UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934

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Dear shareholders,

In a world newly-defined by AI’s rapid technological evolution, as well as persistent macroeconomic and geopolitical uncertainties, I am honored to reflect on JFrog's remarkable journey throughout 2024. Our strategic focus areas continued to bear fruit, enhancing our position as a leader in software supply chain management and security.

As we chart the course of an ever-evolving software world, our vision remains unwavering: to make software available everywhere, anytime, delivered with speed and trust. We are on a mission to revolutionize how software flows seamlessly, ensuring updates are continuous, secure and unstoppable. We call it Liquid Software.

From our developer roots as pioneers in software package management (whether binaries, images, or ML models), we have grown into the single source of software truth for our customers. Our platform unifies DevOps, DevSecOps, MLOps and beyond, empowering enterprises to operate without pauses, and innovate without limits. We power the world’s leading companies, including over 80% of the Fortune 100, delivering the world's only universal platform for secure, accelerated software delivery, setting the industry standard, and shaping the future of software delivery.

With the successes seen in 2024, it is important for me to acknowledge the unwavering support of our shareholders that enables our journey. Your trust has been instrumental as we faced market uncertainties, and your trust in our team and technology empowers us to stay focused on the strategy and execution despite market challenges.

But the proof, as they say, is in the numbers. Our financial results for 2024 reflect the solid growth trajectory we've established, with total revenue of $428.5 million, driving impressive 22% year-over-year growth. Our cloud-first approach proved extremely resilient, surging cloud revenue by 41% year-over-year, showcasing increasing reliance on our SaaS solutions. Additionally, we maintained a 116% Net Dollar Retention (NDR) rate, underscoring the strength of our continued expansion of our existing accounts. Our Operating Cash Flow for the year was $110.9 million and our Free Cash Flow for the year was $107.8 million, resulting from sizable, multi-year contracts and upfront payments.

We finished 2024 with approximately 7,300 unique customers - an affirmation of the trust and confidence our clients place in us. We made strategic decisions to focus on the enterprise and hone our product and go-to-market teams to focus on enterprise demand and strategic relation building. We prioritized customer pain points tied to software security, cloud migrations, and the scalable adoption of AI and machine learning components. The acquisition of Qwak.ai last summer - allowing us to unleash JFrog ML as a product that expands our platform - exemplifies our commitment to enhancing MLOps capabilities and fortifying the security of AI environments, enabling organizations to seamlessly integrate machine learning into their software supply chain as they develop GenAI-driven software applications.

As we envisioned, without incorporating security at every stage of development and delivery, enterprises will be left with unacceptable risks. As we further deepen our commitment to end-to-end software supply chain security, I’m pleased to highlight that our investments are beginning to yield significant benefits. Our teams have implemented robust measures that aim to safeguard our customers’ holistic software supply chain infrastructure. Security and secure delivery will continue to be a priority as we evolve and expand our product offerings, as we continue to be driven by customer demand; we were pleased to finish 2024 with a remaining performance obligation of 12% for our security core products and 5% of company ARR for the year.

Looking forward to 2025 and beyond, we see significant potential for further growth, driven by our focus areas in the DevOps, Security, MLOps and IoT cores, never compromising on our relentless pursuit of innovation. As businesses increasingly adopt AI, we believe we are well-positioned to provide our customers with a holistic platform that not only meets their current needs but also prepares them for the rapidly-approaching, AI-agent-driven future. We continue to believe our best intelligence is not artificial. We remain dedicated to investing in our people, core product development, and market strategies to fuel a new era of JFrog growth with the boost of AI and MLOps. Our team is energized and ready to take bold leaps forward, knowing that the trust of our customers and shareholders fuels our journey and lights our path.

Finally, I must note that we have been grateful and humbled by the continued support of our customers, partners and friends during the prolonged Middle East conflict. We were bolstered throughout 2024 by your encouragement, and our robust business continuity planning ensured we had no disruptions in operations. We are thankful for your ongoing trust as we all pray for more peaceful, secure days ahead.

Thank you for being our partners in this exciting journey. Your support inspires us to push boundaries and redefine what is possible. We look forward to 2025, as we collectively embark on another year of success, progress and innovation.

May The FROG Be With You!

Most sincerely yours,

JFrog Co-founder & CEO

Forward-Looking Statements:

This letter and the accompanying proxy statement contain “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding our future financial performance, expectations regarding the market and revenue potential for our platform, expectations for growth in DevOps, Security, MLOps and IoT, expectations regarding the performance of our strategic sales team and channel approaches, our expectations regarding the expansion of our platform and new customer acquisition, our expectations regarding the benefits of incorporating the management of ML Models in-line with companies’ software supply chain practices, our expectations regarding the benefits of enhancing MLOps capabilities and fortifying the security of AI environments, our ability to realize anticipated benefits and synergies from the acquisition of Qwak AI Ltd., our expectations about the AI market generally, and our ability to innovate and meet market demands and the software supply chain needs of our customers, including security and secure delivery. These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

There are a significant number of factors that could cause actual results to differ materially from statements made in this letter and the accompanying proxy statement, including but not limited to: risks associated with managing our rapid growth; our history of losses; our limited operating history; our ability to retain and upgrade existing customers; our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses; risk of a security breach incident or product vulnerability; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our ability to successfully integrate technology from acquisitions into our offerings; our ability to provide continuity to our respective customers and realize innovation following our acquisitions; and general market, political, economic, and business conditions. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date of this proxy statement. We disclaim any obligation to update forward-looking statements except as required by law.

270 E. Caribbean Drive
Sunnyvale, California 94089
(408) 329-1540

NOTICE OF 2025 ANNUAL GENERAL MEETING OF SHAREHOLDERS

To our Shareholders:

Notice is hereby given that the 2025 annual general meeting of shareholders of JFrog Ltd. (the “Company”) is to be held on Tuesday, May 20, 2025 at 9:00 a.m., Pacific time, or at any adjournments thereof (the “Annual General Meeting”), at our U.S. headquarters located at 270 E. Caribbean Drive, Sunnyvale, California 94089.

We have elected to deliver our proxy materials to our shareholders over the Internet, as allowed by applicable law. We believe that this delivery process reduces our environmental impact and lowers the costs of printing and distributing our proxy materials without impacting our shareholders' timely access to this important information. On or about April 7, 2025, we expect to mail our shareholders a Notice of Internet Availability of Proxy Materials (the "Notice of Internet Availability") containing instructions on how to access our proxy statement for our 2025 Annual General Meeting and our 2024 Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Notice of Internet Availability also provides instructions on how to vote by telephone or through the Internet and includes instructions on how to receive a paper copy of the proxy materials by mail if you so choose.

We are holding the meeting for the following purposes, which are more fully described in the accompanying proxy statement, which we urge you to read in its entirety:

In addition, shareholders will be requested to review at the Annual General Meeting the Company’s audited consolidated financial statements for the year ended December 31, 2024, and to transact such other business as may properly come before the Annual General Meeting in accordance with the Israeli Companies Law 5759-1999 and regulations promulgated thereunder (the "Companies Law").

The approval of each of the proposals requires the affirmative vote of the Company’s shareholders holding at least a majority of the Company’s ordinary shares, NIS 0.01 par value per share, present, in person or by proxy, and voting on the matter. As of March 26, 2025, the Company is not aware of any controlling shareholder.

The approval of each of Proposal Nos. 5 and 7 is also subject to the fulfillment of additional voting requirements more fully described in the accompanying proxy statement. See "What is the voting requirement to approve each of the proposals?" in the Question and Answers section of the proxy statement.

The Company currently is unaware of any other matters that may be raised at the Annual General Meeting. Should any other matters be properly raised at the Annual General Meeting, the persons designated as proxies shall vote according to their own judgment on those matters.

The record date for the Annual General Meeting is March 26, 2025 (the “Record Date”). Only shareholders of record at the close of business on that date may vote at the Annual General Meeting or any adjournments, postponements, or continuations thereof. The Notice of Internet Availability of Proxy Materials and our proxy statement and related materials are being first provided to shareholders on or about April 7, 2025.

Pursuant to our amended and restated articles of association, the quorum required for an ordinary meeting of shareholders, such as the Annual General Meeting, consists of at least two shareholders present in person or by proxy, holding in the aggregate 33⅓% of the voting rights in our issued share capital.

The Annual General Meeting is currently scheduled to be held in person. If you intend to attend the Annual General Meeting, you must notify the Company by submitting your name and the number of registered shares you hold to our Investor Relations’ e-mail address at investors@jfrog.com by 9:00 a.m. Pacific time on Friday, May 9, 2025. Please read this proxy statement carefully to ensure that you have proper evidence of share ownership as of March 26, 2025, as we will not be able to accommodate guests without such evidence at the Annual General Meeting. Please see “How can I attend the Annual General Meeting in person?” in the Questions and Answers section in this proxy statement for more information.

Your vote is important. Regardless of whether you plan to attend the Annual General Meeting, it is important that your shares be represented and voted at the Annual General Meeting, and we hope you will vote as soon as possible. Prior to the Annual General Meeting, you may vote by proxy over the Internet, by telephone, or by mail by following the instructions on the Notice of Internet Availability, or, if you received printed materials, your proxy card or voting instruction form. Voting over the Internet or by telephone, written proxy, or voting instruction form will ensure your representation at the Annual General Meeting regardless of whether you attend the Annual General Meeting.

If you have any questions regarding this information or the proxy materials, please contact Investor Relations at investors@jfrog.com.

Thank you for your ongoing support of, and continued interest in, JFrog Ltd.

Sincerely,

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
ANNUAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 20, 2025

The proxy statement and the financial and other information contained in our annual report to shareholders are available at www.proxyvote.com, where you may also cast your vote.

JFROG LTD.

270 E. Caribbean Dr.

Sunnyvale, California 94089

PROXY STATEMENT FOR 2025 ANNUAL GENERAL MEETING OF SHAREHOLDERS

We are furnishing this proxy statement to the holders of ordinary shares, NIS 0.01 par value per share, of JFrog Ltd., a company organized under the laws of the State of Israel (referred to as “we,” “us,” “our” or the “Company”), in connection with the solicitation by our board of directors of proxies for use at the 2025 annual general meeting of shareholders (the “Annual General Meeting”) and any postponements, adjournment or continuations thereof. The Annual General Meeting will be held on Tuesday, May 20, 2025, at 9:00 a.m., Pacific time, or at any adjournments thereof, at our U.S. headquarters located at 270 E. Caribbean Drive, Sunnyvale, California 94089.

At the Annual General Meeting, you will be requested to approve the following matters:

In addition, shareholders will be requested to review at the Annual General Meeting the Company’s audited consolidated financial statements for the year ended December 31, 2024, and to transact such other business as may properly come before the Annual General Meeting in accordance with the Companies Law.

The Record Date for the Annual General Meeting is March 26, 2025. Only shareholders of record at the close of business on that date are entitled to vote at the Annual General Meeting. This proxy statement and the form of proxy are furnished in connection with the solicitation of proxies by our board of directors for use at the Annual General Meeting, and any postponements, adjournments or continuations thereof.

By submitting your proxy, you authorize each of Shlomi Ben Haim, our Chief Executive Officer, or Shanti Ariker, our Chief Legal Officer, to represent you and vote your shares at the Annual General Meeting in accordance with your instructions. Each of the foregoing may also vote your shares to adjourn the Annual General Meeting and will be authorized to vote your shares at any adjournments, postponements, or continuations of the Annual General Meeting.

YOUR VOTE IS VERY IMPORTANT.

TABLE OF CONTENTS

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

Composition of our Board of Directors

Our board of directors is currently comprised of 10 members. Upon expiration of the term of a class of directors, directors in that class will be elected for a three-year term at the annual general meeting of shareholders in the year in which that term expires. Each director’s term continues until the election and qualification of his or her successor, or his or her earlier death, resignation or removal. Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors.

The following table sets forth the names, ages, and certain other information for each of the directors with terms expiring at the Annual General Meeting (including each of the director nominees and each of the continuing members of our board of directors). All information is as of March 14, 2025.

(1) Ms. Neal has informed us of her intention to leave our board of directors as of May 30, 2025. Additional information regarding Ms. Neal's departure from our board of directors may be found in our Current Report on Form 8-K filed with the SEC on March 26, 2025.

Nominees for Director

Frederic Simon. Mr. Simon is one of our co-founders and has served as a member of our board of directors since April 2008 and numerous other roles including as our Chief Architect from April 2008 to August 2013, Chief Presale Engineer from August 2013 to July 2018, and as Chief Data Scientist from January 2019 through June 2024. Prior to joining us, Mr. Simon co-founded AlphaCSP, Inc. (“AlphaCSP”) where he was global Chief Technology Officer from September 1998 to September 2000 and main consultant for the Israel branch from October 2000 to July 2008. Mr. Simon serves on the boards of directors of several private companies including Lulav Space, Ltd. since March 2021, and IncrediBuild Ltd., and Moonshot Space, Ltd, both since March 2024. He holds a first degree from Prytanée National Militaire de La Flèche in France and a Masters in Computer Science from École Centrale de Lille, France.

We believe that Mr. Simon is qualified to serve on our board of directors because of the perspective and experience he brings as a co-founder and his knowledge of the industry in which we operate.

Andy Vitus. Mr. Vitus has served as a member of our board of directors since January 2016. He joined Scale Venture Partners, a venture capital fund, in January 2003, and has served as a Partner of the firm since April 2010. Mr. Vitus currently serves as a director of several privately held companies. He holds a B.S. in Electrical Engineering from the University of Cape Town and an M.S. in Electrical Engineering from Stanford University.

We believe that Mr. Vitus is qualified to serve on our board of directors because of his business expertise gained from his experience in the venture capital industry.

Barry Zwarenstein. Mr. Zwarenstein has served as a member of our board of directors since January 2020. He served as Chief Financial Officer of Five9, Inc., a provider of cloud software for contact centers, from January 2012 to the end of March 2025, and as Interim Chief Executive Officer from December 2017 to May 2018. Mr. Zwarenstein served as Senior Vice President and Chief Financial Officer of SMART Modular Technologies, Inc., a designer, manufacturer and supplier of electronic subsystems to original equipment manufacturers acquired by Silver Lake Partners in August 2011, and previously served as director of Dealertrack Technologies, Inc. Since July 2020, Mr. Zwarenstein has served on the board of directors of Aria Systems, Inc., a provider of a cloud-based billing and monetization platform. Since August 2020, Mr. Zwarenstein has served on the board of directors of On24, Inc. (NYSE:ONTF), a provider of a cloud-based digital experience platform used to market products and services. Mr. Zwarenstein holds a Bachelor of Commerce from the University of KwaZulu-Natal, South Africa and an M.B.A. from the Wharton School at the University of Pennsylvania. Mr. Zwarenstein is qualified as a Chartered Accountant, South Africa.

We believe that Mr. Zwarenstein is qualified to serve on our board of directors because of his corporate finance and business expertise.

Continuing Directors

Shlomi Ben Haim. Mr. Ben Haim is one of our co-founders and has served as a member of our board of directors and as our Chief Executive Officer since April 2008 and as Chairman of our board of directors since January 2020. From October 2000 to June 2009, he was with AlphaCSP, a company implementing software applications that was acquired by Malam Group, most recently as Chief Executive Officer from June 2006 to June 2009 and as an executive director from October 2000 to June 2006. Prior to joining AlphaCSP, Mr. Ben Haim served in the Israeli Air Force from October 1988 to October 2000 where he led several military units and reached the rank of Major. Mr. Ben Haim holds a B.A. in Business Administration and Management from Ben-Gurion University, Israel and an M.Sc. from Clark University, MA USA.

