Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 THIRD
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of February 14, 2014, among Flowers Foods, Inc., a Georgia corporation (the “Borrower”), the Lenders party hereto, Deutsche Bank AG New York Branch, as administrative agent (the
“Administrative Agent”), Swingline Lender and Issuing Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Credit Agreement referred to below, as amended by this
Amendment. References to Sections or Schedules are references to Sections of, or Schedules to, the Credit Agreement, as applicable, unless otherwise stated. 

RECITALS 
 WHEREAS, the
parties hereto are parties to a Credit Agreement, dated as of October 24, 2003 (as amended and restated as of October 29, 2004, as further amended and restated as of June 6, 2006, and as further amended and restated as of May 20,
2011, and as amended as of November 16, 2012 and April 5, 2013 and as amended, amended and restated, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”), among the Borrower, the
Lenders party thereto, the Administrative Agent, the Swingline Lender and Issuing Lender; and 
 WHEREAS, the parties hereto desire to amend
the Credit Agreement pursuant to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Amendments and Agreements With Respect to the Credit Agreement. 

 (a) The
definitions of “Applicable Facility Fee Percentage” and “Applicable Margin” appearing in Section 11.01 of the Credit Agreement are hereby amended by replacing in its entirety the first paragraph thereof and the pricing table
appearing therein with the following: 
 “Applicable Facility Fee Percentage” and “Applicable Margin”
shall mean (I) from and after the Third Amendment Effective Date until the delivery of any certificate in accordance with the first sentence of the following paragraph for any fiscal quarter or fiscal year, as the case may be, of the Borrower
ending on or after December 28, 2013, a percentage per annum equal to (x) in the case of the Applicable Facility Fee Percentage, 0.20% and (y) in the case of the Applicable Margin (A) with respect to Loans maintained as Base Rate
Loans, 0.55% and (B) with respect to Loans maintained as Eurodollar Loans, 1.55% and (II) from and after each day of delivery of any certificate in accordance with the first sentence of the following paragraph for any fiscal quarter or fiscal
year, as the case may be, of the Borrower ending on or after December 28, 2013 (each, a “Start Date”), to and including the applicable End Date described below, (x) the Applicable Facility Fee Percentage and the Applicable
Margins for all Revolving Loans shall (subject to any adjustment pursuant to the immediately succeeding paragraph) be those set forth below in the table under the caption “Pricing Table”, in each case opposite the Leverage Ratio indicated
to have been achieved in any certificate delivered in accordance with the following sentence: 

 Pricing Table 
  

													
	 Leverage Ratio
	  	Applicable Margin for
Revolving Loans maintained
as Base Rate Loans and
Swingline Loans	 	 	Applicable Margin for
Revolving Loans maintained
as Eurodollar Loans	 	 	Applicable Facility
Fee Percentage	 
	 Equal to or less than 0.50:1.00
	  	 	0.00	% 	 	 	0.95	% 	 	 	0.05	% 
	 Greater than 0.50:1.00 but less than or equal to 1.00:1.00
	  	 	0.05	% 	 	 	1.05	% 	 	 	0.075	% 
	 Greater than 1.00:1.00 but less than or equal to 1.50:1.00
	  	 	0.15	% 	 	 	1.15	% 	 	 	0.10	% 
	 Greater than 1.50:1.00 but less than or equal to 1.75:1.00
	  	 	0.250	% 	 	 	1.25	% 	 	 	0.125	% 
	 Greater than 1.75:1.00 but less than or equal to 2.25:1.00
	  	 	0.35	% 	 	 	1.35	% 	 	 	0.15	% 
	 Greater than 2.25:1.00 but less than or equal to 2.75:1.00
	  	 	0.55	% 	 	 	1.55	% 	 	 	0.20	% 
	 Greater than 2.75:1.00
	  	 	0.95	% 	 	 	1.95	% 	 	 	0.30	% 

 (b) The definition of “Maturity Date” appearing in Section 11.01 of the Credit
Agreement is hereby replaced in its entirety with the following: 
 “Maturity Date” shall mean February 14,
2019, or the applicable anniversary thereof as determined in accordance with Section 3.04. 

  
 2 

 (c) Section 11.01 of the Credit Agreement is hereby amended by inserting in
the appropriate alphabetical order the following new definitions: 
 “Third Amendment” shall mean that certain
Third Amendment to this Agreement, dated as of February 14, 2014, by and among the Borrower, the Lenders party thereto and the Administrative Agent. 

