Document:

Exhibit 4.1

     

     

    INDEMNIFICATION AGREEMENT

     

    THIS INDEMNIFICATION AGREEMENT (the “Agreement”), dated as of ________  ___,
      20__, is entered into by and between Fiverr International Ltd., an Israeli company whose address is 8 Eliezr Kaplan St., Tel Aviv 6473409, Israel (the “Company”), and the undersigned Director or Officer of the Company whose name appears on the signature page attached 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;

          

     

    	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 Amended and Restated Articles of Association of the Company (the “Articles”) 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, and this Agreement is provided to Indemnitee in accordance with applicable law, the Articles and all requisite corporate approvals;

          

     

    	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 free from undue concern that they will not be so indemnified;

          

     

    	WHEREAS,	
            the Company acknowledges that Indemnitee is relying on the obligations of the Company set forth in this Agreement in agreeing to serve the Company, which obligations are therefore irrevocable; and

          

     

    	WHEREAS,	
            in recognition of Indemnitee’s need for substantial protection against loss arising from the Indemnitee’s liability, including costs and expenses incurred by the Indemnitee due to his or her position as an Office Holder, in order to assure
              Indemnitee’s continued service to 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 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 AND INSURANCE.

          

     

    	

          	1.1.	
            The Company hereby undertakes to indemnify Indemnitee to the fullest extent permitted by applicable law and the Articles, as each may be amended from time to time, 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, observer or fiduciary of the Company, any subsidiary thereof or any other 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. Notwithstanding the foregoing, in the event that the Office Holder is the beneficiary of an indemnification undertaking provided by a subsidiary of the Company or any
              other entity, with respect to his or her Corporate Capacity with such subsidiary or entity, then the indemnification obligations of the Company hereunder with respect to such Corporate Capacity shall only apply to the extent that the
              indemnification by such subsidiary or other entity does not actually fully cover the indemnifiable liabilities and expenses relating thereto. The following shall be hereinafter
              referred to as “Indemnifiable Events”:

          

     

    
      
        

    

    
     

    	

          	1.1.1.	
            a financial liability imposed on Indemnitee in favor of another person by any court judgment, including a judgment given as a result of a settlement or an arbitrator’s award which has been confirmed by a court in respect of an act
              performed by the Indemnitee. For purposes of Section 1 of this Agreement, the term “person” shall include, without limitation, a natural person, firm, partnership, joint venture, trust, company,
              corporation, limited liability entity, unincorporated organization, estate, government, municipality, or any political, governmental, regulatory or similar agency or body;

          

     

    	

          	1.1.2.	
            reasonable Expenses (as defined below) expended by Indemnitee as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no
              indictment (as defined in the Companies Law) was filed against such Indemnitee as a result of such investigation or proceeding; and (2) no financial liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon
              him or her as a result of such investigation or proceeding or if such financial liability was imposed, it was imposed with respect to an offence that does not require proof of criminal intent, or in connection with a financial sanction;

          

     

    	

          	1.1.3.	
            reasonable Expenses expended by Indemnitee or that were imposed on Indemnitee by a court in a proceeding filed against the Indemnitee by the Company or in its name or by any other person or in a criminal charge in respect of which the
              Indemnitee was acquitted or in a criminal charge in respect of which the Indemnitee was convicted for an offence that does not require proof of criminal intent;

          

     

    	

          	1.1.4.	
            a financial liability imposed upon Indemnitee and reasonable Expenses expended by Indemnitee as a result of an administrative proceeding instituted against Indemnitee. Without derogating from the generality of the foregoing, such liability
              or Expense will include a payment which Indemnitee is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a) of the Israeli Securities Law, 1968 – 5728 (the “Securities Law”) and
              Expenses that Indemnitee incurred in connection with a proceeding under Chapters H'3, H'4 or I'1 of the Securities Law; and

          

     

    	

          	1.1.5.	
            any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, indemnify the Indemnitee (including, without limitation in accordance with Section 50P of the Israeli Economic
              Competition Law, 5758-1988 (the “RTP Law”), if and to the extent applicable).

