Document:

EX-10.3

 EXHIBIT 10.3 
 WIXPRESS LTD. 
 THE 2007 SHARE OPTION PLAN 

FIRST ADOPTED BY THE BOARD: APRIL 1, 2007

 FIRST APPROVED BY THE SHAREHOLDERS:
MARCH 18, 2008 
 Termination Date: April 1, 2017 

First Amended and Restated Plan – Adopted by the Board as of June 20, 2010 

Second Amended and Restated Plan – Adopted by the Board as of October 27, 2011 

 

	1.	NAME 

 This Plan, as amended from
time to time, shall be known as the Wixpress Ltd. 2007 Share Option Plan (the “Option Plan”). 
  

	2.	PURPOSE OF THE OPTION PLAN 

  

	 	2.1	The Option Plan is intended to provide an incentive to retain, in the employ or service or directorship of Wixpress Ltd. (the “Company”), and its
Affiliates, persons of training, experience, and ability, to attract employees, directors or consultants whose services are considered valuable, to encourage the sense of proprietorship of such persons, and to stimulate the active interest of such
persons in the development and financial success of the Company by providing them with opportunities to purchase shares in the Company pursuant to an Option Plan approved by the Board of Directors of the Company (the “Board”). Each
person granted Options hereunder shall be referred to as an “Optionee”. 

  

	 	2.2	Options granted hereunder to US Optionees under the Option Plan may or may not contain such terms as will qualify such options as Incentive Stock Options
(“ISOs”) within the meaning of Section 422 (b) of the United States Internal Revenue Code of 1986, as amended (the “Code”). Options granted hereunder to US Optionees that do not contain terms that will
qualify them as ISOs and which do not meet the requirements of, and/or are not governed by the rules of Section 421 through 424 of the Code shall be referred to herein as Non-Qualified Stock Options (“NQSOs”). Each Option
Agreement to a US Optionee shall state whether such Option will or will not be treated as an ISO. No ISO shall be granted unless such Option, when granted, qualifies as an “Incentive Stock Option” under Section 422 of the Code. Any
ISO granted under the Option Plan shall contain such terms and conditions, consistent with the Option Plan, as the Company may determine to be necessary to qualify such Option as an “incentive Share option” under Section 422 of the
Code. 

 The Board, at the written request of any Optionee, may in its discretion take such actions as may be
necessary to convert such Optionee’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into NQSOs at any time prior to the expiration of such ISOs, regardless of whether the Optionee is an Employee of the
Company or a Subsidiary at the time of such conversion. Such actions may include, but not be limited to, extending the exercise period. At the time of such conversion, the Board (with the consent of the Optionee) may impose such conditions on the
exercise of the resulting NQSOs as the Board in its discretion may determine, provided that such conditions shall not be inconsistent with the Plan. Nothing in the Plan shall be deemed to give any Optionee the right to have such Optionee’s ISOs
converted into NQSOs, and no such conversion shall occur unless and until the Board takes appropriate action. The Board, with the consent of the Optionee, may also terminate any portion of any ISO that has not been exercised at the time of such
conversion. 

	 	2.3	Options granted to Israeli Optionees under the Option Plan may or may not contain such terms as will qualify such options for the special tax treatment under
Section 102(b) of the Israeli Tax Ordinance (New Version), 5721-1961, as amended (the “Ordinance”), and the Income Tax Rules (Tax Benefits in Share Issuances to Employees) 5763 2003 (the “Rules”) (“102
Options”). 

  

	 	2.4	Options granted to non Israeli Optionees, excluding US Optionees, shall be granted in accordance with the applicable laws of each Optionee’s nationality state and
with the terms and conditions set forth in its respective Option Agreement (as defined below) as prescribed by the Committee (as defined below). 

  

	 	2.5	For the purposes of the Plan, the following terms shall have the following meanings: 

“3(i) Option” means an Option granted under the terms of Section 3(i) of the Ordinance to persons which do not
qualify as “employees” under the provisions of Section 102. 
 “102(b) Track Election” means the
right of the Company to prefer either the “Capital Track” (as set under Section 102(b)(2)), or the “Ordinary Income Track” (as set under Section 102(b)(1)), but subject to the provisions of Section 102(g) of the
Tax Ordinance. 
 “102(b) Option” means an Option intended to qualify, under the provisions of
Section 102(b) of the Tax Ordinance (including the Section 102(b) Choice of Track), as either: 
  

	 	(i)	“102(b)(2) Option” for the special tax treatments under the “Capital Track”, or 

 

	 	(ii)	“102(b)(1) Option” for the special tax treatments under the “Ordinary Income Track”. 

“Affiliate” means: 
 with respect to 102(b) Options, any “employing company” within the meaning of Section 102(a) of the Ordinance; 
 with respect to ISOs, any “parent corporation” or “subsidiary corporation” of the Company, whether now existing or hereafter created or acquired, as those terms are defined in Sections
424(e) and 424(f) of the Code, respectively; and 
 with respect to NQSOs, any entity described with respect to ISOs, plus any
other corporation, limited liability company, partnership or joint venture, whether now existing or hereafter created or acquired, with respect to which the Company beneficially owns more than fifty percent (50%) of: (1) the total combined
voting power of all outstanding voting securities or (2) the capital or profits interests of a limited liability company, partnership or joint venture. 
 “Consultant” means any natural person, including an advisor, engaged by the Company or an Affiliate to render bona fide services and who is providing such services at the time a US Option
is granted; provided that the term “Consultant” shall not include a person who provides services in connection with the offer and sale of securities in a capital-raising transaction or in connection with promoting or maintaining a
market for the Company’s securities. 
 “Controlling Shareholder” shall have the meaning ascribed to it in
Section 32(9) of the Ordinance. 
 “Director” means a member of the Board. 

 “Employee” means a person who is employed by the Company and/or its
Affiliates, including an individual who is serving as a director or an office holder, but excluding Controlling Shareholder. The foregoing notwithstanding, in connection with the Code and US Optionees, “Employee” means a person who
is employed by the Company or its Subsidiaries and with respect to US Optionees granted NQSOs, “Employees” shall include Directors or Consultants of the Company or its Affiliates. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 “Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder or any other person
who is not an Employee. The foregoing notwithstanding, in connection with the Code and US Optionees, “Non-Employee” means any person who is not employed by the Company or its Subsidiaries. 

“Other 102 Option” means an Option granted pursuant to Section 102(c) of the Tax Ordinance and which is not held in
trust by a Trustee. 
 All options granted hereunder, whether together or separately, shall be hereinafter referred to as
“Options”. 
 “Section 102” means section 102 of the Ordinance as now in effect or as
hereafter amended. 
 “Securities Act” means the United States Securities Act of 1933, as amended. 

“Subsidiary” means any company (other than the Company) in an unbroken chain of companies beginning with the Company if,
at the time of granting an option, each of the companies other than the last company in the unbroken chain owns shares possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in one of the other
companies in such chain. 
 “US Option” means an Option granted to a US Optionee. 

“US Optionee” means an Optionee subject to US taxation. 

 

	3.	ADMINISTRATION OF THE OPTION PLAN 

  

	 	3.1	The Board or a compensation committee of the Board appointed and maintained by the Board for such purpose (the “Committee”) shall have the power to
administer the Option Plan. Notwithstanding the above, the Board shall automatically have a residual authority if no Committee shall be constituted or if such Committee shall cease to operate for any reason whatsoever. 

 

	 	3.2	The Committee shall consist of such number of members (not less than two (2) in number) as may be fixed by the Board. Subject to the provisions of the
Company’s Articles, the Board shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee and shall fill vacancies in the Committee however caused. The Committee shall select one of
its members as its chairman (the “Chairman”) and shall hold its meetings at such times and places as the Chairman shall determine. The Committee shall keep records of its meetings and shall make such rules and regulations for the
conduct of its business, as it shall deem advisable. 

  

	 	3.3	 Subject to applicable laws, any member of such Committee shall be eligible to receive Options under the Option Plan while serving on the Committee,
unless otherwise specified herein. No person shall be eligible to be a member of the Committee if that person’s membership would prevent the Plan from complying with exemptions from Section 16 set forth in Rule 16b-3

	 	
promulgated under the Exchange Act, if applicable to the Company. At such time as any class of equity securities of the Company is registered pursuant to Section 12 of the Exchange Act, the
Committee shall consist of at least two (2) individuals, each of whom is a Non-Employee Director as that term is defined in Rule 16b-3. 

