EX-10.1



 Exhibit 10.1 
  

			
	



	  	 3400 Bridge Parkway
 Redwood Shores,
CA 94065
 Tel: +1 (650) 345-9000
 Fax: +1 (650)
240-0500
 www.imperva.com


 August 13, 2014 

Anthony Bettencourt 
 Dear Anthony: 

Imperva, Inc. (the “Company”) is pleased to offer you employment on the following terms: 

1. Position. Your title will be President and Chief Executive Officer and you will report to the Company’s Board of Directors (the
“Board”). This is a full-time position based out of the Company’s headquarters in Redwood Shores, California. While you are employed at the Company, you will abide by your duty of loyalty to the Company, will perform your duties and
follow the lawful directions of the Board in a diligent manner, and will devote your full time, energy and attention to the interests of the Company. By signing this letter agreement, you confirm to the Company that you have no contractual
commitments or other legal obligations that would prohibit you from performing your duties for the Company. 
 2. Cash Compensation. The Company will
pay you a starting salary at the rate of $31,250 per month ($375,000 per year), payable in accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation
policies in effect from time to time. In addition, you will be eligible to participate in the Company’s bonus plan as in effect from time to time. Initially, your annual bonus goal will be $375,000 (100% of base salary) at target and paid
quarterly in accordance with the Company’s 2014 Management Bonus Plan. Changes in your compensation from time to time will be determined by the Compensation Committee of the Board. It is expected that your base salary, bonus and other
compensation will be reviewed again in connection with the Compensation Committee’s standard review for 2015 executive compensation (anticipated to commence in the fourth quarter of 2014 and be finalized in the first quarter of 2015). 

3. Equity. The Company shall, subject to the approval of its Board of Directors or a committee of the Board of Directors, grant to you (a) a stock
option to purchase 265,000 shares of Common Stock of the Company (the “Option”) and (b) restricted stock units for 265,000 shares of Common Stock of the Company (the “RSUs”). The Option will have an exercise price equal to
the closing price of our common stock on the New York Stock Exchange on its grant date. The Option will commence vesting on your employment start date and the RSUs will commence vesting on November 15, 2014 (provided that your start date is
prior to then). The Option and 

  
  

 

			
	Confidential Offer Letter – <name>	  	Page 1









 
the RSUs will vest and become exercisable with respect to 25% of the shares subject to it on the first anniversary of their respective vesting commencement dates with an additional 6.25% of the
shares in such grants vesting each quarter thereafter so long as you remain continuously employed by the Company as an employee, in each case subject to the terms of the Company’s Change in Control Plan (as filed on EDGAR with the Securities
and Exchange Commission). The specific terms and conditions of the equity grants will be set forth in a separate Option Agreement and a separate Restricted Stock Unit Agreement that shall supersede the similar terms hereof. Those agreements are
expected not to be made under the Company’s 2011 Stock Option and Incentive Plan, but are expected to have substantially similar effective terms and conditions to grants made under the plan subject to its terms. 

4. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits as in effect
from time to time. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

5. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the
Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 
 6.
Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any
reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title,
compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the
Company’s Chief Executive Officer. 
 7. Outside Activities. While you render services to the Company, you agree that you will not engage in any
other employment, consulting or other business activity without the prior written consent of the Company. While you render services to the Company, you also will not assist any person or entity in competing with the Company, in preparing to compete
with the Company or in hiring any employees or consultants of the Company. 
 8. Withholding Taxes. All forms of compensation referred to in this
letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. 
 9. Proof of
Employment Eligibility and Background Check. This offer is contingent upon your completion and execution of all employment documents, as well as your ability to provide proof of identification and authorization to work in the United States
(within two business days of your start date) and upon passing the Company’s mandatory background verification, even if this information is not known until after your employment commences. 