          

     

    
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    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, action, suit, proceeding,
      alternative dispute resolution mechanism, hearing, inquiry or investigation relating to any matter for which indemnification hereunder may be provided, and costs and expenses paid or incurred by Indemnitee in successfully enforcing this Agreement.
      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 with respect to events described in Exhibit A
              hereto. 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 with respect to all persons with respect to whom the Company undertook to indemnify under agreements similar
              to this Agreement (the “Indemnifiable Persons”), for all events described in Exhibit A shall be as set forth in Exhibit

                  A hereto (the “Limit Amount”). If the Limit Amount is insufficient to cover all the indemnity amounts payable with respect to all Indemnifiable Persons, then such amount shall be
              allocated to such Indemnifiable Persons pro rata according to the percentage of their culpability, as finally determined by a court in the relevant claim, or, absent such determination or in the event such persons are parties to different
              claims, based on an equal pro rata allocation among such Indemnifiable Persons. 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.	
            If so requested by Indemnitee, and subject to the Company’s repayment and reimbursement rights set forth in Sections 3 and 5 below, the Company shall pay amounts to cover Indemnitee’s Expenses with respect to which Indemnitee is entitled
              to be indemnified under Section 1.1 above, as and when incurred. The payments of such amounts shall be made by the Company directly to the Indemnitee’s legal and other advisors, as soon as practicable, but in any event no later than fifteen
              (15) days after written demand by such Indemnitee therefor to the Company, and any such payment shall be deemed to constitute indemnification hereunder. All amounts paid as indemnification hereunder shall be grossed up to cover any tax
              payment that Indemnitee may be required to make if the indemnification payments are taxable, subject to the Limit Amount if required by applicable law. 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 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 (the “Indemnification Period).

          

     

    
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          	1.5.	
            The Company undertakes that, subject to the mandatory limitations under applicable law and the Articles, as in effect from time to time, as long as it may be obligated to provide indemnification and advance Expenses under this Agreement,
              the Company will purchase and maintain in effect directors’ and officers’ liability insurance, which will include coverage for the benefit of the Indemnitee, providing coverage in amounts as reasonably determined by the Board; provided that,
              the Company shall have no obligation to obtain or maintain directors and officers insurance policy if the Company determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are
              disproportionate to the amount of coverage provided, or the coverage provided by such insurance is so limited by exclusions that it provides an insufficient benefit. The Company hereby undertakes to notify the Indemnitee thirty (30) days
              prior to the expiration or termination of such directors’ and officers’ liability insurance.

          

     

    	

          	1.6.	
            The Company undertakes to give prompt written notice of the commencement of any claim hereunder to the insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter diligently take all actions
              reasonably necessary under the circumstances to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. The
              above shall not derogate from Company’s authority to freely negotiate or reach any compromise with the insurer which is reasonable at the Company’s sole discretion provided that the Company shall act in good faith and in a diligent manner.

          

     

    	

          	1.7.	
            In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
              has requested it, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

          

     

    	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.

     

    	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 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 by a court of competent jurisdiction in a final and non-appealable order.

          

     

    	

          	3.2.	
            Indemnitee’s obligation to repay 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.

          

     

    
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    	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.	
            REIMBURSEMENT.

          

     

    The Company shall not be liable under this Agreement to make any payment in connection with any Indemnifiable Event to the extent Indemnitee has otherwise actually received
      payment under any insurance policy or otherwise (without any obligation of Indemnitee to repay any such amount) of the amounts otherwise indemnifiable hereunder. 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 as soon as practical upon receipt by Indemnitee, in accordance with the terms set forth in Section 3.2.

     

    The Company hereby acknowledges that the Indemnitee has now or may have in the future certain rights to indemnification, advancement of expenses and/or insurance provided by
      third parties (the “Third Party Indemnitor”), and the Company hereby agrees (i) that the Company is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of any
      Third Party Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary), (ii) it shall be required to advance the full amount of expenses incurred by the Indemnitee and
      shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the fullest extent legally permitted and as required by the terms of this Agreement and/or the Articles (or any other agreement between
      the Company and the Indemnitee), without regard to any rights the Indemnitee may have against the Third Party Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases any Third Party Indemnitor from any and all claims against any
      Third Party Indemnitor for contribution, subrogation or any other recovery of any kind of respect of the subject matters of this Agreement. Without altering or expanding any of the Company's indemnification obligations hereunder, the Company further
      agrees that no advancement or payment by any Third Party Indemnitor on the Indemnitee's behalf with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and any Third Party Indemnitor 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 the Indemnitee against the Company. The Company and the Indemnitee agree that the Third Party Indemnitors are express
      third party beneficiaries of the terms of this Section 5.