“Third Amendment Effective Date” shall mean February 14, 2014. 

(d) Notwithstanding anything to the contrary in this Amendment or the Credit Agreement, all accrued and unpaid interest with
respect to the Revolving Loans extended prior to the Third Amendment Effective Date shall be calculated at the rates set forth in the definition of “Applicable Margin” without giving effect to the Third Amendment. 

(e) Section 2.06(i) of the Credit Agreement is hereby amended by inserting the word “, liquidity” after the
words “capital adequacy” and before the words “or similar requirement”. 
 2. Conditions Precedent to
Effectiveness. This Amendment shall become effective on the date (the “Third Amendment Effective Date”) when each of the following conditions shall have been satisfied; provided that if the following conditions are not
satisfied by February 14, 2014, this Amendment shall not become effective and shall be of no force or effect with respect to the Credit Agreement: 

(i) the Borrower, the Administrative Agent, each Issuing Lender and each other Lender shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including by way of facsimile, pdf or other electronic transmission) the same to the Administrative Agent; 

(ii) the Administrative Agent shall have received favorable customary legal opinion of Jones Day, counsel to the Credit Parties
addressed to the Administrative Agent and each of the Lenders party to the Credit Agreement on the Third Amendment Effective Date and dated the Third Amendment Effective Date covering such matters incidental to this Amendment and the transactions
contemplated hereby as the Administrative Agent may reasonably request; 
 (iii) the Administrative Agent shall have received
(A) true and complete copies of resolutions of the board of directors of the Borrower approving and authorizing the execution, delivery and performance of the Credit Agreement and the Credit Documents, in each case as modified by this
Amendment, certified as of the Third Amendment Effective Date by an Authorized Representative and attested to by another Authorized Representative of the Borrower as being in full force and effect without modification or amendment and (B) good
standing certificates for the Borrower from the jurisdiction in which the Borrower is organized; 

  
 3 

 (iv) all of the representations and warranties made pursuant to Section 3
hereof shall be true and correct in all material respects on the Third Amendment Effective Date, both before and after giving effect to this Amendment, with the same effect as though such representations and warranties had been made on and as of the
Third Amendment Effective Date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified
date and (y) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such specified date); 

(v) since December 29, 2012, nothing shall have occurred (and neither the Administrative Agent nor the Required Lenders
shall have become aware of any facts or conditions not previously known) which the Administrative Agent or the Required Lenders shall determine has had, or could reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect; 
 (vi) no litigation by any entity (private or governmental) shall be pending or threatened in writing with
respect to the Credit Agreement, any other Credit Document or any other documentation executed in connection herewith and therewith or the transactions contemplated hereby and thereby, or which the Administrative Agent shall determine has had, or
could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (vii) the
Administrative Agent shall have received payment from the Borrower, for the account of each Lender that executes and delivers a counterpart signature page to this Amendment prior to 10:00 A.M., New York City time, on February 14, 2014 (the
“Revolver Consent Deadline”), a non-refundable consent fee payable in Dollars in an amount equal to 0.05% of the Commitment of each such existing Lender in effect as of the Third Amendment Effective Date and in connection with each
new Lender, the rate separately agreed with such new Lender; 
 (viii) the Borrower shall have paid reasonable and documented
out-of-pocket expenses of the Administrative Agent required to be paid or reimbursed pursuant to Section 13.01 of the Credit Agreement, including the reasonable and documented fees, charges and disbursements of counsel for the Administrative
Agent; and 
 (ix) the Administrative Agent shall have received such other documents, information or agreements regarding the
Borrower as the Administrative Agent shall reasonably request. 
 3. Representations and Warranties. The Borrower represents and
warrants to the Administrative Agent and the Lenders that, as of the date of and after giving effect to this Amendment: 
 (a) the
execution, delivery and performance of this Amendment has been duly authorized by all necessary action on the part of the Borrower; 

  
 4 

 (b) this Amendment is a legal, valid and binding obligation of the Borrower, enforceable against
the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and to general principles of equity; 

(c) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all
material respects on the Third Amendment Effective Date, both before and after giving effect to this Amendment, with the same effect as though such representations and warranties had been made on and as of the Third Amendment Effective Date (it
being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any
representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such specified date); 

