Document:

Articles of Association of Delhaize Group

 Exhibit 4.1 

For information purposes only 
 UNOFFICIAL TRANSLATION 

DELHAIZE BROTHERS AND Co. “THE LION” (DELHAIZE GROUP) 

In French ETABLISSEMENTS DELHAIZE FRERES ET Cie 
 “LE LION” (GROUPE DELHAIZE) 
 In Dutch GEBROEDERS DELHAIZE EN
Cie “DE LEEUW” (DELHAIZE GROEP) 
 Public company (“société anonyme”) 

at Molenbeek-Saint-Jean, rue Osseghem 53 
 Jurisdiction of the Courts of Brussels 
 Company register 0402206045. 

Coordination of the Articles of association as of May 24, 2012 

PART ONE – CHARACTER OF THE COMPANY 
 ARTICLE ONE – FORM AND CORPORATE NAME 
 The company is a public
company (“société anonyme”) calling or having called for public savings. Its corporate name is “ETABLISSEMENTS DELHAIZE FRERES ET Cie “LE LION” (GROUPE DELHAIZE)”, in Dutch “GEBROEDERS DELHAIZE
EN Cie “DE LEEUW” (DELHAIZE GROEP)” and in English “DELHAIZE BROTHERS AND Co. “THE LION” (DELHAIZE GROUP)”, in abridged “GROUPE DELHAIZE”, in Dutch “DELHAIZE GROEP” and in English “DELHAIZE
GROUP”, the company being allowed to use its full corporate name or any of its abridged corporate names. 
 ARTICLE
TWO – CORPORATE PURPOSE 
 The corporate purpose of the company is the trade of durable or non-durable merchandise
and commodities, of wine and spirits, the manufacture and sale of all articles of mass consumption, household articles, and others, as well as all service activities. 
 The company may carry out in Belgium or abroad all industrial, commercial, movable, real estate, or financial transactions that favor or expand directly or indirectly its industry and trade. 

It may acquire an interest, by any means whatsoever, in all businesses, corporations, or enterprises with an identical, similar or
related corporate purpose or which favor the development of its enterprise, acquire raw materials for it, or facilitate the distribution of its products. 
 ARTICLE THREE – REGISTERED OFFICES  
 The registered offices
are located at Molenbeek-Saint-Jean, rue Osseghem 53. 
 The registered offices may be transferred to any other location in
Belgium by mere decision of the board of directors. 
 The company may, by mere decision of the board of directors, establish
administrative offices, branches, workshops, agencies, and seats in Belgium or elsewhere. 
 Any change of the registered
offices is published in the Appendix of the Official Gazette at the initiative of the board of directors. 

  

 ARTICLE FOUR – DURATION 

The duration of the company is unlimited. 
 The shareholders meeting may decide to wind up the company in compliance with the procedure applicable for amending the articles of association. 

PART TWO – SHARE CAPITAL 
 ARTICLE FIVE – CAPITAL 
 The corporate share capital amounts to
fifty million nine hundred forty six thousand ninety five euros (EUR 50,946,095.00) 
 It is divided
into 101,892,190 ordinary shares, without nominal value, representing each 1/101,892,190th of the company assets. 
 Multiple certificates representative of several ordinary
shares may be issued. 
 The shareholders meeting may decide to split company shares at any time in compliance with the
procedure applicable for amending the articles of association. 
 ARTICLE SIX – INDIVISIBILITY OF SHARES

 The shares are indivisible and the company recognizes only one owner per share. 

If there are joint owners of a share, the company is entitled to suspend the exercise of the rights vested in this share until one person
has been appointed in writing by all the co-owners to exercise those rights. 
 The rights vested in shares, which are subject
to usufruct or pledge, are exercised respectively by the usufructuary and the owner who has pledged them, unless an agreement to the contrary is signed by all interested parties and notified to the company. 

ARTICLE SEVEN – MODIFICATION OF THE SHARE CAPITAL 

The shareholders meeting may decide to increase or decrease the share capital in one or several times in compliance with the procedure
provided for by legal provisions in force. 
 The board of directors determines the rate and conditions of issuance of new
shares in the event of a share capital increase. 
 Should the board of directors decide to issue new shares without nominal
value below the par value of the existing shares, such circumstance must be mentioned in the notice of the shareholders meeting. 
 Should the share capital be increased with an issuance premium, the amount of such premium must be fully paid up upon subscription. 