  

	 	3.4	Subject to the provisions of applicable Law and the Company’s Articles of Association, the Committee shall have full power and authority to (i) designate
participants in the Option Plan; (ii) determine the terms and provisions of respective Option Agreements (which need not be identical) including, but not limited to, the number of shares in the Company to be covered by each Option, provisions
concerning the time or times when, and the extent to which, the Options may be exercised and the nature and duration of restrictions as to transferability, vesting or other terms and conditions of the Option; (iii) accelerate the right of an
Optionee to exercise, in whole or in part, any previously granted Option; (iv) determine the Fair Market Value of the Shares pursuant to Section 7.1 below (v) designate Options as 102(b)1 Options, as 102(b)2 Options, as Other 102
Options, as 3(i) Options, as ISOs or as NQSO; (vi) interpret the provisions and supervise the administration of the Option Plan, including whether an Optionee’s service has terminated; (vii) amend the Option Plan from time to time in
order to qualify for tax benefits applicable under U.S. and Israel laws, (viii) make a 102(b) Track Election (subject to the limitations set under Section 102(g)), and - (ix) determine any other matter which is necessary or desirable
for, or incidental to administration of the Option Plan. In determining the number of shares covered by the Options to be granted to each recipient, the Committee may consider, among other things, the nature of services provided by the recipient,
the recipient’s salary and/or duration of his service or employment by the Company. 

 The Company’s
102(b) Track Election, shall be appropriately filed with the Israeli Tax Authorities (the “ITA”) before the date of grant of a 102(b) Option. Such election shall become effective beginning the first date of grant of a 102(b) Option
under the Plan and shall remain in effect at least until the end of the year following the year during which the Company first granted a 102(b) Option. The election shall obligate the Company to grant only the type of 102(b) Option it has
elected, and shall apply to all Optionees who were granted 102(b) Options during the period indicated herein, all in accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such election shall not prevent
the Company from granting Other 102 Options simultaneously. 
  

	 	3.5	Determinations of the Committee. All decisions, determinations and interpretations by the Committee regarding this Plan shall be final and binding on all
Optionees or other persons claiming rights under the Plan or any Option. The Committee shall consider such factors as it deems relevant to making such decisions, determinations and interpretations including, without limitation, the recommendations
or advice of any Director, officer or Employee of the Company and such attorneys, consultants and accountants as it may select. An Optionee or other holder of an Option may contest a decision or action by the Committee with respect to such person or
an Option only on the grounds that such decision or action was arbitrary or capricious or was unlawful under the law applicable to such Optionee, and any review of such decision or action shall be limited to determining whether the Committee’s
decision or action was arbitrary or capricious or was unlawful. 

  

	 	3.6	Subject to the provisions of the Articles of Association of the Company, all decisions and selections made by the Board or the Committee pursuant to the provisions of
the Option Plan shall be made by a majority of its members except that no member of the Board or the Committee shall vote on, or be counted for quorum purposes, with respect to any proposed action of the Board or the Committee relating to any Option
to be granted to that member. Any decision reduced to writing and signed by all of the members who are authorized to make such decision shall be fully effective as if it had been made by a majority at a meeting duly held. 

 

	 	3.7	The interpretation and construction by the Committee of any provision of the Option Plan or of any Option thereunder shall be final and conclusive unless otherwise
determined by the Board. 

  

	 	3.8	Each member of the Board or the Committee shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred
by him, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the Option Plan unless arising out of such member’s own fraud or bad faith,
to the extent permitted by applicable law. The amount for each claim against which such member may be indemnified will be limited to maximum aggregate value of all options granted pursuant to this Plan, at the time of the occurrence giving rise to
such indemnifiable claim. Such indemnification shall be in addition to any rights of indemnification the member may have as a director or otherwise under the Company’s Articles of Association, any agreement, any vote of shareholders or
disinterested directors, insurance policy or otherwise. 

	4.	DESIGNATION OF PARTICIPANTS 

  

	 	4.1	The persons eligible for participation in the Option Plan as recipients of Options shall include any Employee. Notwithstanding the definition of an
“Employee,” a Consultant shall not be eligible for the grant of a US Option if, at the time of grant, either the offer or the sale of the Company’s securities to such Consultant is not exempt under Rule 701 of the Securities
Act (“Rule 701”), unless the Committee determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other
relevant jurisdictions. The grant of an Option hereunder shall neither entitle the recipient thereof to participate nor disqualify him from participating in, any other grant of Options pursuant to this Option Plan or any other option or Share plan
of the Company or any of its Affiliates. Notwithstanding any provisions to the contrary herein, no ISO shall be granted to any individual otherwise eligible to participate in the Option Plan who is not an Employee on the date of granting of such
ISO. Non-Employees and Controlling Shareholders may only be granted 3(i) Options. 

  

	 	4.2	To the extent applicable and anything in the Option Plan to the contrary notwithstanding, all grants of Options to directors and office holders [“Nosei
Misra” - as such term is defined in the Israeli Companies Law, 5759-1999 (the “Companies Law”)] shall be authorized and implemented only in accordance with the provisions of the Companies Law, as in effect from time to
time. 

  

	5.	TRUSTEE 

  

	 	5.1	The 102(b) Options which shall be granted to Optionees and/or any Shares issued upon exercise of such Options and/or any other shares received subsequently following
any realization of rights resulting from a 102(b) Option or from Shares issued upon exercise of a 102(b) Option, shall be issued to a Trustee nominated by the Committee and approved in accordance with the provisions of Section 102 of the
Ordinance (the “Trustee”). The Committee shall determine and approve the terms of engagement of the Trustee, and shall be authorized to designate from time to time a new Trustee and replace either of them at its sole discretion, and
in the event of replacement of any existing Trustee, to instruct the transfer of all Options and Shares held by such Trustee at such time to its successor. 

 The 102 Options will be held by the Trustee for the benefit of the Optionee for such period of time as required by Section 102 or any regulations, rules or orders or procedures promulgated thereunder
(the “Holding Period”). The Trustee will hold such Options or Shares resulting from the exercise thereof in accordance with the provisions of the Ordinance and the rules promulgated thereunder, the trust agreement and any other
instructions the Committee may issue to him from time to time (so long as they do not contradict the Ordinance and the rules promulgated thereunder). 
 Thereafter, the Trustee will transfer the Options or the Option shares, as the case may be, to the Optionees upon his/her demand which shall be extended to the Company as provided hereunder, subject to
any deduction or withholding required under the Ordinance, the Rules or any other 

 
applicable law. With respect to any 102(b) Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures promulgated thereunder, an Optionee shall not
sell or release from trust any Share received upon the exercise of a 102(b) Option and/or any share received subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Holding Period required
under Section 102 of the Ordinance. 
 Notwithstanding the above, if any such sale or release occurs during the Holding
Period, the sanctions under Section 102 of the Ordinance and under any rules or regulation or orders or procedures promulgated thereunder shall apply to and shall be borne by such Optionee. In the case the requirements for 102(b) Options are
not met, then the 102(b) Options may be treated as Other 102 Options, all in accordance with the provisions of Section 102 and regulations promulgated thereunder. With regards to 102(b) Options, the provisions of the Plan and/or the Option
Agreement shall be subject to the provisions of Section 102 and the Tax Assessing Officer’s permit, and the said provisions and permit shall be deemed an integral part of the Plan and of the Option Agreement. Any provision of
Section 102 and/or the said permit which is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the Plan or the Option Agreement, shall be considered binding upon the
Company and the Optionees. 
  

	 	5.2	Anything to the contrary notwithstanding, the Trustee shall not release any Options which were not already exercised into Shares by the Optionee or release any Shares
issued upon exercise of such Options prior to the full payment of the Optionee’s tax liabilities arising from such Options which were granted to him and/or any Shares issued upon exercise of such Options. 

 

	 	5.3	Upon receipt of an Option, the Optionee will sign the Share Option Agreement or an applicable option award which shall be deemed as Optionee’s undertaking to
exempt the Trustee from any liability in respect of any action or decision duly taken and bona fide executed in relation with the Option Plan, or any Option or Share granted to him thereunder. 

 

	 	5.4	Subject to applicable Law, the Committee shall be entitled to revise, amend or replace the terms of the trust agreement with the Trustee, to the extent that same
(i) do not adversely affect any rights of Optionee under any valid and outstanding Option which are expressly provided for in this Option Plan or the respective Share Option Agreement with such Optionee, or is (ii) necessary or desirable
in the light of any change or replacement of Section 102 of the Ordinance. 

  

	6.	SHARES RESERVED FOR THE OPTION PLAN; RESTRICTION THEREON 

  

	 	6.1	Subject to adjustments as set forth in Section 8 below, upon approval of the First Amended and Restated Plan, a total of 319,316 authorized but unissued Ordinary
Shares, par value NIS 0.1 per share of the share capital of the Company (the “Shares”) shall be reserved for and subject to the Option Plan, or any other option plan to be approved by the Company. The Shares shall bear such
rights and restrictions as set forth under the Company’s Articles of Association, as currently in effect and as may from time to time be amended or replaced in accordance with the Companies Law, without the consent of any Optionee. Any of such
Shares which may remain unissued and which are not subject to outstanding Options at the termination of the Option Plan shall cease to be reserved for the purpose of the Option Plan, but until termination of the Option Plan the Company shall at all
times reserve sufficient number of Shares to meet the requirements of the Option Plan. Should any Option for any reason expire or be canceled prior to its exercise or relinquishment in full, the Shares therefore subject to such Option may again be
subjected to an Option under the Option Plan. All the Shares may be issued as ISOs. 