(d) no Default or Event of Default has occurred and is continuing; 

(e) the Credit Agreement and all other Credit Documents are and remain legal, valid, binding and enforceable obligations in accordance with
the terms thereof, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and to general principles of equity; and 

(f) this Amendment (i) does not require any order, consent, approval, license, authorization or validation of, or filing, recording or
registration with or exemption by, any governmental or public body or authority, or subdivision thereof, (ii) will not violate any applicable law, statute, rule or regulation or any applicable order, writ, injunction or decree of any court or
governmental instrumentality, (iii) will not conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to
create or impose) any Lien (other than Permitted Liens) upon any of the material properties or assets of the Borrower or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or
any other material agreement, contract or instrument, to which the Borrower or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject and (iv) will not violate any provision of
the Certificate or Articles of Incorporation or By-Laws (or equivalent organizational documents) of the Borrower or its Subsidiaries. 
 4.
General Provisions. 
 (a) Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 (b) Execution in Counterparts. This Amendment
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which 

  
 5 

 
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Amendment by facsimile or other electronic transmission shall have the same effect as delivery of a manually executed counterpart of this Amendment. 

(c) Severability. Any provision hereof which is held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without rendering the remaining provisions hereof invalid, illegal or unenforceable in such jurisdiction and without affecting the validity, legality or
enforceability of any provision in any other jurisdiction. 
 (d) Successors; Assignment. The terms of this Amendment shall be
binding upon, and shall inure for the benefit of, the parties hereto and their respective successors and assigns; provided that the Borrower may not assign or transfer any of its rights, obligations or interest hereunder without the prior
written consent of each Lender. 
 (e) Effect on Credit Documents. (i) Except as expressly set forth herein, this Amendment
shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agents under the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in
any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Credit Document, all of which are ratified and affirmed in all
respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to receive consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Credit Document in similar or different circumstances. 
 (f) Reference to
Amendment. On and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the
Credit Agreement in any other Credit Document shall be deemed a reference to the Credit Agreement as modified hereby. This Amendment shall constitute a “Credit Document” for all purposes of the Credit Agreement and the other Credit
Documents. 
 [The remainder of this page is intentionally left blank.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Credit Agreement to be
executed by their respective officers thereunto duly authorized, as of the date first set forth above. 
  

					
	FLOWERS FOODS, INC.
		
	By:	 	 /s/ R. Steve Kinsey

		 	Name:	 	R. Steve Kinsey
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Ming K. Chu

		 	Name:	 	Ming K. Chu
		 	Title:	 	Vice President
		
	By:	 	 /s/ Heidi Sandquist

		 	Name:	 	Heidi Sandquist
		 	Title:	 	Director

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	Bank of America, N.A.,
	as a Lender
		
	By:	 	 /s/ David L. Catherall

		 	Name:	 	David L. Catherall
		 	Title:	 	Managing Director

  
 [Signature Page to
Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	BRANCH BANKING AND TRUST COMPANY,
	as a Lender
		
	By:	 	 /s/ Brantley Echols

		 	Name:	 	Brantley Echols
		 	Title:	 	SeniorVice President

  
 [Signature Page to
Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	Cooperatieve Centrale Raiffeisen-Boerenleenbank
	B.A. “Rabobank Nederland”, New York Branch, asa Lender
		
	By:	 	 /s/ Betty Janelle

		 	Name:	 	Betty Janelle
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Stewart Kalish

		 	Name:	 	Stewart Kalish
		 	Title:	 	Executive Director

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	REGIONS BANK,
	as a Lender
		
	By:	 	 /s/ Donald Q. Dalton

		 	Name:	 	Donald Q. Dalton
		 	Title:	 	Executive Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	The Northern Trust Company,
	as a Lender
		
	By:	 	 /s/ Kathryn Schad Reuther

		 	Name:	 	Kathryn Schad Reuther
		 	Title:	 	SVP

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	PNC Bank, National Association,
	as a Lender
		
	By:	 	 /s/ Susan J. Dimmick

		 	Name:	 	Susan J. Dimmick
		 	Title:	 	Senior Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	 ROYAL BANK OF CANADA,
 as a
Lender