  
  

 

			
	Confidential Offer Letter – <name>	  	Page 2









 10. Board Membership. In connection with your appointment as President and Chief Executive Officer, it is
anticipated that you will also be elected as a member of the Board. 
 11. Indemnification. You will receive an indemnification agreement for your
service as an officer and director of the Company consistent with indemnification agreements in place with other executive officers of the Company. 
 12.
Miscellaneous. This Agreement, the Company’s Change in Control Plan and Exhibit A supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the
Company and constitute the complete agreement between you and the Company regarding the subject matter set forth herein. This Agreement may not be amended or modified, except by an express written agreement signed by both you and an authorized
representative of the Board. Unless otherwise requested in writing by the Company’s Board of Directors, on the termination of your employment with the Company for any reason, not later than the date of such termination, you hereby resign and
agree to resign effective as of the date of such termination as an officer of the Company (including any and all titles in such capacity) and from any and all officerships, directorships or fiduciary positions with the Company or its affiliates. You
agree to provide at such time a separate written resignation in customary form reasonably acceptable to the General Counsel of the Company; it being understood that the effectiveness of the foregoing sentence does not depend upon delivery of such
separate document. 
 ********** 

  
  

 

			
	Confidential Offer Letter – <name>	  	Page 3









 We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and
accept this letter agreement by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will expire at
the close of business on August 15, 2014. Your employment is also contingent upon your starting work with the Company on or before September 3, 2014. 

 

			
	Very truly yours,
	
	IMPERVA, INC.
		
	By:	 	 /s/ Frank Slootman

		 	Frank Slootman
		
	Title:	 	Chairman of the Compensation Committee
		
	Dated:	 	 8-13-14



  

			
	I have read and accept this employment offer:
	
	 /s/ Anthony Bettencourt

	Signature of Anthony Bettencourt


			
		
	Dated:	 	 8-13-14


 Attachment 
 Exhibit A:
Proprietary Information and Inventions Agreement 







 PROPRIETARY INFORMATION AND INVENTION AGREEMENT 

In consideration of, and as a condition of my employment with Imperva, Inc., a Delaware corporation (the “Company”),
I, as the “Employee” signing this Proprietary Information and Invention Agreement (this “Agreement”), hereby represent to the Company, and the Company and I hereby agree as follows: 

1. Purpose of Agreement. I understand that the Company is engaged in a continuous program of research, development, production
and/or marketing in connection with its current and projected business and that it is critical for the Company to preserve and protect its proprietary information, its rights in certain inventions and works and in related intellectual property
rights. Accordingly, I am entering into this Agreement, whether or not I am expected to create inventions or other works of value for the Company. As used in this Agreement, “Inventions” means inventions, improvements,
designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, confidential information and trade secrets. 

2. Disclosure of Inventions. I will promptly disclose in confidence to the Company, or to any person designated by it, all
Inventions that I make, create, conceive or first reduce to practice, either alone or jointly with others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable
as trade secrets. 
 3. Work for Hire; Assigned Inventions. I acknowledge and agree that any copyrightable works prepared by
me within the scope of my employment will be “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that I make, create, conceive
or first reduce to practice during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets, and that (i) are developed using equipment, supplies,
facilities or trade secrets of the Company; (ii) result from work performed by me for the Company; or (iii) relate to the Company’s business or actual or demonstrably anticipated research or development (the “Assigned
Inventions”), will be the sole and exclusive property of the Company. 
 4. Excluded Inventions and Other
Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions, if any, that may relate to the Company’s business or actual or demonstrably anticipated research or development and that were made by me
or acquired by me prior to the Effective Date (as defined in Section 25, below), and which are not to be assigned to the Company (“Excluded Inventions”). If no such list is attached, I represent and agree that it is
because I have no rights in any existing Inventions that may relate to the Company’s business or actual or demonstrably anticipated research or development. For purposes of this Agreement, “Other Inventions” means
Inventions in which I have or may have an interest, as of the Effective Date or thereafter, other than Assigned Inventions and Excluded Inventions. I acknowledge and agree that if, in the scope of my employment, I use any Excluded Inventions or any
Other Inventions, or if I include any Excluded Inventions or Other Inventions in any product or service of the Company or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required for, the
exercise by the Company of any 