  

	 	6.2	 Each Option granted pursuant to the Option Plan, shall be evidenced by a written agreement or an award between the Company and the Optionee (the
“Option Agreement”), in such form as the Board or the Committee shall from time to time approve. Each Option Agreement shall state a number of the Shares to which the Option relates and the type of Option granted thereunder (whether
a 102(b)(1) Option, 102(b)(2) Option, Other 102 Option, a 3(i) Option, an ISO or an 

	 	
NQSO), the purchase price per share and the vesting schedule to which such option shall become exercisable. Such Option Agreement shall be subject to the terms of this Plan. Recipients of Option
Agreements shall also be provided a copy of this Plan. To the extent the aggregate Fair Market Value (determined at the time of grant) of the Company’s shares with respect to which ISO are exercisable for the first time by any Optionee during
any calendar year under all plans of the Company and its affiliates exceeds $US100,000 (one hundred thousand US$), the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as NQSO.

 The rule set forth in the preceding sentence shall be applied by taking Options into account in the order in
which they were granted. In the event an Optionee receives an Option intended to be an Incentive Stock Option which is subsequently determined not to comply with the requirements of the Code for Incentive Stock Options, the Option shall be amended,
if necessary, in accordance with the Code and applicable Treasury Regulations and rulings to preserve, as the first priority, to the maximum possible extent, the status of the Option as an ISO (as defined in the Code) and to preserve, to the maximum
possible extent, the number of shares subject to the Option. Options may be granted at any time after this Option Plan has been approved by the Company, subject to any further approval or consent required under Section 102 of the Ordinance or
the Rules, in case of 102(b) Options, or of the U.S. Treasury, in case of ISOs and other applicable law. 
  

	7.	PURCHASE PRICE 

  

	 	7.1	The purchase price of each Share subject to a new Option to be granted or any portion thereof shall be determined by the Committee in its sole and absolute discretion
in accordance with applicable law, subject to any guidelines as may be determined by the Board from time to time. The purchase price of the Shares covered by each ISO shall be not less than one hundred percent (100%) of the Fair Market Value of
the Company shares on the date the Option is granted, unless otherwise determined by the Committee or the Board; provided, however, that no ISO shall be granted to an individual otherwise eligible to participate in the Option Plan who owns (within
the meaning of Section 424(d) of the Code), at the time the Option is granted, more than ten percent (10%) of the total combined voting power of all classes of Share of the Company, any Subsidiary of the Company, or any “parent
corporation” of the Company within the meaning of Section 424(e) of the Code, unless, at the time such ISO is granted, the exercise price per Share subject to the Option is at least 110% of the Fair Market Value of a Share on the date such
ISO is granted, and the ISO by its terms is not exercisable after the expiration of five years from such date of grant. In the case of a NQSO, the purchase price shall be no less than one hundred percent (100%) of the Fair Market Value per
Share on the date of grant, unless otherwise determined by the Committee or the Board. 

 For purposes of the
foregoing, if the Company shares are publicly traded on the Over-the-Counter Market or a recognized Share exchange on the date the Option is granted, “Fair Market Value” shall mean, for any particular date, the last sale price of
the Company shares on the applicable Share exchange or, if no reported sales take place on the applicable date, the average of the high bid and low asked price of the Company shares as reported for such date or, if no such quotation is made on such
date, on the next preceding day on which there were quotations, provided that such quotations shall have been made within the ten (10) business days preceding the applicable date. In the event that the shares of the Company are not publicly
traded on a Share exchange, the Fair Market Value of an Option Share shall be determined in good faith by the committee. Notwithstanding the preceding provision to the contrary, solely with respect to Shares granted pursuant to an ISO under the
Option Plan, Fair Market Value shall be determined in accordance with Section 422(c)(7) of the Code. Without derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance,
if at the date of grant the Company’s shares are listed on any established stock exchange or a national market system or if the Company’s shares will be registered for trading within ninety (90) days following the date of grant, the
Fair Market Value of a share at the date of grant shall be determined in accordance with the average value of the Company’s shares on the thirty (30) trading days preceding the date of grant or on the thirty (30) trading days
following the date of registration for trading, as the case may be. 
  

	 	7.2	The purchase price shall be payable upon the exercise of the Option in a form satisfactory to the Committee, including without limitation, by cash, check, or wire
transfer. 

	8.	ADJUSTMENTS 

 Upon the occurrence
of any of the following described events, Optionee’s rights to purchase Shares under the Option Plan shall be adjusted as hereafter provided: 
  

	 	8.1	Mergers and Consolidations. In the event that the Company is a party to a merger or consolidation, outstanding Options and Shares acquired under the Option Plan
shall be subject to the agreement of merger or consolidation, which need not treat all outstanding Options in an identical manner. Such agreement, without the Optionees’ consent, shall provide for one or more of the following with respect to
Options that are exercisable and which are not exercisable as of the effective date of such merger or consolidation: 

  

	 	(i)	The continuation of such Options by the Company (if the Company is the surviving corporation). 

 

	 	(ii)	The assumption of such Options by the surviving corporation or its parent in a manner that will entitle the Optionee to purchase such number and class of securities of
the surviving corporation or its parent, which would have an equal commercial value upon the date of the consummation of such transaction, as shall be determined in good faith by the Board, taking into account the exchange ratio or consideration
paid in the transaction, the vesting of the Options and such other terms and factors that the Board determines to be relevant for purposes of calculating the number of said options, the exercise price thereof and the terms upon which it will be
granted; provided that such assumption will be effected in a manner that complies with Section 424(a) of the Code (whether or not such Options are ISOs), for those Optionees subject to United States taxation. 

 

	 	(iii)	The substitution by the surviving corporation or its parent of new options that will entitle the Optionee to purchase such number and class of securities of the
surviving corporation or its parent, which would have an equal commercial value upon the date of the consummation of such transaction, as shall be determined in good faith by the Board, taking into account the exchange ratio or consideration paid in
the transaction, the vesting of the Options and such other terms and factors that the Board determines to be relevant for purposes of calculating the number of said options, the exercise price thereof and the terms upon which it will be granted;
provided that such substitution will be effected in a manner that complies with Section 424(a) of the Code (whether or not such Options are ISOs) for those Optionees subject to United States taxation. 

 

	 	(iv)	 The cancellation of such Options and a payment to the Optionees equal to the excess of (A) the Fair Market Value of the Shares subject to such
Options as of the effective date of such merger or consolidation over (B) their Exercise Price. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value
equal to the required amount provided, however, that such payment will be similar to the proceeds distributed to the other Ordinary shareholders of the Company in the transaction. Such payment may be made in installments and may be
deferred until the date or dates when the Option would have become exercisable or such Shares would have vested. The amount of such payment initially shall be calculated without regard to whether or not the Option is then exercisable or

	 	
such Shares are then vested. However, such payment may be subject to vesting based on the Optionee’s continuing Service, provided that the vesting schedule shall not be less favorable to the
Optionee than the schedule under which the Option would have become exercisable or such Shares would have vested. In addition, any escrow, holdback, earnout or similar provisions in the agreement of merger or consolidation may apply to such payment
to the same extent and in the same manner as such provisions apply to the holders of Shares. If the Exercise Price of the Shares subject to the Option exceeds the Fair Market Value of such Shares, then the Option may be cancelled without making a
payment to the Optionee. For purposes of this Paragraph (v), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security. Notwithstanding the foregoing, this Subsection
(iv) will be administered in a way that complies with 409A of the Code with respect to Optionees subject to United States taxation. 

  

	 	(v)	Full exercisability of the Option and full vesting of the Shares subject to the Option, followed by the cancellation of the Option. The full exercisability of the
Option and full vesting of the Shares subject to the Option may be contingent on the closing of such merger or consolidation. The Optionee shall be able to exercise the Option during a period of not less than five full business days preceding
the effective date of such merger or consolidation. Any exercise of the Option during such period may be contingent on the closing of such merger or consolidation. 

 

	 	8.2	If the outstanding shares of the Company shall at anytime be changed or exchanged by declaration of a Share dividend, Share split, combination or exchange of shares,
recapitalization, or any other like event of the Company, then in such event only and as often as the same shall occur, the number, class and kind of Shares (including Shares issuable pursuant to the Option Plan, as set forth in Section 6
hereof, in respect of which Options have not yet been exercised) subject to this Option Plan or subject to any Options therefore granted, and the purchase prices of the Options, shall be appropriately and equitably adjusted so as to maintain the
proportionate number of Shares without changing the aggregate purchase price of the Options. 