		
	By:	 	 /s/ Gordon MacArthur

		 	Name:	 	Gordon MacArthur
		 	Title:	 	Authorized Signatory

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	 Wells Fargo Bank, National Association,

as a Lender

		
	By:	 	 /s/ Virginia S. Singletary

		 	Name:	 	Virginia S. Singletary
		 	Title:	 	Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	 AGFIRST FARM CREDIT BANK,
 as a
Lender

		
	By:	 	 /s/ Steven J. O’Shea

		 	Name:	 	Steven J. O’Shea
		 	Title:	 	Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	 CoBank, ACB,
 as a
Lender

		
	By:	 	 /s/ Natalya Rivkin

		 	Name:	 	Natalya Rivkin
		 	Title:	 	Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	Farm Credit Services of America, PCA,
	as a Lender
		
	By:	 	 /s/ Curt A. Brown

		 	Name:	 	Curt A. Brown
		 	Title:	 	Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	GreenStone Farm Credit Services, ACA/FLCA,
	as a Lender
		
	By:	 	 /s/ Alfred S. Compton, Jr.

		 	Name:	 	Alfred S. Compton, Jr.
		 	Title:	 	SVP/Managing Director

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement] 

 
					
	SunTrust Bank
	as a Lender
		
	By:	 	 /s/ Tesha Winslow

		 	Name:	 	Tesha Winslow
		 	Title:	 	Vice President

 [Signature Page to Flowers Foods Third Amendment to A&R Credit Agreement]EX-10.1

 Exhibit 10.1 

FORM OF 
 INDEMNIFICATION
AGREEMENT 
 This Indemnification Agreement, dated as of [—], 2014 (this
“Agreement”), is entered into by and between Varonis Systems, Inc., a Delaware corporation (the “Company”), and [name of Director/Executive Officer] (the “Indemnitee”). 

WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available; 

WHEREAS, the Indemnitee is a director and/or officer of the Company; 

WHEREAS, the Company and the Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies; 
 WHEREAS, the Amended and Restated Certificate of Incorporation of the Company (the “Certificate of
Incorporation”) requires the Company to indemnify and advance expenses to its directors and officers to the fullest extent permitted by law, and the Indemnitee has been serving and continues to serve as a director or officer of the Company
in part in reliance on such provisions in the Certificate of Incorporation; 
 WHEREAS, the board of directors of the Company
(“Board of Directors”) has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should
seek to assure such persons that indemnification and insurance coverage will be available in the future; and 
 WHEREAS, in recognition of
the Indemnitee’s need for substantial protection against personal liability in order to enhance the Indemnitee’s continued service to the Company in an effective manner and the Indemnitee’s reliance on the Certificate of
Incorporation, and in part to provide Indemnitee with specific contractual assurance that the protection promised by the Certificate of Incorporation will be available to the Indemnitee (regardless of, among other things, any amendment to or
revocation of such Certificate of Incorporation or any change in the composition of the Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the
advancing of expenses to the Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of the Indemnitee under the
Company’s directors’ and officers’ liability insurance policies. 

 NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the
Company directly or, at its request, as an officer, director, manager, member, partner, tax matters partner, fiduciary or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit plan, and intending to be
legally bound hereby, the parties hereto agree as follows: 
 1. Certain Definitions: In addition to terms defined elsewhere herein,
the following terms have the following meanings when used in this Agreement: 
 “Change in Control” shall be deemed to have
occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
said Act), directly or indirectly, of securities of the Company representing 25% or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board of Directors and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or
(iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series
of transactions) all or substantially all of the Company’s assets. 
 “Claim” means any threatened, asserted, pending
or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or
investigation, in each case whether instituted by (or in the right of) the Company or any governmental agency or any other person or entity, in which the Indemnitee was, is, may be or will be involved as a party, witness or otherwise. 

“Expenses” include reasonable attorneys’ fees and all other reasonable direct or indirect costs, expenses and
obligations, including judgments, fines, penalties, interest, appeal bonds, amounts paid in settlement (which settlement shall have been approved by the Company in accordance with the terms hereof), and counsel fees and disbursements (including,
without limitation, experts’ fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges) paid or incurred in connection with
investigating, prosecuting, defending, settling, arbitrating, being a witness in or participating in (including on appeal), or preparing to investigate, prosecute, defend, settle, arbitrate, be a witness in or participate in, any Claim relating to
any Indemnifiable 

  
 2 

 
Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf of an Indemnitee in connection with preparing and submitting any requests or
statements for indemnification, advancement or any other right provided by this Agreement (including, without limitation, such fees or expenses incurred in connection with legal proceedings contemplated by Section 2(d) hereof). 