 
rights assigned to the Company under this Agreement, I will immediately so notify the Company in writing. Unless the Company and I agree otherwise in writing as to particular Excluded Inventions
or Other Inventions, I hereby grant to the Company, in such circumstances (whether or not I give the Company notice as required above), a perpetual, irrevocable, nonexclusive, transferable, world-wide, royalty-free license to use, disclose, make,
sell, offer for sale, import, copy, distribute, modify and create works based on, perform, and display such Excluded Inventions and Other Inventions, and to sublicense third parties in one or more tiers of sublicensees with the same rights. 

5. Exception to Assignment. I understand that the Assigned Inventions will not include, and the provisions of this Agreement
requiring assignment of inventions to the Company do not apply to, any invention that qualifies fully for exclusion under the provisions of Section 2870 of the California Labor Code, which are attached hereto as Exhibit B. 

6. Assignment of Rights. I agree to assign, and do hereby irrevocably transfer and assign, to the Company: (i) all of my
rights, title and interests in and with respect to any Assigned Inventions; (ii) all patents, patent applications, copyrights, mask works, rights in databases, trade secrets, and other intellectual property rights, worldwide, in any Assigned
Inventions, along with any registrations of or applications to register such rights; and (iii) to the extent assignable, any and all Moral Rights (as defined below) that I may have in or with respect to any Assigned Inventions. I also hereby
forever waive and agree never to assert any Moral Rights I may have in or with respect to any Assigned Inventions and any Excluded Inventions or Other Inventions licensed to the Company under Section 4, even after termination of my employment
with the Company. “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, to withdraw from circulation or control the publication or
distribution of a work, and any similar right, regardless of whether or not such right is denominated or generally referred to as a “moral right.”  

7. Assistance. I will assist the Company in every proper way to obtain and enforce for the Company all patents, copyrights, mask
work rights, trade secret rights and other legal protections for the Assigned Inventions, worldwide. I will execute and deliver any documents that the Company may reasonably request from me in connection with providing such assistance. My
obligations under this section will continue beyond the termination of my employment with the Company; provided that the Company agrees to compensate me at a reasonable rate after such termination for time and expenses actually spent by me at
the Company’s request in providing such assistance. I hereby appoint the Secretary of the Company as my attorney-in-fact to execute documents on my behalf for this purpose. I agree that this appointment is coupled with an interest and will not
be revocable. 
 8. Proprietary Information. I understand that my employment by the Company creates a relationship of
confidence and trust with respect to any information or materials of a confidential or secret nature that may be made, created or discovered by me or that may be disclosed to me by the Company or a third party in relation to the business of the
Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company, or any other party with whom the Company agrees to hold such information or materials in confidence (the “Proprietary
Information”). Without limitation as to the forms that Proprietary Information may take, I acknowledge that Proprietary Information may be contained in tangible material such 

  
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as writings, drawings, samples, electronic media, or computer programs, or may be in the nature of unwritten knowledge or know-how. Proprietary Information includes, but is not limited to,
Assigned Inventions, marketing plans, product plans, designs, data, prototypes, specimens, test protocols, laboratory notebooks, business strategies, financial information, forecasts, personnel information, contract information, customer and
supplier lists, and the non-public names and addresses of the Company’s customers and suppliers, their buying and selling habits and special needs. 

