Document:

Series A and Series A-1 Preferred Stock Purchase Agreement

 Exhibit 10.16 

 
 INCAPSULA, INC. 

SERIES A AND SERIES A-1 PREFERRED 
 STOCK PURCHASE AGREEMENT 
 March 9, 2010 

 TABLE OF CONTENTS 

 

					
	  	  	Page	 
		
	 1.      Purchase and Sale of Stock
	  	 	1	  
	 1.1        Sale and Issuance of Series A and Series A-l Preferred
Stock
	  	 	1	  
	 1.2        Closing
	  	 	2	  
	 1.3        Subsequent Sale of Series A-l Preferred Stock
	  	 	2	  
		
	 2.      Representations and Warranties of the Company
	  	 	3	  
	 2.1        Organization, Good Standing and Qualification
	  	 	3	  
	 2.2        Capitalization and Voting Rights
	  	 	3	  
	 2.3        Subsidiaries
	  	 	4	  
	 2.4        Authorization
	  	 	4	  
	 2.5        Valid Issuance of Preferred and Common Stock
	  	 	5	  
	 2.6        Governmental Consents
	  	 	5	  
	 2.7        Offering
	  	 	5	  
	 2.8        Litigation
	  	 	5	  
	 2.9        Proprietary Information Agreements
	  	 	6	  
	 2.10      Patents and Trademarks
	  	 	6	  
	 2.11      Compliance with Other Instruments
	  	 	7	  
	 2.12      Agreements; Action
	  	 	7	  
	 2.13      Related-Party Transactions
	  	 	8	  
	 2.14      Permits
	  	 	8	  
	 2.15      Disclosure
	  	 	8	  
	 2.16      Registration Rights
	  	 	8	  
	 2.17      Corporate Documents
	  	 	8	  
	 2.18      Title to Property and Assets
	  	 	9	  
	 2.19      Material Liabilities
	  	 	9	  
	 2.20      Employee Benefit Plans
	  	 	9	  
	 2.21      Tax Returns
	  	 	9	  
	 2.22      Minute Books
	  	 	9	  
	 2.23      Labor Agreements and Actions; Employee Compensation
	  	 	9	  
		
	 3.      Representations and Warranties of the Investors
	  	 	10	  
	 3.1        Authorization
	  	 	10	  
	 3.2        Purchase Entirely for Own Account
	  	 	10	  
	 3.3        Disclosure of Information
	  	 	10	  
	 3.4        Investment Experience
	  	 	10	  
	 3.5        Accredited Investor
	  	 	10	  
	 3.6        Restricted Securities
	  	 	10	  
	 3.7        Further Limitations on Disposition
	  	 	11	  
	 3.8        Legends
	  	 	11	  
		
	 4.      Conditions of Investors’ Obligations at Closing
	  	 	11	  
	 4.1        Representations and Warranties
	  	 	11	  

  
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	 4.2        Performance
	  	 	12	  
	 4.3        Compliance Certificate
	  	 	12	  
	 4.4        Qualifications
	  	 	12	  
	 4.5        Proceedings and Documents
	  	 	12	  
	 4.6        Secretary’s Certificate
	  	 	12	  
	 4.7        Payment to Shlomo Kramer
	  	 	12	  
	 4.8        Proprietary Information and Employee Stock Purchase Agreements
	  	 	12	  
	 4.9        Investors’ Rights Agreement
	  	 	12	  
	 4.10      Voting Agreement
	  	 	12	  
	 4.11      First Refusal and Co-Sale Agreement
	  	 	13	  
		
	 5.      Conditions of the Company’s Obligations at Closing
	  	 	13	  
	 5.1        Representations and Warranties
	  	 	13	  
	 5.2        Payment of Purchase Price
	  	 	13	  
	 5.3        Qualifications
	  	 	13	  
		
	 6.      Miscellaneous
	  	 	13	  
	 6.1        Survival of Warranties
	  	 	13	  
	 6.2        Successors and Assigns
	  	 	13	  
	 6.3        Governing Law
	  	 	13	  
	 6.4        Counterparts
	  	 	13	  
	 6.5        Titles and Subtitles
	  	 	13	  
	 6.6        Notices
	  	 	14	  
	 6.7        Finder’s Fee
	  	 	14	  
	 6.8        Expenses
	  	 	14	  
	 6.9        Amendments and Waivers
	  	 	14	  
	 6.10      Severability
	  	 	14	  
	 6.11      Corporate Securities Law
	  	 	15	  
	 6.12      Aggregation of Stock
	  	 	15	  
	 6.13      Entire Agreement
	  	 	15	  
	 6.14      Waiver of Conflicts
	  	 	15	  

 EXHIBIT A              Restated Certificate

 EXHIBIT B              Milestones 

EXHIBIT C              Investors’ Rights Agreement 

EXHIBIT D              Voting Agreement 

EXHIBIT E              First Refusal and Co-Sale Agreement 

SCHEDULE A        Schedule of Investors (Series A Preferred Stock) 

SCHEDULE B        Schedule of Investors (Series A-l Preferred Stock) 

  
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 INCAPSULA, INC. 

SERIES A AND SERIES A-1 PREFERRED STOCK PURCHASE AGREEMENT 

THIS SERIES A AND SERIES A-1 PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of the 9th day of March,
2010, by and among Incapsula, Inc., a Delaware corporation (the “Company”) and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor” and together, the
“Investors”. 
 WITNESSETH: 
 WHEREAS, the Company requires an infusion of funds in order to conduct its business activities; 
 WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company to raise capital by means of the sale and issuance to the Investors at the Closing (as
defined below) of the Series A Preferred Stock, par value $0.0001 per share (the “Series A Shares”) and the sale and issuance to the Investors at the Subsequent Closing (as defined below) of the Series A-l Preferred
Stock, par value $0.0001 per share (the “Series A-l Shares” and together with the Series A Shares, the “Shares”), on the terms and conditions more fully set forth in this Agreement; and 

WHEREAS, the Investors desire to invest in the Company pursuant to the terms and conditions more fully set forth in this
Agreement. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. Purchase and Sale of Stock. 
 1.1 Sale and Issuance of Series A and Series A-l Preferred Stock. 
 (a) The Company shall adopt and file with the Secretary of State of Delaware on or before the Closing (as defined below) the Amended and Restated Certificate of Incorporation (the “Restated
Certificate”) in the form attached hereto as Exhibit A. 
 (b) On or prior to the Closing, the Company
shall have authorized (i) the sale and issuance of the Series A Shares to the Investors at the Closing, (ii) the sale and issuance of the Series A-l Shares to the Investors at the Subsequent Closing, and (iii) the issuance
of the shares of Common Stock to be issued upon conversion of the Shares (the “Conversion Shares”). The Shares and the Conversion Shares shall have the rights, preferences, privileges and restrictions set forth in the Restated
Certificate. 
 (c) Subject to the terms and conditions of this Agreement, each Investor agrees to purchase at the Closing and
the Company agrees to sell and issue to each Investor at the Closing, that number of Series A Shares set forth opposite such Investor’s name on Schedule A hereto for $0.45 per share. 

 (d) Subject to the terms and conditions of this Agreement, in the event of the Subsequent
Closing, pursuant to Section 1.3 below, each Investor agrees to purchase at the Subsequent Closing and the Company agrees to sell and issue to each Investor at the Subsequent Closing, that number of Series A-l Shares set forth opposite
such Investor’s name on Schedule B hereto for $0.80 per share. 
 1.2 Closing. The purchase and sale of
the Series A Shares shall take place at the offices of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP (“Gunderson Dettmer”), 1200 Seaport Boulevard, Redwood City, California, at 11:00 A.M. (local
time), on March 9, 2010, or at such other time and place as the Company and the Investors acquiring in the aggregate a majority of the Series A Shares sold pursuant to this Agreement agree upon orally or in writing (which time and place
are designated as the “Closing”). At the Closing, the Company shall deliver to each Investor a certificate representing the Series A Shares that such Investor is purchasing pursuant to this Agreement against payment of the
purchase price therefor by check or wire transfer, or any combination thereof. 
 1.3 Subsequent Sale of Series A-l
Preferred Stock. If within eighteen (18) months of the Closing, the Company achieves those certain milestones as set forth on Exhibit B hereto (the “Milestones”), and the Chief Executive Officer of the Company
certifies in writing to each Investor that the Milestones have been achieved (the “Company CEO Certification”), then, within seven (7) days of the receipt by each Investor of the Company CEO Certification and subject to the
terms and conditions of this Agreement including the provisions contained in the following paragraph, each Investor will purchase and the Company will sell and issue at the subsequent closing (the “Subsequent Closing”) that number of
Series A-l Shares set forth opposite such Investor’s name on Schedule B hereto for $0.80 per share. Any Series A-l Shares sold pursuant to this Section 1.3 shall be deemed to be “Shares” for all purposes
under this Agreement and any purchaser thereof shall be deemed to be an “Investor” under this Agreement and each of the Ancillary Agreements (as defined below) and any amendment thereof. Where appropriate, “Closing” shall be
deemed to include a “Subsequent Closing.” Subject to the provisions contained in the following paragraph, the purchase and sale of the Series A-l Shares shall take place at the offices of Gunderson Dettmer, or at such other place as
the Company and the Investors agree upon orally or in writing, within seven (7) days of the receipt by the Investors of a written notice from the Company. At the Subsequent Closing, the Company shall deliver to each Investor a certificate
representing the Series A-l Shares that such Investor is purchasing pursuant to this Agreement against payment of the purchase price therefor by check or wire transfer, or any combination thereof. 