“Indemnifiable Amounts” means (i) any and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise
taxes and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes or amounts paid in
settlement) arising out of or resulting from any Claim relating to an Indemnifiable Event, (ii) any liability pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without
limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or
otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue
Service, penalties assessed by the United States Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise). 

“Indemnifiable Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement,
related to the fact that the Indemnitee is or was (or has agreed to serve as) a director, officer, employee, agent or fiduciary of the Company, or is or was serving (or has agreed to serve) at the request of the Company as a director, officer,
employee, trustee or agent (which, for purposes hereof, shall include a fiduciary, partner or manager or similar capacity) of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything
done or not done by the Indemnitee in any such capacity (in all cases whether or not the Indemnitee is acting or serving in any such capacity or has such status at the time any Indemnifiable Amount is incurred for which indemnification, advancement
or any other right can be provided by this Agreement). 
 “Independent Legal Counsel” means an attorney or firm of
attorneys (following a Change in Control, selected in accordance with the provisions of Section 3 hereof), who is experienced in the matters of corporate law and who shall not have otherwise performed services for the Company or the Indemnitee
within the last five years (other than with respect to matters concerning the rights of the Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 

  
 3 

 “Reviewing Party” means any appropriate person or body consisting of a member or
members of the Board of Directors or any other person or body appointed by the Board of Directors who is not a party to the particular Claim for which the Indemnitee is seeking indemnification, or Independent Legal Counsel. 

“Voting Securities” means any securities of the Company which vote generally in the election of directors. 

2. Basic Indemnification Arrangement; Advancement of Expenses. 

 

	 	(a)	In the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Claim by reason of
(or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee, or cause such Indemnitee to be indemnified, to the fullest extent permitted by Delaware law; provided, however, that no change in Delaware
law shall have the effect of reducing the benefits available to the Indemnitee hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of amendments after the date hereof. Payments of Indemnifiable
Amounts shall be made as soon as practicable but in any event no later than thirty (30) days after written demand is presented to the Company. 

  

	 	(b)	If so requested by the Indemnitee, the Company shall advance, or cause to be advanced (within five business days of such request), any and all Expenses incurred by the Indemnitee (an “Expense Advance”).
The Company shall, in accordance with such request (but without duplication), pay, or caused to be paid, such Expenses on behalf of the Indemnitee, unless the Indemnitee shall have elected to pay such Expenses and have such Expenses reimbursed, in
which case the Company shall reimburse, or cause to be reimbursed, the Indemnitee for such Expenses. To the fullest extent permitted by Delaware law, the Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any prior
determination by the Reviewing Party that the Indemnitee has satisfied any applicable standard of conduct for indemnification. The Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent it is ultimately
determined that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect thereof. No other form of undertaking shall be required of the Indemnitee other than execution of this Agreement. If the Indemnitee commences
legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final
judicial determination is made with respect thereto. 

  
 4 

	 	(c)	Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection with any Claim initiated by the
Indemnitee unless (i) the Company has joined in or the Board of Directors has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce the Indemnitee’s rights under this Agreement (including an
action pursued by the Indemnitee to secure a determination that the Indemnitee should be indemnified under applicable law). 

  

	 	(d)	A determination by the Company that the Indemnitee is not entitled to indemnification pursuant to Section 2(a) shall be made only by the Reviewing Party pursuant to a legal opinion. If there has not been a Change
in Control, the Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control, the Reviewing Party shall be the Independent Legal Counsel referred to in Section 3 hereof. If there has been no
determination by the Reviewing Party within thirty (30) days after written demand is presented to the Company or if the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole or in part under applicable
law, the Indemnitee shall have the right to commence litigation in any court in the State of Delaware having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such
determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. 

 

	 	(e)	To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein,
including dismissal without prejudice, the Indemnitee shall be indemnified against all Indemnifiable Amounts actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the Reviewing Party that the
Indemnitee is not entitled to indemnification under applicable law. 