     

    	6.	
            EFFECTIVENESS.

          

     

    The Company represents and warrants that this Agreement is valid, binding and enforceable in accordance with its terms and was duly adopted and approved by the Company, and
      shall be in full force and effect immediately upon its execution and shall continue to be in full force for the duration of the Indemnification Period.

     

    	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 to so 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 materially and adversely impacts 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:

     

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

          

     

    	

          	7.2.	
            Except as otherwise provided below, 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. 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 have, in good faith, reasonably concluded that there may be a conflict of interest under the law and rules of attorney
              professional conduct applicable to such claim between the Company and Indemnitee in the conduct of the defense of such action; or (iii) the Company has not in fact employed counsel to assume the defense of such action within reasonable time,
              in which cases the reasonable fees and expenses of Indemnitee’s 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 Company shall have reached the conclusion specified in (ii) above.

          

     

    	

          	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 and that the Company and its counsel shall keep the
              Indemnitee reasonably notified on a regular basis of all events in the action), 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 (subject to Section 1.2 of 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 its consent to any proposed settlement.

          

     

    	

          	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 that 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.

          

     

    
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    	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 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 Articles, applicable law or otherwise, and to the extent
      that during the Indemnification Period the indemnification rights of the then serving Indemnitees are more favorable to such Indemnitees than the indemnification rights provided under this Agreement, Indemnitee shall be entitled to the full benefits
      of such more favorable indemnification rights to the extent permitted by 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, but not, however, 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 and their
      respective heirs, personal representatives, executors and administrators. 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. 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, insured or
      released pursuant hereto shall be prospective in effect, and shall not affect the Company’s obligation or ability to indemnify or insure the Indemnitee for any act or omission occurring prior to such amendment, unless otherwise provided by applicable
      law.

     

    	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, (i) 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 (ii) 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.

     

    
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    	13.	
            NOTICE.

          

     

    All notices and other communications pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally, telecopied, sent by electronic
      facsimile, email, 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 telecopier or an electronic facsimile or email, one business day after the date of transmission if confirmation of receipt 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 exclusive 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 AND TERMINATION.

          

     

    This Agreement represents the entire agreement between the parties and supersedes any other agreements, contracts or understandings between the parties, whether written or oral,
      with respect to the subject matter of this Agreement. For the avoidance of doubt, it is hereby clarified that nothing contained herein derogates from the Company’s right in its sole discretion, subject to applicable law and the Articles, to indemnify
      Indemnitee post factum for any amounts the Indemnitee may be obligated to pay.

     

    	16.	
            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. Any waiver shall be in writing. The Company hereby
      undertakes not to amend its Articles in a manner that will adversely affect the provisions of this Agreement.

     

    	17.	
            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. Nothing herein shall be deemed to
      create or imply an obligation for the benefit of a third party, except as set forth in Section 5. 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.

     

    
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    	18.	
            INTERPRETATION; DEFINITIONS.

          

     

    The obligations of the Company as provided hereunder shall be interpreted broadly and in a manner that shall facilitate its execution, to the extent permitted by law, and for
      the purposes for which it was intended.

     

    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.

     

    	19.	
            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.

     

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      - 9 -

      
        

    

     

     

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

     

    	
            Fiverr International Ltd.

             

            

          
	
            By:

          	 
	
            Name and title:

          	 

     

    	
            Indemnitee:

             

            

          
	
            Name:

          	 
	
            Signature:

          	 
	
            Address:

          	 

     

    

    

    
      - 10 -

      
        

    

     

    EXHIBIT A*

     

    	 	
            CATEGORY OF INDEMNIFIABLE EVENT

          	 	
            LIMIT AMOUNT PER EACH SPECIFIC EVENT WITHIN THIS CATEGORY OF EVENTS

             

          
	
            1.  

            

          	
            Claims in connection with employment 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, partners and various service providers.

          	 	
            the greater of (i) an amount equal to 25% of our shareholders’ equity on a consolidated basis, based on our most recent financial statements made publicly available before the date on which the indemnity payment
              is made, (ii) $350 million, and (iii) ten percent (10%) of the Company Total Market Cap (which shall mean the average closing price of the Company’s ordinary shares over the 30 trading days prior to the actual payment of indemnification
              multiplied by the total number of issued and outstanding shares of the Company as of the date of actual payment) (the “Maximum Amount”).