Notwithstanding the foregoing, the board of directors of Imperva, Inc. (the “Imperva Board”) may conduct an audit of the
Company’s achievement of the Milestones during a period of fourteen (14) days following receipt of the Company CEO Certification. In connection with such audit, the Company will provide the Imperva Board with reasonable access to the
Company’s books and records as is necessary for the Imperva Board to determine whether the Milestones have been achieved. In the event that the Imperva Board concludes that any of the Milestones have not been achieved, then the Imperva Board
shall submit to the Company a certification in writing specifying which Milestones have not been met and suggest three (3) potential independent third parties to arbitrate the dispute regarding completion of the Milestones (the “Imperva
Board Certification”). Such arbitrator shall not be an officer, director, employee, 

  
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consultant, family member, greater than five percent (5%) stockholder or direct competitor of either Imperva or the Company. Upon the Company’s receipt of the Imperva Board
Certification, the Chief Executive Officer of the Company shall select one of the proposed arbitrators to conduct an audit to determine whether or not the Milestone(s) in question have been achieved by the Company. The Chief Executive Officer of the
Company shall provide advance notice in writing to the Imperva Board with the name of the arbitrator selected and the date the arbitrator’s audit is to commence. Prior to the commencement of the arbitrator’s audit, the arbitrator shall
enter into a nondisclosure agreement, the form of which is reasonably acceptable to the Company. The arbitrator’s audit shall be completed within twenty-eight (28) days from the commencement date of the arbitrator’s audit. If the
arbitrator determines that the Milestones in question were achieved, Imperva will bear all reasonable costs and expenses incurred by the arbitrator related to the audit. If, however, the arbitrator determines that the Milestones in question were not
achieved, all reasonable costs and expenses incurred by the arbitrator in connection with the audit will be shared by the Company. 
 2. Representations and Warranties of the Company. The Company hereby represents and warrants to each Investor that, except as set forth on a Schedule of Exceptions (the
“Schedule of Exceptions”) furnished each Investor, which exceptions shall be deemed to be representations and warranties as if made hereunder: 
 2.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite
corporate power and authority to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a
material adverse effect on its business or properties. 
 2.2 Capitalization and Voting Rights. The authorized capital
of the Company consists, or will consist immediately prior to the Closing, of: 
 (a) Preferred Stock. Twenty Million
Four Hundred Sixteen Thousand Six Hundred Sixty-Seven (20,416,667) shares of Preferred Stock, par value $0.0001 (the “Preferred Stock”), of which, Eleven Million Six Hundred Sixty-Six Thousand Six Hundred
Sixty-Seven (11,666,667) shares were designated Series A Shares, Five Million (5,000,000) of which are outstanding and were issued by the Company to certain of the Investors pursuant to the Series A Purchase Agreement, dated
November 5, 2009, by and among the Company and certain of the Investors, and Eight Million Seven Hundred Fifty Thousand (8,750,000) shares were designated Series A-l Shares, none of which are issued and outstanding. The rights,
privileges and preferences of the Preferred Stock will be as stated in the Restated Certificate. 
 (b) Common Stock.
Thirty Million (30,000,000) shares of common stock, par value $0.0001 (the “Common Stock”), Three Million Six Hundred Thousand (3,600,000) of which are issued and outstanding, Four Million Seven Hundred and Thirty Three
Thousand Three Hundred Thirty-Three (4,733,333) of which are reserved for issuance pursuant to the Incapsula, Inc. 2010 Share Incentive Plan and Five Million (5,000,000) of which are reserved for issuance upon the conversion of the
Series A Shares. 

  
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 (c) The outstanding shares of Common Stock and Preferred Stock are all duly and validly
authorized and issued, fully paid and nonassessable, and were issued in accordance with the registration or qualification provisions of the Securities Act of 1933, as amended (the “Act”), and any relevant state securities laws, or
pursuant to valid exemptions therefrom. 
 (d) Except for (i) the conversion privileges of the Shares to be issued under
this Agreement, and (ii) the rights provided in Sections 2.4, 3.1, 3.2 and 3.3 of that certain Amended and Restated Investors’ Rights Agreement in the form attached hereto as Exhibit C (the “Investors’ Rights
Agreement”), there are not outstanding any options, warrants, rights (including conversion or preemptive rights) or agreements for the purchase or acquisition from the Company of any shares of its capital stock. Other than that certain
Amended and Restated Voting Agreement in the form attached hereto as Exhibit D (the “Voting Agreement”), the Company is not a party or subject to any agreement or understanding, and, to the Company’s knowledge,
there is no agreement or understanding between any persons and/or entities, which affects or relates to the voting or giving of written consents with respect to any security or by a director of the Company. 

(e) All outstanding securities of the Company, including, without limitation, all outstanding shares of the capital stock of the
Company, all shares of the capital stock of the Company issuable upon the conversion or exercise of all convertible or exercisable securities and all other securities that the Company is obligated to issue, are subject to a one hundred
eighty (180) day “market stand-off restriction (subject to increase as requested by the Company for compliance with NASD Rule 2711) upon an initial public offering of the Company’s securities pursuant to a registration statement
filed with the Securities and Exchange Commission (“SEC”) pursuant to the Act in a form substantially identical to Section 1.13 of the Investors’ Rights Agreement. 

(f) The Schedule of Exceptions sets forth a complete list of each security of the Company owned by any officer, director or, in the
Company’s reasonable belief, key employee of the Company, or by any affiliate or any member of the immediate family of any such individual, together with a description of the material terms of the vesting provisions and, to the Company’s
knowledge, the rights of first refusal and rights of repurchase applicable to each such security. No stock plan, stock purchase, stock option or other agreement or understanding between the Company and any holder of any securities or rights
exercisable or convertible for securities provides for acceleration or other changes in the vesting provisions or other terms of such agreement or understanding as the result of the occurrence of any event. 

2.3 Subsidiaries. The Company does not presently own or control, directly or indirectly, any interest in any other corporation,
association, or other business entity. The Company is not a participant in any joint venture, partnership, or similar arrangement. 
 2.4 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement, the
Investors’ Rights Agreement, the Voting Agreement and that certain Amended and Restated First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit E (the “First Refusal and Co-Sale Agreement” and,
together with the Investors’ Rights Agreement and 

  
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the Voting Agreement, the “Ancillary Agreements”), the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance (or reservation for
issuance), sale and delivery of the Shares being sold hereunder and the Conversion Shares has been taken or will be taken prior to the Closing, and this Agreement and the Ancillary Agreements constitute valid and legally binding obligations of the
Company, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (c) to the extent the indemnification provisions contained in the Investors’ Rights Agreement
may be limited by applicable federal or state securities laws. 
 2.5 Valid Issuance of Preferred and Common Stock. The
Shares being purchased by each Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free
of restrictions on transfer other than restrictions on transfer under this Agreement and the Ancillary Agreements, and under applicable state and federal securities laws. The Conversion Shares have been duly and validly reserved for issuance and,
upon issuance in accordance with the terms of the Restated Certificate, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and the
Ancillary Agreements and under applicable state and federal securities laws. 
 2.6 Governmental Consents. No consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the consummation of the
transactions contemplated by this Agreement, except (a) the filing of the Restated Certificate with the Secretary of State of the State of Delaware; (b) the filing pursuant to Regulation D promulgated by the Securities and Exchange
Commission under the Act, as amended and the rules thereunder, which filing will be effected within fifteen (15) days of the sale of the Shares hereunder; (c) the filings required by applicable state “blue sky” securities laws,
rules and regulations; or (d) such other post-closing filings as may be required. 
 2.7 Offering. Subject in part
to the truth and accuracy of each Investor’s representations set forth in Section 3 of this Agreement, the offer, sale and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of any
applicable state and federal securities laws, and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemption. 

