Document:

impv-ex1015_391.htm

EXHIBIT 10.15

 

2018 SENIOR Management Bonus Plan

A.  Cash Bonus Plan

Each of the Imperva, Inc. (the “Company”) executive officers is eligible to participate in the Cash Bonus Plan.   

The cash bonus payable to executive officers will be calculated quarterly.  The amount of bonus payable with respect to each quarter is the “Quarterly Bonus.” The Quarterly Bonus will be equal to (1) the Quarterly Bonus Amount at Target applicable to such executive officer as set forth in the first table below, multiplied by (2) the percentage applicable to the combination of revenue and operating margin achieved by the Company in each quarter set forth in the second table further below (the “Quarterly Achievement Percentage”).  For purposes of the Cash Bonus Plan, calculations of operating margin will be on a non-GAAP basis applied consistently with past practice, with such changes as may be approved by the Audit Committee of the Company’s Board of Directors as circumstances arise.    

		
	
Executive Officer
	
Quarterly Bonus Amount at Target

	
President and Chief Executive Officer
	
 $110,000

	
Chief Financial Officer
	
 $55,500

	
SVP and General Counsel
	
 $38,125

 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
Revenue

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
Growth

	
100%
	
105%
	
110%
	
115%
	
125%
	
125%
	
130%
	
135%
	
140%
	
145%
	
150%
	
+15%

	
95%
	
100%
	
105%
	
110%
	
120%
	
120%
	
125%
	
130%
	
135%
	
140%
	
145%
	
+12%

	
90%
	
95%
	
100%
	
105%
	
115%
	
115%
	
120%
	
125%
	
130%
	
135%
	
140%
	
+9%

	
85%
	
90%
	
95%
	
100%
	
110%
	
110%
	
115%
	
120%
	
125%
	
130%
	
135%
	
+6%

	
80%
	
85%
	
90%
	
95%
	
105%
	
105%
	
110%
	
115%
	
120%
	
125%
	
130%
	
+3%

	
75%
	
80%
	
85%
	
90%
	
100%
	
100%
	
105%
	
110%
	
115%
	
120%
	
125%
	
AOP %

	
75%
	
80%
	
85%
	
90%
	
100%
	
100%
	
105%
	
110%
	
115%
	
120%
	
125%
	
-3%

	
60%
	
65%
	
70%
	
75%
	
85%
	
85%
	
90%
	
95%
	
100%
	
105%
	
110%
	
-6%

	
50%
	
55%
	
60%
	
65%
	
75%
	
75%
	
80%
	
85%
	
90%
	
95%
	
100%
	
-9%

	
50%
	
55%
	
60%
	
65%
	
75%
	
75%
	
80%
	
85%
	
90%
	
95%
	
100%
	
-12%

	
50%
	
55%
	
60%
	
65%
	
75%
	
75%
	
80%
	
85%
	
90%
	
95%
	
100%
	
-15%

	
-5%
	
-4%
	
-3%
	
-2%
	
-1%
	
AOP %
	
+1%
	
+2%
	
+3%
	
+4%
	
+5%
	
 

	
Operating Margin

 

The vertical axis representing revenue growth is centered on the growth rate contemplated in the Company’s 2018 Annual Operating Plan (the “AOP”) for such quarter compared to the similar period in 2017, with increments and decrements of three percentage points each from the AOP target growth rate.  Similarly, the horizontal axis representing operating margin is centered on the operating margin percentage contemplated in the AOP, with increments and decrements of one percentage point each from the AOP target margin percentage.

For example, if (1) revenue growth is equal to the revenue growth rate specified in the AOP, and (2) the quarterly operating margin is equal to the quarterly operating margin specified in the AOP, the Quarterly Achievement Percentage will be 100%.  

Any revenue growth rate or operating margin achievement that is in between any of the percentage point increments set forth in the table above will be deemed to be achieved at the lower percentage.  For example, if (1) the revenue growth rate is 2.5 percentage points higher than the revenue growth rate specified in the AOP, and (2) the quarterly operating margin is 1.5 percentage points higher than the quarterly operating margin specified in the AOP, the Quarterly Achievement Percentage will be 105%.

In the event that both (1) the revenue growth rate is more than 15 percentage points below the revenue specified in the AOP, and (2) the quarterly operating margin is more than 5 percentage points below the quarterly operating margin specified in the AOP, no Quarterly Bonus will be payable.  Similarly, no more than 150% of the Quarterly Bonus Amount at Target will be payable, irrespective of whether both (1) the revenue growth rate is more than 15 percentage points above the revenue specified in the AOP, and (2) the quarterly operating margin is more than 5 percentage points above the quarterly operating margin specified in the AOP.

It is anticipated that each Quarterly Bonus, if any, will be paid to executive officers promptly following the Compensation Committee’s confirmation of the actual Quarterly Achievement Percentage.  However, the Compensation Committee may determine to reduce such bonus in its discretion. 