             

            

          
	
            2.

          	
            Negotiations, execution, delivery and performance of agreements of any kind or nature, anti-competitive acts, acts of commercial wrongdoing, approval of corporate actions including the
              approval of and recommendation or information provided to shareholders with respect to corporate actions, the approval of the acts of the Company’s management, their guidance and their supervision, actions concerning the approval of
              transactions with Office Holders or shareholders, including controlling persons, actions pursuant to or in accordance with the policies and procedures of the Company (whether or not such policies and procedures are published) and claims of
              failure to exercise business judgment and a reasonable level of proficiency, expertise and care or any other applicable standard with respect to the Company’s business.

             

            

          	 	
            The Maximum Amount

          
	
            3.

          	
            Violation, infringement, misappropriation, dilution and other misuse of copyrights, patents, designs, 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 or personal information, acts in connection with slander and defamation, and claims in connection with publishing or providing any information, including any filings with any governmental authorities, whether or not required under
              any applicable laws.

              

            

          	 	
            The Maximum Amount

          
	
            4.

          	
            Violations of securities laws of any jurisdiction, including without limitation, claims under the U.S. Securities Act of 1933, as amended from time to time, or the U.S. Exchange Act of 1934,
              as amended from time to time, or under the Israeli Securities Law, as amended from time to time, 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, holders of any other equity or debt instrument of the Company and the investment community and any claims related to the Sarbanes-Oxley Act of 2002, as amended from
              time to time; 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 issuance, purchase, holding or disposition of any type of securities of Company, including, without limitation,
              the grant of options, warrants or other rights 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.

             

            

          	 	
            The Maximum Amount

          

    

    

    
      - 11 -

      
        

    

    

    

    	
            5.          

          	
            Liabilities arising in connection with development of any products or services developed, distributed, rendered, sold, provided, licensed or marketed by the Company, and any actions or
              omission 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.

             

            

          	 	
            The Maximum Amount

          
	
            6.          

          	
            The offering of securities by the Company to the public, including the offering of securities by a shareholder in connection with a secondary offering.

          	 	
            The gross proceeds raised by the Company and/or any selling shareholder in such public offering

          
	 	 	 	 
	
            7.

          	
            The offering of securities by the Company 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, agreements, notices, reports, tenders and/or other proceedings.

             

            

          	 	
            The Maximum Amount

          
	
            8.          

          	
            Events in connection with change in ownership or in the structure of the Company, its reorganization, dissolution, winding up, any other arrangements concerning creditors rights or any
              decision concerning any of the foregoing, including but not limited to, merger, sale or acquisition of assets, division, spin off, divestiture, change in capital.

             

            

          	 	
            The Maximum Amount

          
	
            9.          

          	
            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, or the receipt or any grant of any
              rights with respect to, any assets or business.

             

            

          	 	
            The Maximum Amount

          
	
            10.          

          	
            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 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.

          	 	
            The Maximum Amount

          

    

    

    
      - 12 -

      
        

    

    

    

    	
            11.          

          	
            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, 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.

             

            

          	 	
            The Maximum Amount

          
	
            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.

             

            

          	 	
            The Maximum Amount

          
	
            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, including,
              in each case, any committee thereof.

             

            

          	 	
            The Maximum Amount

          
	
            14.          

          	
            Review and approval of the Company’s financial statements and any specific items or matters within, 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.

             

            

          	 	
            The Maximum Amount

          
	
            15.          

          	
            Violation of laws, rules or regulations requiring the Company to obtain regulatory and governmental licenses, permits and authorizations (including without limitation relating to export,
              import, encryption, antitrust or competition authorities) or laws related to any governmental grants in any jurisdiction.

             

            

          	 	
            The Maximum Amount

          
	
            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 securities and/or any other form of investment.

          	 	
            The Maximum Amount

          

    

    

    

    

    
      - 13 -

      
        

    

    	
            17.          

          	
            Liabilities arising out of advertising, including misrepresentations regarding the Company's products or services and unlawful distribution of emails.

             

            

          	 	
            The Maximum Amount

          
	
            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 duties or in conjunction with his 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.

              

            

          	 	
            The Maximum Amount

          
	
            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.

              

            

          	 	
            The Maximum Amount

          
	
            20.          