2.8 Litigation. There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently
threatened against the Company that questions the validity of this Agreement or any Ancillary Agreement, or the right of the Company to enter into such agreements, or to consummate the transactions contemplated hereby or thereby, or that might
result, either individually or in the aggregate, in any material adverse changes in the assets, condition or affairs of the Company, financially or otherwise, or any change in the current equity ownership of the Company. The foregoing includes,
without limitation, actions, suits, proceedings or investigations pending or threatened involving the prior 

  
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employment of any of the Company’s employees, their use in connection with the Company’s business of any information or techniques allegedly proprietary to any of their former
employers, or their obligations under any agreements with prior employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no
action, suit, proceeding or investigation by the Company currently pending or that the Company intends to initiate. 
 2.9
Proprietary Information Agreements. Each employee and officer of the Company has executed a Proprietary Information and Inventions Agreement, and each consultant to the Company has executed a Consulting Agreement, in substantially the forms
made available to the Investors. No current or former employee has expressly excluded works or inventions or other subject matter from his or her Proprietary Information and Inventions Agreement. The Company is not aware that any of its employees,
officers or consultants are in violation thereof, and the Company will use its commercially reasonable efforts to prevent any such violation. 
 2.10 Patents and Trademarks. To its knowledge with respect to patents, trademarks, services marks and trade names only (but without having conducted any special investigation or patent or trademark
search), the Company has sufficient title and ownership of or exclusive licenses to all patents, trademarks, service marks, trade names, domain names, copyrights, trade secrets, information, proprietary rights and processes necessary for its
business as now conducted and as proposed to be conducted without any violation or infringement of, or other conflict with, the rights of others, except for such items as have yet to be conceived or developed or that are expected to be available for
licensing on reasonable terms from third parties. The Schedule of Exceptions contains a complete list of patents and pending patent applications and registrations and applications for trademarks, copyrights and domain names of, or exclusively
licensed to, the Company. There are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership of interests of any kind relating to anything referred to above in this Section 2.10 that is to any extent owned by or
exclusively licensed to the Company, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, domain names, copyrights, trade secrets, licenses,
information, proprietary rights and/or processes of any other person or entity, except, in either case, for standard end-user, object code, internal-use software license and support/maintenance agreements for software that is not and will not be
incorporated into, or used to provide or develop, the Company’s software, products or services. The Company has not received any communications alleging that the Company has violated or would violate any of the patents, trademarks, service
marks, domain names, trade names, copyrights or trade secrets or other proprietary rights of any other person or entity and the Company is not aware of any potential basis for such an allegation or of any specific reason to believe that such an
allegation may be forthcoming. The Company is not aware that any of its employees is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any
court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the Company or that would conflict with the Company’s business as presently conducted or as proposed to be conducted.
Neither the execution nor delivery of this Agreement or the Ancillary Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business as proposed, will, to the
Company’s knowledge, 

  
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conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any of such employees is now
obligated. The Company does not believe it is or will be necessary to utilize any inventions of any of its employees (or people it currently intends to hire) made prior to or outside the scope of their employment by the Company. To the extent the
Company uses any “open source” or “copyleft” software or is a party to “open” or “public source” or similar licenses, the Company is in compliance with the terms of any such licenses, any such software and
licenses are listed on the Schedule of Exceptions, and the Company is not required (and, even if it distributed its software, would not be required) under any such license to (a) make or permit any disclosure or to make available any
source code for its (or any of its licensors’) proprietary software or (b) distribute or make available any of the Company’s proprietary software or intellectual property (or to permit any such distribution or availability).

 2.11 Compliance with Other Instruments. The Company is not in violation, default, conflict or breach of any provision
of its Restated Certificate or Bylaws, or in any material respect of any instrument, judgment, order, writ, decree, privacy policy or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or
state statute, rule or regulation applicable to the Company (including, without limitation, those related to privacy, personally identifiable information or export control). The execution, delivery and performance of this Agreement and the Ancillary
Agreements, and the consummation of the transactions contemplated hereby and thereby will not result in any such violation, default, conflict or breach, nor will such consummation constitute, with or without the passage of time and giving of notice,
an event that results in (a) the creation of any lien, charge or encumbrance upon any assets of the Company or (b) the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or
approval applicable to the Company, its business or operations or any of its assets or properties. 
 2.12 Agreements;
Action. 
 (a) Except for agreements explicitly contemplated hereby and by the Ancillary Agreements, there are no
agreements, understandings or proposed transactions between the Company and any of its officers, directors, affiliates, or any affiliate thereof. 
 (b) There are no agreements, understandings, instruments, contracts, proposed transactions, judgments, orders, writs or decrees to which the Company is a party or by which it is bound that may involve
(i) obligations (contingent or otherwise) of, or payments to the Company in excess of, $10,000, or (ii) any material license of any patent, copyright, trade secret or other proprietary right to or from the Company (other than (A) the
nonexclusive license of the Company’s software and products in object code form in the ordinary course of business pursuant to standard end-user agreements the form of which has been provided to the Investors or (B) the nonexclusive
license to the Company of standard, generally commercially available, “off-the-shelf third party products that are not and will not to any extent be part of, or influence development of, or require payment with respect to, any product, service
or intellectual property offering of the Company), or (iii) provisions materially restricting the development, manufacture or distribution of the Company’s products or services, or (iv) indemnification by the Company with respect to
infringements of proprietary rights or otherwise. 

  
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 (c) The Company has not (i) declared or paid any dividends or authorized or made any
distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or any other liabilities individually in excess of $10,000 or, in the case of indebtedness and/or liabilities
individually less than $10,000, in excess of $50,000 in the aggregate, (iii) made any loans or advances to any person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or
rights, other than the sale of its inventory in the ordinary course of business. 
 (d) For the purposes of subsections
(b) and (c) above, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are
affiliated therewith) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsections. 
 2.13 Related-Party Transactions. No employee, officer, or director of the Company (a “Related Party”) or member of such Related Party’s immediate family, or any corporation,
partnership or other entity in which such Related Party is an officer, director or partner, or in which such Related Party has significant ownership interests or otherwise controls, is indebted to the Company, nor is the Company indebted (or
committed to make loans or extend or guarantee credit) to any of them. To the Company’s knowledge, none of such persons has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which
the Company has a business relationship, or any firm or corporation that competes with the Company, except that employees, officers, or directors of the Company and members of such Related Party’s immediate families may own stock in publicly
traded companies that may compete with the Company. No Related Party or member of their immediate family is directly or indirectly interested in any material contract with the Company. 

2.14 Permits. The Company has all franchises, permits, licenses, and any similar authority necessary for the conduct of its
business as now being conducted by it, the lack of which could materially and adversely affect the business, properties or financial condition of the Company. The Company is not in default in any material respect under any of such franchises,
permits, licenses, or other similar authority. 
 2.15 Disclosure. The Company has fully provided each Investor with all
the information that such Investor has requested for deciding whether to purchase the Shares. No certificates made or delivered in connection with this Agreement or the Ancillary Agreements contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements herein or therein not misleading. 
 2.16 Registration Rights.
Except as provided in the Investors’ Rights Agreement, the Company has not granted or agreed to grant any registration rights, including piggyback rights, to any person or entity. 

2.17 Corporate Documents. Except for amendments necessary to satisfy the representations, warranties or conditions contained in
this Agreement (the form of which amendments has been approved by the Investors), the Restated Certificate and Bylaws of the Company are in the form previously provided to the Investors. 

  
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 2.18 Title to Property and Assets. The Company owns its property and assets free and
clear of all mortgages, liens, loans and encumbrances, except such encumbrances and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets. With respect to the
property and assets it leases, the Company is in compliance with such leases and, to its knowledge, holds a valid leasehold interest free of any liens, claims or encumbrances. 

2.19 Material Liabilities. The Company has no liability or obligation, absolute or contingent (individually or in the aggregate),
except (i) obligations and liabilities incurred after the date of incorporation in the ordinary course of business that are not material, individually or in the aggregate, and (ii) obligations under contracts made in the ordinary course of
business that would not be required to be reflected in financial statements prepared in accordance with generally accepted accounting principles.” 
 2.20 Employee Benefit Plans. The Company does not have any Employee Benefit Plan as defined in the Employee Retirement Income Security Act of 1974. 

