LOAN AND SECURITY MODIFICATION AGREEMENT

Exhibit 10.5

LOAN AND SECURITY MODIFICATION AGREEMENT

This Loan and Security Modification Agreement is entered into as of May 29, 2012 by and between VARONIS SYSTEMS. INC. (the “Borrower”) and BRIDGE BANK, NATIONAL ASSOCIATION (“Bank”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS: Borrower has entered into a Loan and Security Agreement, dated November 14, 2011 with the Bank, as may be amended from time to time (the “Loan and Security Agreement”). Capitalized terms used without definition herein shall have the meanings assigned to them in the Loan and Security Agreement. The Loan and Security Agreement and any and all other documents executed by Borrower in favor of Bank in connection with the Loan and Security Agreement shall be referred to as the “Existing Documents.”

2. DESCRIPTION OF CHANGE IN TERMS.

1. Clause (g)(ii) of the defined term “Permitted Investments” set forth in Section 1.1 is amended in its entirety to read as follows:

(ii) of Borrower in or to its Subsidiaries in an amount not to exceed $100,000 in any fiscal year; provided however that, in the first year of existence of Borrower’s French Subsidiary, Borrower’s Investments in its French Subsidiary may exceed the foregoing amounts, but shall not exceed the lesser of (A) the amounts necessary to support the French Subsidiary’s operations in its first year, or (B) $1,200,000 in the aggregate; and

2. Section 5.14 is amended in its entirety to read as follows:

5.14 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Borrower’s ownership of all of the outstanding capital stock of each of the following wholly owned Subsidiaries: Varonis France SAS, a French company, Varonis Systems Ltd., an Israeli company, Varonis (UK) Limited, a UK company, and Varonis Systems (Deutschland) GmbH, a German company.

3. CONSISTENT CHANGES. The Existing Documents are each hereby amended wherever necessary to reflect the changes described above.

4. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the Existing Documents, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents. Borrower represents and warrants that the representations and warranties contained in the Loan and Security Agreement are true and correct as of the date of this Loan and Security Modification Agreement, and that no Event of Default has occurred and is continuing. Except as expressly modified pursuant to this Loan and Security Modification Agreement, the terms of the Existing Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the Existing Documents pursuant to this Loan and Security Modification Agreement in no way shall obligate Bank to make any future

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modifications to the Existing Documents. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Existing Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released by virtue of this Loan and Security Modification Agreement.

5. CONDITIONS. As a condition to the effectiveness of this Loan and Security Modification Agreement, Bank shall have received, in form and substance satisfactory to Bank, the following:

[SIGNATURE PAGE FOLLOWS]

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6. COUNTERSIGNATURE. This Loan and Security Modification Agreement shall become effective only when executed by Bank, Borrower, and Guarantor.

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SCHEDULE OF EXCEPTIONS

Permitted Indebtedness (Section 1.1)

Indebtedness in the aggregate principal amount of $20,000,000 owing to TriplePoint Capital, LLC

Permitted Investments (Section 1.1)

Borrower owns the outstanding capital stock of the following wholly owned Subsidiaries of Borrower:

The Borrower may enter into derivative instrument arrangements to hedge a portion of its anticipated expenses in new Israeli shekel (NIS), British Pound (GBP) and EUR, provided such arrangements that are not contrary to, and Borrower has fully complied with, Borrower’s obligations under Section 6.9 of the Agreement.

Permitted Liens (Section 1.1)

Existing Liens:

Inbound Licenses (Section 5.6)

The company embeds to its software certain open-source software which are not owned by it, but are used pursuant to a valid license.

Names; Locations (Sections 5.7; Section 7.10):

Litigation (Section 5.8)

None

Accounts (Section 5.16)

The Borrower and its subsidiaries maintain the following bank accounts:

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