          	
            Any action or decision in relation to protection of work safety and/or working conditions, including with respect to provisions of the law, procedures or standards as applicable in or outside
              of Israel with relating to protection of work safety, pertaining, inter alia, to contamination, health protection, production processes, distribution, use, treatment, storage and transportation of certain materials, including in connection
              with corporal damage, property and environmental damages.

             

            

          	 	
            The Maximum Amount

          
	
            21.          

          	
            Any liability arising under any administrative, regulatory, judicial or civil actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings
              or notices of noncompliance or violation of Section 50P of the RTP Law.

             

            

          	 	
            The Maximum Amount

          
	
            22.          

          	
            All actions, consents and approvals relating to a distribution of dividends, in cash or otherwise, or to any other “distribution” as such term is defined under the Companies Law.

             

            

          	 	
            The Maximum Amount

          
	
            23.          

          	
            Any administrative, regulatory, judicial, civil or criminal, actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of
              noncompliance, violation or breaches alleging potential responsibility, liability, loss or damage (including potential responsibility or liability for costs of enforcement, investigation, cleanup, governmental response, removal or
              remediation, property damage or penalties, or for contribution,  indemnification, cost recovery, compensation or injunctive relief), whether alleged or claimed by customers, consumers, regulators, shareholders or others, arising out of, based
              on or related to: (a) cyber security, cyber-attacks, data loss or breaches, unauthorized access to databases and use or disclosure of information contained therein, not preventing or detecting the breach or failing to otherwise disclose or
              respond to the breach; (b) circumstances forming the basis of any violation of any law, permit, license, registration or other authorization required under applicable law governing data security, data protection, network security, information
              systems, privacy or any cyber environment (including, users, networks, devices, software, processes, information systems, databases, information in storage or transit, applications, services, and systems that can be connected directly or
              indirectly to networks); (c) failure to implement a reporting system or control, or failure to monitor or oversee the operation of such a system; (d) data destruction, extortion, theft, hacking, and denial of service attacks; losses or
              liabilities to others caused by errors and omissions, failure to safeguard data or defamation; or (e) security-audit, post-incident public relations and investigative expenses, criminal reward funds, data breach/privacy crisis management
              (including, management of an incident, investigation, remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines), extortion liability (including, losses due
              to a threat of extortion, professional fees related to dealing with the extortion), or network security liability (including, losses as a result of denial of access, costs related to data on third-parties and costs related to the theft of
              data on third-party systems).

          	 	
            The Maximum Amount

          
	 	 	 	 
	 	
            Aggregate Limit Amount for all events together.

          	 	
            The Maximum Amount

          

     

    	 	*	
            Any reference in this Exhibit A to the Company shall include the Company and any entity in which the Indemnitee serves in a Corporate Capacity.

          

     

    - 14 -Exhibit 4.2

     

    COMPENSATION POLICY

     

    FIVERR INTERNATIONAL LTD.

     

    Compensation Policy for Executive Officers and Directors

     

    (As Amended by the Shareholders on October 19, 2021)

     

    
      

    

    

    A. Overview and Objectives

     

    1.              Introduction

     

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

     

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

     

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

     

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

     

    This Policy shall apply to compensation agreements and arrangements which will be approved after the date on which
      this Policy is adopted and shall serve as Fiverr’s Compensation Policy for three (3) years, commencing as of its adoption, unless amended earlier.

     

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

     

    2.              Objectives

     

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

     

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

     

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

     

    

    
      
        

    

     

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

     

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

     

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

     

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

     

    3.              Compensation Instruments

     

    Compensation instruments under this Policy may include the following:

     

    3.1.                      Base
      salary;

     

    3.2.                      Benefits;

     

    3.3.                      Cash
      bonuses;

     

    3.4.                      Equity
      based compensation;

     

    3.5.                      Change
      of control terms; and

     

    3.6.                      Retirement
      and termination terms.

     

    4.              Overall Compensation - Ratio Between Fixed and Variable Compensation

     

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

     

    4.2        The total annual bonus and equity based compensation of each Executive Officer
      shall not exceed 95% of the total compensation package of such Executive Officer on an annual basis.