2.21 Tax Returns, Payments and Elections. The Company has filed all tax returns and reports (including information returns and
reports) as required by law. These returns and reports are true and correct in all material respects except to the extent that a reserve has been reflected on the financial statements in accordance with generally accepted accounting principles. The
Company has paid all taxes and other assessments due, except those contested by it in good faith that are listed in the Schedule of Exceptions. 
 2.22 Minute Books. The minute books of the Company provided to the Investors contain a complete summary of all meetings of directors and stockholders since the time of incorporation and reflect all
transactions referred to in such minutes accurately in all material respects. 
 2.23 Labor Agreements and Actions; Employee
Compensation. The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and no labor union has
requested or, to the Company’s knowledge, has sought to represent any of the employees, representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending, or to the Company’s knowledge,
threatened, that could have a material adverse effect on the assets, properties, financial condition, operating results, or business of the Company (as such business is presently conducted and as it is proposed to be conducted), nor is the Company
aware of any labor organization activity involving its employees. The Company is not aware that any officer or key employee, or that any group of key employees, intends to terminate their employment with the Company, nor does the Company have a
present intention to terminate the employment of any of the foregoing. The employment of each officer and employee of the Company is terminable at the will of the Company. To its knowledge, the Company has complied in all material respects with all
applicable state and federal equal employment opportunity and other laws related to employment. The Company is not a party to or bound by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan,
profit sharing plan, retirement agreement, or other employee compensation agreement. The Company is not 

  
 9 

 
obligated to pay severance or any other additional compensation upon the termination of any employee. 
 3. Representations and Warranties of the Investors. Each Investor, severally and not jointly, hereby represents and warrants that: 

3.1 Authorization. Such Investor has full power and authority to enter into this Agreement and the Ancillary Agreements, and each
such Agreement constitutes its valid and legally binding obligation, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (c) to the extent the indemnification provisions contained in
the Investors’ Rights Agreement may be limited by applicable federal or state securities laws. 
 3.2 Purchase Entirely
for Own Account. This Agreement is made with such Investor in reliance upon such Investor’s representation to the Company, which by such Investor’s execution of this Agreement such Investor hereby confirms, that the Shares to be
received by such Investor and the Conversion Shares (collectively, the “Securities”) will be acquired for investment for such Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any
part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Investor further represents that such Investor does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities. 
 3.3 Disclosure of Information. Such Investor believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the Shares. Such Investor further
represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company. The
foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Investors to rely thereon. 

3.4 Investment Experience. Such Investor is an investor in securities of companies in the development stage and acknowledges that
it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. If other than
an individual, Investor also represents it has not been organized for the purpose of acquiring the Shares. 
 3.5 Accredited
Investor. Such Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
 3.6 Restricted Securities. Such Investor understands that the Securities will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being
acquired from the Company in a transaction not involving a public offering and that 

  
 10 

 
under such laws and applicable regulations such securities may be resold without registration under the Act, only in certain limited circumstances. In this connection, such Investor represents
that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Act. 
 3.7 Further Limitations on Disposition. Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the
Securities unless and until: 
 (a) There is then in effect a Registration Statement under the Act covering such proposed
disposition and such disposition is made in accordance with such Registration Statement; or 
 (b)(i) Such Investor shall
have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (ii) if reasonably requested by the Company, such Investor shall
have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for
transactions made pursuant to Rule 144 except in unusual circumstances. 
 (c) Notwithstanding the provisions of
subsections (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer by such Investor to any of its affiliates or subsidiaries, if the prospective transferee agrees in all such instances in
writing to be subject to the terms hereof to the same extent as if he or she were an original party hereto. 
 3.8
Legends. It is understood that the certificates evidencing the Securities may bear one or all of the following legends: 

(a) “These securities have not been registered under the Securities Act of 1933, as amended. They may not be sold, offered for
sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or an opinion of counsel satisfactory to the Company that such registration is not required or unless sold pursuant to
Rule 144 of such Act.” 
 (b) Any legend required by applicable state “blue sky” securities laws, rules and
regulations. 
 4. Conditions of Investors’ Obligations at Closing. The obligations of each Investor under
subsection 1.1(c) of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions. 
 4.1 Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true on and as of the Closing. 

  
 11 

 4.2 Performance. The Company shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 4.3 Compliance Certificate. The President of the Company shall deliver to each Investor at the Closing a certificate stating that the conditions specified in Sections 4.1 and 4.2 have been
fulfilled. 
 4.4 Qualifications. All authorizations, approvals, or permits, if any, of any governmental authority or
regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be duly obtained and effective as of the Closing. 

4.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the
Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the Investors, and they shall have received all such counterpart original and certified or other copies of such documents as they may reasonably
request. 
 4.6 Secretary’s Certificate. The Secretary of the Company shall deliver to each Investor at the Closing
a certificate stating that the copies of the Company’s Restated Certificate and Bylaws and Board of Director and stockholder resolutions relating to the sale of the Shares attached thereto are true and complete copies of such documents and
resolutions. 
 4.7 Payment to Shlomo Kramer. The Company shall deliver to Shlomo Kramer at the Closing, in lawful money
of the United States of America, all principal and interest due and payable as of such date pursuant to that certain Convertible Promissory Note issued by the Company to Shlomo Kramer on November 16, 2009 (the “Note”). Such payment
shall be in lieu of conversion of the Note into equity securities of the Company. Upon receipt of the amount due and payable as of such date, Shlomo Kramer will return the Note to the Company and forfeit any rights he is entitled to under the Note.

 4.8 Proprietary Information and Employee Stock Purchase Agreements. Each employee of the Company shall have entered
into a Proprietary Information and Inventions Agreement, and each consultant to the Company shall have entered into a Consulting Agreement, substantially in the form previously provided or made available to the Investors. 

4.9 Investors’ Rights Agreement. The Company and each Investor shall have entered into the Amended and Restated
Investors’ Rights Agreement in the form attached hereto as Exhibit C. 
 4.10 Voting Agreement. The
Company and each Investor shall have entered into the Amended and Restated Voting Agreement in the form attached hereto as Exhibit D. 

  
 12 

 4.11 First Refusal and Co-Sale Agreement. The Company and each Investor shall have
entered into the Amended and Restated First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit E. 

5. Conditions of the Company’s Obligations at Closing. The obligations of the Company to each Investor under this Agreement
are subject to the fulfillment on or before the Closing of each of the following conditions by that Investor: 
 5.1
Representations and Warranties. The representations and warranties of the Investors contained in Section 3 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as
of the Closing. 
 5.2 Payment of Purchase Price. The Investor shall have delivered the purchase price specified in
Section 1.1(c). 
 5.3 Qualifications. All authorizations, approvals, or permits, if any, of any governmental
authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Securities pursuant to this Agreement shall be duly obtained and effective as of the Closing. 

6. Miscellaneous. 
 6.1 Survival of Warranties. The warranties, representations and covenants of the Company and Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of
this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. 
 6.2 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the parties (including transferees of any Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 6.3 Governing
Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California. 

6.4 Counterparts. This Agreement may be executed and delivered by facsimile or electronic signature and in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. 
 6.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

  
 13 

 6.6 Notices. All notices and other communications given or made pursuant hereto
shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then
on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (l)day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by
notice given in accordance with this Section 6.6). 
 6.7 Finder’s Fee. Each party represents that it neither
is nor will be obligated for any finders’ fee or commission in connection with this transaction. Each Investor agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a
finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which such Investor or any of its officers, partners, employees, or representatives is responsible. 

The Company agrees to indemnify and hold harmless each Investor from any liability for any commission or compensation in the nature of a
finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 

6.8 Expenses. Irrespective of whether the Closing is effected, the Company shall pay all costs and expenses that it incurs with
respect to the negotiation, execution, delivery and performance of this Agreement. If the Closing is effected, the Company shall, at the Closing, reimburse the reasonable fees and out-of-pocket expenses of Gunderson Dettmer, special counsel for
Imperva, Inc., not to exceed $10,000. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the Ancillary Agreements or the Restated Certificate, the prevailing party shall be entitled to reasonable
attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

6.9 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of a majority of the Conversion Shares issued or issuable upon conversion of the Shares
purchased hereunder. Notwithstanding the foregoing, the provisions of Section 1.3 may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only
with the written consent of the Company and Imperva. Any amendment or waiver effected in accordance with this section shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities
into which such securities are convertible), each future holder of all such securities, and the Company. 
 6.10
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement 

  
 14 

 
and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

6.11 Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE
COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS
EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 

6.12 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 6.13 Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as
specifically set forth herein or therein. 
 6.14 Waiver of Conflicts. Each party to this Agreement acknowledges that
Gunderson Dettmer, counsel for Imperva, Inc., has in the past and may continue to perform legal services for certain of the Investors in matters unrelated to the transactions described in this Agreement, including the representation of such
Investors in venture capital financings and other matters. Accordingly, each party to this Agreement hereby (a) acknowledges that they have had an opportunity to ask for information relevant to this disclosure; (b) acknowledges that
Gunderson Dettmer represented Imperva, Inc. in the transaction contemplated by this Agreement and has not represented the Company or any individual stockholder or employee of the Company in connection with such transaction; and (c) gives its
informed written consent to Gunderson Dettmer’s representation of certain of the Investors in such unrelated matters and to Gunderson Dettmer’s representation of Imperva, Inc. in connection with this Agreement and the transactions
contemplated hereby. 