Should the share capital be increased by contributions in cash, the holders of convertible bonds or subscription rights may respectively
convert their bonds or exercise their subscription rights and possibly benefit from the issuance of new shares as if they were shareholders, provided such benefit is granted to existing shareholders. 

The board of directors may, at its own discretion, enter into any agreement providing for the subscription of all or part of the new
shares to be issued, safe for the application of the preemptive rights. 

  
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 In case of a share capital increase, the new shares to be subscribed in cash must be offered
by preference to existing shareholders in proportion to the number of shares that each one of them owns and in accordance with legal provisions in force. 
 However, such preemptive right may be limited or withdrawn by the shareholders meeting, acting in the interest of the company, in compliance with the procedure provided for amending the articles of
association. 
 In such case, a specific mention of this proposal must be made in the notice of the meeting, and the board of
directors and the statutory auditor or, in his absence, a certified public accountant appointed by the board of directors, must prepare the reports provided for by legal provisions in force. These reports must be deposited at the office of the
competent commercial court, referred to in the agenda and communicated to the shareholders. 
 ARTICLE EIGHT –
AUTHORIZED CAPITAL 
 A. The board of directors is authorized to increase the share capital on one or more occasions up
to the amount of five million ninety-four thousand six hundred and nine Euros (EUR 5,094,609) on the dates and pursuant to the terms decided by the board of directors for a period of five years as from the date of publication of this
authorization in the Belgian State Gazette.” This authorization is renewable according to the terms provided for by law. 

The board is authorized to increase the capital as mentioned above, by contributions in cash or, to the extent permitted by law, by
contributions in kind, or by incorporation of the available or unavailable reserves or the issuance premium account. In the latter cases, such increase may occur with or without issuance of new shares. 

The increase of the share capital may also be achieved by the issuance of convertible bonds or subscription rights - whether or not
attached to other securities - which may cause the creation of new shares in compliance with the legal provisions in force. 

In case of a share capital increase, the board of directors is authorized to limit or revoke, in the interest of the company, the
preferential right provided for by legal provisions in force, including to the benefit of one or more specific persons, whether or not employees of the company or its subsidiaries. 

B. Whenever the share capital increase decided by the board of directors involves an issuance premium, the amount of such premium is,
after possible deduction of costs, allocated to a blocked account which constitutes, together with the share capital, the guarantee of third parties and may only be reduced or suppressed by decision of the shareholders meeting with the quorum and
majority requirements provided for a decrease in capital, without prejudice to the board of directors’ ability to incorporate said account into the share capital pursuant to section A above. 

ARTICLE NINE – ACQUISITION, PLEDGE AND TRANSFER OF OWN SHARES 

The company may acquire or hold in pledge its own shares in compliance with legal provisions in force. The board of directors is
authorized to transfer through public or private transactions the shares that the company acquired, under conditions determined by the board of directors, without the prior approval of the shareholders meeting, in compliance with legal provisions in
force. 
 The above-mentioned authorizations also relate to acquisitions and transfers of shares of the company by its direct
subsidiaries, as such subsidiaries are defined by legal provisions on acquisition of shares of the parent company by its subsidiaries, and are renewable in compliance with legal provisions in force. 

  
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 On May 26, 2011, the extraordinary general meeting authorized the board of directors to
acquire up to ten percent of the outstanding shares of the company at a minimum unit price of one Euro and at a maximum unit price not higher than twenty percent above the highest closing stock market price of the company’s shares on Euronext
Brussels during the twenty trading days preceding such acquisition. Such authorization has been granted for a period of five years as from the date of the extraordinary general meeting of May 26, 2011 and extends to the acquisition of shares of
the company by its direct subsidiaries, as such subsidiaries are defined by legal provisions on the acquisition of shares of the parent company by its subsidiaries. 
 ARTICLE TEN – CALLS OF FUNDS 
 Shares that have not been fully
paid up may not be transferred, unless the board of directors has previously approved the transferee. 
 The board of directors
may at its own discretion call funds relating to shares that have not been not fully paid up. 
 If a shareholder fails to pay
called funds one month after he is sent a notice by registered mail, such shareholder will be required to pay without further notice an interest equal to the legal interest rate as from the day of the due date until full payment. 