We believe that Mr. Ben Haim is qualified to serve on our board of directors because of the perspective and experience he brings as our co-founder and Chief Executive Officer.

Jessica Neal. Ms. Neal has served as a member of our board of directors since March 2020. She has held her current position as Venture Partner at Technology Crossover Ventures (“TCV”) since November 2021. Prior to TCV, Ms. Neal served in various executive positions at Netflix, Inc., a media-services provider and production company, including as Chief Talent Officer from October 2017 to November 2021, Vice President of Talent from June 2017 to October 2017, and Vice President of Talent and Talent Acquisition from May 2006 to September 2013. From September 2015 to June 2017, Ms. Neal served as Chief People Officer at Scopely, Inc., an interactive entertainment company and mobile games developer and publisher. From October 2013 to July 2015, she served as Vice President-Talent at Coursera Inc., an online learning platform. Since December 2021, Ms. Neal has served on the boards of Public.com and Humu.com. Ms. Neal holds a B.F.A. in Fine Arts from the School of Visual Arts New York City.

We believe that Ms. Neal is qualified to serve on our board of directors because of her knowledge and experience in the software industry and professional experience as an executive of various technology companies.

Yvonne Wassenaar. Ms. Wassenaar has served as a member of our board of directors since September 2022. Ms. Wassenaar served as Chief Executive Officer of Puppet, Inc., an information technology automation software company from January 2019 to May 2022. From June 2017 to September 2018, Ms. Wassenaar served as Chief Executive Officer of Airware, an enterprise drone solutions company. From August 2014 to May 2017, Ms. Wassenaar served in various roles at New Relic, Inc., or New Relic, a public cloud-based observability platform company, most recently as Chief Information Officer. Prior to New Relic, Ms. Wassenaar held various senior positions at VMware, Inc., a public cloud computing and virtualization technology company. Ms. Wassenaar currently serves on the board of directors of Arista Networks, Inc. (NASDAQ: ANET) ("Arista"), a public cloud networking company, Braze, Inc. (NASDAQ: BRZE) ("Braze"), a customer engagement platform, Forrester Research, Inc. (NASDAQ: FORR), a public research and advisory company ("Forrester Research"), Rubrik (NYSE: RBRK), a public data security company ("Rubrik"), and Alation, Inc., a private data intelligence company. Her tenure on the board of directors of Forrester Research will end as of the date of Forrester Research's next annual meeting of shareholders currently scheduled to be held on May 13, 2025. Ms. Wassenaar previously served on the boards of directors of Anaplan, Inc., a public cloud-based business planning software company, acquired by Thoma Bravo, LLC, and Mulesoft, Inc., a public enterprise software company, acquired by Salesforce, Inc. Ms. Wassenaar also currently serves on the boards of directors of various non-profit institutions.

We believe that Ms. Wassenaar is qualified to serve on our board of directors because of her knowledge and experience in the software industry and professional experience as an executive of various technology companies.

Yoav Landman. Mr. Landman is one of our co-founders and has served as a member of our board of directors and as our Chief Technology Officer since April 2008. From January 2002 to December 2008, he was with AlphaCSP, where he served as a Senior Consultant and as a member of management. Mr. Landman is also the creator of JFrog Artifactory. Mr. Landman holds a Masters of Computing from The Royal Melbourne Institute of Technology, Australia and an LL.B. from the University of Haifa, Israel.

We believe that Mr. Landman is qualified to serve on our board of directors because of the perspective and experience he brings as our co-founder and Chief Technology Officer.

Yossi Sela. Mr. Sela has served as a member of our board of directors since May 2012 and as our lead independent director since January 2020. He has been with Gemini Israel Ventures, a venture capital fund, since January 1993 and Managing Partner since 1999, and the Chairman of Bridges Israel, an impact investment fund, since March 2018. Mr. Sela currently serves on the board of directors of Technion R&D Foundation, a subsidiary of the Technion Israel Institute of Technology, as well as several privately held companies. He holds a B.Sc. in Electrical Engineering from the Technion-Israel Institute of Technology, Israel and an M.B.A. from Tel Aviv University, Israel.

We believe that Mr. Sela is qualified to serve on our board of directors because of his business expertise gained from his experience in the venture capital industry, including his time spent serving on boards of directors of various companies and familiarity with Israeli companies.

Elisa Steele. Ms. Steele has served as a member of our board of directors since March 2020. Ms. Steele previously served as Chief Executive Officer of Namely, Inc. (“Namely”), a financial and human capital management software company, from August 2018 to July 2019. Prior to joining Namely, Ms. Steele served as Chief Executive Officer and President of Jive Software, Inc. (“Jive Software”) a communication and collaboration software company acquired by Aurea Software, Inc., from February 2015 to July 2017. From January 2014 to February 2015, Ms. Steele served in various executive positions at Jive Software, including President; Executive Vice President, Strategy and Chief Marketing Officer; and Executive Vice President, Marketing and Products. Prior to joining Jive Software, from August 2013 to December 2013, she served as Corporate Vice President and Chief Marketing Officer of Consumer Applications and Services at Microsoft Corporation, a provider of software, services and solutions. Ms. Steele joined Microsoft through its acquisition of Skype, an Internet communications company, where she served as Chief Marketing Officer from July 2012 to August 2013. Ms. Steele currently serves on the boards of Bumble Inc. (NASDAQ: BMBL) ("Bumble"), NextDoor Holdings, Inc. (NYSE: KIND) ("NextDoor"), Procore Technologies, Inc. (NYSE: PCOR) ("Procore"), and Amplitude, Inc. (NASDAQ: AMPL) ("Amplitude"). Her tenure on the Amplitude board of directors will end effective as of Amplitude's next annual meeting of shareholders which is currently expected to be held on June 12, 2025. Ms. Steele holds a B.S. in Business Administration from the University of New Hampshire and holds an M.B.A. from San Francisco State University.

We believe that Ms. Steele is qualified to serve on our board of directors because of her knowledge and experience in the software industry and professional experience as an executive of various technology companies.

Luis Felipe Visoso. Mr. Visoso currently serves as Chief Financial Officer of SanDisk Corporation (NASDAQ: SNDK) since February 2025 following its separation from Western Digital Corporation, where Mr. Visoso previously served as Chief Administrative Officer from August 2024. Prior to that, he served as Chief Financial Officer of Unity Software, Inc. from April 2021 to August 2024, and he served as Chief Financial Officer of Palo Alto Networks, Inc. from July 2020 through March 2021. Prior to joining Palo Alto Networks, from January 2020 until June 2020, Mr. Visoso served as the Chief Financial Officer of Amazon Web Services, a subsidiary of Amazon.com, Inc. ("Amazon") that provides on demand cloud computing platforms and APIs. From December 2018 until January 2020, Mr. Visoso served as the Chief Financial Officer of Amazon’s Worldwide Consumer organization. From February 2016 to December 2018, Mr. Visoso served as Senior Vice President, Business, Technology and Operations Finance for Cisco Systems, Inc. (“Cisco”), a multinational technology conglomerate. Prior to Cisco, Mr. Visoso worked at Procter & Gamble Company, an American multinational consumer goods corporation, for over 23 years, most recently serving as Vice President, F&A Global Business Units from September 2012 to February 2016. Mr. Visoso holds a bachelor’s degree from Tecnológico de Monterrey in Industrial Engineering and a minor degree from Tecnológico de Monterrey in International Business.

We believe that Mr. Visoso is qualified to serve on our board of directors because of his extensive experience in global enterprise leadership and board roles across the cybersecurity, cloud, and software industries.

Director Composition and Independence

Our board of directors has undertaken a review of its composition, the composition of its committees, and the independence of each director. Of the 10 members of our board of directors, currently thirty percent (30%) are women. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, and considering the relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, our board of directors has determined that each of our directors, other than Messrs. Landman, Ben Haim, and, if re-elected, Mr. Simon, is an “independent director” as defined under the rules of the Nasdaq Global Select Market (“Nasdaq”). In addition, our board of directors determined that Messrs. Sela and Visoso, Ms. Steele, and, if re-elected, Mr. Zwarenstein, who are members of our audit committee, satisfy the enhanced independence standards for audit committee members established by applicable SEC and Nasdaq rules. Our board of directors has determined that Mses. Steele and Wassenaar, and, if re-elected, Mr. Vitus, who are members of our compensation committee, satisfy the enhanced independence standards for compensation committee members established by applicable SEC and Nasdaq rules. Our board of directors has determined that Mses. Steele and Wassenaar, who are members of our nominating and corporate governance committee, satisfy the independence standards for nominating and corporate governance committee members established by applicable SEC and Nasdaq rules.

In order to maintain good governance, our corporate governance guidelines provide that none of our directors should serve on the boards of directors of more than three public companies in addition to their service on our board of directors without the approval of our board of directors. Several of our directors have served on more than three public company boards in addition to ours during their tenure on our board. The nominating and corporate governance committee monitors outside board service of our board members and reviews the status of such service periodically. As of the date of this proxy statement, Ms. Steele serves on the boards of directors of Amplitude, Bumble, NextDoor, and Procore, in addition to her service on our board of directors. Ms. Steele's tenure on the board of directors of Amplitude will end as of Amplitude's next annual meeting of shareholders, which is currently expected to be held on June 12, 2025, and as of that date, she will serve on the boards of directors of three public companies in addition to her service on our board of directors. As of the date of this proxy statement, Ms. Wassenaar serves on the boards of directors of Arista, Braze, Forrester Research, and Rubrik, in addition to her service on our board of directors. Her tenure on the board of directors of Forrester Research will end as of the date of Forrester Research's next annual meeting of shareholders currently expected be held on May 13, 2025, and as of that date, she will serve on the board of directors of three public companies in addition to her service on our board of directors. Our board of directors has determined that Mses. Steele's and Wassenaar's service on four additional public company boards of directors during the periods disclosed above has not and is not in the future expected to impair their ability to effectively serve on our board of directors.

Frederic Simon, our co-founder and member of our board of directors, is married to the sister of Shlomi Ben Haim, our co-founder, Chief Executive Officer, Chairman and member of our board of directors. There are no other family relationships among any of our directors or executive officers.

Board Leadership Structure

Our board of directors has adopted corporate governance guidelines that provide that if our board of directors does not have an independent chairperson, our board of directors will appoint a lead independent director. The lead independent director will be responsible for calling separate meetings of the independent directors, determining the agenda and serving as chair of meetings of independent directors, reporting to the chairperson of our board of directors regarding feedback from executive sessions, serving as spokesperson for the company as requested, and performing such other responsibilities as may be designated by a majority of the independent directors from time to time. Our lead independent director is Mr. Sela.

Shareholder Engagement

We believe that regular, transparent communication with our shareholders and other stakeholders is essential to the Company’s long-term success. We value the views of our shareholders and other stakeholders, and the input that we receive informs our corporate governance practices. Our board of directors and management team have made a meaningful effort to engage with our shareholders and other stakeholders. Our Chief Executive Officer and Chief Financial Officer hold in-person and teleconference meetings every year with many of our institutional investors. We also participate at various investor conferences on a regular basis.

Role of Board in Risk Oversight Process

Risk is inherent with every business, and we face a number of risks, including strategic, financial, business and operational, legal and compliance, and reputational. We have designed and implemented processes to manage risk in our operations. Management is responsible for the day-to-day management of risks the Company faces, while our board of directors, as a whole and assisted by its committees, has responsibility for the oversight of risk management. Our board of directors reviews strategic and operational risk in the context of discussions, question and answer sessions, and reports from the management team at each regular board meeting, receives reports on all significant committee activities at each regular board meeting, and evaluates the risks inherent in significant transactions. Our audit committee assists our board of directors in fulfilling its oversight responsibilities with respect to risk management in the areas of internal control over financial reporting and disclosure controls and procedures, legal and regulatory compliance, cybersecurity, artificial intelligence, and data privacy, and, among other things, discusses and reviews with management and the independent auditor guidelines and policies with respect to risk assessment and risk management. Our nominating and corporate governance committee assists our board of directors in fulfilling its oversight responsibilities with respect to risks relating to our corporate governance practices, the qualifications and independence of our board of directors, and potential conflicts of interest. Our compensation committee assesses risks relating to our executive compensation plans and arrangements, whether our compensation policies and programs have the potential to encourage excessive risk taking, and whether different compensation policies and practices could mitigate any such risk taking.

Our board of directors believes its current structure serves as a flexible framework within which our board of directors and its committees operate, subject to the requirements of applicable law and regulations. Under these guidelines, it is our policy that the positions of chairman of our board of directors and Chief Executive Officer may be held by the same person (subject to approval by our shareholders pursuant to the Companies Law). Under such circumstances, the guidelines also provide that our board of directors shall designate an independent director to serve as lead independent director who shall, among other things, discuss the agenda for board meetings with the chairman and approve such agenda, and chair executive sessions of the independent directors. Our board has designated Mr. Sela as our lead independent director.

Board Meetings

During our fiscal year ended December 31, 2024, our board of directors held seven meetings (including regularly scheduled and special meetings), and each director attended at least 75% of the aggregate of (i) the total number of meetings of our board of directors held during the period for which he or she has been a director and (ii) the total number of meetings held by all committees of our board of directors on which he or she served during the periods that he or she served. We do not have a formal policy regarding attendance by members of our board of directors at annual general meetings of shareholders, but we strongly encourage our directors to attend. Eight of our then-active nine directors attended our 2024 annual meeting of shareholders.

Our board of directors has established standing committees as described below.

Committees of the Board

Our board of directors has established three standing committees, an audit committee, a compensation committee, and a nominating and corporate governance committee. Only independent directors under the listing standards of Nasdaq and the applicable rules and regulations of the SEC serve on our committees. In support of good governance practices, the board of directors periodically reviews the composition of its standing committees and rotates assignments in order to best utilize the skills of our current board members.

Our board of directors has adopted written charters for each of these committees, and copies of the charters are available on our website in the corporate governance section of our investor relations webpage at investors.jfrog.com. Each of the committee charters is reviewed annually by the respective committee, which may recommend appropriate changes for approval by our board of directors. None of the material on our website is part of this proxy statement or is incorporated by reference herein.

Audit Committee

Our audit committee currently consists of Messrs. Sela, Visoso, and Zwarenstein, and Ms. Steele, with Mr. Zwarenstein serving as chair. Each of the members of the audit committee meets the requirements for independence under the listing standards of Nasdaq and the applicable rules and regulations of the SEC. In addition, our board of directors has determined that Mr. Zwarenstein is an audit committee financial expert within the meaning of Item 407(d)(5) of Regulation S-K under the Securities Act. Our audit committee met five times during 2024.

Our audit committee oversees our corporate accounting and financial reporting process and assists our board of directors in monitoring our financial systems and our legal and regulatory compliance. Our audit committee also:

During 2024, the audit committee regularly reviewed cybersecurity and data protection matters as part of its meeting agendas. In 2025, the audit committee formed a cybersecurity subcommittee which focuses on our cybersecurity and data protection and privacy programs. All of the current members of the audit committee currently serve as members of the cybersecurity subcommittee.

Compensation Committee

Our compensation committee currently consists of Mses. Steele and Wassenaar, and Mr. Vitus, with Ms. Steele serving as chair. Each of the members of the compensation committee meets the requirements for independence under the listing standards of Nasdaq and the applicable rules and regulations of the SEC. Each member of our compensation committee is also a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. The compensation committee met seven times during 2024.