     

    5.              Inter-Company Compensation Ratio

     

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

     

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

     

    

    
      
        

    

     

    B. Base Salary and Benefits

     

    6.              Base Salary

     

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

     

    6.2.                      Since
      a competitive base salary is essential to Fiverr’s ability to attract and retain highly skilled professionals, Fiverr will seek to establish a base salary that is competitive with base salaries paid to Executive Officers in a peer group of other
      companies operating in technology sectors which are similar in their characteristics to Fiverr’s, as much as possible, while considering, among others, such companies’ size and characteristics including their revenues, profitability rate, growth
      rates, market capitalization, number of employees and operating arena (in Israel or globally), the list of which shall be reviewed and approved by the Compensation Committee at least every two years. Such list shall include at least 15 companies. To
      that end, Fiverr shall utilize as a reference, comparative market data and practices, which will include a compensation survey that compares and analyses the level of the overall compensation package offered to an Executive Officer of the Company
      with compensation packages in similar positions to that of the relevant officer) in such companies. Such compensation survey may be conducted internally or through an external independent consultant. Information on such compensation survey shall be
      included in the proxy statement published in connection with the annual general meeting of Fiverr’s shareholders.

     

    6.3.                      The
      Compensation Committee and the Board may periodically consider and approve base salary adjustments for Executive Officers. The main considerations for salary adjustment are similar to those used in initially determining the base salary, but may also
      include change of role or responsibilities, recognition for professional achievements, regulatory or contractual requirements, budgetary constraints or market trends. The Compensation Committee and the Board will also consider the previous and
      existing compensation arrangements of the Executive Officer whose base salary is being considered for adjustment.

     

    7.              Benefits

     

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

     

    7.1.1.                 Vacation
      days in accordance with market practice;

     

    7.1.2.                 Sick
      days in accordance with market practice;

     

    7.1.3.                 Convalescence
      pay according to applicable law;

     

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

     

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

     

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

     

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

    
      
        

    

    .

     

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

     

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

     

    C. Cash Bonuses

     

    8.              Annual Cash Bonuses - The Objective

     

    8.1.                      Compensation
      in the form of an annual cash bonus is an important element in aligning the Executive Officers’ compensation with Fiverr’s objectives and business goals. Therefore, a pay-for-performance element, as payout eligibility and levels are determined based
      on actual financial and operational results, as well as individual performance.

     

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

     

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

     

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

     

    9.              Annual Cash Bonuses - The Formula

     

    Executive Officers other than the CEO

     

    9.1.                      The
      annual cash bonus of Fiverr’s Executive Officers, other than the chief executive officer (the “CEO”), will be based on performance objectives and a
      discretionary evaluation of the Executive Officer’s overall performance by the CEO and subject to minimum thresholds. The performance objectives will be approved by Fiverr’s CEO at the commencement of each calendar year (or upon engagement, in case
      of newly hired Executive Officers or in special circumstances as indicated in Section 8.2 above) on the basis of, but not limited to, company, division and individual objectives. The performance measurable objectives, which include the objectives and
      the weight to be assigned to each achievement in the overall evaluation, will be based on overall company performance measures, which are based on actual financial and operational results, such as revenues, operating income and cash flow (at least
      25% of the annual cash bonus will be based on overall company performance measures) and may further include, divisional or personal objectives which may include operational objectives, such as market share, initiation of new markets and operational
      efficiency, customer focused objectives, project milestones objectives and investment in human capital objectives, such as employee satisfaction, employee retention and employee training and leadership programs.

     

    

    
      
        

    

     

    9.2.                      The
      target annual cash bonus that an Executive Officer, other than the CEO, will be entitled to receive for any given calendar year, will not exceed 100% of such Executive Officer’s annual base salary.

     

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

     

    CEO

     

    9.4.                      The
      annual cash bonus of Fiverr’s CEO will be mainly based on performance measurable objectives and subject to minimum thresholds as provided in Section 8.2 above. Such performance measurable objectives will be determined annually by Fiverr’s
      Compensation Committee (and, if required by law, by Fiverr’s Board) at the commencement of each calendar year (or upon engagement, in case of newly hired CEO or in special circumstances as indicated in Section 8.2 above) on the basis of, but not
      limited to, company and personal objectives. These performance measurable objectives, which include the objectives and the weight to be assigned to each achievement in the overall evaluation, will be based on overall company performance measures,
      which are based on actual financial and operational results, such as revenues, sales, operating income, cash flow or Company’s annual operating plan and long-term plan.

     

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

     

    9.6.                      The
      target annual cash bonus that the CEO will be entitled to receive for any given calendar year, will not exceed 100% of his or her annual base salary.