  
 15 

 IN WITNESS WHEREOF, the patties have executed this Agreement as of the date first above
written. 
  

									
		 		 	COMPANY
					
		 		 	By:	 		  	 /s/ Gur Shatz

		 		 	Name:	 		  	 Gur Shatz

		 		 	Title:	 		  	 CEO & President

			
	Address:	 		 	  

		 		 	  

 SIGNATURE PAGE TO SERIES A
AND SERIES A-1 PREFERRED STOCK PURCHASE 

AGREEMENT FOR INCAPSULA, INC. 

 IN WITNESS WHEREOF, the patties have executed this Agreement as of the date first above
written. 
  

					
		 	IMPERVA, INC.:
		
		 	  

			
		 	By:	  	 /s/ Shlomo Kramer

		 	Name:	  	 Shlomo Kramer

		 	Title:	  	 CEO

		
	Address:	 	3400 Bridge Parkway, Suite 101
		 	Redwood Shores, CA 94065

 SIGNATURE PAGE TO SERIES A
AND SERIES A-1 PREFERRED STOCK PURCHASE 

AGREEMENT FOR INCAPSULA, INC. 

 SCHEDULE A 
 Schedule of Investors (Series A Preferred Stock) 
  

									
	 Investor Name &
 Address
	  	Number of Shares of
Series A Preferred
Stock	 	  	Total Purchase
Price of Shares of Series
A Preferred Stock	 
	 Imperva, Inc.

3400 Bridge Parkway

Redwood City, CA 94065
	  	 	6,666,666	  	  	$	2,999,999.70	  

  
 S-1

 SCHEDULE B 
 Schedule of Investors (Series A-1 Preferred Stock) 
  

									
	 Investor Name &

Address
	  	Number of Shares of
Series A-1 Preferred
Stock	 	  	Total Purchase
Price of Shares of Series
A-1 Preferred Stock	 
	 Imperva, Inc.

3400 Bridge Parkway

Redwood City, CA 94065
	  	 	8,750,000	  	  	$	7,000,000	  

  
 S-2Amended and Restated Investors Rights Agreement

 Exhibit 10.17 

 
 INCAPSULA, INC. 

AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT 
 March 9, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1.      Registration Rights
	  	 	2	  
	 1.1        Definitions
	  	 	2	  
	 1.2        Request for Registration
	  	 	4	  
	 1.3        Company Registration
	  	 	5	  
	 1.4        Form S-3 Registration
	  	 	6	  
	 1.5        Obligations of the Company
	  	 	8	  
	 1.6        Information from Holder
	  	 	9	  
	 1.7        Expenses of Registration
	  	 	10	  
	 1.8        Delay of Registration
	  	 	10	  
	 1.9        Indemnification
	  	 	10	  
	 1.10      Reports Under the 1934 Act
	  	 	12	  
	 1.11      Assignment of Registration Rights
	  	 	13	  
	 1.12      Limitations on Subsequent Registration Rights
	  	 	13	  
	 1.13      “Market Stand-Off” Agreement
	  	 	13	  
	 1.14      Termination of Registration Rights
	  	 	14	  
		
	 2.      Covenants of the Company
	  	 	15	  
	 2.1        Delivery of Financial Statements
	  	 	15	  
	 2.2        Inspection
	  	 	16	  
	 2.3        Termination of Information and Inspection Covenants
	  	 	16	  
	 2.4        Right of First Offer
	  	 	16	  
	 2.5        Proprietary Information and Inventions Agreements
	  	 	18	  
	 2.6        Employee Agreements
	  	 	18	  
	 2.7        Stock Option Plan
	  	 	18	  
	 2.8        Indemnification Matters
	  	 	19	  
	 2.9        Termination of Certain Covenants
	  	 	19	  
		
	 3.      Imperva’s Purchase Right
	  	 	19	  
	 3.1        Definitions
	  	 	19	  
	 3.2        Imperva Purchase Right
	  	 	20	  
	 3.3        Right of First Negotiation
	  	 	21	  
		
	 4.      Miscellaneous
	  	 	23	  
	 4.1        Successors and Assigns
	  	 	23	  
	 4.2        Governing Law
	  	 	24	  
	 4.3        Counterparts; Facsimile
	  	 	24	  
	 4.4        Titles and Subtitles
	  	 	24	  
	 4.5        Notices
	  	 	24	  
	 4.6        Expenses
	  	 	24	  
	 4.7        Entire Agreement; Amendments and Waivers
	  	 	24	  
	 4.8        Severability
	  	 	25	  
	 4.9        Aggregation of Stock
	  	 	25	  
	 4.10      Additional Investors
	  	 	25	  
	 4.11      Termination of Series A Investors’ Rights Agreement
	  	 	25	  

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the
9th day of March, 2010, by and among INCAPSULA,
INC., a Delaware corporation (the “Company”), and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor” and collectively as the “Investors.” 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) are holders of shares of the Company’s Series A
Preferred Stock, par value $0.0001 per share (the ‘Series A Preferred Stock”); 
 WHEREAS, such holders
of Series A Preferred Stock and/or shares of Common Stock issued upon conversion thereof possess registration rights, information rights, rights of first offer and other rights pursuant to an Investors’ Rights Agreement, dated November 5,
2009, by and among the Company and such Existing Investors (the “Series A Investors’ Rights Agreement”); 

WHEREAS, the Series A Investors’ Rights Agreement may be amended, and any provision therein waived, with the consent of the
Company and the holders of a majority of the outstanding Registrable Securities (as defined therein); 
 WHEREAS, the
Existing Investors as holders of a majority of the outstanding Registrable Securities of the Company desire to amend the Series A Investors’ Rights Agreement and to accept the rights created pursuant hereto in lieu of the rights granted to them
under the Series A Investors’ Rights Agreement; and 
 WHEREAS, the Company and the Investors are parties to the
Series A and Series A-l Preferred Stock Purchase Agreement of even date herewith by and among the Company and certain of the Investors (the “Series A Agreement”), and in order to induce the Investors to purchase Series A Preferred
Stock and Series A-l Preferred Stock, par value $0.0001 per share (the “Series A-l Preferred Stock”, and together with the Series A Preferred Stock, the “Preferred Stock”), and invest funds in the Company pursuant
to the Series A Agreement, the Existing Investors holding a majority of the outstanding Registrable Securities of the Company, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the
Company to register shares of Common Stock, par value $0.0001 per share (the “Common Stock”), issued or issuable to them and certain other matters as set forth herein. 

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 
 1. Registration Rights. The Company covenants and agrees as follows: 
 1.1
Definitions. For purposes of this Agreement: 
 (a) The term “Act” means the Securities Act of 1933, as
amended. 

  
 2 

 (b) The term “Affiliate” means, with respect to any specified person, any
other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, any general partner, officer, director or manager of such person and any venture
capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with, such person. 
 (c) The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (d) The term
“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 
 (e) The term
“Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof. 
 (f) The term “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 

(g) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(h) The terms “register,” “registered,” and “registration” refer to a registration
effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(i) The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock, (ii) the Three Million Six Hundred Thousand (3,600,000) shares of Common Stock issued to Gur Shatz; provided, however, that such shares of Common Stock shall not be deemed Registrable Securities for the purposes of
Sections 1.2, 1.4, 1.12, 2.1, 2.2 and 3.7 and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with
respect to, or in exchange for, or in replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not
assigned. In addition, the number of shares of Registrable Securities outstanding shall equal the aggregate of the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable
or convertible securities that are, Registrable Securities. 
 (j) The term “Restated Certificate” shall mean
the Company’s Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time. 
 (k) The
term “Rule 144” shall mean Rule 144 under the Act. 

  
 3 

 (l) The term “Rule 144(b)(1)(i)” shall mean subsection (b)(1)(i)
of Rule 144 under the Act as it applies to persons who have held shares for more than one (1) year. 
 (m) The term
“Rule 405” shall mean Rule 405 under the Act. 
 (n) The term “SEC” shall mean the
Securities and Exchange Commission. 
 1.2 Request for Registration. 