9. Confidentiality. At all times, both during my employment and after its termination, I will keep and hold all Proprietary
Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior written consent of the Company in each instance, except as may be necessary to perform my duties as an employee of the Company for
the benefit of the Company. Upon termination of my employment with the Company, I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the Company, and I will not take with me or retain in any
form any documents or materials or copies containing any Proprietary Information. 
 10. Physical Property. All documents,
supplies, equipment and other physical property furnished to me by the Company or produced by me or others in connection with my employment will be and remain the sole property of the Company. I will return to the Company all such items when
requested by the Company, excepting only my personal copies of records relating to my employment or compensation and any personal property I bring with me to the Company and designate as such. Even if the Company does not so request, I will upon
termination of my employment return to the Company all Company property, and I will not take with me or retain any such items. 
 11.
No Breach of Prior Agreements. I represent that my performance of all the terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality,
non-competition, or other agreement with any former employer or other party. I represent that I will not bring with me to the Company or use in the performance of my duties for the Company any documents or materials or intangibles of my own or of a
former employer or third party that are not generally available for use by the public or have not been legally transferred to the Company. 

12. “At Will” Employment. I understand that this Agreement does not constitute a contract of employment or obligate
the Company to employ me for any stated period of time. I understand that I am an “at will” employee of the Company and that my employment can be terminated at any time, with or without notice and with or without cause, for any reason or
for no reason, by either the Company or by me. I acknowledge that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company. I further acknowledge that my participation in any stock option or
benefit program is not to be construed as any assurance of continuing employment for any particular period of time. 
 13.
Non-Competition; Non-Solicitation. 
 a. Non-Competition. I understand that the Company’s interests in
protecting its investments, goodwill, and technologies make it reasonable for the Company to ask 

  
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me to agree that I will not compete with the Company for a reasonable period after the termination of my employment for any reason, whether voluntary or involuntary. Accordingly, and
understanding that the Company’s business is potentially global in scope, I further agree that I will not, during the twelve (12) month period following the termination of my employment (the “Post-Employment
Period”), directly or indirectly, work for or provide service of any kind, as an employee, consultant, director, owner or in any other capacity, to any person or entity (including any business in planning or formation) that is or
intends to be competitive with, or is engaged in the design, development, manufacture, production, marketing, sale or servicing of any product or the provision of any service that relates in any way to the business then being conducted or planned by
the Company and any of its subsidiary or affiliated entities. It will not be deemed to be a violation of this Section 13(a) for me to make or hold either of the following investments: (a) ownership, as a passive investor, of up to two
percent (2%) of any publicly traded company; or (b) an equity interest of up to two percent (2%) in any venture capital fund or other investment vehicle that makes investments in early stage companies so long as I do not participate
in or influence the investment decision process of such fund or vehicle. 
 b. Non-Solicitation of Employees/Consultants.
During my employment with the Company and the Post-Employment Period, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the benefit of any other person or entity, nor will I encourage or
assist others to do so. I acknowledge and agree that even after the expiration of the Post-Employment Period, I will not solicit (or encourage or assist others to solicit) away any employees or consultants of the Company if, in so doing, I use or
disclose any trade secrets or other Proprietary Information of the Company. 
 c. Non-Solicitation of Suppliers/Customers.
During my employment with the Company and the Post-Employment Period, I will not directly or indirectly solicit or otherwise take away customers or suppliers of the Company or otherwise divert or attempt to divert business away from the Company, nor
will I encourage or assist others to do so. I acknowledge and agree that even after the expiration of the Post-Employment Period, I will not solicit (or encourage or assist others to solicit) any customers or suppliers of the Company if, in so
doing, I use or disclose any trade secrets or other Proprietary Information of the Company. 
 d. Reasonableness. I
acknowledge that the post-employment restrictions on competition and solicitation in this Section 13 are reasonable and necessary in light of the Company’s need to protect its trade secrets and other Proprietary Information and the
goodwill of the Company’s business. 
 14. Use of Name & Likeness. I hereby authorize the Company to use, reuse,
and to grant others the right to use and reuse, my name, photograph, likeness (including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any form of media or technology now known or hereafter
developed, both during and after my employment, for any purposes related to the Company’s business, such as marketing, advertising, credits, and presentations. 

15. Notification. I hereby authorize the Company, during and after the termination of my employment with the Company, to notify
third parties, including, but not limited to, actual or potential customers or employers, of the terms of this Agreement and my responsibilities hereunder. 

