Business Context and Reporting Period
This Form 8-K Current Report was filed by Varonis Systems, Inc. on February 12, 2018, covering events occurring on February 8, 2018. The filing addresses significant changes in executive leadership and corresponding compensatory arrangements.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel appointments and employment agreement amendments.
Material Changes
- Appointment of Chief Operating Officer: Mr. Guy Melamed was appointed Chief Operating Officer (COO) effective February 8, 2018, in addition to his existing role as Chief Financial Officer (CFO).
- Compensation Adjustment: Mr. Melamed's employment agreement was amended to reflect an annual base salary of $400,000 and an annual target bonus of $250,000, effective January 1, 2018.
- Appointment of Chief Technology Officer: Mr. David Bass was appointed Chief Technology Officer (CTO), effective March 1, 2018.
- Departure of CTO: Mr. Ohad Korkus will step down as CTO but will continue to serve as a director of the Company.
Management Commentary and Risks
Management highlighted Mr. Melamed's extensive tenure with the company since 2011 and his background in building the global finance organization. Mr. Bass, an employee since 2005, was promoted from Senior Vice President of Engineering. The filing notes that the summary of the employment amendment is qualified by reference to the full text of Exhibit 10.1. No specific risks, contingencies, or unusual items were disclosed in this report.
Investor Verification Checklist
- Review Exhibit 10.1 for the full terms of the amended employment agreement for Mr. Guy Melamed.
- Confirm the transition timeline for the CTO role between Mr. Korkus and Mr. Bass effective March 1, 2018.
- Verify the impact of the leadership changes on the company's strategic direction in subsequent earnings reports.