B.Equity BONUS Plan

Executive officers will be eligible to participate in an equity pool of shares of common stock (in the form of restricted stock units and performance-based restricted stock units).  The size of the equity pool will be determined by the Compensation Committee in connection with the fiscal year‐end review, based on the number of executive officers participating, the achievement of annual targets within the fiscal year, compensation information based on peer analysis and survey data, and other factors.  The Compensation Committee will determine the maximum number of shares to be allocated to the Company’s Chief Executive Officer, and the Compensation Committee, with input from the Company’s Chief Executive Officer, will determine the allocation of the remainder of the shares among the rest of the senior management team.  Such restricted stock units and performance-based restricted stock units will vest according to standard vesting terms as determined by the Compensation Committee. 

 

2Exhibit

EXHIBIT 10(a)-8
FORM OF TCF FINANCIAL CORPORATION
MANAGEMENT INCENTIVE PLAN - EXECUTIVE AWARD
1.    This TCF Financial Corporation 201__  Management Incentive Plan - Executive Award (this “Award”) is effective for the 201__  fiscal year of TCF Financial Corporation (“TCF”).  This Award is granted under and subject to the terms and conditions of the TCF Financial 2015 Omnibus Incentive Plan (the “Incentive Plan”).
2.    The participant shall sign a copy of this Award to acknowledge the terms of this Award.  Participants are those approved by the Compensation, Nominating, and Corporate Governance Committee (the “Committee”) of the TCF Board of Directors.
3.    The Award recipient is eligible to receive a cash payment not to exceed 200% of Target for each performance goal.  Target for the Award recipient for each performance goal shall be [[__]% for the CEO / [___]% for other Award recipients] of the aggregate base salary paid to the Award recipient for the calendar year 201__.  Payments shall be made to the Award recipient as set forth below:

		
	•
	[PERFORMANCE GOAL] The participant will be eligible to receive a cash incentive of an amount determined as follows:

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________].

		
	•
	[PERFORMANCE GOAL] The participant will be eligible to receive a cash incentive of an amount determined as follows:

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________].

		
	•
	[PERFORMANCE GOAL] The participant will be eligible to receive a cash incentive of an amount determined as follows:

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________]; or

		
	▪
	[___]% of Target if [___________].

For results in between any of the levels set forth for each goal above, the payout will be interpolated in a linear fashion between payout levels.  For performance below the lowest performance levels set forth above, no payouts will be made.  [PERFORMANCE GOALS] will be calculated excluding extraordinary or non-recurring items as well as the results from any businesses newly acquired or commenced by TCF (or its subsidiaries) during fiscal 201__. The 201__ Peer Group will be determined in accordance with the description in TCF’s proxy statement for the 201__ Annual Meeting of Stockholders, and will exclude any institutions which do not report results for the full 201__ year prior to February 15, 201__.  
4.    The Committee may in its discretion, reduce or eliminate the amount of the incentive determined under this Award for any reason, and all Awards shall be subject to the terms of the Incentive Plan.  Among other things, participants will be assessed for incentive purposes based on their effectiveness in managing risk within their respective areas of accountability during the plan year.  The risk management assessment will include review of relevant key risk indicators (KRIs) used in the TCF Enterprise Risk Management program.  The Committee has authority to make interpretations under this Award and to approve all calculations made for this Award.  Incentive compensation under this Award will be paid in cash as soon as possible following certification of the performance goals by the Committee, but no later 

than March 15, 201__.  A participant need not be employed by TCF (or the same subsidiary as employed by on the date of this Award) after December 31, 201__ in order to receive payment under the Award.
5.    The Committee may amend this Award from time to time as it deems appropriate, except that any such amendment shall be in writing and signed by both TCF and the participant and no amendment may contravene requirements of the Incentive Plan.  This Award shall not be construed as a contract of employment, nor shall it be considered a term of employment, nor as a binding contract to pay awards.
6.    This Award is effective for service on or after January 1, 201__.
7.    While the participant is actively employed with TCF or any of its subsidiaries, and, in the event of termination of employment by TCF or any of its subsidiaries or the participant for any reason for a period of one year after the participant’s termination of employment, the participant agrees that, except with the prior written approval of the Committee, the participant will not offer to hire, entice away, or in any manner attempt to persuade any officer, employee, or agent of TCF or any of its subsidiaries to discontinue his or her relationship with TCF or any of its subsidiaries nor will the participant directly or indirectly solicit, divert, take away or attempt to solicit business of TCF or any of its subsidiaries as to which the participant has acquired any knowledge during the term of the participant’s employment with TCF or any of its subsidiaries.
8.    This Award shall be governed by, and construed in accordance with, the laws of the State of Minnesota.
Acknowledgement
I have received, read, and acknowledge the terms of the foregoing Award and the Incentive Plan.

	
			
	  
	 
	 

	Date
	 
	Signature

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