  

	 	8.3	Anything herein to the contrary notwithstanding, if prior to the completion of an initial public offering of the Company’s securities pursuant to which the
securities of the Company are listed for trade in any Over-The-Counter Market or recognized stock exchange (“IPO”), all or substantially all of the shares of the Company are to be sold, or upon a merger or reorganization or the
like, the shares of the Company, or any class thereof, are to be exchanged for securities of another Company, then in such event, each Optionee shall be obliged to sell, assign or exchange (in accordance with the value of his Shares pursuant to such
transaction), as the case may be, the Shares such Optionee purchased under the Option Plan and any Options or portion to the extent then vested and exercisable, in accordance with any instructions then to be issued by the Board whose determination
shall be final. 

  

	 	8.4	Notwithstanding the foregoing adjustments, any changes to ISOs pursuant to this Section 8 shall, unless the Company determines otherwise, only be effective to the
extent such adjustments or changes do not cause a “modification” (within the meaning of Section 424(h)(3) of the Code) of such ISOs or adversely affect the tax status of such ISOs. 

 

	9.	MARKET STAND-OFF. 

  

	 	9.1	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities
Act, including the Company’s initial public offering, the Optionee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any
option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Option Plan without the prior written consent of the Company or
its managing underwriter. 

	 	9.2	Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may
be requested by the Company or such underwriter. In no event, however, shall such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on
(i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers
and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. 

  

	 	9.3	The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of the declaration of a stock
dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities
which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the
Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under this Option Plan until the end of the applicable stand-off period. 

 

	10.	TERM AND EXERCISE OF OPTIONS 

  

	 	10.1	Options shall be exercised by the Optionee by giving written notice to the Company, in such form and method as may be determined by the Company and the Trustee, which
exercise shall be effective upon receipt of such notice by the Company at its principal office and the applicable payment of the exercise price of the exercised options. The notice shall specify the number of Shares with respect to which the Option
is being exercised. 

  

	 	10.2	Unless otherwise prescribed by the Committee or the Board and specified in Exhibit A of the Option Agreement, an Option will not be exercisable before the first
anniversary of the date of grant, with respect to the 25% of the Option Shares, and with respect to additional 6.25% of the Option Shares at the end of each quarter during the second, third and fourth years from the date of grant. The Board and/or
the Committee shall have the exclusive authority to accelerate the periods for exercising an Option. 

  

	 	10.3	Subject to the provisions of Section 10.7 below, no option shall be exercisable after the expiration of ten (10) years from the Date of Grant (or in the event
of grant of ISOs, five years from the Date of Grant in the case of an Option held by an Optionee who holds more than ten percent (10%) of the total combined voting power of all classes of Share of the Company, any Subsidiary of the Company, or
any “parent corporation” of the Company within the meaning of Section 424(e) of the Code) (the “Expiration Date”); and then such Options, or such unexercised part thereof, as the case may be, shall terminate and all
interests and rights of the Optionee thereunder shall automatically and conclusively expire. 

  

	 	10.4	Options granted under the Option Plan shall not be transferable by Optionees other than by will or laws of descent and distribution and during an Optionee’s
lifetime shall be exercisable only by that Optionee. 

  

	 	10.5	The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options become vested and exercisable, prior to
the Expiration Date, and provided that, subject to the provisions of Section 10.7 below and unless the Board or Committee resolves otherwise, the Optionee is an Employee of the Company or any of its Affiliates or continuing to provide services
to such entities, at all times during the period beginning with the granting of the Option and ending upon the date of exercise. 

	 	10.6	Subject to the provisions of Section 10.7 below, in the event of termination of Optionee’s employment or service as a Director or Consultant (or, if the
Optionee was serving in multiple such capacities, the termination of all such service) with the Company or any of its Affiliates, or if applicable, the termination of all such services given by the Optionee to the Company or any of its Affiliates,
or termination of the status of an Affiliate as such, all Options granted to such Optionee will immediately expire. For the avoidance of doubt, in case of such termination of employment or service, the unvested portion of the Optionee’s Option
shall not vest and shall not become exercisable. A notice of termination of employment or services shall be deemed to constitute termination of employment or services. 

 

	 	10.7	Notwithstanding anything to the contrary in Section 10.6 above and subject to the provisions of Section 10.8 below, an Option may be exercised after the date
of termination of Optionee’s service or employment with the Company or any of its Affiliates or termination of an Affiliate’s status as such only with respect to the number of Options already vested and unexpired at the time of such
termination according to the vesting and expiration periods of the Options set forth in this Option Plan, or under a different period prescribed by the Committee or by the Board and specified in Optionee’s Option Agreement, provided however,
that: 

  

	 	10.7.1	such termination is without Cause (as defined below) in which case the Options shall be exercisable within not more than 90 days from the effective date of such
termination; or 

  

	 	10.7.2	such termination is the result of death or disability of the Optionee, in which case the Options shall be exercisable within 12 months, and in the event of death, the
Option shall be exercisable by the Optionee’s estate, a person who acquires the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionee’s death. 

For avoidance of any doubt it is hereby made clear that if termination of employment or service is for Cause, any outstanding unexercised
Option (whether vested or non-vested), will immediately expire and terminate, and the Optionee shall not have any right in connection to such outstanding Options. 
 The term “Cause” shall mean: (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any refusal to carry out a reasonable directive of the CEO
which involves the business of the Company or its Affiliates and was capable of being lawfully performed and which has not been immediately cured upon order to do so; (iii) embezzlement of funds and/or assets of the Company or its Affiliates;
(iv) any breach of the Optionee’s fiduciary duties or duties of care of the Company; including, without limitations, disclosure of confidential information of the Company; and (v) any conduct (other than conduct in good faith)
reasonably determined by the Board to be materially detrimental to the Company. 
  

	 	10.8	 Anything to the contrary contained herein or in the Company’s Articles notwithstanding, and subject to applicable law, if the Optionee’s
employment or services is terminated for fraud, breach of loyalty, theft or other malicious behavior against the Company, then such Optionee shall be deemed to have offered to the other shareholders of the Company (other than nonparticipating
shareholders, as defined above) to purchase all the Shares and other securities issued in respect thereof in consideration for the purchase price (determined in accordance with Section 7 of this Option Plan) paid by such Optionee for such
Shares and other securities pro rata to their respective holdings of the Company’s issued and outstanding shares. Such shares shall be sold and transferred as aforesaid within 30 days from the date of such termination of employment. If the
Optionee fails to transfer his/her shares as aforesaid, the Company, at the decision of the Board, shall be entitled to forfeit his/her shares and to authorize any person to execute on behalf of the Optionee any instrument or document necessary to
effect such transfer and to make the appropriate inscription in the Company’s register of members. Each Optionee, upon executing an Option Agreement, shall be deemed to have authorized the Company and each of its officers and to have granted
the Company and each of its officers an irrevocable power of attorney to execute 

	 	
in his/her behalf such instruments and documents. The Company and its shareholders shall each be deemed as a third party beneficiary of this paragraph (b) with rights to enforce same against
the Optionee. 

  

							
		 	10.9  	 	(a)	  	The holders of Options shall not have any of the rights or privileges of shareholders of the Company in respect of any Shares purchasable upon the exercise of any part of an Option
unless and until, following exercise in accordance with the terms of this Plan and the Option, registration of the Optionee as holder of such Shares in the Company’s register of members, but in case of Options and Shares held by the Trustee,
subject always to the provisions of Section 5 of the Option Plan.
				
		 		 	(b)	  	Notwithstanding the foregoing, until completion of the IPO, no Shares will be issued upon an exercise of any Option (“Exercised Shares”) unless and until the
Optionee shall have executed and delivered a proxy in the form of Exhibit A hereto, or such other form as the Board or the Committee may designate from time to time, to a person designated by the Board or the Committee, pursuant to which the
Optionee shall authorize and empower such person to vote such Exercised Shares and exercise or waive any and all rights thereunder pursuant to the instructions of the Board or the Committee. Such person shall have no liability to any Optionee, and
each Optionee upon acceptance of an Option shall be deemed to have waived any right or claim against such person and release such person from any liability, if any, to such Optionee, for any loss or damage of any kind which may occur to such
Optionee as a result of any act or omission of such person in his capacity as proxy, and to the extent that the Optionee may have any such right or claim, he shall look solely for the Company for any remedy that may be available to him by virtue of
such right or claim.
				
		 		 	(c)	  	In addition to the forgoing, until the completion of an IPO, no transfer of Exercised Shares shall be approved by the Board unless and until such receiver of the Shares has executed
and delivered to the Company a proxy in a form approved by the Board or the Committee pursuant to which such receiver of Shares shall authorize and empower a person designated by the Board to vote such Shares and exercise or waive any and all rights
thereunder pursuant to the instructions of the Board or the Committee.