 3. Change in Control. The Company agrees that if
there is a Change in Control of the Company (other than a Change in Control which has been approved by a majority of the Board of Directors who were directors immediately prior to such Change in Control) then with respect to all matters thereafter
arising concerning the rights of the 

  
 5 

 
Indemnitee to indemnity payments and Expense Advances under this Agreement or any provision of the Certificate of Incorporation or of the Bylaws of the Corporation (the “Bylaws”)
hereafter in effect relating to Claims for Indemnifiable Events, the Company shall seek legal advice only from Independent Legal Counsel selected by the Indemnitee and approved by the Company (which approval shall not be unreasonably delayed,
conditioned or withheld). Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company
agrees to pay the reasonable fees of the Independent Legal Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto. 
 4. Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification
of, the Indemnitee against any and all Expenses and, if requested by the Indemnitee, shall advance such Expenses to the Indemnitee, subject to and in accordance with Section 2(b), which are incurred by the Indemnitee in connection with any
action brought by the Indemnitee for (i) indemnification or an Expense Advance by the Company under this Agreement or any other agreement or provision of the Certificate of Incorporation or of the Bylaws now or hereafter in effect relating to
Claims for Indemnifiable Events and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether the Indemnitee ultimately is determined to be entitled to such
indemnification, Expense Advance or insurance recovery, as the case may be; provided that the Indemnitee shall be required to reimburse such Expenses in the event that a final judicial determination is made (as to which all rights of appeal
therefrom have been exhausted or lapsed) that such action brought by the Indemnitee, or the defense by the Indemnitee of an action brought by the Company or any other person, as applicable, was frivolous or in bad faith. 

5. Partial Indemnity, Etc. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for
some or a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not, however, for the entire amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is
entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in
defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 

6. Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled
to be indemnified hereunder, the Reviewing Party, court, any finder of fact or other relevant person shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall
be on the Company or its representative to establish by clear and convincing evidence that the Indemnitee is not so entitled. 

  
 6 

 7. Reliance as Safe Harbor. For purposes of this Agreement, and without creating any
presumption as to a lack of good faith if the following circumstances do not exist, the Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company
if the Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the
officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person (including legal counsel, accountants and financial advisors) as to matters the
Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any
director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder. 

8. No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular
belief, nor an actual determination by the Reviewing Party that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that
the Indemnitee should be indemnified under applicable law shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief. 

9. Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under
the Certificate of Incorporation, the General Corporation Law of the State of Delaware (the “DGCL”) or otherwise. To the extent that a change in the DGCL (whether by statute or judicial decision) permits greater indemnification by
agreement than would be afforded currently under the Company’s Certificate of Incorporation or this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such
change. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Certificate of Incorporation, it is the intent of the parties hereto that the Indemnitee shall enjoy the greater benefits regardless of
whether contained herein or in the Certificate of Incorporation. No amendment or alteration of the Certificate of Incorporation or the Bylaws or any other agreement shall adversely affect the rights provided to the Indemnitee under this Agreement.
No limitation of the Indemnitee’s rights pursuant to this Agreement shall in any way limit, or imply any limitation of, the Indemnitee’s rights under any other agreement. 

  
 7 

 10. Liability Insurance. The Company shall use commercially reasonable efforts to maintain
a policy or policies of insurance with reputable insurance companies providing directors and officers with coverage for any liability asserted by reason of the fact that they are serving as a director or officer or have agreed to serve as a
director, officer, employee or agent of another enterprise, and, to the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance, the Indemnitee shall be covered by such policy or
policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer. If the Company has such insurance in effect at the time the Company receives from the Indemnitee any notice of the
commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take
all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 

11. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such
shorter period shall govern. 
 12. Amendments, Etc. No supplement, modification or amendment 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. 
 13. Subrogation. Subject to Section 15(e) hereof, 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 the Indemnitee, who shall execute all papers 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. The Company shall pay or reimburse all Expenses actually and reasonably incurred by the Indemnitee in connection with such subrogation. 

14. No Duplication of Payments. Subject to Section 15(e) hereof, the Company shall not be liable under this Agreement to make any
payment in connection with any Claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, any provision of the Certificate of Incorporation or otherwise) of the amounts
otherwise indemnifiable hereunder. 