(a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after six (6) months after the
effective date of the Initial Offering, a written request from the Holders of fifty percent (50%) or more of the Registrable Securities then outstanding (for purposes of this Section 1.2, the “Initiating Holders”) that the
Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $10,000,000, then the Company shall, within twenty (20) days of the receipt
thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable
Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 1.2, and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a
majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by those Initiating Holders holding a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company).
Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so
advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on
the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) Notwithstanding the
foregoing, the Company shall not be required to effect a registration pursuant to this Section 1.2: 

  
 4 

 (i) in any particular jurisdiction in which the Company would be required to execute a
general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 

(ii) after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been
declared or ordered effective; or 
 (iii) during the period starting with the date sixty (60) days prior to the
Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 1.3 below, provided that the
Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; or 
 (iv) if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 

(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 a certificate signed
by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such
registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders, provided that
such right shall be exercised by the Company not more than once in any twelve (12) month period and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such
ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered). 
 1.3 Company
Registration. 
 (a) If (but without any obligation to do so) the Company proposes to register (including for this purpose
a registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than (i) a registration relating to a demand
pursuant to Section 1.2 or (ii) a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration.

  
 5 

 
Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 4.5, the Company shall, subject to the
provisions of Section 1.3(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance
with Section 1.7 hereof. 
 (c) Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed
upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the
underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds
the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such
securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other
stockholders’ securities have been first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that
are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders.
Notwithstanding the foregoing, in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below twenty five percent (25%) of the total amount of securities included in such offering, unless
such offering is the Initial Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the
preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, retired partners and
stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. 

1.4 Form S-3 Registration. In case the Company shall receive from the Holders of at least twenty-five percent (25%) of
the Registrable Securities (for purposes of this Section 1.4, the “S-3 Initiating Holders”) a written request or requests that the Company effect a 

  
 6 

 
registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:

 (a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other
Holders; and 
 (b) use all commercially reasonable efforts to effect, as soon as practicable, such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the
Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: 
 (i) if Form S-3 is not available for such offering by the Holders; 
 (ii) if
the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any
underwriters’ discounts or commissions) of less than $5,000,000; 
 (iii) if the Company shall furnish to all Holders
requesting a registration statement pursuant to this Section 1.4 a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than
ninety (90) days after receipt of the request of the S-3 Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12) month period and provided further that the
Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a
registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement
covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered); 

(iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2)
registrations on Form S-3 pursuant to this Section 1.4; or 
 (v) in any particular jurisdiction in which the Company
would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

  
 7 

 (c) If the S-3 Initiating Holders intend to distribute the Registrable Securities covered
by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a).
The provisions of Section 1.2(b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2). 
 (d) Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of
the request or requests of the S-3 Initiating Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2. 

1.5 Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in
conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions; 
 (e) in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 
 (f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company)
relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such 

  
 8 

 
registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or
Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; 
 (g) cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or trading system and on each securities exchange and trading system on which
similar securities issued by the Company are then listed; and 
 (h) provide a transfer agent and registrar for all Registrable
Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the filing, effectiveness or use of, or trading under, any
registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board of Directors of the Company: 

(i) materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or
other similar transaction involving the Company for which the Board of Directors of the Company has authorized negotiations; 

(ii) materially adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the
Company; or 
 (iii) require disclosure of material nonpublic information that, if disclosed at such time, would be materially
harmful to the interests of the Company and its stockholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any
security of any of the Company’s subsidiaries or affiliates). 
 In the event of the suspension of effectiveness of any
registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such
registration statement was suspended. 
 1.6 Information from Holder. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of 

  
 9 

 
disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 

1.7 Expenses of Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including, without limitation, all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the
Company and the reasonable fees and disbursements of one counsel for the selling Holders (not to exceed $50,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any
registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all
participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2 or
Section 1.4, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2 or Section 1.4 and provided, however, that if at the time of such
withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following
disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 and 1.4. 

1.8 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 
 1.9 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, severally and not jointly, the partners,
members, officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning
of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any amendments or supplements thereto, any issuer
information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the
Company, (ii) the omission or alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by
the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 

  
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Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.9(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable
in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection
with such registration by any such Holder, underwriter, controlling person or other aforementioned person. 
 (b) To the extent
permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act,
legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.9(b) for any legal or other expenses reasonably
incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this
subsection 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and
provided that in no event shall any indemnity under this subsection 1.9(b) exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to
indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the 

  
 11 

 
commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to
the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.9. 

(d) If the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection
with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by any Holder, when combined
with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 1.9(d), when
combined with the amounts paid or payable by such Holder pursuant to Section 1.9(b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder). The relative fault of the indemnifying party and the
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1 and otherwise. 
 1.10 Reports Under the 1934 Act. With
a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are
understood and defined in Rule 144, at all times after the effective date of the Initial Offering; 
 (b) file with the
SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and 

  
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 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the
Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to avail any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 1.11
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such
securities that (i) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such
assignment or transfer, holds at least Five Hundred Thousand (500,000) shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization), provided: (a) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or
assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 1.13 below; and (c) such assignment shall be effective only if immediately
following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 

1.12 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of the Holders holding a majority of the Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or
prospective holder (a) to include any of such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities.

 1.13 “Market Stand-Off” Agreement. 

(a) Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days) (i) lend,
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of
Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the effectiveness of the Registration Statement for such offering, or (ii) enter into any

  
 13 

 
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall apply only to the Company’s initial offering of equity
securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater than five percent (5%) stockholders of the Company
enter into similar agreements. The underwriters in connection with the Company’s Initial Offering are intended third-party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with this Section 1.13 or that are necessary to
give further effect thereto. 
 In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Notwithstanding the foregoing, if (i) during the last
seventeen (17) days of the one hundred eighty (180)-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one hundred
eighty (180)-day restricted period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the one hundred eighty (180)-day period, the restrictions imposed by this
Section 1.13 shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

(b) Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable
Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.13): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

1.14 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 1
(a) after five (5) years following the consummation of the Initial Offering, (b) as to any Holder, such earlier time after the Initial Offering at which such Holder (i) can sell all shares held by it in compliance with
Rule 144(b)(l)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate
its sales under Rule 144) can be sold in any 

  
 14 

 
three (3) month period without registration in compliance with Rule 144 or (c) after the consummation of a Liquidation Event, as that term is defined in the Restated Certificate.

 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall, upon request, deliver to each Investor (or transferee of an Investor) that holds at least Five Hundred Thousand (500,000) shares of
Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization) (a “Major Investor”): 
 (a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the
Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting
principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company (except that such financial statements may (i) be subject to normal year-end audit
adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
 (b) as soon as
practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an
unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and
(ii) not contain all notes thereto that may be required in accordance with GAAP); 
 (c) within thirty (30) days of
the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that
such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(d) as soon as practicable, but in any event at least thirty (30) days prior to the end of each fiscal year, a budget and business
plan for the next fiscal year, approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised
budgets prepared by the Company; 
 (e) such other information relating to the financial condition, business or corporate
affairs of the Company as the Major Investor may from time to time request, provided, however, that the Company shall not be obligated under this subsection (e) or any other subsection of Section 2.1 to provide
information that (i) it deems in good faith to be a trade secret or similar confidential information or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel; and 

  
 15 

 (f) If, for any period, the Company has any subsidiary whose accounts are consolidated with
those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

 The Major Investors agree to use the same degree of care as such Major Investor uses to protect its own confidential
information to keep confidential any information furnished to such Major Investor that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Major Investor may
disclose such confidential or proprietary information to any partner, member, affiliate, subsidiary or agents who are advised of and agrees to be bound by the confidentiality provisions of this Section 2.1 or comparable restrictions.

 Notwithstanding anything else in this Section 2.1 to the contrary, the Company may cease providing the information set
forth in this Section 2.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the
SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Section 2.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 2.2 Inspection. The Company shall permit
each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at
such reasonable times as may be requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a
trade secret or similar confidential information. 
 2.3 Termination of Information and Inspection Covenants. The
covenants set forth in Sections 2.1 and 2.2 shall terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the sale of securities pursuant to a registration statement filed by the Company under
the Act in connection with the firm commitment underwritten offering of its securities to the general public, (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act,
whichever event shall first occur or (c) the consummation of a Liquidation Event, as that term is defined in the Restated Certificate. 
 2.4 Right of First Offer. Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to each Major Investor a right of first offer with respect to future
sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.4, the term “Major Investor” includes any general partners and affiliates of a Major Investor. A Major Investor shall be entitled to
apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems appropriate. In addition, for purposes of this Section 2.4, Gur Shatz, so long as he is then providing services to
the Company as an employee, shall be deemed to be a “Major Investor” for purposes of this 