If a shareholder further fails to pay called funds one month after a second call of funds, the board of directors may declare the
forfeiture of such shareholder and have his securities sold on the stock exchange, via the agency of an investment company or a credit institution, without prejudice to the right to claim any sum due, as well as damages and interest. 

The voting rights pertaining to unpaid shares are automatically suspended so long as called payments, duly made and claimable, have not
been made. 
 ARTICLE ELEVEN – NATURE OF THE SECURITIES 

Securities are in bearer, registered or dematerialized form. Securities that are not entirely paid up shall remain in registered form.

 Holders of securities may request at their expense the conversion of securities to registered form at any time or to
dematerialized form at any time as of January 1, 2008. 
 Bearer securities deposited in a securities account as of
January 1, 2008 will be automatically converted to dematerialized form as from that date. Bearer securities that are held in physical form on January 1, 2008 and are subsequently deposited in a securities account at a later date shall be
automatically converted to dematerialized form at such later date. Bearer securities that shall not have been deposited in a securities account shall be converted at the choice of their holder to registered or dematerialized form by
December 31, 2013. 
 The register of registered shares, the register of registered subscription rights and the register of
any registered bonds issued by the company are held in electronic form. The board of directors may decide to outsource the maintenance and administration of any electronic register to a third party. All entries in the registers, including transfers
and conversions, can validly be made on the basis of documents or instructions which the transferor, transferee and/or holder of the securities, as applicable, may send electronically or by other means, and the company may accept and enter any
transfer in the registers resulting from correspondence or other documents evidencing the consent of the transferor and the transferee. 

  
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 ARTICLE TWELVE – SHAREHOLDINGS DISCLOSURES 

Any person or legal entity, which owns or acquires securities of the company granting voting right, whether representing the share capital
or not, must disclose to the company and to the Banking and Finance Commission, in compliance with legal provisions in force, the number of securities that such person or legal entity owns, alone or jointly with one or several other persons or legal
entities, when the voting rights attached to such securities amount to three (3,-) per cent or more of the total of the voting rights existing when the situation triggering the disclosure obligation occurs. 

Such person or legal entity must also do so in the event of a transfer, or an additional acquisition, of securities referred to in the
preceding paragraph when, after such transaction, the voting rights attached to securities that it owns amount to five (5,-) per cent, ten (10,-) per cent, and so on by blocks of five (5,-) per cent of the total of the voting rights existing when
the situation triggering the disclosure obligation occurs, or when the voting rights attached to securities that it owns fall below one of those thresholds or below the threshold referred to in the preceding paragraph. 

Any person or legal entity which acquires or transfers, alone or jointly, the direct or indirect control of a corporation which owns
three (3,-) per cent at least of the voting rights of the company must disclose such acquisition or transfer to the company and to the Banking and Finance Commission in compliance with legal provisions in force. 

A disclosure is also required when, as a result of events changing the breakdown of voting rights, the percentage of the voting rights
attached to the voting right securities reaches, exceeds or falls below the thresholds provided for in the first and second paragraphs above, even when no acquisition or disposal of securities has occurred. A similar disclosure is also required when
persons or legal entities enter into, modify or terminate an agreement of action in concert, when as result thereof, the percentage of the voting rights subject to the action in concert or the percentage of the voting rights of one of the parties to
the agreement of action in concert reaches, exceeds or falls below the thresholds mentioned in the first and second paragraphs above. 
 Disclosure statements relating to the acquisition or transfer of securities which are made pursuant to this article must be addressed to the Banking and Finance Commission and to the board of directors of
the company at the latest the fourth trading day following the day on which (i) the person or legal entity learns of the acquisition or the disposal or the possibility of exercising voting rights, or, having regard to the circumstances, should
have learned it, regardless of the date on which the acquisition, disposal or possibility of exercising voting rights takes effect, (ii) the person or legal entity is informed of the event changing the break down of voting rights, (iii) an
agreement of action in concert is entered into, modified or terminated, or (iv) for securities acquired by succession, the succession is accepted by the heir, as the case may be, under the benefit of inventory. 