  

	 	10.10	Any form of Option agreement authorized by the Option Plan may contain such other provisions, as the Committee may, from time to time, deem advisable. Without limiting
the foregoing, the Committee may, with the consent of the Optionee, from time to time, cancel all or any portion of any Option then subject to exercise, and the Company’s obligation in respect of such Option may be discharged by
(i) payment to the Optionee of an amount in cash equal to the excess, if any, of the Fair Market Value of the Shares at the date of such cancellation subject to the portion of the Option so canceled over the aggregate purchase price of such
Shares, (ii) the issuance or transfer to the Optionee of Shares of the Company with a Fair Market Value at the date of such transfer equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any
such excess, all as determined by the Committee in its sole discretion. 

  

	 	10.11	With respect to Other 102 Options, if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall extend to the Company and/or its Affiliate
a security or guarantee for the payment of tax due at the time of sale of Shares, all in accordance with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder. 

 

	 	10.12	Unless otherwise determined by the Committee, no US Option granted to an Employee that is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as
amended, shall be first exercisable until at least six months following the date of grant of the Option. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of
an Option will be exempt from his or her regular rate of pay. 

	11.	PURCHASE FOR INVESTMENT 

 The
Company’s obligation to issue Shares upon exercise of an Option granted under the Plan is expressly conditioned if so required under the applicable law, as supported by the opinion of the Company’s counsel, upon the following terms:
(a) the Company’s completion of any registration or other qualifications of such Shares under any state and/or federal law, rulings or regulations or (b) representations and undertakings by the Optionee (or his legal representative,
heir or legatee, in the event of the Optionee’s death) to assure that the sale of the Shares complies with any registration exemption requirements which the Company in its sole discretion shall deem necessary or advisable. Such required
representations and undertakings may include representations and agreements that such Optionee (or his legal representative, heir, or legatee): (a) is purchasing such Shares for investment and not with any present intention of selling or
otherwise disposing thereof; (b) has knowledge and experience in financial and business matters and/or has employed a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business
matters such that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Option; and (c) agrees to have placed upon the face and reverse of any certificates evidencing
such Shares a legend setting forth (i) any representations and undertakings which such Optionee has given to the Company or a reference thereto (ii) that, prior to effecting any sale or other disposition of any such Shares, the Optionee
must furnish to the Company an opinion of counsel, satisfactory to the Company, that such sale or disposition will not violate the applicable requirements of State and federal laws and regulatory agencies and (iii) such restrictions on transfer
as are deemed necessary or appropriate by counsel to the Company to assure compliance with such applicable laws. 
  

	12.	DIVIDENDS 

  

	 	12.1	With respect to all Shares (in contrary to Options not exercised into Shares) issued upon the exercise of Options purchased by the Optionee, the Optionee shall be
entitled to receive dividends in accordance with the quantity of such Shares, and subject to any applicable taxation on distribution of dividends. 

  

	 	12.2	During the period in which Shares, issued to the Trustee on behalf of an Optionee upon exercise of a 102(b) Option, are held by the Trustee, the cash dividends paid
with respect thereto shall be paid directly to the Optionee, subject to the provisions of Section 102 and the rules, regulations or orders promulgated thereunder. 

 

	13.	ASSIGNABILITY AND SALE OF OPTIONS 

  

	 	13.1	No Option shall be assignable, transferable or given as collateral or any right with respect to them given to any third party whatsoever, and during the lifetime of the
Optionee each and all of such Optionee’s rights to purchase Shares hereunder shall be exercisable only by the Optionee. 

  

	 	13.2	As long as Shares are held by the Trustee in favor of the Optionee, then all rights the last possesses over the Shares are personal, can not be transferred, assigned,
pledged or mortgaged, other than by will or laws of descent and distribution. 

  

	 	13.3	Any action made directly or oblique, for an immediate validation or for a future one, shall be void. 

 

	14.	TERM OF THE OPTION PLAN 

 The
Plan shall become effective on the date that it is adopted by the Board; provided, however, that no Option may be exercised until the Plan has been approved by the holders of a majority of the voting Shares of the Company. If the Plan is not
approved by the shareholders of the Company within twelve months after the date the Plan is adopted by the Board, the Plan and all Options granted thereunder shall be null and void. If the Second Amended and Restated Plan is not approved by the
shareholders of the Company within twelve months after the date the Second Amended and Restated Plan is adopted by the Board, the Second 

 
Amended and Restated Plan and all Options granted by the Committee thereunder after approval by the Board shall be null and void. Subject to Section 15 below the Option Plan shall terminate
on the Termination Date first set forth above, and no further Options may be granted on or after such date; provided, however, Options granted theretofore may extend beyond such date subject to any other limitations of the Plan and as applicable. No
ISOs will be granted unless the [First Amended and Restated] Plan shall have been approved by the shareholders of the Company within 12 months before or after [the First Amended and Restated] Plan is adopted by the Board. 

 

	15.	AMENDMENTS OR TERMINATION 

  

	 	15.1	Except as set forth elsewhere in this Plan, the Committee may, at any time and from time to time, amend, alter or discontinue the Option Plan, except that no amendment
or alteration shall be made which would impair the rights of the holder of any Option therefore granted, without his consent. The Committee may amend the Plan in any respect the Committee deems necessary or advisable to provide eligible Employees
with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to ISOs or to bring the Plan or ISOs granted under it into compliance therewith. 

 

	 	15.2	However, unless otherwise required by law or specifically provided herein, no such amendment, alteration or discontinuation shall be made which, without first obtaining
approval of the shareholders of the Company (where such approval is necessary to satisfy (i) with regard to ISOs, any requirements under the Code relating to ISOs or (ii) any applicable law, regulation or rule), would:

  

	 	(a)	except as is provided in Section 8, increase the maximum number of Shares which may be sold or awarded under the Option Plan; 

 

	 	(b)	except as is provided in Section 8, decrease the minimum Option exercise price requirements under the Option Plan; 

 

	 	(c)	change the class of persons eligible to receive Options under the Plan; or 

 

	 	(d)	extend the duration of the Plan or the period during which ISOs may be exercised under Section 10. 

Without derogating from the foregoing, the approval of the shareholders of the Company, if is necessary to satisfy (i) with regard
to ISOs, any requirements under the Code relating to ISOs or (ii) any applicable law, regulation or rule, shall be obtained prior to taking any other action under this Plan. 

 

	 	15.3	The Committee may amend the terms of any one or more US Options, including, but not limited to, amendments to provide terms more favorable than previously provided in
the Option Agreement, subject to any specified limits in the Plan that are not subject to Committee discretion; provided, however, that the rights under any US Option Agreement shall not be impaired by any such amendment unless
(a) the Company requests the consent of the affected US Optionee, and (b) such US Optionee consents in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any, and without the affected US
Optionee’s consent, the Board may amend the terms of any one or more Option Agreements if necessary to maintain the qualified status of the Option Agreement as an ISO or to bring the Option Agreement into compliance with Section 409A of
the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. 

  

	 	15.4	 The rights and obligations under any Option granted before any amendment of the Plan shall not be altered or impaired by such amendment unless the
Company requests the consent of the person to whom the Option was granted and such person consents in writing; provided, however, that 

	 	
notwithstanding anything to the contrary in this Section 15 or elsewhere in this Plan, no such consent shall be required with respect to any amendment or alteration if the Committee
determines in its sole discretion that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Option to satisfy or conform to any law or regulation or to meet the requirements of any
accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such Option, or that any such diminishment has been adequately compensated. 

 

	16.	GOVERNMENT REGULATIONS 

 The
Option Plan, the granting and exercise of Options hereunder, the obligation of the Company to sell and deliver Shares under such Options and the right to transfer any Shares following exercise shall be subject to all applicable laws, rules, and
regulations, whether of the State of Israel or of the United States or any other State having jurisdiction over the Company and the Optionee, including the registration of the Shares under the Securities Act, and to such approvals by any
governmental agencies or national securities exchanges as may be required. The Company shall not be required to register in an Optionee’s name or deliver any Shares prior to the completion of any registration or qualification of such Shares
under any US federal, state or local law or any ruling or regulation of any US government body which the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the Committee deems it infeasible to obtain
authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary or advisable for the lawful issuance and sale of any Shares hereunder, the Company shall be relieved of any liability
with respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
  

	17.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES 

 Neither the Option Plan nor the Option agreement with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue any Optionee in its employ, or the hiring by the Company
of the Optionee’s services and nothing in the Option Plan or in any Option granted pursuant thereto shall confer upon any Optionee any right to continue in the employ or service of the Company or an Affiliate thereof or restrict the right of
the Company or an Affiliate thereof to terminate such employment or service hiring at any time. 
  

	18.	GOVERNING LAW & JURISDICTION 

 This Option Plan shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein, without giving effect to the
principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction in any matters pertaining to this Option Plan. 
  