  
 16 

 
Section 2.4 (provided, however, that Mr. Shatz shall not be entitled to apportion the right of first offer among any other individuals or entities). Each time the Company proposes to
offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, its capital stock (including, without limitation, any such shares or securities issued in connection with debt securities)
(“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 
 (a) The Company shall deliver a notice in accordance with Section 4.5 (“Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the
number of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such Shares. 
 (b) By
written notification received by the Company within twenty (20) calendar days after the giving of Notice, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Shares that
equals the proportion that the number of shares of Common Stock that are Registrable Securities issued and held by such Major Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to
the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). The Company shall promptly, in writing, inform each Major Investor
that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after such information is given, each
Fully-Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, that is equal to the proportion that the number of shares of
Registrable Securities issued and held by such Fully-Exercising Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully Exercising Investors who wish to
purchase some of the unsubscribed shares. 
 (c) If all Shares that Major Investors are entitled to obtain pursuant to
subsection 2.4(b) are not elected to be obtained as provided in subsection 2.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.4(b) hereof, offer the
remaining unsubscribed portion of such Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an agreement for the sale
of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to
the Major Investors in accordance herewith. 
 (d) The right of first offer in this Section 2.4 shall not be applicable to
(i) the issuance or sale of shares of Common Stock (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved
by the Company’s Board of Directors; (ii) the issuance of securities pursuant to a Qualified Public Offering (as defined in the Company’s Amended and Restated Certificate of Incorporation (as amended from time to time), (iii) the
issuance of securities pursuant to the conversion or exercise of convertible or exercisable 

  
 17 

 
securities, (iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of
stock or otherwise, (v) the issuance and sale of Series A Preferred Stock pursuant to the Series A Agreement, (vi) the issuance and sale of Series A-l Preferred Stock pursuant to the Series A Agreement, or (vii) the issuance of stock,
warrants or other securities or rights to persons or entities with which the Company has business relationships, provided such issuances are approved by the Company’s Board of Directors, including the Series A Directors, and are
primarily for other than equity financing purposes, or (vii) shares of Common Stock issued pursuant to any equipment leasing arrangement or debt financing arrangement, which arrangement is approved by the Board of Directors, including the
Series A Directors. In addition to the foregoing, the right of first offer in this Section 2.4 shall not be applicable with respect to any Major Investor in any subsequent offering of Shares if (i) at the time of such offering, the Major
Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited investors. 

(e) The rights provided in this Section 2.4 may not be assigned or transferred by any Major Investor; provided,
however, that a Major Investor that is a venture capital fund may assign or transfer such rights to its Affiliates. 

(f) The covenants set forth in this Section 2.4 shall terminate and be of no further force or effect upon the consummation of
(i) the Company’s sale of its Common Stock or other securities pursuant to Registration Statement under the Act (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to its
stock option, stock purchase or similar plan or a SEC Rule 145 transaction) or (ii) a Liquidation Event, as that term is defined in the Restated Certificate. 
 2.5 Proprietary Information and Inventions Agreements. The Company shall require all employees and consultants with access to confidential information to execute and deliver a Proprietary
Information and Inventions Agreement in substantially the form approved by the Company’s Board of Directors. 
 2.6
Employee Agreements. Unless approved by the Board of Directors of the Company, including the Series A Directors, all future employees of the Company who shall purchase, or receive options to purchase, shares of Common Stock following the date
hereof shall be required to execute stock purchase or option agreements providing for (a) vesting of shares over a four (4) year period with the first twenty five percent (25%) of such shares vesting following twelve (12) months
of continued employment or services, and the remaining shares vesting in equal monthly installments over the following thirty six (36) months thereafter and (b) a one hundred and eighty (180)-day lockup period (plus an additional
period of up to eighteen (18) days) in connection with the Company’s initial public offering. The Company shall retain a right of first refusal on transfers until the Company’s initial public offering and the right to repurchase
unvested shares at cost. 
 2.7 Stock Option Plan. The number of shares of Common Stock reserved for issuance pursuant to
the Company’s 2009 Stock Option Plan, or any similar equity plan, shall not be increased without the prior approval of the Board of Directors, including the Series A Directors. 

  
 18 

 2.8 Indemnification Matters. The Company hereby acknowledges that one (1) or
more of the directors nominated to serve on the Board of Directors by the Investors (each a “Investor Representative Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or
more of the Investors and certain of their affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Investor
Representative Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Representative Director are secondary), (b) that
it shall be required to advance the full amount of expenses incurred by such Investor Representative Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any
such Investor Representative Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and such Investor Representative Director), without regard to any rights
such Investor Representative Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Investor Representative Director with respect to any claim for which such
Investor Representative Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the
rights of recovery of such Investor Representative Director against the Company. 
 2.9 Termination of Certain Covenants.
The covenants set forth in Sections 2.5, 2.6, 2.7 and 2.8 shall terminate and be of no further force or effect upon the consummation of (i) the Company’s sale of its Common Stock or other securities pursuant to Registration Statement
under the Act (other than a registration statement relating either to the safe of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction) or (ii) a Liquidation
Event, as that term is defined in the Restated Certificate (as amended from time to time). 
 3. Imperva’s Purchase
Right. 
 3.1 Definitions. For purposes of this Section 3: 

(a) “Acquisition” means any of the following: 

(i) any merger, reorganization, share exchange, consolidation or other business combination involving the Company and/or any of its
subsidiaries (in each case, as target), other than (A) a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold a majority of the capital stock of the
Company or the surviving entity after giving effect to such merger or consolidation, and (B) any merger or similar transaction effected solely to change the domicile of the Company or any of its subsidiaries, 

  
 19 

 (ii) any acquisition by any Person or Group (including, without limitation, any
“person” within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended) as a result of which, such Person (or any Group of which such Person is a member) or Group becomes a Beneficial Owner of fifty
percent (50%) or more of the issued and outstanding shares of capital stock of the Company or any of its subsidiaries in any single transaction or a series of related transactions, 

(iii) any sale exchange transfer or other disposition of all or substantially all of the assets of the Company in any single transaction
or a series of related transactions, or 
 (iv) any license of all or substantially all of the intellectual property of the
Company and/or any of its subsidiaries, other than in the ordinary course of business, in any single transaction or a series of related transactions. 
 (b) “Acquisition Proposal” means any of the following: 
 (i) any
verbal or written agreement, offer or proposal (including, without limitation, a letter of intent, term sheet or form of definitive agreement) for an Acquisition; or 
 (ii) any public announcement of a proposal, plan or intention to enter into any such agreement, make any such offer or proposal. 
 (c) “Beneficial Owner” has the meaning ascribed to it in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended. 

(d) “Board” means the Board of Directors of the Company, or any duly authorized committee thereof. 

(e) “Group” means two or more Persons acting as a partnership, limited partnership, syndicate or other group for the
purpose of acquiring, holding, or disposing of the applicable securities referred to herein. 
 (f) “Imperva”
means Imperva, Inc., a Delaware corporation. 
 (g) “Person” means any natural person, corporation, limited
liability company, general partnership, limited partnership, trust, proprietorship, joint venture, business organization or government, political subdivision, agency or instrumentality. 

3.2 Imperva Purchase Right. 
 (a) Imperva shall have the right (but not an obligation) (such right, the “Purchase Right”), exercisable during the period commencing on November 5, 2013 and ending on
November 5, 2018 (the “Purchase Right Period”), to acquire the Company for the Company’s Enterprise Value (defined below). As used in this Section 3.2, “Enterprise Value” shall mean a price equal to
the greater of (i) eight times (8x) the Company’s prior 12 months trailing revenue, measured as of the date Imperva exercises its Purchase Right and (ii) seven times (7x) the

  
 20 

 
aggregate amount the Company has raised in connection with the Series A Preferred Stock purchased by the Investors under the Series A Agreement. For the avoidance of doubt, for the purpose of
determining the Enterprise Value, the aggregate amount shall not include any amount the Company has raised in connection with the sale of Series A-l Preferred Stock under the Series A Agreement. The Enterprise Value shall be payable in cash or, if
Imperva is a publicly traded company, shares of Imperva Common Stock (or a combination thereof), at Imperva’s sole discretion. 
 (b) Imperva may exercise its Purchase Right by delivering written notice to the Company. In the event Imperva exercises the Purchase Right, the Company agrees to negotiate in good faith the other terms
and conditions of such acquisition, which shall be reasonable and customary terms and conditions for a transaction of this type. Following exercise of the Purchase Right, the Company shall immediately terminate any discussions regarding an
Acquisition Proposal, and shall not enter into any agreement or arrangement (including, without limitation, any no shop agreement, binding term sheet or merger agreement or any similar agreement or arrangement) with any Person (i) with respect
to an Acquisition or an Acquisition Proposal or (ii) that would impose limitations or restrictions on the Company’s compliance with the provisions of this Section 3.2. 