  
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 16. Injunctive Relief. I understand that a breach or threatened breach of this
Agreement by me may cause the Company to suffer irreparable harm and that the Company will therefore be entitled to injunctive relief to enforce this Agreement. 

17. Governing Law; Severability. This Agreement is intended to supplement, and not to supersede, any rights the Company may have
in law or equity with respect to the duties of its employees and the protection of its trade secrets. This Agreement will be governed by and construed in accordance with the laws of the State in which I reside at the time of the execution of this
Agreement without giving effect to any principles of conflict of laws that would lead to the application of the laws of another jurisdiction; provided that Section 13(a) hereof will be governed by and construed in accordance with the laws of
the State in which I reside at the time of the enforcement thereof without giving effect to any principles of conflict of laws that would lead to the application of the laws of another jurisdiction. If any provision of this Agreement is invalid,
illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible, given the fundamental intentions of the parties when entering into this Agreement. To the extent such provision cannot be so enforced, it will
be stricken from this Agreement and the remainder of this Agreement will be enforced as if such invalid, illegal or unenforceable provision had never been contained in this Agreement. 

18. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
will be deemed an original, and all of which together will constitute one and the same agreement. 
 19. Entire Agreement.
This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or
written, between the parties hereto with respect to such subject matter. 
 20. Amendment and Waiver. This Agreement may be
amended only by a written agreement executed by each of the parties to this Agreement. No amendment or waiver of, or modification of any obligation under, this Agreement will be enforceable unless specifically set forth in a writing signed by the
party against which enforcement is sought. A waiver by either party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition with respect to any other instance,
whether prior, concurrent or subsequent. 
 21. Successors and Assigns; Assignment. Except as otherwise provided in this
Agreement, this Agreement, and the rights and obligations of the parties hereunder, will bind and benefit the parties and their respective successors, assigns, heirs, executors, administrators, and legal representatives. The Company may assign any
of its rights and obligations under this Agreement. I understand that I will not be entitled to assign or delegate this Agreement or any of my rights or obligations hereunder, whether voluntarily or by operation of law, except with the prior written
consent of the Company. 

  
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 22. Further Assurances. The parties will execute such further documents and
instruments and take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. Upon termination of my employment with the Company, I will execute and deliver a document or documents in a form
reasonably requested by the Company confirming my agreement to comply with the post-employment obligations contained in this Agreement. 

23. Acknowledgement. I certify and acknowledge that I have carefully read all of the provisions of this Agreement and that I
understand and will fully and faithfully comply with this Agreement. 
 24. Effective Date of Agreement. This Agreement is and
will be effective on and after the first day of my employment by the Company, which is August 18, 2014 (the “Effective Date”). 
  

							
	Imperva, Inc.:	 		 	Employee:
				
	By:	 	 /s/ Frank Slootman
	 		 	 /s/ Anthony Bettencourt

		 		 		 	Signature
				
	Name:	 	 Frank Slootman
	 		 	 Anthony Bettencourt

		 		 		 	Name (Please Print)
				
	Title:	 	 Chairman of the Compensation Committee
	 		 	


  
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 Exhibit A 

LIST OF EXCLUDED INVENTIONS UNDER SECTION 4 
  

					
	 Title
	 	 Date
	 	 Identifying Number

or Brief Description

		 		 	
		 		 	
		 		 	

          No inventions, improvements, or original works of authorship 

         Additional sheets attached 
  

			
	Signature of Employee:	 	 /s/ Anthony Bettencourt



 

			
	Print Name of Employee:	 	 /s/ Anthony Bettencourt



 

			
	Date:	 	 8-13-14









 Exhibit B 

CALFORNIA LABOR CODE 2870 NOTICE: 

California Labor Code Section 2870 provides as follows: 

Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her
rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those
inventions that either: (1) relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) result from any
work performed by the employee for the employer. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under California Labor Code
Section 2870(a), the provision is against the public policy of this state and is unenforceable.