	19.	TAX CONSEQUENCES 

  

	 	19.1	to the extent permitted by applicable law, any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from
any other event or act (of the Company, the Trustee or the Optionee), hereunder, shall be borne solely by the Optionee. The Company and/or the Trustee (where applicable) shall withhold taxes according to the requirements under the applicable laws,
rules, and regulations, including the withholding of taxes at source. Furthermore, the Optionee shall agree to indemnify the Company and the Trustee (where applicable) and hold them harmless against and from any and all liability for any such tax or
interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Optionee. To satisfy any applicable withholding requirements, the Company
may, in its sole discretion (in addition to the Company’s right to withhold from any compensation paid to the Optionee by the Company) by a combination of such means: (i) cause the Optionee to tender a cash payment; (ii) withhold
Shares from the Shares issued or otherwise issuable to the Optionee, provided that no Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid
classification of the Option as a liability); or (iii) by such other method as may be set forth in the Option Agreement. 

	 	19.2	The Board, the Committee and/or the Trustee shall not be required to release any Share certificate, issued upon exercise of an Option, to an Optionee, until all
required payments have been fully made. 

  

	 	19.3	If the Option is intended to qualify as an ISO, then if the Optionee makes a disposition, within the meaning of Section 424(c) of the Code and the regulations
promulgated thereunder, of any Share issued to the Optionee pursuant to his exercise of the Option within the two-year period commencing on the Date of Grant or within the one-year period commencing on the date after the date of transfer of such
Share to the Optionee pursuant to such exercise, the Optionee shall, within ten (10) days after such disposition, notify the Company thereof, by delivery of a written notice to the Secretary of the Company, and immediately deliver to the
Company the amount of all applicable withholding taxes and any other information as may be prescribed by the Committee or the Company. 

  

	 	19.4	To the extent applicable, the Plan and Option Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations
and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended after the effective date of the Second Amended and Restated Plan set forth above (the
“Amendment Effective Date”). Notwithstanding any provision of the Plan or Option to the contrary, in the event that following the Amendment Effective Date the Committee determines that any Option may be subject to Section 409A
of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Amendment Effective Date), the Committee may adopt such amendments to the Plan and the applicable Option Agreement or
adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (i) exempt the Option from Section 409A
of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Option; or (ii) comply with the requirements of Section 409A of the Code and Department of Treasury regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended after the Amendment Effective Date. 

 

	20.	SPECIAL PROVISIONS FOR OPTION PLAN PARTICIPANTS WHO ARE ISRAELI RESIDENTS 

  

	 	20.1	This Section 20 shall apply only to Optionees who are residents of the State of Israel or those who are deemed to be residents of the State of Israel for the
payment of tax. 

  

	 	20.2	Notwithstanding anything herein to the contrary, the Option Plan shall be governed by the provisions of the Ordinance, the rules promulgated thereunder, and any other
applicable Israeli laws with respect to Optionees who are Israeli residents. 

  

	 	20.3	Following the grant of Options under the Option Plan and in any case in which the Optionee shall stop being considered as an “Israeli Resident”, as
defined in the Ordinance, the Company may, if and to the extent the Ordinance and/or the rules promulgated thereunder shall impose such obligation on the Company, to withhold all applicable taxes from the Optionee, to remit the amount withheld to
the appropriate Israeli tax authorities and to report to such Optionee the amount so withheld and paid to said tax authorities. 

  

	21.	NON-EXCLUSIVITY OF THE OPTION PLAN 

 The adoption of the Option Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations on the power of the
Board to 

 
adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of Share Options otherwise then under the Option Plan, and such arrangements may be
either applicable generally or only in specific cases. 
  

	22.	MULTIPLE AGREEMENTS 

 The terms
of each Option may differ from other Options granted under the Option Plan at the same time, or at any other time. The Committee or the Board may also grant more than one Option to a given Optionee during the term of the Option Plan, either in
addition to, or in substitution for, one or more Options previously granted to that Optionee. 
  

	23.	LIABILITY OF THE COMPANY 

 The
Company and the members of the Committee shall not be liable to an Optionee or any other persons as to: (a) the non-issuance or non-transfer, or any delay of issuance or transfer, of any Shares which results from the inability of the Company to
comply with, or to obtain, or from any delay in obtaining from any regulatory body having jurisdiction, all requisite authority to issue or transfer Shares if counsel for the Company deems such authority reasonably necessary for lawful issuance or
transfer of any such shares and, in furtherance thereof, appropriate legends may be placed on the share certificates evidencing Shares to reflect such transfer restrictions; and (b) any tax consequence expected, but not realized, by any
Optionee or other person due to the receipt, exercise or settlement of any Option granted hereunder. 
 * * * * * * * 

 Exhibit A 
 IRREVOCABLE PROXY 
 Wixpress Ltd. 

The undersigned hereby appoints
[                    ] as proxy of the undersigned, with full power of substitution, to (i) vote all of the shares of Wixpress Ltd. (the
“Company”), which the undersigned may be entitled to vote at any General Meeting or Class Meeting of Shareholders of the Company and to execute and resolutions or consents in lieu of meetings, to the extent undersigned is entitled
to any of the foregoing voting rights, and (ii) to waive or exercise, on the undersigned’s behalf, any and all rights or privileges conferred upon the undersigned by virtue or in respect of any such shares owned beneficially or of record
by the undersigned. 
 Subject to the approval of the Company’s Board, this proxy may be assigned by the original proxy or
any of his assignees to any other person(s) approved by the Board. 
 This proxy is granted by the undersigned pursuant to the
provisions of the Company’s 2007 Share Option Plan and is intended to secure the rights and interests of third parties, including the Company and certain of its other shareholders, and accordingly is coupled with interest and irrevocable.

 I hereby acknowledge that I have read and understood the provisions of Section 10.9 of the Plan and fully agree
therewith. 
 This proxy will terminate automatically upon completion of the Company’s IPO (as defined in the Plan).

  

			
	Date:	 	  

 

	
	Very truly yours,
	
	  

	(Optionee)EX-10.2

 Exhibit 10.2 
 BARRACUDA NETWORKS, INC. 
 2004 STOCK PLAN 

Adopted: November 17, 2004 
 Approved By Stockholders: November 17, 2004 
 Termination Date:
May 18, 2012 
 1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available
personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options
or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights may also be granted under the Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 

(a) “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with
Section 4 hereof. 
 (b) “Applicable Laws” means the requirements relating to the administration of stock
option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where
Options or Stock Purchase Rights are granted under the Plan. 
 (c) “Board” means the Board of Directors of the
Company. 
 (d) “Change in Control” means the occurrence of any of the following events: 

(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting
securities, except that any change in the beneficial ownership of the securities of the Company as a result of a private financing of the Company that is approved by the Board, shall not be deemed to be a Change in Control; or 

(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or 

(iii) The consummation of 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 or its parent) at least
fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a
reference to any successor or amended section of the Code. 

  
 A-1

 (f) “Committee” means a committee of Directors or of other individuals
satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof. 
 (g) “Common
Stock” means the Common Stock of the Company. 
 (h) “Company” means Barracuda Networks, Inc., a
California corporation. 
 (i) “Consultant” means any person who is engaged by the Company or any Parent or
Subsidiary to render consulting or advisory services to such entity. 
 (j) “Director” means a member of the
Board. 
 (k) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the
Code. 
 (l) “Employee” means any person, including officers and Directors, employed by the Company or any
Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(n) “Exchange Program” means a program under which (a) outstanding Options are surrendered or cancelled in exchange
for Options of the same type (which may have lower exercise prices and different terms), Options of a different type, and/or cash, and/or (b) the exercise price of an outstanding Option is reduced. The terms and conditions of any Exchange
Program will be determined by the Administrator in its sole discretion. 
 (o) “Fair Market Value” means, as of
any date, the value of Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no
sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market
Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination; or 
 (iii)
In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator. 
 (p) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 

(q) “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option. 

(r) “Option” means a stock option granted pursuant to the Plan. 

  
 A-2

 (s) “Option Agreement” means a written or electronic agreement between the
Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
 (t) “Optioned Stock” means the Common Stock subject to an Option or a Stock Purchase Right. 
 (u) “Optionee” means the holder of an outstanding Option or Stock Purchase Right granted under the Plan. 
 (v) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(w) “Plan” means this 2004 Stock Plan. 
 (x) “Restricted Stock” means Shares issued pursuant to a Stock Purchase Right or Shares of restricted stock issued pursuant to an Option. 

(y) “Restricted Stock Purchase Agreement” means a written or electronic agreement between the Company and the Optionee
evidencing the terms and restrictions applying to Shares purchased under a Stock Purchase Right. The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the notice of grant. 

(z) “Securities Act” means the Securities Act of 1933, as amended. 

(aa) “Service Provider” means an Employee, Director or Consultant. 

(bb) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 below. 