     

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

     

    10.       Other Bonuses

     

    10.1.               Special Bonus. Fiverr may grant its Executive Officers a special bonus as an award for special achievements (such as in connection with mergers and acquisitions,
      offerings, achieving target budget or business plan under exceptional circumstances or special recognition in case of retirement) or as a retention award at the CEO’s discretion (and in the CEO’s case, at the Board’s discretion), subject to any
      additional approval as may be required by the Companies Law (the “Special Bonus”). The Special Bonus will not exceed 100% of the Executive
      Officer’s annual base salary.

     

    10.2.               Signing Bonus. Fiverr may grant a newly recruited Executive Officer a signing bonus at the CEO’s discretion (and in the CEO’s case, at the Board’s discretion),
      subject to any additional approval as may be required by the Companies Law (the “Signing Bonus”). The Signing Bonus will not exceed 200% of the
      Executive Officer’s annual base salary.

     

    10.3.               Relocation/ Repatriation Bonus. Fiverr may grant its Executive Officers a special bonus in the event of relocation or repatriation of an Executive Officer to
      another geography (the “Relocation Bonus”). The Relocation bonus will include customary benefits associated with such relocation and its monetary
      value will not exceed 100% of the Executive Officer’s annual base salary.

     

    

    
      
        

    

     

    11.       Compensation Recovery (“Clawback”)

     

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

     

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

     

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

     

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

     

    11.3.               Nothing
      in this Section 11 derogates from any other “Clawback” or similar provisions regarding disgorging of profits imposed on Executive Officers by virtue of applicable securities laws.

     

    D. Equity Based Compensation

     

    12.       The Objective

     

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

     

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

     

    12.3.               All
      equity-based incentives granted to Executive Officers shall be subject to vesting periods in order to promote long-term retention of the awarded Executive Officers. Unless determined otherwise in a specific award agreement approved by the
      Compensation Committee and the Board, grants to Executive Officers other than non-employee directors shall vest gradually over a period of between three (3) to five (5) years or based on performance. The exercise price of options shall be determined
      in accordance with Fiverr’s policies, the main terms of which shall be disclosed in the annual report of Fiverr.

     

    12.4.               All
      other terms of the equity awards shall be in accordance with Fiverr’s incentive plans and other related practices and policies. Accordingly, the Board may, following approval by the Compensation Committee, extend the period of time for which an award
      is to remain exercisable and make provisions with respect to the acceleration of the vesting period of any Executive Officer’s awards, including, without limitation, in connection with a corporate transaction involving a change of control, subject to
      any additional approval as may be required by the Companies Law.

     

    13.       General Guidelines for the Grant of Awards

     

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

     

    13.2.               In
      determining the equity-based compensation granted to each Executive Officer, the Compensation Committee and Board shall consider the factors specified in Section 13.1 above, and in any event the total fair market value of an annual equity-based
      compensation at the time of grant shall not exceed: (i) with respect to the CEO - the higher of (w) 500% of his or her annual base salary or (x) 0.5% of the Company’s fair market value; and (ii) with respect to each of the other Executive Officers -
      the higher of (y) 300% of his or her annual base salary or (z) 0.35% of the Company’s fair market value.

     

    13.3.               The
      fair market value of the equity-based compensation for the Executive Officers will be determined according to acceptable valuation practices at the time of grant.

     

    

    
      
        

    

     

    E. Retirement and Termination of Service
          Arrangements

     

    14.       Advanced Notice Period

     

    Fiverr may provide an Executive Officer, other than the CEO, according to his/her seniority in the Company, his/her
      contribution to the Company’s goals and achievements and the circumstances of retirement and the CEO a prior notice of termination of up to twelve (12) months in the case of the CEO and six (6) months in the case of other Executive Officers, during
      which the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of his/her equity-based compensation.

     

    15.       Adjustment Period

     

    Fiverr may provide an additional adjustment period of up to six (6) months to an Executive Officer, other than the CEO,
      according to his/her seniority in the Company, his/her contribution to the Company’s goals and achievements and the circumstances of retirement and to the CEO, during which the Executive Officer may be entitled to all of the compensation elements,
      and to the continuation of vesting of his/her equity-based compensation.

     

    16.       Additional Retirement and Termination Benefits

     

    Fiverr may provide additional retirement and terminations benefits and payments as may be required by applicable law
      (e.g., mandatory severance pay under Israeli labor laws), or which will be comparable to customary market practices.

