption).
		
	16.	  	Resolutions and/or actions relating to investments in the Company and/or its subsidiaries and/or affiliated companies and/or the purchase and sale of assets, including the purchase
or sale of companies and/or businesses, and/or investment in corporate or other entities and/or investments in traded and/or negotiable securities and/or any other form of investment.
		
	17.	  	Liabilities arising out of advertising, including misrepresentations regarding the Company’s products or services and unlawful distribution of emails and/or unlawful or
inappropriate uses of other means of mass communication.

  
 - 14 -

			
	18.	  	An announcement or statement, including a position taken or an opinion or representation made in good faith by the Office Holder in the course of his or her duties or in conjunction
with his or her duties, whether in public or in private, including during a meeting of the Board of Directors of the Company or any of the committees thereof.
		
	19.	  	Management of the Company’s bank accounts, including money management, foreign currency deposits, securities, loans and credit facilities, credit cards, bank guarantees,
letters of credit, consultation agreements concerning investments including with portfolio managers, hedging transactions, options, futures, and the like.
		
	20.	  	Any actions taken pursuant to or in accordance with the policies and procedures of the Company, and any omission to act pursuant thereto or in accordance therewith, whether such
policies and procedures are published or not; an act or omission undertaken in contradiction to the Company’s Articles of Association.
		
	21.	  	All actions, consents and approvals relating to a distribution of dividends, in cash or otherwise.
		
		  	Aggregate Limit Amount for all events together

 The Limit Amount per each specific event within the categories of events listed in Sections 1-21 (inclusive) above
is the Maximum Amount. 
 The “Maximum Amount” shall mean the greater of: 

(a) twenty-five percent (25%) of the Company’s total shareholders’ equity according to the Company’s most recent
financial statements as of the time of the actual payment of indemnification; 
 (b) US$30 million; and 

(c) in connection with or arising out of a public offering of the Company’s securities, the aggregate amount of proceeds from
the sale by the Company and/or any shareholder of Company’s securities in such offering. 
  

	*	Any reference in this Exhibit A to the Company shall mean the Company and any entity in which the Indemnitee serves in a Corporate Capacity, and where the context
requires, also any subsidiaries or other affiliates of the Company. 

  
 - 15 -

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