In accordance with the Companies Law, the roles of the compensation committee are, among others, as follows:

An office holder is defined in the Companies Law as a general manager, chief business manager, deputy general manager, vice general manager, any other person assuming the responsibilities of any of these positions regardless of such person’s title, a director and any other manager directly subordinate to the general manager.

Our compensation committee oversees our corporate compensation programs. Our compensation committee also:

Nominating and Corporate Governance Committee

The nominating and corporate governance committee is currently comprised of Mses. Steele and Wassenaar, with Ms. Wassenaar serving as chair. Each of the members of the nominating and corporate governance committee meets the requirements for independence under the listing standards of Nasdaq and the applicable rules and regulations of the SEC. The nominating and corporate governance committee met seven times during 2024.

Our nominating and corporate governance committee oversees and assists our board of directors in reviewing and recommending nominees for election as directors. Our nominating and corporate governance committee also:

Executive Sessions of Non-Employee Directors

To encourage and enhance communication among non-employee directors, and as required under applicable Nasdaq rules, our corporate governance guidelines provide that the non-employee directors will meet in executive sessions without management directors or management present on a periodic basis, but no less than two times per year. In addition, if any of our non-employee directors are not independent directors, then our independent directors will also meet in executive session on a periodic basis, but no less than two times per year.

Compensation Committee Interlocks and Insider Participation

None of the members of our compensation committee during 2024 was an officer or employee of our company. None of our executive officers currently serves, or in the past year has served, as a member of our board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee.

Considerations in Evaluating Director Nominees

In its evaluation of director candidates, including the members of the board of directors eligible for re-election, our nominating and corporate governance committee considers the current composition, organization and governance of our board of directors, the needs of our board and its respective committees, and the desired board qualifications, expertise and characteristics, such as character, professional ethics and integrity, judgment, business acumen, proven achievement and competence in one’s field, the ability to exercise sound business judgment, tenure on our board and skills that are complementary to our board of directors, an understanding of the Company’s business, an understanding of the responsibilities that are required of a member of our board of directors, other time commitments, diversity with respect to professional background, education, race, ethnicity, gender, age and geography, as well as other individual qualities and attributes that contribute to the total mix of viewpoints and experience represented on the board.

Consistent with criteria approved by our board of directors and the qualification requirements set forth under the Companies Law, our nominating and corporate governance committee evaluates each individual in the context of the membership of our board of directors as a group, with the objective of having a group that can best perpetuate the success of the business and represent shareholder interests through the exercise of sound judgment using its diversity of viewpoints and experience in the various areas. Each director should be an individual of high character and integrity. Our board of directors annually evaluates the performance of our board of directors and its committees. Our nominating and corporate governance committee reviews the self-assessment questionnaires to evaluate the performance of individual members. In determining whether to recommend a director for re-election, our nominating and corporate governance committee also considers the director’s participation in and contributions to the activities of our board of directors and the company, the director’s other time commitments, and other qualifications and characteristics determined by our board of directors.

After completing their review and evaluation of director candidates, in accordance with Nasdaq rules and the Companies Law, our nominating and corporate governance committee will recommend a director nominee for selection by our board of directors. Our board of directors has the final authority in determining the selection of director candidates for nomination to our board of directors.

Shareholder Recommendations for Nominations to Our Board of Directors

From time to time, shareholders may present proposals, including to nominate a candidate to serve on our board of directors, that may be proper subjects to add to the agenda for consideration at a general meeting of shareholders. Under Section 66(b) of the Companies Law, one or more shareholders holding at least one percent (1%) of the voting rights at the general meeting of the shareholders may request, within seven days following our notice of convening a shareholders’ general meeting, that our board of directors include a matter in the agenda of a general meeting of the shareholders to be convened in the future, provided that it is appropriate to discuss such a matter at the general meeting. Notwithstanding the foregoing, as a company whose shares are traded on certain stock exchanges outside Israel (including the Nasdaq, where our ordinary shares trade), a matter relating to the appointment or removal of a director may only be requested by one or more shareholders holding at least five percent (5%) of the voting rights at the general meeting of the shareholders.

In addition, shareholder proposals may be submitted for inclusion in a proxy statement pursuant to Rule 14a-8 and Rule 14a-19 under the Exchange Act.

The deadline for submission of shareholder proposals for inclusion in our proxy materials for the 2026 annual general meeting of shareholders is December 8, 2025. In addition, Rule 14a-8 proposals must otherwise comply with the requirements of the rule.

Any nomination should be sent in writing to JFrog Ltd., 270 E. Caribbean Drive, Sunnyvale, CA 94089, Attn: Chief Legal Officer.

Communications with our Board of Directors

In cases where shareholders wish to communicate directly with our non-management directors, messages can be sent to our Chairman of the Board at JFrog Ltd., 270 E. Caribbean Drive, Sunnyvale, CA 94089, with copies sent to our Chief Legal Officer and Chief Financial Officer at JFrog Ltd., 270 E. Caribbean Drive, Sunnyvale, CA 94089 or at legal@jfrog.com. Our Chief Legal Officer will, in consultation with appropriate directors as necessary, review incoming shareholder communications and decide whether a response to any shareholder or interested party communication is necessary.

This procedure does not apply to (i) communications to non-management directors from our officers or directors who are shareholders, or (ii) shareholder proposals submitted pursuant to Rule 14a-8 under the Exchange Act, which are discussed further in the Questions and Answers section below entitled “When are shareholder proposals due for our 2026 annual general meeting?”

Insider Trading Policy and Prohibitions on Hedging or Pledging of Securities

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers and employees, or our company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to us.

Under our insider trading policy, our employees, including our executive officers and members of our board of directors, are prohibited from, directly or indirectly, among other things, (1) engaging in short sales, (2) trading in publicly-traded options, such as puts and calls, and other derivative securities with respect to our securities (other than share options, restricted share units and other compensatory awards issued to such individuals by us), (3) purchasing financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds), or otherwise engaging in transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of equity securities granted to them by us as part of their compensation or held, directly or indirectly, by them, (4) pledging any of our securities as collateral for any loans, and (5) holding our securities in a margin account.

Code of Business Conduct and Ethics

Our board of directors has adopted a written code of business conduct and ethics (“Code of Conduct”) that applies to all employees, including our executive officers and members of our board of directors. The Code of Conduct is reviewed annually for updates by the nominating and corporate governance committee. The full text of our Code of Conduct is available in the corporate governance section of our website, which is located at https://investors.jfrog.com/corporate-governance/overview. We intend to disclose any amendments to our Code of Conduct, or waivers of its requirements, on our website or in filings under the Exchange Act. Our board of directors, through its audit committee, receives reports on compliance with our Code of Conduct.

We encourage employees to report suspected violations of our Code of Conduct to management. We also have an anonymous reporting hotline which makes reporting available to all of our employees and external parties at jfrog.ethicspoint.com and a telephone hotline system, also described on that website, which is available 24/7 and supplied and operated by a third party. The system allows individuals to make reports, including anonymously, to the Company or directly to the chair of the audit committee, and enables follow up directly with the reporter while maintaining anonymity, as needed. We maintain a non-retaliation policy for those who make reports via the reporting system. Management reports on the status of the anonymous reporting program to the audit committee, which the committee reviews quarterly.

Sustainability at JFrog

We are aware of and focused on the sustainability matters that are important to our investors, customers, employees and other stakeholders. Since formalizing our sustainability approach three years ago, we have continued to strive toward our objective to fully integrate these considerations into our corporate culture with a view toward enhancing and promoting employee, customers', partners' and community engagement. Both our management team and board of directors are committed to prioritizing sustainability considerations that take into account a variety of items including climate risks, governance considerations, and corporate social responsibility. Since 2023, our chief sustainability officer ("CSO") has helped accelerate shaping and executing our sustainability strategy and has reinforced our objectives. We also amended our nominating and corporate governance committee charter to explicitly give such committee oversight for sustainability matters, which the committee reviews quarterly.

We expect to publish our most recent sustainability report later in April 2025. Our report, and prior reports we have filed to date, are available in the Investor Relations section of our website at investors.jfrog.com. Our sustainability reports discuss the key components of our strategy, initiatives, and achievements, including but not limited to highlights in the following key areas.

Business Ethics

We have high standards for ethical business conduct and guide our employees to live up to these standards through training and regular conversations. Our Chief Legal Officer leads legal policy development and compliance globally. All of our employees are required to complete ethics and compliance training during onboarding. We also conduct regular training following onboarding and track employee participation for each area of focus. We also maintain business ethics policies, including our Code of Conduct (described above), our Global Anti-Corruption Compliance Policy, our External Communications Policy, our Supplier Code of Conduct, and our Whistleblower Policy.

In July 2024, we adopted our Modern Slavery Statement and, in February 2025, we adopted a Human Rights Statement, which outlines our commitment to respecting human rights and reducing risks across our global operations. Also in February 2025, we revised and republished our Code of Conduct and filed our Insider Trading Policy as Exhibit 19.1 to our annual report on Form 10-K filed with the SEC on February 14, 2025. Our Code of Conduct, Modern Slavery Statement, and Human Rights Statement are available in the governance section of our Investor Relations webpage at investors.jfrog.com. The contents of our investor relations website are not incorporated by reference in this proxy statement.

Our internal audit team has a comprehensive schedule of quarterly audits that cover ethical, legal, and compliance issues. Our audit committee oversees these matters and provides reports to the full board of directors on a quarterly basis.

Data Privacy and Cybersecurity

We are committed to protecting our employees' and users’ data and our platform, and work to monitor the threat landscape and provide transparency to our customers. In 2023, we increased our investment in data protection technology solutions by approximately 25% and expanded our security team with additional leaders in application security and cybersecurity incident response areas. We have advanced ISO certified security and compliance solutions to securely manage data privacy and cybersecurity risks, with compliance and third-party assurance including ISO 27001, 27701, and 27017, SOC 2 Type II, CSA start level 1, TISAX and KY3P by S&P Global certifications. We are also aligned to cybersecurity practices and controls recommended by the National Institute of Standards and Technology, part of the U.S. Department of Commerce. Our audit committee has established a cybersecurity subcommittee which oversees our information security program.

Human Capital Management

We offer a supportive work environment, competitive compensation, and a benefits package designed to unlock unique opportunities for our employees. Our global learning and development director leads our employee training program. We maintain formal training programs and a dedicated budget allowance for team recognition and team-building activities. In

addition to competitive compensation, we offer our employees a wide range of benefits to support their well-being and work-life balance. We also conduct yearly employee engagement surveys. In light of conflicts in the Middle East, we maintain a business continuity plan with tools for both managers and employees in response to the outbreak of the war in Israel. Our compensation committee oversees our compensation policies and human capital management, including talent development and employee engagement. Our compensation committee discusses these topics at least quarterly, and when appropriate, matters are also raised at quarterly nominating and corporate governance committee meetings. Human capital management discussions are also reported up to the full board of directors on a regular basis.

Everyone Counts, Everyone Matters

Our CODEX values include a commitment to the principle that “everyone counts, everyone matters.” We believe that every employee has a significant and driving impact on our success. This commitment has been reflected in our practices since the early days of the company. We strive to foster a culture where all of our employees feel they are respected and treated equally.

We Give Back

We have been proud to give back to many organizations that share our values of doing good for the sake of good and have been proud to partner with organizations that empower women and other under-represented groups in technology, groups that promote environmental conservation in our communities, and non-profits that assist at-risk and troubled youth, and have directly supported families and communities affected by global conflicts. Our employees invested over 3,000 volunteer hours in 2024, supporting programs ranging from hack-a-thons for youth to tree-planting, supporting local food banks, and providing help for families in need. This support is an outcome of our inherent obligation to give back, and our employees reinforce that they want to work for a company that has such a passion for social and environmental justice.

Our Environmental Impact

We believe that helping to protect the planet for future generations must be integral to our value creation story. We evaluate our operations across our offices to consider where we can minimize, mitigate, or eliminate our environmental impact. While we have limited control over energy management across our ten leased office spaces, we work with our lessors to implement measures to reduce environmental impact. All three of our U.S. offices use sustainable lighting and lights are automatically turned off when no movement is detected, reducing energy waste. We have established our Global Green Operations Policy to guide us in minimizing our operational carbon footprint and promoting environmental sustainability across our value chain. We are also committed to regularly monitoring and measuring our environmental performance and setting targets for continuous improvement as well as maintaining records of our energy consumption and greenhouse gas emissions, where applicable. We prioritize the procurement of environmentally-friendly products and services whenever possible, including recycled office supplies and energy-efficient office equipment. We recycle or donate our end-of-life hardware to non-profit organizations and to support for people in need. This includes non-governmental organizations that distribute refurbished computers to low-income and ethnic minority families, and students in need.

COMPENSATION OF NON-EMPLOYEE DIRECTORS

Non-Employee Director Compensation Policy

Pursuant to our non-employee director compensation policy, each non-employee director is eligible to receive compensation consisting of cash retainers and equity awards for his or her service. Shlomi Ben Haim, as an employee director, is not compensated for his service as Chairman of the board of directors. Our board of directors or our compensation committee has the discretion to amend, suspend, or terminate the non-employee director compensation policy as it deems necessary or appropriate, subject to the terms of our Compensation Policy for Executive Officers and Directors (the "2020 Compensation Policy") and the Companies Law.

Cash Compensation

During 2024, all non-employee directors were entitled to receive the following annual cash compensation for their services:

For clarity, each non-employee director who serves as the chair of a committee receives only the additional annual fee for services as the chair of the committee and not the additional annual fee for services as a member of the committee while serving as such chair, provided that the non-employee director who serves as the lead non-employee director receives the annual fee for services as the lead non-employee director and the annual fee for services as a board member.

Each annual cash retainer and additional annual fee is paid quarterly in arrears on a prorated basis to each non-employee director who served in the relevant capacity at any point during the immediately preceding fiscal quarter, and such payment is made no later than 30 days following the end of such immediately preceding fiscal quarter.

Equity Compensation

Non-employee directors are entitled to receive all types of awards other than incentive share options under our 2020 Equity Incentive Plan (the “2020 Plan”), including discretionary awards not covered under the non-employee director compensation policy. During 2024, our non-employee director compensation policy provided for the following nondiscretionary, automatic grants of equity awards to our non-employee directors:

The “value” for the awards of options or RSUs described above means the grant date fair value determined in accordance with U.S. generally accepted accounting principles, or such other methodology as our board of directors or our compensation committee may determine prior to the grant of the applicable award.

Pursuant to our non-employee director compensation policy, in the event of our merger or sale, each outstanding and unvested equity award held by a non-employee director will accelerate and fully vest, subject to the director continuing to provide services to us as a non-employee director through the date of such merger or sale. In the event of any dividend or other distribution, recapitalization, share split, reverse share split, reorganization or other similar change in corporate structure of the company, the board of directors will adjust the number of shares issuable pursuant to awards under the policy in order to prevent diminution or enlargement of benefits intended to be made available under the policy.

Changes to Non-Employee Director Compensation in 2025

The compensation committee reviewed our non-employee director compensation program and recommended to our board of directors, which subsequently approved, the following changes for 2025: board member compensation increased from $30,000 to $35,000 per annum; lead non-employee director compensation increased from $10,000 to $15,000 per annum; nominating and corporate governance committee chair compensation increased from $7,500 to $8,000 per annum; compensation committee member compensation increased from $6,000 to $7,500 per annum; and the annual equity grant value increased from $175,000 to $200,000 per annum. The changes to the compensation of our non-employee directors have been presented to our shareholders for approval at this Annual Meeting. Please see Proposal 6 below for additional information.