(cc) “Stock Purchase Right” means a right to purchase Common Stock pursuant to Section 11 below. 

(dd) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 13 of the
Plan, the maximum aggregate number of Shares that may be subject to Options or Stock Purchase Rights and sold under the Plan is 11,400,000 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 

If an Option or Stock Purchase Right expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant
to an Exchange Program, the unpurchased Shares that were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). However, Shares that have actually been issued under the Plan, upon exercise of
either an Option or Stock Purchase Right, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if unvested Shares of Restricted Stock are repurchased by the Company at their original
purchase price, such Shares shall become available for future grant under the Plan. 

  
 A-3

 4. Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be
constituted to comply with Applicable Laws. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan
and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 

(i) to determine the Fair Market Value; 
 (ii) to select the Service Providers to whom Options and Stock Purchase Rights may from time to time be granted hereunder; 
 (iii) to determine the number of Shares to be covered by each such award granted hereunder; 
 (iv) to approve forms of agreement for use under the Plan; 
 (v) to determine the
terms and conditions of any Option or Stock Purchase Right granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option or Stock Purchase Right or the Common Stock relating thereto, based in each case on such factors as the
Administrator, in its sole discretion, shall determine; 
 (vi) to institute an Exchange Program; 

(vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws; 
 (viii) to allow Optionees to satisfy withholding tax
obligations by electing to have the Company withhold from the Shares to be issued upon exercise of an Option or Stock Purchase Right that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair
Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such
conditions as the Administrator may deem necessary or advisable; and 
 (ix) to construe and interpret the terms of the Plan
and Options granted pursuant to the Plan. 
 (c) Effect of Administrator’s Decision. All decisions, determinations
and interpretations of the Administrator shall be final and binding on all Optionees. 
 5. Eligibility. Nonstatutory
Stock Options and Stock Purchase Rights may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 
 6. Limitations. 
 (a) Incentive Stock Option Limit. Each Option
shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding 

  
 A-4

 
such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any
calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in
the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 
 (b) At-Will Employment. Neither the Plan nor any Option or Stock Purchase Right shall confer upon any Optionee any right with respect to continuing the Optionee’s relationship as a Service
Provider with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate such relationship at any time, with or without cause, and with or without notice. 

7. Term of Plan. Subject to stockholder approval in accordance with Section 19, the Plan shall become effective upon its
adoption by the Board. Unless sooner terminated under Section 15, it shall continue in effect for a term of ten (10) years from the later of (i) the effective date of the Plan, or (ii) the earlier of the most recent Board or
stockholder approval of an increase in the number of Shares reserved for issuance under the Plan. 
 8. Term of Option.
The term of each Option shall be stated in the Option Agreement; provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Optionee who, at the
time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant
or such shorter term as may be provided in the Option Agreement. 
 9. Option Exercise Price and Consideration.

 (a) Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an Option shall be such
price as is determined by the Administrator, but shall be subject to the following: 
 (i) In the case of an Incentive Stock
Option 
 (1) granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(2) granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the
date of grant. 
 (ii) In the case of a Nonstatutory Stock Option 

(1) granted to a Service Provider who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of
the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 

(2) granted to any other Service Provider, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on
the date of grant. 

  
 A-5

 (iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price
other than as required above in accordance with and pursuant to a transaction described in Section 424 of the Code. 
 (b)
Forms of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be
determined at the time of grant). Such consideration may consist of, without limitation, (1) cash, (2) check, (3) promissory note, (4) other Shares, provided Shares acquired directly from the Company (x) have been owned by
the Optionee, and not subject to a substantial risk of forfeiture, for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such
Option shall be exercised, (5) consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan, (6) such other consideration and method of payment for the issuance of Shares to
the extent permitted by Applicable Laws or (7) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may
be reasonably expected to benefit the Company. 
 10. Exercise of Option. 

(a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable according to the terms
hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. Except in the case of Options granted to officers, Directors and
Consultants, Options shall become exercisable at a rate of no less than 20% per year over five (5) years from the date the Options are granted. 
 An Option shall be deemed exercised when the Company receives (i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option,
and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares
issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue
(or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the
Plan. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b)
Termination of Relationship as a Service Provider. If an Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within thirty (30) days of termination, or such longer period of time as specified in the
Option Agreement, to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). Unless the Administrator provides otherwise, if on the
date of termination the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to 

  
 A-6

 
the Plan on the date that is one (1) month following the Optionee’s termination. If, after termination, the Optionee does not exercise his or her Option within the time specified by the
Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (c) Disability
of Optionee. If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within six (6) months of termination, or such longer period of time as specified in the
Option Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). Unless the Administrator provides otherwise, if on the date
of termination the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan on the date that is one (1) month following the Optionee’s termination. If, after
termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(d) Death of Optionee. If an Optionee dies while a Service Provider, the Option may be exercised within six (6) months
following Optionee’s death, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of death (but in no event later than the expiration of the term of such Option as set forth in
the Option Agreement) by the Optionee’s designated beneficiary, provided such beneficiary has been designated prior to Optionee’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Optionee,
then such Option may be exercised by the personal representative of the Optionee’s estate or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and distribution.
Unless the Administrator provides otherwise, if, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan on the date that is one
(1) month following the Optionee’s termination. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(e) Leaves of Absence. 
 (i) Unless the Administrator provides otherwise, vesting of Options granted hereunder to officers and Directors shall be suspended during any unpaid leave of absence. 

(ii) A Service Provider shall not cease to be an Employee in the case of (A) any leave of absence approved by the Company or
(B) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. 

(iii) For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of
such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the 91st day of such leave, any Incentive Stock Option held by
the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
 11. Stock Purchase Rights. 
 (a) Rights to Purchase. Stock Purchase
Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it
shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such

  
 A-7

 
person must accept such offer. The terms of the offer shall comply in all respects with Section 260.140.42 of Title 10 of the California Code of Regulations. The offer shall be accepted
by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. 
 (b) Repurchase
Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable within 90 days of the voluntary or involuntary termination of the purchaser’s service
with the Company for any reason (including death or disability). Unless the Administrator provides otherwise, the purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the
purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine. Except with respect to Shares purchased by officers, Directors and
Consultants, the repurchase option shall in no case lapse at a rate of less than 20% per year over five (5) years from the date of purchase. 
 (c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in
its sole discretion. 
 (d) Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have
rights equivalent to those of a stockholder and shall be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the
record date is prior to the date the Stock Purchase Right is exercised, except as provided in Section 13 of the Plan. 

12. Limited Transferability of Options and Stock Purchase Rights. Unless determined otherwise by the Administrator, Options and
Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Optionee, only by the
Optionee. If the Administrator in its sole discretion makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right may only be transferred (i) by will, (ii) by the laws of descent and distribution, or
(iii) to family members (within the meaning of Rule 701 of the Securities Act) through gifts or domestic relations orders, as permitted by Rule 701 of the Securities Act. 

13. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or
other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate
structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may (in its sole discretion) adjust the number
and class of shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Option or Stock Purchase Right; provided, however, that the Administrator shall make such adjustments to the extent
required by Section 25102(o) of the California Corporations Code. 
 (b) Dissolution or Liquidation. In the event of
the proposed dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Option or
Stock Purchase Right will terminate immediately prior to the consummation of such proposed action. 

  
 A-8

 (c) Merger or Change in Control. In the event of a merger of the Company with or into
another corporation, or a Change in Control, each outstanding Option and Stock Purchase Right shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that
the successor corporation in a merger or Change in Control refuses to assume or substitute for the Option or Stock Purchase Right, then the Optionee shall fully vest in and have the right to exercise the Option or Stock Purchase Right as to all of
the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable. If an Option or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or Change in
Control, the Administrator shall notify the Optionee in writing or electronically that the Option or Stock Purchase Right shall be fully exercisable for a period of time as determined by the Administrator, and the Option or Stock Purchase Right
shall terminate upon expiration of such period for no consideration, unless otherwise determined by the Administrator. For the purposes of this paragraph, the Option or Stock Purchase Right shall be considered assumed if, following the merger or
Change in Control, the option or right confers the right to purchase or receive, for each Share subject to the Option or Stock Purchase Right immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other
securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by
the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the
consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or Stock Purchase Right, for each Share subject to the Option or Stock Purchase Right, to be solely common stock of the successor
corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control. 
 14. Time of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall, for all purposes, be the date on which the Administrator makes the
determination granting such Option or Stock Purchase Right, or such later date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Option or Stock Purchase Right is so granted within
a reasonable time after the date of such grant. 
 15. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable
to comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or
termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee and the Company. Termination of the Plan
shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination. 