  
 8 

 15. Defense of Claims/Settlement. 

 

	 	(a)	The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee; provided that
if the Indemnitee reasonably believes, after consultation with counsel selected by the Indemnitee, that (i) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of
interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee, and the Indemnitee concludes that there may be one or more legal defenses available to
him or her that are different from or in addition to those available to the Company or such subsidiary of the Company, or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct
then prevailing, then the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. 

 

	 	(b)	The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The
Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event which the Indemnitee is or could have been a party unless such settlement solely involves the payment of
money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company nor the Indemnitee shall unreasonably withhold, condition or delay its or his
or her consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of the Indemnitee. In no event shall the Indemnitee be required to
waive, prejudice or limit attorney-client privilege or work-product protection or other applicable privilege or protection. 

  

	 	(c)	 Given that certain jointly indemnifiable claims may arise due to the service of the Indemnitee as a director and/or officer of the Company at the
request of the Indemnitee-related entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification or advancement of expenses in connection with
any such jointly indemnifiable claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the 

  
 9 

	 	
Indemnitee-related entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-related entities, and no right of advancement or
recovery the Indemnitee may have from the Indemnitee-related entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities shall make any
payment to the Indemnitee in respect of indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee against the Company, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as
may be necessary to enable the Indemnitee-related entities effectively to bring suit to enforce such rights. The Company and the Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries with respect to this
Section 15(c), entitled to enforce this Section 15(c) as though each such Indemnitee-related entity were a party to this Agreement. For purposes of this Section 15(c), the following terms shall have the following meanings:

  

	 	(i)	The term “Indemnitee-related entities” means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent
and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification
or advancement obligation (other than as a result of obligations under an insurance policy). 

  

	 	(ii)	 The term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any action, suit or
proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the Indemnitee-related entities and the Company 

  
 10 

	 	
pursuant to the DGCL, any agreement or the certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or
comparable organizational documents of the Company or the Indemnitee-related entities, as applicable. 

 16. No Adverse
Settlement. The Company shall not seek, nor shall it agree to, consent to, support, or agree not to contest any settlement or other resolution of any Claim(s), or settlement or other resolution of any other claim, action, proceeding, demand,
investigation or other matter that has the actual or purported effect of extinguishing, limiting or impairing the Indemnitee’s rights hereunder, including, without limitation, the entry of any bar order or other order, decree or stipulation,
pursuant to 15 U.S.C. § 78u-4 (the Private Securities Litigation Reform Act), or any similar foreign, federal or state statute, regulation, rule or law. 

17. Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), spouses, heirs, executors and personal and
legal representatives. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as an officer and/or director of the Company or of any other enterprise at the Company’s request. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company and/or its subsidiaries, by written agreement in form and substance
satisfactory to the Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

18. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 

19. Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company, the Indemnitee
may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce specific
performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue. 

  
 11 

 20. Notices. All notices, requests, consents and other communications hereunder to
any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by facsimile, nationally recognized overnight courier or personal delivery, addressed to such party at the address set forth below or such
other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties: 
  

	 	(a)	If to the Company, to: 

 Varonis Systems, Inc. 

1250 Broadway, 31st Floor 
 New
York, NY 10001 
 Facsimile: (212) 695-7020 

Attn: Gili Iohan, Chief Financial Officer and Seth Gerson, 

Vice President and General Counsel 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, New
York 10036-6522 
 Facsimile: (917) 777-3719 

Attn: Phyllis Korff , Esq. and Yossi Vebman, Esq. 
  

	 	(b)	If to the Indemnitee, to the address set forth on the signature page hereof. 

 All such notices, requests,
consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by electronic transmission, with confirmation received, to the facsimile
numbers specified above (or at such other address or facsimile number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto
simultaneously with delivery to the first party receiving such notice. 
 21. Counterparts. This Agreement may be executed in
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be
produced to evidence the existence of this Agreement. 
 22. Headings. The headings of the sections and paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 

23. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with, the laws of the State of Delaware
applicable to contracts made and to be performed in such state without giving effect to principles of conflicts of laws. 

  
 12 

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

			
	VARONIS SYSTEMS, INC.
		
	By:	 	  

	Name: [—]
	Title: [—]
	
	INDEMNITEE
		
		 	  

		 	Name:
		 	Business Address:
		 	Telephone:
		 	Facsimile:

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}]]