Director Compensation Table

The following table provides information regarding compensation of our non-employee directors for service as directors for the year ended December 31, 2024. Each non-employee director’s reasonable, customary and properly documented travel expenses to attend board meetings is reimbursed by the company.

____________________________________________

The following table lists all outstanding equity awards held by our non-employee directors as of December 31, 2024.

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PROPOSAL NUMBER 1

ELECTION OF CLASS II DIRECTORS

Our board of directors is currently comprised of 10 directors and is divided into three staggered classes of directors. There are three Class I directors, three Class II directors, and four Class III directors. At the Annual General Meeting, three Class II directors will be elected to our board of directors by the holders of our ordinary shares to succeed the same class whose term is then expiring. Each director’s term continues until the expiration of the term for which such director was elected or until such director’s successor is elected and qualified or until such director’s earlier death, resignation or removal.

External Directors

Under the Companies Law, Israeli public companies are generally required to appoint at least two external directors who need to meet certain criteria and be appointed according to a specific procedure. However, according to the Israeli Companies Regulations (Relief for Companies whose Securities are Listed for Trading on a Stock Exchange Outside Israel), 2000 (the “Relief Regulations”), a company whose shares are traded on certain stock exchanges outside Israel (including the Nasdaq, such as us) that does not have a controlling shareholder and that complies with the requirements of the laws of the foreign jurisdiction where the company’s shares are listed, as they apply to domestic issuers, with respect to the appointment of independent directors and the composition of the audit committee and compensation committee, may elect to exempt itself from the requirements of Israeli law with respect to, among other things, (i) the requirement to appoint external directors and that one external director serve on each committee of our board of directors; and (ii) certain limitations on the employment or service of an external director or his or her spouse, children or other relatives, following the cessation of his or her service as an external director, by or for the company, its controlling shareholder or an entity controlled by the controlling shareholder. Prior to the effectiveness of our initial public offering, our board decided to opt out of these requirements.

Under the Relief Regulations, these concessions will continue to be available to us so long as (i) our shares are traded on a U.S. stock exchange, including the Nasdaq; (ii) we do not have a “controlling shareholder” (as such term is defined under the Companies Law); and (iii) we comply with the majority board independence requirements and audit committee and compensation committee requirements under U.S. laws applicable to U.S. domestic issuers.

Nominees for Director

Our Class II directors, whose terms will expire at the Annual General Meeting, are Frederic Simon, Andy Vitus, and Barry Zwarenstein. Our nominating and corporate governance committee has recommended director nominees for selection by our board of directors, and our board of directors has nominated Messrs. Simon, Vitus, and Zwarenstein for re-election as Class II directors.

If elected, Messrs. Simon, Vitus, and Zwarenstein will serve as Class II directors until the 2028 annual general meeting or until their respective successors are duly elected and qualified or until their earlier death, resignation or removal. For more information concerning the nominees, please see the section entitled “Board of Directors and Corporate Governance.”

Messrs. Simon, Vitus, and Zwarenstein have each agreed to serve as directors if elected, and management has no reason to believe that they will be unavailable to serve.

Proposed Resolution

Shareholders are being asked to adopt the following resolution:

“RESOLVED, to re-elect each of Messrs. Simon, Vitus, and Zwarenstein to serve as a director of the Company to hold office until our 2028 annual general meeting of shareholders or until their respective successors are duly elected and qualified or until such director’s earlier death, resignation or removal.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required. Each director nominee shall be voted separately.

Board Recommendation

Our board of directors recommends a vote “FOR” each in favor of Messrs. Simon, Vitus, and Zwarenstein in Proposal 1.

PROPOSAL NUMBER 2

RATIFICATION OF APPOINTMENT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

Under the Companies Law and our amended and restated articles of association, the shareholders of our Company are authorized to appoint the Company’s independent auditors. Under our amended and restated articles of association, our board of directors (or a committee, if it is so authorized by our board of directors) is authorized to determine the independent auditor’s remuneration. In addition, the approval by our audit committee of the independent auditor’s re-appointment and remuneration is required under the listing rules of Nasdaq. Following the recommendation by our audit committee and board of directors, it is proposed that Kost, Forer, Gabbay & Kasierer, a member of Ernst & Young Global (“EY”), be reappointed as the independent auditors of the Company for the period ending at the close of the next annual general meeting.

A representative of EY is expected to be telephonically present at the Annual General Meeting, where he or she will be available to respond to appropriate questions and, if he or she desires, to make a statement.

Fees Paid to the Independent Registered Public Accounting Firm

The following table presents the aggregate fees billed for professional audit services and other services rendered to us by EY for our fiscal years ended December 31, 2024 and 2023.

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Auditor Independence

In 2024, there were no other professional services provided by EY that would have required our audit committee to consider their compatibility with maintaining the independence of EY.

Audit and Non-Audit Services Pre-Approval Policy

Our audit committee has established a policy governing our use of the services of our independent registered public accounting firm. Under this policy, our audit committee (or its delegate) may pre-approve services to be performed by our independent registered public accounting firm without consideration of specific case-by-case services or may require the specific pre-approval of the committee, in either case, in order to ensure that the provision of such services does not impair the public accountants’ independence. All fees paid to EY for our fiscal years ended December 31, 2024 and 2023 were pre-approved by our audit committee.

Proposed Resolution

Shareholders are being asked to adopt the following resolution:

“RESOLVED, to approve and ratify the re-appointment of Kost, Forer, Gabbay & Kasierer, a member of Ernst & Young Global, as the independent auditors of the Company for the period ending at the close of the next annual general meeting.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 2.

Report of the Audit Committee

The audit committee of our board of directors is responsible for assisting our board of directors in fulfilling its oversight responsibilities regarding the Company’s financial accounting and reporting processes, system of internal control, audit process, and process for monitoring compliance with laws and regulations.

Management of the Company has the primary responsibility for preparing the Company’s consolidated financial statements as well as establishing and maintaining the integrity of the Company’s financial reporting process, accounting principles and internal controls. Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, the Company’s independent registered public accounting firm, is responsible for performing an audit of the Company’s consolidated financial statements and expressing an opinion as to the conformity of such financial statements with U.S. generally accepted accounting principles.

In this context, the audit committee of our board of directors reviewed and discussed the audited financial statements of the Company as of and for the year ended December 31, 2024, with the Company’s management and Kost Forer Gabbay & Kasierer. To ensure independence, the audit committee of our board of directors met separately with Kost Forer Gabbay & Kasierer and members of the Company’s management. These reviews included discussion with the independent registered public accounting firm of matters required to be discussed pursuant to Auditing Standard No. 1301, “Communications with Audit Committees,” issued by the Public Company Accounting Oversight Board (“PCAOB”). In addition, the audit committee of our board of directors received the written disclosures and the letter from the independent registered public accounting firm required by the PCAOB requiring independent registered public accounting firms to annually disclose in writing all relationships that, in their professional opinion may reasonably be thought to bear on independence, to confirm their perceived independence and to engage in a discussion of independence, and it has discussed with Kost Forer Gabbay & Kasierer its independence from the Company.

Based on the reviews and discussions described above, the audit committee of our board of directors recommended to the board of directors the inclusion of the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for filing with the SEC.

Respectfully submitted by the members of the audit committee of the board of directors:

Barry Zwarenstein (Chair)

Elisa Steele

Luis Visoso*

Andy Vitus**

*appointed July 23, 2024

**until March 20, 2025

This report of the audit committee is required by the SEC and, in accordance with the SEC’s rules, will not be deemed to be part of or incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act or under the Exchange Act, except to the extent that we specifically incorporate this information by reference, and will not otherwise be deemed “soliciting material” or “filed” under either the Securities Act or the Exchange Act.

PROPOSAL NUMBER 3

TO APPROVE CHANGES TO THE COMPENSATION OF

SHLOMI BEN HAIM, THE CHIEF EXECUTIVE OFFICER OF THE COMPANY

Background

The Companies Law requires that the terms of service and employment of a company’s chief executive officer be approved by the company’s compensation committee, board of directors, and the shareholders of the company, in that order.

Our compensation committee and board of directors have approved the terms of service and employment of Mr. Ben Haim, our chief executive officer (“CEO”), in accordance with the Companies Law. The proposed changes to our CEO’s compensation were suggested by Mr. Ben Haim and were approved, first, by our compensation committee and, second, by our board or directors, while considering, among other factors, Mr. Ben Haim’s performance and contribution to us in general, his experience, the terms of our 2020 Compensation Policy, and other factors as required by the Companies Law.

In accordance with our 2020 Compensation Policy, our compensation committee and board of directors reviewed a comprehensive benchmark analysis of peer companies, which also included a survey of compensation terms of 19 peer companies prepared by an independent compensation advisor, Compensia, in December 2024. The Company’s 2025 compensation peer group (Appian, C3.ai, Confluent, Digital Ocean Holdings, Elastic N.V., Five9, GitLab, Intapp, Jamf Holding, nCino, PagerDuty, Payoneer Global, Qualys, Rapid7, Semrush Holdings, SentinelOne, Sprout Social, Tenable Holdings, and Varonis Systems, collectively referred to as the "2025 compensation peer group") was constructed with careful consideration and represents an appropriate comparison pool based on a peer group of other companies operating in technology sectors which are similar in their characteristics to the Company based on characteristics such as revenues, market capitalization, number of employees and operating arena (in Israel or globally). The criteria are used in the manner described below in the heading “Competitive Positioning” (e.g., revenues that are generally in the range of .5x to 3.0x our revenues, etc.) to determine which companies are similar. The peer group was approved by our compensation committee. According to such survey, Mr. Ben Haim’s total compensation approximated the 45th percentile compared to the chief executive officer terms of the above-mentioned group of peer companies.

In accordance with and subject to our Compensation Policy (either the 2020 Compensation Policy which is in effect prior to the date of the meeting or the 2025 Compensation Policy adopted, if approved by our shareholders, in accordance with Proposal 5 herein), as part of a long-term retention plan, and in light of Mr. Ben Haim’s performance and contribution to the Company in the past years, it is proposed to approve the following amendments to Mr. Ben Haim’s compensation arrangement as our CEO:

* Total shareholder return for the Company and each peer will be calculated as the volume-weighted average price for shares traded in December 2025, assuming any dividends paid in 2025 were reinvested, divided by the volume-weighted average price for shares traded in December 2024.

The result of this structure is that 58% of the Ben Haim Equity Awards vest based solely on continued service to the Company and 42% have an additional performance requirement. Each Ben Haim Equity Award will also be subject to the terms and conditions of the 2020 Plan and the terms of an award agreement to be issued to Mr. Ben Haim pursuant to the 2020 Plan.

Mr. Ben Haim is not compensated for his role as a director nor for his role as chairperson. All other employment terms shall remain unchanged. For further information on the compensation terms of Mr. Ben Haim, please see the section entitled “Executive Employment Agreements”.

In September 2020, we entered into an employment agreement with Mr. Ben Haim, including a change in control and severance agreement. Pursuant to the employment agreement, Mr. Ben Haim continues to serve as our Chief Executive Officer. For 2025, Mr. Ben Haim’s bonus eligibility will be determined on an annual basis and will not be paid unless the Company achieves target performance with respect to a predetermined performance parameter.

The shareholders vote on this matter is binding under Israeli law and not merely advisory. If this proposal is not approved by the affirmative vote of our shareholders, the Company will not be authorized to implement the Ben Haim Compensation Changes as described in this proxy statement.

The proposed Ben Haim Compensation Changes were approved by our compensation committee and board of directors, reflect Mr. Ben Haim’s experience, and are based on a comprehensive compensation survey provided to our compensation committee and our board of directors and the terms of our 2020 Compensation Policy. The proposed Ben Haim Compensation Changes are consistent with both our 2020 Compensation Policy and the 2025 Compensation Policy being proposed for adoption under Proposal 5 herein.

Proposed Resolution

Shareholders are being asked to adopt the following resolution:

“RESOLVED, to approve the Ben Haim Compensation Changes with respect to Mr. Ben Haim, the Company’s Chief Executive Officer, as described in the Proxy Statement, dated April 7, 2025.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 3.

PROPOSAL NUMBER 4

TO APPROVE CHANGES TO THE COMPENSATION OF

YOAV LANDMAN, THE CHIEF TECHNOLOGY OFFICER OF THE COMPANY

Background

The Companies Law requires that the terms of service and employment of an executive who also serves as a director be approved by the company’s compensation committee, board of directors, and the shareholders of the company in that order.

Our compensation committee and board of directors have approved the terms of service and employment of Mr. Landman in accordance with the Companies Law. The proposed changes to Mr. Landman’s compensation were approved, first, by our compensation committee and, second, by our board of directors, while considering, among other factors, Mr. Landman’s performance and contribution to us in general, his experience, the terms of our 2020 Compensation Policy, and other factors as required by the Companies Law.

In accordance with our 2020 Compensation Policy, our compensation committee and board of directors reviewed a comprehensive benchmark analysis of peer companies, which also included a survey of compensation terms of 19 peer companies prepared by an independent compensation advisor, Compensia, in December 2024. The Company’s 2025 compensation peer group (as defined in Proposal 3) was constructed with careful consideration and represents an appropriate comparison pool based on a peer group of other companies operating in technology sectors which are similar in their characteristics to the Company based on characteristics such as revenues, market capitalization, number of employees and operating arena (in Israel or globally). The criteria are used in the manner described below in the heading “Competitive Positioning” (e.g., revenues that are generally in the range of .5x to 3.0x our revenues, etc.) to determine which companies are similar. The peer group was approved by our compensation committee. According to such survey, Mr. Landman’s total compensation approximated the 50th percentile compared to the chief technology officer terms of the above-mentioned group of peer companies.

In accordance with and subject to our 2020 Compensation Policy, as part of a long-term retention plan and in light of Mr. Landman’s performance and contribution to the Company in the past years, it is proposed to approve the following amendments to Mr. Landman’s compensation arrangement as our Chief Technology Office:

The result of this structure is that 80% of the Landman Equity Awards vest based solely on continued service and 20% have an additional performance requirement. The performance-based RSUs referred to above will vest only if the Company’s total shareholder return ("TSR") for 2025 is greater than the median TSR for the companies in the 2025 compensation peer group.* If the Company’s TSR is less than the median, no portion of the performance-based RSUs will be eligible to vest. If the applicable performance metric is achieved, 25% of the performance-based RSUs will vest on March 1, 2026, after which the

performance-based RSUs will continue to vest on a quarterly basis over the following 12 quarters, subject to Mr. Landman’s continued service. Each Landman Equity Award will also be subject to the terms and conditions of the 2020 Plan and the terms of an award agreement to be issued to Mr. Landman pursuant to the 2020 Plan.

* Total shareholder return for the Company and each peer will be calculated as the volume-weighted average price for shares traded in December 2025, assuming any dividends paid in 2025 were reinvested, divided by the volume-weighted average price for shares traded in December 2024.

Mr. Landman is an employee and director of the company. Mr. Landman is not compensated for his role as a director. All other employment terms shall remain unchanged.