16. Conditions Upon Issuance of Shares. 
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option or Stock Purchase Right unless the exercise of such Option or Stock Purchase Right and the issuance and
delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

  
 A-9

 (b) Investment Representations. As a condition to the exercise of an Option or Stock
Purchase Right, the Administrator may require the person exercising such Option or Stock Purchase Right to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 

17. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained. 
 18. Reservation of Shares. The Company, during the term of this
Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 19. Stockholder Approval. The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval shall
be obtained in the degree and manner required under Applicable Laws. 
 20. Information to Optionees. The Company shall
provide to each Optionee and to each individual who acquires Shares pursuant to the Plan, not less frequently than annually during the period such Optionee has one or more Options or Stock Purchase Rights outstanding, and, in the case of an
individual who acquires Shares pursuant to the Plan, during the period such individual owns such Shares, copies of annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection
with the Company assure their access to equivalent information. 

  
 A-10

 BARRACUDA NETWORKS, INC. 

2004 STOCK PLAN 
 STOCK OPTION AGREEMENT 
 Unless otherwise defined herein, the terms defined
in the 2004 Stock Plan shall have the same defined meanings in this Stock Option Agreement. 
 21. NOTICE OF STOCK OPTION GRANT

 Name: 
 Address: 
 The undersigned Optionee has been granted an Option to purchase
Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 
  

					
	Date of Grant	 	  

		
	Vesting Commencement Date	 	  

		
	Exercise Price per Share	 	 $

		
	Total Number of Shares Granted	 	  

		
	Total Exercise Price	 	 $

			
	Type of Option:	 	  
	 	Incentive Stock Option
			
	 	 	  
	 	Nonstatutory Stock Option
		
	Term/Expiration Date:	 	  

		
	Vesting Schedule:	 	

 This Option shall be exercisable, in whole or in part, according to the following vesting schedule:

 [Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the
Vesting Commencement Date, and 1/48 of the Shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date, subject to Optionee continuing to be a Service Provider through each such date.]

 Termination Period: 
 This Option shall be exercisable for [three (3) months] after Optionee ceases to be a Service Provider. Upon Optionee’s death or Disability, this Option may be exercised for [one
(1) year] after Optionee ceases to be a Service Provider. In no event may Optionee exercise this Option after the Term/Expiration Date as provided above. 

 22. AGREEMENT 
 (a) Grant of Option. The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant (the “Optionee”), an option (the “Option”) to purchase the
number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. By
accepting this Option, the Optionee acknowledges and agrees that the Optionee currently is not entitled to any option other than this Option, including any option described in the Optionee’s offer letter or otherwise, whether orally or in
writing, and the Optionee waives any and all claims regarding any such options. 
 Subject to Section 15(c) of the Plan, in
the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 
 If designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code.
Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). 
 (b) Exercise of Option. 
 (i) Right to Exercise. This Option shall
be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and with the applicable provisions of the Plan and this Option Agreement. 
 (ii) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) which shall state the
election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price. 

No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise complies with Applicable Laws.
Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares. 

(c) Optionee’s Representations. In the event the Shares have not been registered under the Securities Act of 1933, as
amended, at the time this Option is exercised, the Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her Investment Representation Statement in the form
attached hereto as Exhibit B. 
 (d) Lock-Up Period. Optionee hereby agrees that Optionee shall not offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock (or
other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by
Optionee (other than those included in the registration) for a period 

  
 -2-

 
specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty (180) days following the effective date of any
registration statement of the Company filed under the Securities Act. 
 Optionee agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, Optionee shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any
public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section shall not apply to a registration relating solely to employee benefit plans on Form S-1
or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred eighty (180) day period. Optionee agrees that any transferee of the Option or shares acquired
pursuant to the Option shall be bound by this Section. 
 (e) Method of Payment. Payment of the aggregate Exercise Price
shall be by any of the following, or a combination thereof, at the election of the Optionee: 
 (i) cash or check; 

(ii) consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan;
or 
 (iii) surrender of other Shares which, (i) in the case of Shares acquired from the Company, either directly or
indirectly, have been owned by the Optionee, and not subject to a substantial risk of forfeiture, for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Exercised Shares. 
 (f) Restrictions on Exercise. This Option may not be exercised until such time
as the Plan has been approved by the shareholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

(g) Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 (h) Term of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be
exercised during such term only in accordance with the Plan and the terms of this Option. 
 (i) Tax Obligations.

 (i) Withholding Taxes. Optionee agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary
employing or retaining Optionee) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to
honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 

  
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 (ii) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to
Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (1) the date two years after the Date of Grant, or (2) the date one year after the date of
exercise, the Optionee shall immediately notify the Company in writing of such disposition. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee. 

(j) Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute
the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the internal substantive laws but not the choice of law rules of California. 

(k) No Guarantee of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL
NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully
understands all provisions of the Option. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Optionee further agrees to
notify the Company upon any change in the residence address indicated below. 
  

					
	OPTIONEE	 		 	BARRACUDA NETWORKS, INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	  
	 		 	
			
	  
	 		 	
	Residence Address	 		 	

  
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 EXHIBIT A 

BARRACUDA NETWORKS, INC. 
 2004 STOCK PLAN 
 EXERCISE NOTICE 

BARRACUDA NETWORKS, INC. 
 Address:
                                        

 Attention:
                                        

 1. Exercise of Option. Effective as of today,
            ,             , the undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase
             shares of the Common Stock (the “Shares”) of Barracuda Networks, Inc. (the “Company”) under and pursuant to the 2004 Stock Plan (the “Plan”)
and the Stock Option Agreement dated             ,              (the “Option Agreement”). 

2. Delivery of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the
Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option. 
 3. Representations
of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Shareholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Shares shall be issued to
the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in
Section 13 of the Plan. 
 5. Company’s Right of First Refusal. Before any Shares held by Optionee or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase
the Shares on the terms and conditions set forth in this Section (the “Right of First Refusal”). 
 (a) Notice of
Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to
transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 
 (b) Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect
to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below. 

 (c) Purchase Price. The purchase price (“Purchase Price”) for the Shares
purchased by the Company or its assignee(s) under this Section shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of
Directors of the Company in good faith. 
 (d) Payment. Payment of the Purchase Price shall be made, at the option of the
Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within
thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 
 (e)
Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or
otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is
effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described
in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder
may be sold or otherwise transferred. 
 (f) Exception for Certain Family Transfers. Anything to the contrary contained
in this Section notwithstanding, the transfer of any or all of the Shares during the Optionee’s lifetime or on the Optionee’s death by will or intestacy to the Optionee’s immediate family or a trust for the benefit of the
Optionee’s immediate family shall be exempt from the provisions of this Section. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or
other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this Section. 

(g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of
(i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded. 

6. Tax Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s
purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for
any tax advice. 
 7. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. Optionee understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, 

  
 -2-

 
IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER
OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE
BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR
A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING
UNDERWRITER. 
 (b) Stop-Transfer Notices. Optionee agrees that, in order to ensure compliance with the restrictions
referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. 
 (c) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that
have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such
Shares shall have been so transferred. 
 8. Successors and Assigns. The Company may assign any of its rights under this
Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon
Optionee and his or her heirs, executors, administrators, successors and assigns. 
 9. Interpretation. Any dispute
regarding the interpretation of this Exercise Notice shall be submitted by Optionee or by the Company forthwith to the Administrator which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties. 
 10. Governing Law; Severability. This Exercise Notice is governed by the
internal substantive laws but not the choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will continue in
full force and effect. 
 11. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This
Exercise Notice, the Plan, the Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. 

  
 -3-

					
	Submitted by:	 		 	Accepted by:
	OPTIONEE	 		 	BARRACUDA NETWORKS, INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Address:	 		 	Address:
			
	  
	 		 	  

			
	  
	 		 	  

			
	  
	 		 	
			
		 		 	  

		 		 	Date Received

  
 -4-

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
 OPTIONEE: 
  

	COMPANY:	                     BARRACUDA NETWORKS, INC.

 SECURITY:
                     COMMON STOCK 
 NUMBER
OF 
 SHARES: 
 DATE: 

In connection with the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following:

 1. Optionee is aware of the Company’s business affairs and financial condition and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment for Optionee’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

2. Optionee acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and
have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Optionee’s investment intent as expressed herein. In this connection,
Optionee understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Optionee’s representation was predicated solely upon a present intention to hold these Securities for
the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future. Optionee further
understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Optionee further acknowledges and understands that the Company is under
no obligation to register the Securities. Optionee understands that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws. 

3. Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in
substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the
issuer qualifies under Rule 701 at the time of the grant of the Option to the Optionee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the
satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said
term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not
exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. 

 In the event that the Company does not qualify under Rule 701 at the time of grant of
the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the
Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less
than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above. 
 4. Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some
other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private
placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that
such persons and their respective brokers who participate in such transactions do so at their own risk. Optionee understands that no assurances can be given that any such other registration exemption will be available in such event. 

 

			
	Signature of Optionee:
	
	  

		
	Date:	 	                     ,
            

  
 -2-

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