(c) Notwithstanding anything to the contrary contained herein, Imperva’s rights under this Section 3.2 shall be assignable by
Imperva to the acquirer of Imperva (or such acquirer’s affiliate) in connection with an Imperva Change of Control Transaction (defined below). As used in this Agreement, “Imperva Change of Control Transaction” shall mean a bona
fide acquisition of Imperva, whether by merger, share exchange, sale of assets or other similar transaction. 
 (d)
Termination. Imperva’s rights under this Section 3.2 shall terminate and be of no further force or effect upon the first to occur of the following: (a) provided that the Company has complied with all of the procedures and
requirements of Section 3(c) below for any Acquisition Proposal (defined below), the date of the completion of the transactions contemplated by such Acquisition Proposal in accordance with this Agreement; (b) in the event of assignment
Imperva’s rights under this Section 3.2, the date that is 12 months following the closing of the Imperva Change of Control Transaction; and (c) the expiration of the Purchase Right Period. 

3.3 Right of First Negotiation. 
 (a) Notice of Acquisition Proposal. In the event that the Company receives an Acquisition Proposal which the Company desires to consider, or the Board, acting in good faith, authorizes the Company
or any of its officers, representatives or agents to initiate or pursue an Acquisition Proposal, the Company shall promptly (and in any case within two (2) days after receipt of such Acquisition Proposal by the Company or such authorization by
the Board, as applicable) provide Imperva with written notice (the “Notice”) of the receipt of such Acquisition Proposal or such authorization by the Board, as applicable. The Notice shall indicate (i) the identity of the
Person or Persons involved in such Acquisition Proposal, (ii) the type of structure (whether merger, consolidation, asset purchase or other) contemplated by the Acquisition Proposal, and (iii) the type, but not amount, of consideration
proposed for the 

  
 21 

 
Acquisition Proposal. Immediately after delivering the Notice to Imperva, the Company shall provide Imperva access to, and, if requested, copies of, the information and other diligence materials,
including, without limitation, all non-public information of the Company, that are or have been supplied to any party initiating or involved in an Acquisition Proposal, and/or any of such party’s bankers, lawyers, accountants and other
representatives and agents. 
 (b) Review Period; Imperva Proposal. 

(i) Prior to Imperva’s receipt of the Notice, and for a period of ten (10) days thereafter (which time period may be extended
by mutual written agreement between the parties hereto) (the “Review Period”), the Company shall not enter into any agreement or arrangement (including, without limitation, any no shop agreement, binding term sheet or merger
agreement or any similar agreement or arrangement) with any Person (i) with respect to an Acquisition or an Acquisition Proposal or (ii) that would impose limitations or restrictions on the Company’s compliance with the provisions of
this Section 3.3 or its ability to receive, accept, approve, recommend to its security holders or enter into any agreement or arrangement with Imperva related to an Imperva Proposal or complete an Acquisition with Imperva. During the Review
Period, the Company may engage in negotiations, discussions and the sharing of information with the Person or Persons involved in such Acquisition Proposal, or such Person or Persons with whom the Company has initiated an Acquisition Proposal.
During the Review Period, the Company shall provide Imperva access to the Company’s facilities, personnel, management, documents and other information relating to the Company and its business, products and technology to enable Imperva to
conduct a due diligence investigation customary in a merger and acquisition context, and such access shall be no less extensive than that provided to any other party that has made an Acquisition Proposal, or to whom the Company has an obligation to
provide information or has voluntarily provided information with respect to an Acquisition Proposal. During the Review Period, Imperva may, in its sole discretion, present a proposal relating to an Acquisition (an “Imperva
Proposal”). 
 (ii) In the event that Imperva presents the Company with an Imperva Proposal prior to the expiration of
the Review Period, the Company shall negotiate with Imperva in good faith until the end of the Review Period (which period may be extended by mutual written agreement between the parties hereto) to reach mutually agreeable terms for the Acquisition
contemplated thereby. 
 (iii) Notwithstanding anything to the contrary contained herein, if during the Review Period either
(i) any material amendment or modification is made to the terms of the Acquisition Proposal described in the Notice or (ii) the identity of the Person or Persons making an Acquisition Proposal changes or any new entities join the
Acquisition Proposal described in the Notice, then (A) as soon as reasonably practicable, but in any event within one (1) business day of such event, the Company shall provide Imperva with written notice, which notice shall describe the
material amendment or identify of the Person or Persons, as applicable, and (B) the Company and Imperva agree that in such event, the Review Period shall equal the greater of (x) the number of days that remain in such period at the time of
provision by the Company of such notice and (y) five (5) business days. The provisions of this Section 3.3 shall apply with the same effect to successive amendments, if any, to the terms of any Acquisition Proposal. 

  
 22 

 (iv) With respect to each Acquisition Proposal for which Imperva received a Notice from the
Company, and for which the Company complied with all of the applicable procedures and requirements of this Section 3.3 (the “Noticed Proposal”), in the event that: (A) Imperva does not deliver an Imperva Proposal to the
Company prior to the expiration of the Review Period (as may be extended), or (B) within the Review Period (as may be extended), the Company and Imperva do not reach mutually agreeable terms for the Acquisition contemplated thereby, then, and
only then, the Company shall be free, for a period of 90 calendar days following expiration of the Review Period (as may be extended), to enter into a definitive agreement with a third party with respect to the transactions contemplated in such
Noticed Proposal upon terms no more favorable to such third party than the terms set forth in the Imperva Proposal. 
 (v) For
avoidance of doubt, in the event an Acquisition Proposal is received during the Purchase Right Period, nothing in this agreement shall limit or in any way prohibit Imperva from exercising its Purchase Right at any time prior to the termination of
such Purchase Right. 
 (c) Void Transactions. Unless the Company shall have complied with all of the procedures and
requirements of this Section 3.3 in all material respects (and in the event of any immaterial noncompliance, such immaterial noncompliance shall not prejudice Imperva’s rights hereunder in any manner), then any Acquisition Proposal which
the Company may accept, and any transaction it may purport to effect pursuant thereto, shall be void ab initio. 
 (d)
Assignment of Right. Notwithstanding anything to the contrary contained herein, Imperva’s rights under this Section 3.3 shall be assignable by Imperva to the acquirer of Imperva (or such acquirer’s affiliate) in connection with
an Imperva Change of Control Transaction. 
 (e) Termination. Imperva’s rights under this Section 3.3 shall
terminate and be of no further force or effect upon the first to occur of the following: (a) the date of the closing of the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration
statement on Form S-l (or any successor registration form) under the Securities Act of 1933, as amended, in connection with which all of the Company’s shares of Preferred Stock convert to Common Stock; (b) provided that the Company
has complied with all of the procedures and requirements of this Section 3.3 for any Acquisition Proposal, the date of the completion of the transactions contemplated by such Acquisition Proposal in accordance with this Agreement; and
(c) in the event of assignment Imperva’s rights under this Section 3.3, the date that is 12 months following the closing of the Imperva Change of Control Transaction. 

4. Miscellaneous. 
 4.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns
of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, 

  
 23 

 
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 4.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed
entirely within California. 
 4.3 Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile or
electronic signature and in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. 

4.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 4.5 Notices. All notices and other communications given or
made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile
if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached
hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 4.5). 
 4.6
Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any
other relief to which such party may be entitled. 
 4.7 Entire Agreement; Amendments and Waivers. This Agreement
(including the Exhibits hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement (other than Section 2.1, Section 2.2,
Section 2.3, Section 2.4 and Section 3) may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written
consent of the Company and the Investors holding a majority of the Registrable Securities. The provisions of Section 2.1, Section 2.2, Section 2.3 and Section 2.4 may be amended or waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities that are held by all of the Major Investors. The provisions of Section 3
may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and Imperva. Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities and the Company. 

  
 24 

 4.8 Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

4.9 Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities (including affiliated
venture capital funds or venture capital funds under common investment management) or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

4.10 Additional Investors. Notwithstanding Section 4.7, no consent shall be necessary to add additional Investors as
signatories to this Agreement, provided that such Investors have purchased Series A Preferred Stock or Series A-l Preferred Stock pursuant to the subsequent closing provisions of Section 1.3 of the Series A Agreement. 

4.11 Termination of Series A Investors’ Rights Agreement. Upon the effectiveness of this Agreement, the Series A
Investors’ Rights Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 

  
 25 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

					
		 	 INCAPSULA, INC.

		
		 	 /s/ Gur Shatz

		 	 Name: Gur Shatz

Title:   President

		
	 Address:
	 	  

		
		 	  

		
		 	IMPERVA, INC.
		
		 	  

			
		 	 By:
	 	 /s/ Shlomo Kramer

			
		 	 Name:
	 	 Shlomo Kramer

			
		 	 Title:
	 	 CEO

		
	 Address:
	 	3400 Bridge Parkway, Suite 101
		 	Redwood Shores, CA 94065

 SIGNATURE PAGE TO AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

FOR INCAPSULA, INC. 

 SCHEDULE A 
 SCHEDULE OF INVESTORS 
 Imperva, Inc. 

  
 S-1

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