In September 2020, we entered into an employment agreement with Mr. Landman, including a change in control and severance agreement. Pursuant to the employment agreement, Mr. Landman continues to serve as our Chief Technology Officer. Pursuant to certain compensation changes approved by the Company’s shareholders in May 2022, Mr. Landman’s employment agreement provides for an annual base salary, the opportunity to receive bonuses with an annual target bonus amount of up to 60% of Mr. Landman’s annual base salary upon achievement of certain predetermined performance parameters, and eligibility to participate in employee benefit or group insurance plans maintained from time to time by us. Mr. Landman’s employment agreement also provides that Mr. Landman will be eligible to receive reimbursements for certain travel expenses, in accordance with our expenses reimbursement policy.

The shareholders vote on this matter is binding under Israeli law and not merely advisory. If this proposal is not approved by the affirmative vote of our shareholders, the Company will not be authorized to implement the Landman Compensation Changes as described in this proxy statement.

The proposed Landman Compensation Changes were approved by our compensation committee and board of directors, reflect Mr. Landman’s experience, and are based on a comprehensive compensation survey provided to our compensation committee and board of directors and the terms of our Compensation Policy. The proposed Landman Compensation Changes are consistent with both our 2020 Compensation Policy and the 2025 Compensation Policy being proposed for adoption under Proposal 5 herein.

Proposed Resolution

Shareholders are being asked to adopt the following resolution:

“RESOLVED, to approve the Landman Compensation Changes with respect to Mr. Landman, the Company’s Chief Technology Officer, as described in the Proxy Statement, dated April 7, 2025.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 4.

PROPOSAL NUMBER 5

TO APPROVE THE COMPANY’S 2025 EXECUTIVE OFFICER

AND DIRECTOR COMPENSATION POLICY

Background

Under the Companies Law, companies incorporated under the laws of the State of Israel whose shares are listed for trading on a stock exchange or have been offered to the public in or outside of Israel, such as us, are required to adopt a policy governing the compensation of “office holders” (as defined in the Companies Law).

Accordingly, we maintain a 2020 Compensation Policy for our office holders. We are required under the Companies Law to submit the renewal of the 2020 Compensation Policy, or a new compensation policy, to our shareholders this year. In March 2025, our board of directors, following the recommendation of our compensation committee, approved our 2025 Executive Officer and Director Compensation Policy in the form attached hereto as Appendix A with changes marked versus the 2020 Compensation Policy (the “2025 Compensation Policy”) and our shareholders are being asked to approve the 2025 Compensation Policy at the Annual General Meeting.

Pursuant to the Companies Law and the regulations promulgated thereunder, the 2020 Compensation Policy remains in effect for a period of five years from the date of its approval on August 30, 2020. As such, if shareholders do not approve the 2025 Compensation Policy, the previous approval of the 2020 Compensation Policy will remain in effect until September 15, 2025.

The material differences between the 2025 Compensation Policy (which is described below under the section titled “2025 Executive Officer and Director Compensation Policy”) and the 2020 Compensation Policy are as follows (capitalized terms not defined in the following summary shall have the meaning ascribed to them under the 2025 Compensation Policy):

In recommending and approving the 2025 Compensation Policy, our board of directors and compensation committee considered the various factors set forth in the Companies Law, and reviewed various data and other information they deemed relevant, including, among others: (i) promoting the Company's objectives, business plan and long-term policy; (ii) creating appropriate incentives for our office holders, considering, among other issues, the Company's' risk management policy; (iii) the Company's size and nature of operations; and (iv) with respect to variable elements of compensation, the office holder’s contribution to achieving corporate objectives and increasing profits, with a long-term view and in accordance with his or her role.

Pursuant to the Companies Law, our Compensation Policy must be reviewed from time to time by our Compensation Committee and the board of directors, to ensure its alignment with the Company’s compensation philosophy and to consider its appropriateness for the Company. The Compensation Policy must generally be re-approved once every three years by the board of directors, after considering the recommendations of the compensation committee, and by the Company’s shareholders.

The 2025 Compensation Policy, if approved by our shareholders, will become effective immediately following the Annual General Meeting, for a period of three years. If the 2025 Compensation Policy is not approved by our shareholders, our 2020 Compensation Policy will remain in full force and effect until the earlier of its expiration or the adoption of a new compensation policy. To the extent not approved by our shareholders at the Annual General Meeting, our compensation committee and our

board of directors may nonetheless approve the 2025 Compensation Policy, following re-discussion of the matter and for specified reasons under the Companies Law, provided such approval is in the best interests of the Company.

Proposed Resolution

Shareholders are being asked to approve the following resolution:

“RESOLVED, that the 2025 Executive Officer and Director Compensation Policy, in the form attached as Appendix A to JFrog Ltd.’s definitive proxy statement relating to the 2025 Annual Meeting of Shareholders, be, and hereby is, approved.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required.

Additionally, the proposal is subject to the fulfillment of one of the following additional voting requirements (the “Special Majority”): (i) the majority of the shares that are voted at the Annual General Meeting in favor of such proposal, excluding abstentions, including a majority of the votes of shareholders who are not controlling shareholders or do not have a personal interest (an “Interested Shareholder”) in the approval of such proposal; or (ii) the total number of shares of the shareholders mentioned in clause (i) above that are voted against the proposal does not exceed two percent (2%) of the total voting rights in the Company.

For additional information, see “What is the voting requirement to approve each of the proposals?” below.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 5.

PROPOSAL NUMBER 6

 APPROVAL OF CHANGES TO THE COMPENSATION PROGRAM

OF OUR NON-EXECUTIVE MEMBERS OF

OUR BOARD OF DIRECTORS

Under the Companies Law, changes to director compensation require shareholder approval. The compensation program currently in effect for non-executive directors, pursuant to the limits set under the 2020 Compensation Policy, is as follows:

Cash Compensation:

Equity Compensation: An initial grant for new directors of RSUs with a value of $350,000 which will vest in equal quarterly installments over a four-year period, and an annual equity award of RSUs with a value of $175,000 which will vest quarterly over one year, with each such grant subject to such director’s continued service through each vesting date.

See above under the title Compensation of Non-Employee Directors for additional information with respect to the compensation arrangements of our non-employee directors.

The compensation committee reviewed the board of directors’ compensation program and recommended to the board of directors, which subsequently approved, the following changes for 2025 (which shall apply to non-executive directors):

The changes proposed above are consistent with the limits set by the 2020 Compensation Policy currently in effect, as well as the limits set by the 2025 Compensation Policy currently subject to shareholder approval (see Proposal 5).

In the event this Proposal 6 is not approved, the current director compensation program will remain in place.

Proposed Resolution

Shareholders are being asked to approve the following resolution:

“RESOLVED, to approve changes to the compensation scheme of non-executive directors in accordance with JFrog Ltd.’s definitive proxy statement relating to the 2025 Annual Meeting of Shareholders.

Required Vote

The affirmative vote of the holders of a majority of the shares represented by the Annual General Meeting in person or by proxy and voting on the foregoing proposal is required.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 6.

PROPOSAL NUMBER 7

 APPROVAL OF SHLOMI BEN HAIM’S SERVICE AS BOTH

OUR CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF OUR BOARD OF DIRECTORS

FOR A PERIOD OF THREE YEARS

Under the Companies Law, the chief executive officer of a public company may serve as the chairman of the board of directors or be vested with such authority, so long as authorized to do so by a special majority of shareholders at a general meeting. The shareholders’ approval can be provided for successive periods, each of up to three years.

Mr. Ben Haim has acted as the Chief Executive Officer and chairman of the board of directors since the Company’s inception. Effective as of the date of our initial public offering (“IPO”), Mr. Ben Haim was officially appointed as the Chief Executive Officer and Chairman of our board of directors for a period of five years from the date of our IPO.

Based on the recommendation of our nominating and corporate governance committee, our board of directors recommended that our shareholders ratify and approve the service of Mr. Ben Haim as both Chief Executive Officer and Chairman of the board of directors, for an additional three-year period commencing on September 16, 2025.

Pursuant to the Companies Law and the regulations promulgated thereunder, Mr. Ben Haim may serve as both Chief Executive Officer and Chairman of the board for a period of five years from the date of IPO. As such, if shareholders do not approve Mr. Ben Haim’s simultaneous service as both Chief Executive Officer and Chairman of our board of directors, the previous approval of this arrangement will remain in effect until September 15, 2025.

As recommended by our nominating and corporate governance committee, the board of directors has determined that it is in JFrog's best interest that Mr. Ben Haim continue to serve as Chairman of our board of directors, in addition to serving as Chief Executive Officer, effective for a period of three years

Proposed Resolution

Shareholders are being asked to approve the following resolution:

“RESOLVED, that, in accordance with the approval by the shareholders as described in the Company’s definitive proxy statement relating to the Annual General Meeting and the Companies Law, Shlomi Ben Haim’s service as both our Chief Executive Officer and Chairman of our board of directors for a period of three years is hereby approved.”

Required Vote

The affirmative vote of the holders of a majority of the shares represented at the Annual General Meeting in person or by proxy and voting on the foregoing resolution is required.

Additionally, the proposal is subject to the fulfillment of the Special Majority requirement through either: (i) the majority of the shares that are voted at the Annual General Meeting in favor of such proposal, excluding abstentions, including a majority of the votes of Interested Shareholders in the approval of such proposal; or (ii) the total number of shares of the shareholders mentioned in clause (i) above that are voted against the proposal does not exceed two percent (2%) of the total voting rights in the Company.

For additional information, see “What is the voting requirement to approve each of the proposals?” below.

Board Recommendation

Our board of directors recommends a vote “FOR” Proposal 7.

EXECUTIVE OFFICERS

The following table provides information regarding our executive officers as of March 14, 2025:

For Mr. Ben Haim’s and Mr. Landman’s biographies, see “Continuing Directors” above.

Eduard Grabscheid

Mr. Grabscheid has served as our Chief Financial Officer since January 2024 and previously served as Vice President, Finance from August 2019 to December 2023. From January 2015 to July 2019, he was the Chief Financial Officer and Vice President of Finance at Atlona, Vice President of Finance at ServiceMax from 2014 to 2015, and Senior Director of Finance at Intermolecular from June 2011 to May 2014. Mr. Grabscheid holds a B.B.A. in Accounting from California State University, Fresno and an M.B.A. in Finance from San Jose State University.

Tali Notman

Ms. Notman has served as our Chief Revenue Officer since January 2019, Vice President, Sales from May 2015 to December 2018 and previously served as our Director of Sales from September 2012 to April 2015 and as our Customer and Community Relation Manager from June 2011 to September 2012. From December 2007 to September 2010, she was the Director of Human Resources at AlphaCSP. Ms. Notman holds a B.A. in Social Sciences and a Masters in Legal Studies from Bar-Ilan University, Israel.

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Introduction

This Compensation Discussion and Analysis provides information regarding the fiscal year 2024 compensation program for our principal executive officer, our principal financial officer, and our remaining two executive officers at fiscal year-end who were our most highly-compensated executive officers (our “Named Executive Officers”). For fiscal year 2024, our Named Executive Officers were:

This Compensation Discussion and Analysis describes the material elements of our executive compensation program during fiscal year 2024 and provides an overview of our executive compensation philosophy, including our principal compensation policies and practices. Finally, it discusses the process and result of the specific compensation decisions that our compensation committee and board of directors made for fiscal 2024 compensation for our Named Executive Officers. All determinations regarding the compensation of our Named Executive Officers were approved first by our compensation committee and second by our board of directors, pursuant to the terms of our 2020 Compensation Policy and the Companies Law. Compensation determinations with respect to our executive officers who are members of our board of directors, including Messrs. Ben Haim and Landman, were also approved by our shareholders pursuant to the terms of the Companies Law.

Executive Summary

Who We Are

JFrog provides a hybrid, universal, end-to-end software supply chain platform for delivering trusted, secure software updates from code to production. Our goal is to function as the single source of truth for an organization’s software footprint, bridging digital gaps between developers, security teams, machine learning engineers, data scientists, and other business units to empower a world of always-on, always-current software which we refer to as “Liquid Software.” As of December 31, 2024, we had a global customer base of approximately 7,300 organizations across all industries and sizes, including approximately 82% of Fortune 100 organizations. All of the top 10 technology organizations and top 10 financial services organizations, eight of the top 10 retail organizations, eight of the top 10 healthcare organizations, and all of the top five telecommunications organizations in the Fortune 500 have adopted the JFrog platform, embarking on their journey towards Liquid Software. For the year ended December 31, 2024, our 10 largest customers represented approximately 8% of our total revenue and 40% of our revenue was generated from customers outside of the United States.

We have designed our subscription structure and go-to-market strategy to align our growth with the success of our customers. Our business model benefits from our ability to serve the needs of all customers, from individual software developers, security teams, MLOps teams, and IT operators to the largest organizations, in a value-oriented manner.

We generate revenue from the sale of subscriptions to customers. We offer subscription tiers for self-managed deployments, where our customers deploy and manage our products across their public cloud, on-premise, private cloud, or hybrid environments, as well as JFrog-managed public cloud deployments, which we refer to as our SaaS subscriptions. Revenue from SaaS subscriptions contributed 39% of our total revenue for the year ended December 31, 2024, compared to 34% for the year ended December 31, 2023.

Our self-managed subscriptions are offered on an annual and multi-year basis, and our SaaS subscriptions are offered on a monthly, annual, and multi-year basis. Revenue from Enterprise Plus subscription represented approximately 51% of our total revenue for the year ended December 31, 2024, compared to approximately 46% for the year ended December 31, 2023. The growth in revenue from our Enterprise Plus subscription demonstrates the increased demand for our end-to-end solutions for customers’ entire software supply chain management.

We have an unwavering commitment to the software developer, security teams, MLOps teams, and IT operator communities, and show this commitment by offering varying forms of free access to our products in addition to the paid subscriptions described above. This free access takes the form of free trials and open source software, and helps generate demand for our paid offerings within the software developer, security and IT operator communities.

Fiscal Year 2024 Financial Highlights

Our 2024 performance showcases our solid execution across our strategic pillars, driving growth in the cloud, leveraging complete software supply chain capabilities, and enhancing our security offerings – all supported by our focused transition to enterprise sales while building an efficient business. Our fiscal year 2024 financial and business highlights included the following:

* See Appendix B for a reconciliation of non-GAAP financial measures to the comparable GAAP measures.

** See Appendix C for explanations of operating metrics.

Executive Compensation Highlights

Eduard Grabscheid Appointment as CFO. Effective January 1, 2024, our board of directors appointed Eduard Grabscheid as Chief Financial Officer of the company. He had previously served as Vice President, Finance from August 2019 to December 2023. In connection with his appointment, the Company entered into an employment letter with Mr. Grabscheid providing for the following compensation recommended by the compensation committee and approved by our board of directors: annual base salary of $450,000; target bonus opportunity of 50% of annual base salary; and a grant of $2,000,000 in value of RSUs (representing 57,786 RSUs at the time of grant), 25% of which vested on March 1, 2025 and the remainder vesting quarterly thereafter over three years, subject to Mr. Grabscheid remaining a service provider to the Company through each applicable vesting date. The RSUs include a double trigger, 100% acceleration provision should the company be acquired. In addition, Mr. Grabscheid entered into a Change in Control and Severance Agreement with the Company as further described in the section entitled Post-Employment Compensation in this CD&A.

Key Fiscal Year 2024 Compensation Actions. Consistent with the Companies Law, our 2020 Compensation Policy and compensation objectives, and following a review of data summarizing the competitive market environment and the other factors described below, our compensation committee and board of directors took the following key actions with respect to the compensation of our Named Executive Officers for and during fiscal year 2024, other than Mr. Grabscheid's base salary and target bonus percentage which were set upon his appointment as CFO as noted above:

(1) The targeted values were converted to shares based on our 20 trading-day average closing share price for the period ending on the day prior to the grant date, which results in these target values being different than the values in the Summary Compensation Table below, which requires reporting based on fair value under the accounting rules.