     

    17.       Non-Compete Grant

     

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

     

    18.       Limitation Retirement and Termination of Service Arrangements

     

    The total non-statutory payments under Section 14-17 above shall not exceed the Executive Officer’s monthly base salary
      multiplied by eighteen (18).

     

    F. Exculpation, Indemnification and
          Insurance

     

    19.       Exculpation

     

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

     

    20.       Insurance and Indemnification

     

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

    

    

    
      
        

    

     

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

     

    20.2.1.          The
      limit of liability of the insurer shall not exceed the greater of $150 million or 50% of the Company’s shareholders equity based on the most recent financial statements of the Company at the time of approval by the Compensation Committee; and

     

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

     

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

     

    20.3.1.          The
      limit of liability of the insurer shall not exceed the greater of $150 million or 50% of the Company’s shareholders equity based on the most recent financial statements of the Company at the time of approval by the Compensation Committee; and

     

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

     

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

     

    G. Arrangements upon Change of Control

     

    21.       The following
      benefits may be granted to the Executive Officers in addition to the benefits applicable in the case of any retirement or termination of service upon, or in connection with, a “Change of Control” as shall be defined in the respective incentive plan
      or employment agreement:

     

    21.1.               Vesting
      acceleration of outstanding options or other equity-based awards;

     

    21.2.               Extension
      of the exercising period of equity-based compensation for Fiverr’s Executive Officer for a period of up to one (1) year in case of an Executive Officer other than the CEO and two (2) years in case of the CEO, following the date of employment
      termination; and

     

    21.3.               Up
      to an additional six (6) months of continued base salary and benefits following the date of employment termination (the “Additional Adjustment Period”).
      For avoidance of doubt, such additional Adjustment Period shall be in addition to the advance notice and adjustment periods pursuant to Sections 14 and 15 of this Policy, but subject to the limitation set forth in Section 18 of this Policy.

     

    21.4.               A
      cash bonus not to exceed 150% of the Executive Officer’s annual base salary in case of an Executive Officer other than the CEO and 200% in case of the CEO.

     

    

    
      
        

    

     

    H. Board of Directors Compensation

     

    22.       The following
      benefits may be granted to Fiverr’s Board members:

     

    22.1.               All
      Fiverr’s non-employee Board members may be entitled to an annual cash fee retainer of up to $100,000, and up to $150,000 for the chairperson of Fiverr’s Board or lead independent director. In addition, all Fiverr’s non-employee Board members, who
      serve on a Board committee (including as the chairperson of a committee), may be entitled to a committee membership annual cash fee retainer of up to $30,000 and committee chairperson annual cash fee retainer of up to $60,000 (it is being clarified
      that the payment for the chairpersons is in lieu of (and not in addition) to the payments referenced above for committee membership).

     

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

     

    22.3.               Notwithstanding
      the provisions of Sections 22.1 above, in special circumstances, such as in the case of a professional director, an expert director or a director who makes a unique contribution to the Company, such director’s compensation may be different than the
      compensation of all other directors and may be greater than the maximal amount allowed under Section 22.1.

     

    22.4.               Each
      non-employee member of Fiverr’s Board may be granted with equity-based compensation. The value of a “welcome” grant or an annual equity-based compensation, granted at a certain year shall not exceed $500,000. The equity-based compensation may be
      accelerated in the event of a change of control.

     

    

    
      22.5.               All

        other terms of the equity awards shall be in accordance with Fiverr’s incentive plans and other related practices and policies. Accordingly, the Board may, following approval by the Compensation Committee, extend the period of time for which an
        award is to remain exercisable and make provisions with respect to the acceleration of the vesting period of any awards, including, without limitation, in connection with a corporate transaction involving a change of control, subject to any
        additional approval as may be required by the Companies Law.

       

      22.6.               In

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

       

      22.7.               It

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

       

      

    

    
      
        

    

     

    I. Miscellaneous

     

    23.       Nothing in
      this Policy shall be deemed to grant any of Fiverr’s Executive Officers or employees or any third party any right or privilege in connection with their employment by the Company. Such rights and privileges shall be governed by the respective personal
      employment agreements. The Board may determine that none or only part of the payments, benefits and perquisites detailed in this Policy shall be granted, and is authorized to cancel or suspend a compensation package or part of it.

     

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

     

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

     

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

     

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

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