Mr. Ben Haim received equity awards that were comprised of 50% RSUs and 50% PSUs. The other Named Executive Officers received equity awards that were comprised of 70% RSUs and 30% PSUs. Each of the PSU awards would become eligible to vest based on the achievement of a total shareholder return target for 2024. The RSU and PSU awards granted to Mr. Ben Haim and Mr. Landman were approved by the compensation committee and our board of directors in May 2024 and took effect in May 2024 following approval by our shareholders pursuant to the Companies Law. The RSU awards granted to Ms. Notman and Mr. Grabscheid were approved by the compensation committee and our board of directors and took effect in May 2024. The compensation committee and our board of directors determined the size of each Named Executive Officer’s equity awards based on consideration of the equity grant practices of the Company’s compensation peer group, as well as internal parity, scope and complexity of roles, experience, qualifications, skills and individual performance. Our board of directors certified achievement of the PSU performance target in February 2025 as discussed in "Compensation Elements -- Long Term Incentive Compensation -- 2024 Equity Awards" below.

Relationship Between Pay and Performance

We strive to design our executive compensation program to balance the goals of attracting, motivating, rewarding and retaining our Named Executive Officers with the goal of promoting the interests of our shareholders and other stakeholders, including our users, customers, employees, and creditors. To ensure this balance and to motivate and reward individual initiative and effort, we seek to ensure that our program is designed so that a meaningful portion of our Named Executive Officers’ annual target total direct compensation is both “at-risk” and variable in nature. While we do not determine either “variable” or “fixed” pay for each Named Executive Officer with reference to a specific percentage of target total direct compensation, consistent with our “pay-for-performance” philosophy, generally, we seek to emphasize variable pay over fixed pay.

Generally, this philosophy is reflected in the target total direct compensation opportunities of our Named Executive Officers. In fiscal year 2024, the majority of the target total direct compensation granted to Mr. Ben Haim consisted of variable pay in the form of a target annual cash incentive award and long-term incentive compensation in the form of an RSU award that may be settled for ordinary shares. Fixed pay, primarily consisting of base salary, made up only approximately 5.63% of Mr. Ben Haim’s target total direct compensation, while variable pay, consisting of his target annual cash incentive award and long-term incentive compensation in the form of RSU and PSU awards that may be settled for ordinary shares, made up approximately 94.37% of his target total direct compensation.

In the case of Ms. Notman, and Messrs. Grabscheid and Landman, their target total direct compensation packages were similar to that of Mr. Ben Haim, consisting of “at risk” variable pay in the form of a target annual cash incentive award and long-term incentive compensation in the form of RSU and PSU awards that may be settled for ordinary shares. Given the modest levels of their base salaries, variable pay made up approximately 90.37%, 86.56% and 86.49% of the target total direct compensation of Ms. Notman, and Messrs. Grabscheid and Landman, respectively, on an annualized basis.

As we continue to mature as a public company, we believe that the compensation elements provided to all of our Named Executive Officers will continue to emphasize “at risk” and variable pay that should enable us to provide a balanced set of incentives for our Named Executive Officers to meet our business objectives and drive long-term growth.

Our 2020 Compensation Policy

Due to our position as an Israeli company with an extensive global footprint, we aim to adopt compensation policies and practices that match those of similar global companies, but we must also comply with applicable Israeli law, including the requirement that Israeli publicly traded companies adopt a compensation policy which is brought for shareholders’ approval and contains certain limits on elements of compensation. All of our executive compensation decisions have been consistent with that policy.

As required by the Companies Law, we have adopted the 2020 Compensation Policy regarding the terms of office and employment of our “office holders,” including cash compensation, equity-based awards, releases from liability, indemnification and insurance, severance and other benefits. An office holder is defined in the Companies Law as a general manager, chief business manager, deputy general manager, vice general manager, any other person assuming the responsibilities of any of these positions regardless of such person’s title, a director and any other manager directly subordinate to the general manager. Each of the Named Executive Officers is an “office holder” within the meaning of the Companies Law.

An amendment to an existing arrangement with an office holder who is not the CEO or a director requires the approval of our compensation committee and board of directors, if the amendment is consistent with the company’s compensation policy; otherwise the approval of the shareholders shall also be required. However, according to regulations promulgated under the Companies Law, an amendment to an existing arrangement with an office holder (who is not a director) who is subordinate to the CEO shall not require the approval of the compensation committee and board of directors if (i) the amendment is approved by the CEO and the company’s compensation policy provides that a non-material amendment to the terms of service of an office holder (other than the CEO) may be approved by the CEO and (ii) the engagement terms are consistent with the company’s compensation policy. Our 2020 Compensation Policy allows for the CEO’s approval of immaterial amendments to agreements with executive officers (other than the CEO).

Under the Companies Law, the compensation of a public company’s Chief Executive Officer is required to be approved by: (i) the company’s compensation committee; (ii) the company’s board of directors, and (iii) the company’s shareholders (by a special majority vote as required by the Companies Law). However, if the shareholders of the company do not approve the compensation arrangement with the CEO, the compensation committee and board of directors may override the shareholders’ decision if each of the compensation committee and board of directors provide a detailed report for their decision. The approval of each of the compensation committee and board of directors should be in accordance with the company’s stated compensation policy; however, in special circumstances, they may approve compensation terms of a CEO that are inconsistent with such policy provided that they have considered those provisions that must be included in the compensation policy according to the Companies Law and that shareholder approval was obtained (by a special majority vote as required by the Companies Law). In addition, the compensation committee may waive the shareholder approval requirement with regards to the approval of the engagement terms of a candidate for the CEO position, if they determine that the compensation arrangement is consistent with the company’s stated compensation policy and that the CEO did not have a prior business relationship with the company or a controlling shareholder of the company and that subjecting the approval of the engagement to a shareholder vote would impede the company’s ability to employ the CEO candidate. In the event that the CEO also serves as a member of our board of directors, his or her compensation terms as CEO will be approved in accordance with the rules applicable to approval of compensation of directors (i.e., shareholders approval will be required).

Our 2020 Compensation Policy is designed to promote retention and motivation of directors and executive officers, incentivize superior individual excellence, align the interests of our directors and executive officers with our long-term performance, and provide a risk management tool. To that end, a portion of an executive officer’s compensation package is targeted to reflect our short and long-term goals, as well as the executive officer’s individual performance. On the other hand, our 2020 Compensation Policy includes measures designed to reduce the executive officer’s incentives to take excessive risks that may harm us in the long-term, such as limits on the value of cash bonuses and equity-based compensation, limitations on the ratio between the variable and the total compensation of an executive officer, and minimum vesting periods for equity-based compensation.

Our 2020 Compensation Policy also addresses our executive officers’ individual characteristics (such as his or her respective position, education, scope of responsibilities, and contribution to the attainment of our goals) as the basis for compensation variation among our executive officers and considers the internal ratios between compensation of our executive officers and directors and other employees. Pursuant to our 2020 Compensation Policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses, and other cash bonuses (such as a signing bonus and special bonuses with respect to any special achievements, such as outstanding personal achievement, outstanding personal effort, or outstanding company performance), equity-based compensation, benefits, and retirement and termination of service arrangements. All cash bonuses are limited to a maximum amount linked to the executive officer’s base salary.

An annual cash bonus may be awarded to executive officers upon the attainment of pre-set periodic objectives and individual targets. The annual cash bonus that may be granted to our executive officers other than our Chief Executive Officer will be based on performance objectives and a discretionary evaluation of the executive officer’s overall performance by our Chief Executive Officer and subject to minimum thresholds. The annual cash bonus that may be granted to executive officers other than our Chief Executive Officer may alternatively be based entirely on a discretionary evaluation. Furthermore, our Chief Executive Officer will be entitled to approve performance objectives for executive officers who report to him. The performance objectives and the weight to be assigned to each achievement in the overall evaluation will be based on overall company performance measures, which may be based on actual financial and operational results, such as (but not limited to) revenues, operating income and cash flow, and may further include divisional or personal objectives, which may include operational objectives, such as (but not limited to) market share, initiation of new markets and operational efficiency, customer focused objectives, project milestone objectives and investment in human capital objectives, such as employee satisfaction, employee retention and employee training and leadership programs.

The measurable performance objectives of our Chief Executive Officer will be determined annually by our compensation committee and board of directors. A portion of the Chief Executive Officer’s annual cash bonus may be based on a discretionary evaluation of the Chief Executive Officer’s overall performance by our compensation committee and board of directors, based on quantitative and qualitative criteria. The measurable performance (which include the objectives and the weight to be assigned to each achievement in the overall evaluation) will be based on overall company performance measures, which may be based on company and personal objectives. Company objectives may include actual financial and operational results, such as (but not limited to) revenues, sales, operating income, cash flow or our annual operating plan and long-term plan.

The equity-based compensation under our 2020 Compensation Policy for our executive officers (including members of our board of directors) is designed in a manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives being to enhance the alignment between the executive officers’ interests with our long-term interests and those of our shareholders and to strengthen the retention and the motivation of executive officers in the long term. Our 2020 Compensation Policy provides for executive officer compensation in the form of share options or other equity-based awards, such as restricted shares and restricted share units, in accordance with our share incentive plan then in place. All equity-based incentives granted to executive officers shall be subject to vesting periods in order to promote long-term retention of the awarded executive officers. The equity-based compensation shall be granted from time to time and be individually determined and awarded according to the performance, educational background, prior business experience, qualifications, role, and the personal responsibilities of the executive officer.

In addition, our 2020 Compensation Policy contains compensation recovery, or clawback provisions, in the event of an accounting restatement, provisions which allow us under certain conditions to recover bonuses, bonus compensation or performance-based equity compensation paid in excess, enable our Chief Executive Officer to approve an immaterial change in the terms of employment of an executive officer who reports directly him (provided that the changes of the terms of employment are in accordance with our 2020 Compensation Policy) and allow us to exculpate, indemnify, and insure our executive officers and directors to the maximum extent permitted by Israeli law, subject to certain limitations set forth therein.

Our 2020 Compensation Policy also provides for compensation to the members of our board of directors either (i) in accordance with the amounts provided in the Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director) of 2000, as amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel) of 2000, as such regulations may be amended from time to time, or (ii) in accordance with the amounts determined in our 2020 Compensation Policy.

Under the Companies Law, our 2020 Compensation Policy initially remained in effect for a term of five years (i.e., until August 30, 2025, unless amended earlier). This year, our 2025 Compensation Policy has been submitted to the shareholders for approval and will remain in effect until it is presented for re-approval at least every three years thereafter. Please see Proposal 5 in this proxy statement for a summary of the 2025 Compensation Policy to be considered by our shareholders.

Executive Compensation Policies and Practices

We endeavor to maintain sound governance standards consistent with our 2020 Compensation Policy, executive compensation programs and practices. The compensation committee reviews our executive compensation program on an annual basis to ensure consistency with our short-term and long-term goals given the dynamic nature of our business and the market in which we compete for executive talent. The following summarizes our executive compensation-related policies and practices that were in effect during fiscal year 2024:

What We Do:

What We Don’t Do:

Executive Compensation Philosophy and Objectives

Our executive compensation program is guided by our overarching philosophy of paying for demonstrable performance. We strive to provide an executive compensation program that is competitive, rewards achievement of our business objectives and aligns our Named Executive Officers’ interests with those of our shareholders. Consistent with this philosophy, we have designed our executive compensation program to achieve the following primary objectives:

We structure the annual compensation of our Named Executive Officers using base salary and long-term incentive compensation in the form of equity awards. In addition, each of our Named Executive Officers are eligible to earn annual cash incentive awards. The design of our executive compensation program is influenced by a variety of factors, with the primary goals being to align the interests of our Named Executive Officers and shareholders and to link pay with performance.

We have not adopted policies or employed guidelines for allocating compensation between current and long-term compensation, between cash and non-cash compensation or among different forms of non-cash compensation. As described below, our compensation committee and our board of directors consider a variety of factors in determining the appropriate yearly mix among such compensatory elements, including our compensation philosophy and the value of unvested equity awards granted previously. All compensation decisions by our compensation committee and our board of directors with respect to our Named Executive Officers conform to the requirements of our 2020 Compensation Policy and the Companies Law.

Compensation-Setting Process

Limitations Under Our 2020 Compensation Policy Designed to Reduce Excessive Risk-Taking

As discussed above, our 2020 Compensation Policy includes measures designed to reduce the executive officer’s incentives to take excessive risks that may harm us in the long-term, including the following limits on the value of cash bonuses and equity-based compensation, limitations on the ratio between the variable and the total compensation of an executive officer, and minimum vesting periods for equity-based compensation:

Role of the Compensation Committee and the Board

In accordance with the Companies Law, the decisions with respect to fiscal year 2024 executive officer compensation, including the compensation of our Named Executive Officers, are governed by our Compensation Policy for directors and officers, and made by the compensation committee and our board of directors, with input from our CEO (except with respect to his own compensation) and Compensia, an independent compensation consultant within the meaning of the rules of the SEC and Nasdaq.

The compensation committee believes our CEO has valuable insight into the day-to-day contributions of our executive officers, and solicits the advice and input from him with respect to performance objectives under our annual bonus plan and target compensation levels for our executive officers, including our Named Executive Officers. Our CEO does not provide input on his own compensation, which is determined by the compensation committee and the board of directors in accordance with the 2020 Compensation Policy and the Companies Law. Other factors our compensation committee and our board of directors consider in setting executive compensation include one or more of the following: individual performance and skills, management input, internal relative alignment of compensation levels, anticipated future contributions to our company, and the judgment and experience of the members of the compensation committee and our board of directors.

In carrying out its responsibilities, the compensation committee evaluates our compensation policies and practices with a focus on the degree to which these policies and practices reflect our executive compensation philosophy, develops strategies and makes decisions that it believes further our philosophy or align with developments in best compensation practices, and reviews the performance of our Named Executive Officers when making decisions and recommendations with respect to their compensation.

The compensation committee’s authority, duties and responsibilities are further described in its charter, which is reviewed annually and revised and updated as warranted. The charter is available in the “Investor Relations” section of our website, which is located at investors.jfrog.com by clicking on “Governance Documents” under “Governance.”

The compensation committee retains a compensation consultant, currently Compensia, to provide support in its review and assessment of our executive compensation program; however, the compensation committee exercises its own judgment in making its decisions and recommendations with respect to the compensation of our Named Executive Officers. Please see "Role of Compensation Consultant" below.

Setting Target Total Direct Compensation

Each year, the compensation committee conducts an annual review of the compensation arrangements of our Named Executive Officers, typically during the first quarter of the fiscal year. As part of this review, the compensation committee evaluates the base salary levels and long-term incentive compensation of our Named Executive Officers, as well as the annual cash incentive awards for our Named Executive Officers, and all related performance criteria.

The compensation committee does not establish a specific target for formulating the target total direct compensation of our Named Executive Officers. In making decisions and recommendations about the compensation of our Named Executive Officers, the members of the compensation committee are initially presented with a competitive market analysis prepared by its compensation consultant based on data gathered from the companies in our compensation peer group and considerations from broader executive compensation trends for its review and consideration. Drawing on this data, the members of the compensation committee then apply their professional experience to consider the following factors as applicable:

These factors provide the framework for compensation decision-making regarding the compensation opportunity for each Named Executive Officer. No single factor is determinative in setting compensation levels, nor is the impact of any individual factor on the determination of pay levels quantifiable.

The compensation committee does not weigh these factors in any predetermined manner, nor does it apply any formulas in developing its compensation decisions and recommendations. The members of the compensation committee consider this information in view of their individual experience, knowledge of the Company, knowledge of the competitive market, knowledge of each Named Executive Officer and business judgment in making their decisions and recommendations.

The compensation committee does not engage in formal benchmarking against other companies’ compensation programs or practices to establish our compensation levels or make specific compensation decisions and recommendations with respect to our Named Executive Officers. Instead, in making its determinations, the compensation committee reviews information summarizing the compensation paid at a representative group of peer companies, to the extent that the executive positions at these companies are considered comparable to our positions and informative of the competitive environment, as well as from more broad-based compensation surveys to gain a general understanding of market compensation levels.

Role of Management

In discharging its responsibilities, the compensation committee works with members of our management, including our CEO. Our management assists the compensation committee by providing information on corporate and individual performance, market compensation data and management’s perspective on compensation matters. The compensation committee solicits and reviews our CEO’s proposals with respect to program structures, as well as his recommendations for adjustments to annual cash compensation, long-term incentive compensation and other compensation-related matters for our Named Executive Officers (except with respect to his own compensation) based on his evaluation of their performance for the prior year.

The compensation committee reviews and discusses such proposals and recommendations with our CEO and considers them as one factor in determining and approving the compensation of our Named Executive Officers. Our CEO also attends meetings of our board of directors and the compensation committee at which executive compensation matters are addressed, except with respect to discussions involving his own compensation.

Role of the Compensation Consultant

The compensation committee has the authority to retain an external compensation consultant to assist it by providing information, analysis and other advice relating to our executive compensation program and the decisions resulting from its annual executive compensation review, including the authority to approve the consultant’s reasonable fees and other retention terms. The compensation consultant reports directly to the compensation committee and its chair, and serves at the discretion of the compensation committee, which reviews the engagement annually.

In fiscal year 2024, the compensation committee engaged Compensia to serve as its compensation consultant to advise on executive compensation matters, including competitive market pay practices for our Named Executive Officers, and with the data analysis and selection of the compensation peer group.

During fiscal year 2024, Compensia attended meetings of the compensation committee as requested and provided various services including the following:

The terms of Compensia’s engagement includes reporting directly to the compensation committee chair. Compensia also coordinated with our management for data collection and job matching for our executive officers. In fiscal year 2024, Compensia performed no services for the company other than those performed at the direction of the compensation committee.

The compensation committee has evaluated its relationship with Compensia to ensure that it believes that such firm is independent from management. This review process included a review of the services that Compensia provided, the quality of those services and the fees associated with the services provided during fiscal year 2024. Based on this review, as well as consideration of the factors affecting independence set forth in Exchange Act Rule 10C-1(b)(4), Section 5605(d)(3) of the Nasdaq Stock Market Listing Rules relating to the independence of the compensation committee’s compensation advisors and such other factors as were deemed relevant under the circumstances, the compensation committee has determined that no conflict of interest was raised as a result of the work performed by Compensia.

Competitive Positioning

The compensation committee believes that peer group comparisons are useful guides to measure the competitiveness of our executive compensation program and related policies and practices. For purposes of assessing our executive compensation against the competitive market, the compensation committee reviews and considers the compensation levels and practices of a select group of peer companies. This compensation peer group consists of technology companies that are similar to us in terms of revenue, market capitalization and industry focus. The competitive data drawn from this compensation peer group is one of several factors that the compensation committee considers in making its decisions and recommendations with respect to the compensation of our Named Executive Officers.

The compensation peer group for fiscal year 2024, which was developed in October 2023 with the assistance of Compensia to analyze the compensation of our Named Executive Officers, was composed of publicly-traded technology companies against which we compete for executive talent. This peer group was used to provide data used in the process of determining our Named Executive Officer compensation and was used to assess performance for the Named Executive Officers' 2024 PSU awards. In identifying and selecting the companies for the compensation peer group, Compensia considered the following primary criteria:

After consultation with Compensia, the compensation committee approved the following compensation peer group for use when making its fiscal year 2024 executive compensation decisions:

The compensation committee used data gathered by Compensia from the public filings of the companies in our compensation peer group, as well as data from custom data cuts drawn from the Radford Global Technology Survey database that are similar to us in revenue, market capitalization and industry for purposes of providing additional perspective in the case of executive positions where the compensation peer group offered a limited number of relevant data points. This data permitted us to evaluate

the competitive market when determining the total direct compensation packages for our Named Executive Officers, including base salary, target annual cash incentive awards and long-term incentive compensation.

The compensation committee reviews our compensation peer group at least annually and makes adjustments to its composition if warranted, taking into account changes in both our business and the businesses of the companies in the peer group.

Compensation Elements

Our executive compensation program consists principally of base salary and long-term incentive compensation in the form of equity awards. In addition, each of our Named Executive Officers are also eligible to receive target annual cash incentive awards.

Base Salary

Base salary represents the fixed portion of the compensation of our Named Executive Officers and is an important element of compensation intended to attract and retain highly talented individuals. Generally, we use base salary to provide each Named Executive Officer with a specified level of cash compensation during the year with the expectation that he or she will perform his or her responsibilities to the best of his or her ability and in our best interests.

Generally, we establish the initial base salaries of our Named Executive Officers through arm’s-length negotiation at the time we hire the individual, taking into account his or her position, qualifications, experience, and the base salaries of our other executive officers. Thereafter, the compensation committee reviews the base salaries of our Named Executive Officers each year as part of its annual review of our executive compensation program, with input from our CEO (except with respect to his own base salary), and makes adjustments (other than with respect to our CEO) that it determines are reasonable and necessary to reflect the scope of a Named Executive Officer’s performance, individual contributions and responsibilities, position in the case of a promotion, and market conditions.

In March 2024, the compensation committee reviewed the base salaries of our Named Executive Officers employed by the Company at such time. Based on the compensation committee’s review, our compensation committee and board of directors determined that the base salary of each of our Named Executive Officers should be increased to be more competitive with the base salaries of similarly-situated executives at companies of comparable size and stage of maturity. In making these decisions, our compensation committee and board of directors took into consideration a competitive market analysis prepared by Compensia, the recommendations of our CEO (except with respect to his own base salary) and the current retention risks and challenges facing us, as well as the other factors described in “Compensation-Setting Process – Setting Target Total Direct Compensation” above. Subsequently, our shareholders approved the increase in the base salary of Messrs. Ben Haim and Landman in May 2024 at our annual shareholder meeting. The base salary increases for each of our Named Executive Officers took effect on April 1, 2024.

The base salaries of our incumbent Named Executive Officers as determined in February for fiscal year 2024 were as follows. The base salary for each Named Executive Officer other than Ms. Notman was effective April 1, 2024. Ms. Notman's salary increase was effective July 1, 2024.

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The base salaries paid to our Named Executive Officers during fiscal year 2024 are set forth in “Executive Compensation Tables—2024 Summary Compensation Table” below.

Annual Cash Incentives

The 2020 Compensation Policy enables our compensation committee and board of directors to provide cash incentive awards to selected employees, including our Named Executive Officers, based upon our actual achievement as measured against performance metrics established by the compensation committee. The compensation committee and board of directors believe that the financial performance measures used in the 2020 Compensation Policy contribute to driving the creation of long-term stakeholder value, including shareholder value, and play an important role in influencing the performance of our Named Executive Officers, who are most directly responsible for our overall success. Incentive cash bonuses are entirely performance-based, are not guaranteed, and may vary materially from year-to-year.

Typically, our compensation committee and board of directors, with input from our CEO (except with respect to his own cash bonus opportunity), establishes cash bonus opportunities under the 2020 Compensation Policy pursuant to an annual cash bonus plan that measures and rewards our executive officers for our actual corporate and individual performance over our fiscal year. The cash bonus plan is designed to pay below-target bonuses when we do not achieve our objectives and above-target bonuses when we exceed our objectives.

In March and May 2024, our compensation committee and board of directors determined to award cash bonus opportunities to our executive officers, including our Named Executive Officers, pursuant to the cash bonus plan for 2024 (the “Fiscal Year 2024 Bonus Plan”). Under the Fiscal Year 2024 Bonus Plan, our compensation committee and board of directors had the authority to select the performance measures and related target levels applicable to the annual cash bonus opportunities for our executive officers, subject to the terms of the 2020 Compensation Policy and the Companies Law.

Target Annual Cash Incentive Award Opportunities

For fiscal year 2024, the target annual cash bonus opportunities for each of our Named Executive Officers under the Fiscal Year 2024 Bonus Plan, were as follows:

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For purposes of the Fiscal Year 2024 Bonus Plan, target annual cash incentive awards were to be based upon a specific percentage of each eligible Named Executive Officer’s annual base salary. In March and May 2024, as part of its annual review of our executive compensation program, the compensation committee reviewed the target annual cash incentive award opportunities of each Named Executive Officer. The compensation committee and board of directors determined that the target annual cash incentive award opportunity of each Named Executive Officer other than Mr. Ben Haim, remain at the level set for fiscal year 2023. The compensation committee and board of directors determined that the target annual cash incentive award opportunity for Mr. Ben Haim be increased from 75% of base salary to 100% of base salary. Subsequently, our shareholders approved the target annual cash incentive award opportunity of Mr. Ben Haim in May 2024 at our annual shareholder meeting.

In determining to change the approach for Mr. Ben Haim’s target annual cash incentive award opportunity and in making the decisions for the target annual cash incentive award opportunities of the other Named Executive Officers, our compensation committee and board of directors took into consideration a competitive market analysis prepared by Compensia, the recommendations of our CEO (except with respect to his own target annual cash incentive opportunity) and the current retention risks and challenges facing us, as well as the other factors described in “Compensation-Setting Process – Setting Target Total Direct Compensation” above.

Under the Fiscal 2024 Bonus Plan, the target annual cash bonus opportunities of our executive officers, including the Named Executive Officers, were weighted 100% on corporate financial objectives. The compensation committee and board of directors determined this allocation to be appropriate to focus our executive officers on our short-term financial objectives as reflected in our annual operating plan while at the same time recognizing their contributions to the achievement of these objectives and the successful execution of their individual roles and responsibilities.

Corporate Performance Metrics

For purposes of the Fiscal Year 2024 Bonus Plan, the sole corporate performance measure was based on net new annual recurring revenue ("NNARR") (see Appendix C for a description of this operating metric) with corporate performance targets measured both quarterly and annually. While management uses NNARR internally as an indicator of our pipeline, we do not publicly disclose NNARR targets or results because we believe disclosure of the measure would result in competitive harm. The compensation committee and board of directors believed this performance measure was appropriate for our business and aligned with the company's growth targets and guidance. The compensation committee established target performance levels for this measure that it believed to be challenging, but attainable, through the successful execution of our annual operating plan.

Each of our Named Executive Officers was eligible to receive their annual target bonus under the Fiscal Year 2024 Bonus Plan based on the achievement of targets set based on our annual NNARR goal, with portions of such amount paid on a quarterly basis. The actual payment amounts are calculated as a percentage of each such Named Executive Officer’s target bonus amount based on the degree to which the NNARR target was achieved for fiscal 2024.

2024 Performance Results and Decisions

In March 2024, the Compensation Committee recommended, and the Board of Directors approved, the NNARR performance targets for the Fiscal Year 2024 Bonus Plan. Subsequently, the Compensation Committee and the Board approved adjustments to these targets to reflect company 2024 guidance.

When initially established, there was no threshold level of achievement required and the maximum level of achievement was capped at 200% of the applicable target. When approving the adjusted bonus plan targets, the board of directors capped the bonus at 100% unless the original full-year target was exceeded.

For fiscal year 2024, the overall level of achievement of the Company’s NNARR goal against the revised target was approximately 112%. While the 2024 NNARR exceeded this revised full-year target, it did not exceed the original full-year target and thus the bonus payment was capped at 100%. This resulted in the total annual cash incentive awards paid to our Named Executive Officers for fiscal year 2024 set forth below in “Executive Compensation Tables—2024 Summary Compensation Table.”

Long-Term Incentive Compensation

We view long-term incentive compensation in the form of equity awards as a critical element of our executive compensation program. We use equity awards to incentivize and reward our Named Executive Officers for long-term corporate performance based on the value of our ordinary shares and, thereby, to align their interests with the interests of our shareholders. The realized value of these equity awards bears a direct relationship to our ordinary share price, and, therefore, these awards are intended to provide an incentive for our Named Executive Officers to create value for our shareholders. We believe equity awards also help us retain our Named Executive Officers in a highly competitive market and as such contribute to the long-term value creation for all our shareholders.

For 2024, we used both RSU awards with time-based vesting requirements and PSUs with a performance goal (measured as of December 31, 2024) that may be settled for ordinary shares to motivate, reward and retain our Named Executive Officers for long-term increases in the value of our ordinary shares. The compensation committee and board of directors believe that these

RSU and PSU awards would help us to achieve our incentive and retention objectives and are generally aligned with market practice among similarly situated executives at the companies in our compensation peer group.

The compensation committee and board of directors believe that because RSU awards have value to the recipient even in the absence of ordinary share price appreciation, we are able to incentivize and retain our Named Executive Officers using fewer ordinary shares than would be necessary if we used share options to provide an equity stake in the Company. Since the value of RSU awards increases or decreases with any increase or decrease in the value of the underlying ordinary shares, RSU awards also provide incentives to our Named Executive Officers that are aligned with the interests of our stakeholders. For 2024 and 2023, 50% of Mr. Ben Haim’s equity awards had a performance requirement. For 2024, we expanded the use of performance-based equity awards to our other Named Executive Officers with a split of 70% time-based and 30% performance-based awards for Named Executive Officers other than Mr. Ben Haim.

Subject to the Companies Law, to date, our compensation committee and board of directors have not applied a rigid formula in determining the size of the equity awards to be granted to our Named Executive Officers as part of our annual focal review of equity awards (all subject to the ratio limitation within our 2020 Compensation Policy). Instead, in making these decisions, our compensation committee and board of directors have exercised their judgment as to the amount of the awards after considering the unvested equity holdings of each Named Executive Officer and the ability of these unvested holdings to satisfy our retention objectives, as well as the fierce market for senior executive talent in the San Francisco Bay Area and Israel. In addition, in granting equity awards to all of our employees, including our Named Executive Officers, our compensation committee and board of directors consider the proportion of our total ordinary shares outstanding used for annual employee long-term incentive compensation awards (our “burn rate”) in relation to the annual burn rate ranges of the companies in our compensation peer group and other recently-public technology companies with which the members of our compensation committee and board of directors are familiar, the potential economic and voting power dilution to our shareholders in relation to the median practice of the companies in our compensation peer group and other recently-public technology companies and the other factors described in “Compensation-Setting Process – Setting Target Total Direct Compensation” above.

2024 Equity Awards

In March, as part of its annual review of our executive compensation program, and after taking into consideration a competitive market analysis prepared by Compensia and the recommendations of our CEO (except with respect to his own equity award), as well as the factors described in the preceding paragraph, our compensation committee and board of directors determined that equity awards should be granted to each of our Named Executive Officers in the form of RSU awards with time-based vesting requirements and PSU awards with time-based and performance-based vesting requirements Mr. Ben Haim, Ms. Notman, Mr. Grabscheid, and Mr. Landman each received RSU and PSU awards that may be settled for ordinary shares with an approximate aggregate grant date fair value as follows:

(1) The targeted values were converted to shares based on our 20 trading-day average closing share price for the period ending on the day prior to the grant date, which results in these target values being different than the values in the Summary Compensation Table below, which requires reporting based on fair value under the accounting rules.

Each RSU award will vest over a four-year period with 25% of the total original number of shares subject to the applicable RSU award vesting on the one-year anniversary of June 1, 2024, the vesting commencement date for the 2024 RSUs, and the remainder vesting ratably thereafter on a quarterly basis over the following three years in accordance with our equity grant practices, subject to the Named Executive Officer’s continued service through each vesting date.

Each PSU award was only eligible to vest if our total shareholder return for 2024 was greater than the median of the total shareholder return for the companies in our 2024 compensation peer group, calculated as the volume-weighted average price for shares traded in December 2024, assuming any dividends paid in 2024 were reinvested, divided by the volume-weighted average price for shares traded in December 2023. If JFrog’s total shareholder return did not meet that goal, no portion of the PSU awards would be eligible to vest. In February 2025, our board of directors verified the achievement of the total shareholder return

performance goal under the 2024 PSU Award, so 25% of the total original number of shares subject to the PSU Award vested on March 1, 2025, the one year anniversary of the PSU vesting commencement date, with the remainder vesting ratably thereafter on a quarterly basis over the following three years, subject to each Named Executive Officer's continued service through each vesting date.

The equity awards granted to our Named Executive Officers during fiscal year 2024 are set forth in “Executive Compensation Tables—2024 Summary Compensation Table” and “Executive Compensation Tables—Grants of Plan-Based Awards in 2024 Table” below.

Health, Welfare and Retirement Benefits

Our Named Executive Officers are eligible to participate in the same employee benefit plans, and on the same terms and conditions, as all other full-time, salaried employees in the jurisdiction where the Named Executive Officer is located. These benefits include medical, dental, and vision insurance, business travel insurance, an employee assistance program, health and dependent care flexible spending accounts, basic life insurance, accidental death and dismemberment insurance, short-term and long-term disability insurance and commuter benefits.

We maintain a Section 401(k) plan for our employees, including our Named Executive Officers located in the United States. The Section 401(k) plan is intended to qualify under Section 401(k) of the Code, so that contributions to the plan by employees or by us, and the investment earnings thereon, are not taxable to the employees until withdrawn, and so that contributions made by us, if any, will be deductible by us when made. Employees may elect to reduce their current compensation by up to the statutorily prescribed annual limits and to have the amount of such reduction contributed to their accounts under the Section 401(k) plan. The Section 401(k) plan permits us to make contributions up to the limits allowed by law on behalf of all eligible employees. Typically, we match 50% of employee contributions to the plan up to 6% of the participating employee’s eligible compensation, to a maximum match of $10,350 for calendar year 2024, $9,900 for calendar year 2023, and $9,150 for calendar year 2022. All participating employees’ interests in our matching contributions, if any, vest immediately at the time of contribution. The Section 401(k) plan also contains a Roth component.

We also maintain defined-contribution plans for employees in certain other countries.

We do not offer any retirement benefits to employees located in Israel, except to the extent certain social benefits required pursuant to Israeli labor laws or are common practice in Israel, and such social benefits are applicable to all Israeli employees. Specifically, based on Israeli labor laws, an Israeli employee is entitled to severance pay upon termination of employment for any reason, including retirement. We make a payment of 8.33% of each employee’s monthly base salary to an insurance or pension fund to pay for this future liability payable to our employees upon termination of their employment. In addition, we make a payment of 6.5% of each employee’s monthly base salary to another insurance or pension fund, and this accrued amount may be withdrawn by the employee only upon retirement. We generally provide all of our Israeli employees with a fixed travel allowance for commuting costs, except that we provide Mr. Landman with an allowance up to a maximum amount of NIS 5,500 per month. Also, as is customary in Israel applicable to all Israeli employees, we provide our Israeli employees with a certain amount of monthly contributions (7.5% of their base salary up to NIS 15,712) for the benefit of each employee’s study and training purposes. The amounts of the above referenced benefits contributed by us to Mr. Landman in 2024 are specified in the 2024 All Other Compensation Table of this proxy statement.

We design our employee benefits programs to be affordable and competitive in relation to the market as well as compliant with applicable laws and practices. We adjust our employee benefits programs as needed based upon regular monitoring of applicable laws and practices and the competitive market.

Perquisites and Other Personal Benefits

Currently, we do not view perquisites or other personal benefits as a significant component of our executive compensation program. Accordingly, we do not provide significant perquisites or other personal benefits to our Named Executive Officers except as generally made available to our employees or in situations where we believe it is appropriate to assist an individual in the performance of his or her duties, to make him or her more efficient and effective, and for recruitment and retention purposes.

Pursuant to Mr. Ben Haim’s offer letter with the Company, Mr. Ben Haim is eligible to receive reimbursements for certain expenses incurred by him related to his relocation from Israel to the United States, up to a maximum amount of $50,000 per calendar year, in accordance with our standard expenses reimbursement policy, and we will provide Mr. Ben Haim with additional amounts sufficient to make such reimbursements tax neutral to Mr. Ben Haim. During fiscal year 2024, the Company

provided Mr. Ben Haim with payments pursuant to the relocation reimbursement provisions of Mr. Haim’s offer letter with an aggregate value of $73,583, counting both the reimbursements and tax neutrality payments.

In the future, we may provide perquisites or other personal benefits in limited circumstances. All future practices with respect to perquisites or other personal benefits will be approved and subject to periodic review by our compensation committee and board of directors.

Employment Arrangements

We have entered into written employment letters with each of our Named Executive Officers. The employment arrangements with each of our Named Executive Officers were approved by our compensation committee and board of directors. We believe that these arrangements were necessary to secure the service of these individuals in a highly competitive job market.

Each of these employment arrangements does not have a specific term, and with respect to Messrs. Ben Haim and Grabscheid, and Ms. Notman provides for “at will” employment (meaning that either we or the Named Executive Officer may terminate the employment relationship at any time without cause). Each employment arrangement generally sets forth the Named Executive Officer’s initial base salary, target annual cash incentive opportunity, if applicable, and eligibility to participate in our standard employee benefit plans and programs.

For detailed descriptions of the employment arrangements with our Named Executive Officers, see “Report of the Compensation Committee of the Board of Directors - Executive Employment Agreements” below.

Post-Employment Compensation

We entered into change in control and severance agreements with each of Mr. Ben Haim, Mr. Grabscheid, and Ms. Notman, our Named Executive Officers located in the United States (collectively, the “Severance Arrangements”). The Severance Arrangements provide for certain protections in the event of specified involuntary terminations of employment, including an involuntary termination of employment in connection with a change in control of the Company, in exchange for executing a separation agreement and release of claims in our favor that becomes effective and irrevocable.

The Severance Arrangements provide reasonable compensation in the form of severance pay and certain limited benefits to a Named Executive Officer if he or she leaves our employ under certain circumstances to facilitate his or her transition to new employment. Further, in some instances we seek to mitigate any potential employer liability and avoid future disputes or litigation by requiring a departing Named Executive Officer to sign a separation agreement and release of claims in a form and with terms acceptable to us providing for a general release of all claims as a condition to receiving post-employment compensation payments or benefits. We also believe that the Severance Arrangements help maintain our Named Executive Officers’ continued focus and dedication to their assigned duties to maximize stakeholder value if there is a potential transaction that could involve a change in control of the Company.

Under the Severance Arrangements, all payments and benefits in the event of a change in control of the Company are payable only if there is a connected involuntary loss of employment by a Named Executive Officer (a so-called “double-trigger” arrangement). In the case of the acceleration of vesting of outstanding equity awards, we use this double-trigger arrangement to protect against the loss of retention value following a change in control of the Company and to avoid windfalls, both of which could occur if vesting of either equity or cash-based awards accelerated automatically as a result of the transaction. The “double-trigger” equity vesting acceleration is documented in each Named Executive Officer’s award grant letters.

In the event of a change in control of the Company, to the extent that any of the amounts provided for under the Severance Arrangements would constitute a “parachute payment” within the meaning of Section 280G of the Code and could be subject to the related excise tax under Section 4999 of the Code, a Named Executive Officer will receive such payment as would entitle him or her to receive the greatest after-tax benefit, even if it means that we pay the Named Executive Officer a lower aggregate payment so as to minimize or eliminate the potential excise tax imposed by Section 4999 of the Code.

We have entered into an employment letter with Mr. Landman, our Named Executive Officer located in Israel, that provides for certain severance benefits in connection with an involuntary termination of employment that are generally consistent with the severance benefits we provide to our Named Executive Officers located in the United States pursuant to the Severance Agreements, although Mr. Landman’s employment letter does not provide for equity vesting acceleration. Mr. Landman’s “double-trigger” equity vesting acceleration is documented in his award grant letter.

We do not provide any tax reimbursement payments (or “gross-ups”) on excise taxes relating to a change in control of the Company with respect to any of our executive officers, including our Named Executive Officers.

We believe that having in place reasonable and competitive post-employment compensation arrangements, including in the event of a change in control of the Company, are essential to attracting and retaining highly qualified executive officers. The compensation committee does not consider the specific amounts payable under the post-employment compensation arrangements when determining the annual compensation for our Named Executive Officers. We do believe, however, that these arrangements are necessary to offer compensation packages that are competitive.

For detailed descriptions of the post-employment compensation arrangements with our Named Executive Officers, as well as an estimate of the potential payments and benefits payable under these arrangements, see “Executive Compensation Tables—Potential Payments upon Termination or Change in Control” below.

Other Compensation Policies

Compensation Recovery (“Clawback”)

Pursuant to the 2020 Compensation Policy, in the event of an accounting restatement, the Company shall be entitled to recover from its executive officers the bonus compensation or performance-based equity compensation in the amount in which such compensation exceeded what would have been paid under the financial statements, as restated, provided that a claim is made by the Company prior to the second anniversary of fiscal year end of the restated financial statements. However, such compensation recovery will not be triggered by a financial restatement that is required due to changes in the applicable financial reporting standards, or if the compensation committee has determined that recovery proceedings in the specific case would be impossible, impractical or not commercially or legally efficient.

In October 2023, we adopted a clawback policy in accordance with SEC and Nasdaq requirements. This policy provides for the non-discretionary recovery of excess incentive-based compensation from current and former executive officers in the event of an accounting restatement, whether or not the executive officer was at fault for the restatement, in accordance with SEC and Nasdaq requirements.

Insider Trading Policy and Prohibition on Hedging and Pledging of Securities

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers and employees, or our company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to us. Under our Insider Trading Policy, our employees, officers, consultants, contractors, the members of our board of directors, and other agents are prohibited from engaging in transactions in publicly-traded options, such as puts and calls, and other derivative securities with respect to our securities (other than share options, share appreciation rights and other securities issued pursuant to Company benefit plans or other compensatory arrangements with the Company). This includes any hedging or similar transaction designed to decrease the risks associated with holding our securities. In addition, our employees, including officers, and the members of our board of directors may not engage in short sales (that is, the sale of a security that must be borrowed to make delivery) or “sell short against the box” (that is, a sale with a delayed delivery) involving our securities.

Also, under our Insider Trading Policy, our employees, officers, consultants, contractors, the members of our board of directors, and other agents may not pledge our securities as collateral for a loan or hold our securities in a margin account.

Tax and Accounting Considerations

The compensation committee takes the applicable tax and accounting requirements into consideration in designing and overseeing our executive compensation program.

Deductibility of Executive Compensation

Section 162(m) of the Code, generally limits the amount a public company may deduct for federal income taxes purposes for compensation paid to its chief executive officer, chief financial officer, and certain other executive officers up to $1 million per executive office per year, subject to certain exceptions. As a publicly-traded company, the compensation committee and our board of directors are mindful of the benefits of full deductibility of compensation, and intend to operate our executive

compensation program to be most efficient and effective for our shareholders, which may include compliance with Section 162(m) of the Code.

The compensation committee and our board of directors believe it is important to maintain cash and equity incentive compensation at the requisite level to attract and retain the individuals essential to our financial success, even if all or part of that compensation may not be deductible by reason of the Section 162(m) limitation.

Accounting for Share-Based Compensation

The compensation committee and our board of directors take accounting considerations into account in designing compensation plans and arrangements for our executive officers and other employees. Chief among these is Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC Topic 718”), the standard which governs the accounting treatment of certain share-based compensation. Among other things, ASC Topic 718 requires us to record a compensation expense in our income statement for all equity awards granted to our executive officers and other employees. This compensation expense is based on the grant date “fair value” of the equity award and, in most cases, will be recognized ratably over the award’s requisite service period (which, generally, will correspond to the award’s vesting schedule). This compensation expense is also reported in the compensation tables below, even though recipients may never realize any value from their equity awards.

REPORT OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS

The compensation committee of our board of directors has reviewed and discussed with management the Compensation Discussion and Analysis provided above. Based on its review and discussions, the compensation committee recommended to the board of directors that the Compensation Discussion and Analysis be included in this Proxy Statement and the Annual Report on Form 10-K for our fiscal year ended December 31, 2024.

Respectfully submitted by the members of the compensation committee of the board of directors:

Jessica Neal (Chair)*

Yossi Sela*

Yvonne Wassenaar

*until March 20, 2025

This report of the compensation committee is required by the SEC and, in accordance with the SEC’s rules, will not be deemed to be part of or incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act or under the Exchange Act, except to the extent that we specifically incorporate this information by reference, and this report and the information contained therein will not otherwise be deemed “soliciting material” or “filed” under either the Securities Act or the Exchange Act or be subject to Regulation 14A or Regulation 14C (other than as provided in Item 407 of Regulation S-K) or to the liabilities of Section 18 of the Exchange Act.

Compensation Risk Assessment

The compensation committee of our board of directors believes that our employee compensation policies and programs do not encourage excessive and unnecessary risk-taking and are not reasonably likely to have a material adverse effect on our company. The compensation committee oversaw the performance of a risk assessment of our compensation policies and programs as generally applicable to our employees to ascertain any potential material risks that may be created by our compensation programs. The compensation committee considered the findings of the assessment conducted by management with the assistance of Compensia, the compensation committee’s compensation consultant, and concluded that our compensation programs are designed and administered with the appropriate balance of risk and reward in relation to our overall business strategy and do not encourage employees to take unnecessary or excessive risks, and that the level of risk that they might encourage is not reasonably likely to materially harm our business or financial condition, after considering mitigating controls.

2024 Summary Compensation Table

The following table presents information concerning the total compensation of our Named Executive Officers for services rendered to us in all capacities during the years ended December 31, 2024, 2023, and 2022.

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For purposes of satisfying requirements under the Companies Law, the total compensation for fiscal year 2024 of Mr. Sagi Dudai, our Chief Product and Engineering Officer was $2,578,305, comprised of salary of $320,757, share awards of $2,007,184, non-equity incentive plan compensation of $197,028, and all other compensation of $53,336, with each such amount calculated pursuant to the same applicable methodology as under our 2024 Summary Compensation Table. Mr. Dudai’s salary, non-equity incentive plan compensation, and all other compensation were paid in NIS which were converted into USD at an annual average exchange rate of 3.7 NIS for each 1.000 USD.

Grants of Plan-Based Awards in 2024

The following table summarizes incentive plan-based awards granted to our Named Executive Officers during the fiscal year ended December 31, 2024.