Unless otherwise provided by legal provisions in force, no one will be allowed to vote at the shareholders meeting a number of securities
greater than the number validly disclosed at the latest twenty days before such meeting, in compliance with legal provisions in force and with these articles of association, it being understood that a shareholder will in any event be allowed to vote
a number of securities that does not exceed three (3,-) per cent of the total of the voting rights existing on the day of the shareholders meeting or which is between two successive thresholds. 

  
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 PART THREE – ADMINISTRATION AND AUDITING 

ARTICLE THIRTEEN – COMPOSITION OF THE BOARD OF DIRECTORS 

The company is managed by a board consisting in at least three members, whether shareholders or not, individual or legal entity,
appointed for a maximum term of six years by the shareholders meeting and at all times removable by the latter. 
 The director
that is a legal entity notifies to the company the identity of the individual and, as the case may be, of its substitute, appointed to represent permanently such legal entity at the meetings of the board of directors. Without prejudice to article
17, such individual may not be chosen among the directors of the company. 
 Outgoing directors may be reelected. 

The term of outgoing but yet not reelected directors ceases immediately after the shareholders meeting convened to elect their possible
successor. 
 ARTICLE FOURTEEN – VACANCY 

Should there be one or several vacancies among directors before the end of a term as a result of death, resignation or any other cause,
all remaining directors are authorized to fill the vacancy temporarily. 
 In such case, the shareholders meeting decides on the
definitive appointment at its next meeting. 
 The director appointed in the aforementioned circumstances completes the term of
the director he is replacing. 
 ARTICLE FIFTEEN – CHAIRMANSHIP 

The board of directors elects a chairman among its members and, as the case may be, a vice-chairman. 

ARTICLE SIXTEEN – MEETINGS 
 The board of directors meets when convened by its chairman and under its chairmanship or, if the latter is unable to attend, under the chairmanship of the vice-chairman if a vice-chairman has been
elected, or under the chairmanship of a director appointed by his peers. 
 The board meets every time required by the interest
of the company or whenever requested by two directors. 
 Meetings take place at the location indicated in the notice.

 Notices of the meetings of the board of directors are properly given in writing, by telecopy, by electronic mail or by phone.

 The board meeting may be held by conference call or any other means of communication. In such case, it is deemed to take
place at the registered offices. 
 In any case, the director who may not physically attend the board meeting may participate in
the deliberation by phone, videoconference or any other similar means of communication. 

  
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 In the circumstances referred to in paragraphs 5 and 6 above, the vote of the director who
was not physically present will be confirmed either by executing the minutes of the board meeting in which he participated without being physically present, or by telecopy addressed to the registered offices of the company. 

Notices must be made three days in advance safe in case of emergency, which must be justified in the minutes. 

In case of emergency, decisions of the board of directors may be adopted in writing by unanimous written consent of the directors, to the
extent permitted by law. 
 ARTICLE SEVENTEEN – DELIBERATION 

The board of directors may only deliberate and resolve if half of its members at least are present or represented. 

Any director who is excused or absent may authorize one of his peers in writing, by telegram, telecopy or any other form of written proxy
to represent him at board meetings and to vote on his behalf. In such case, the represented director is deemed present. 

However, no proxy holder may represent more than one director at a time. 

Decisions of the board of directors are adopted by majority vote. 

In case of equality of vote casts, the vote of the chairman of the meeting will prevail. 

In case of conflict of interests, the directors will comply with legal provisions in force. 

If, during a board meeting complying with the quorum requirement set forth above, one or more present or represented directors must
abstain as a result of the preceding paragraph, resolutions are validly adopted by a majority vote of the other present or represented directors. 
 ARTICLE EIGHTEEN – MINUTES 
 The deliberations of the board of
directors are recorded in minutes signed by a majority of directors participating in the meeting. 
 Such minutes are recorded
in a special register. 
 Proxies are attached thereto. 

Extracts and copies under private seal of such minutes, to be submitted to a court or elsewhere, are signed by one director or by a
member of the management referred to in article 21. 
 ARTICLE NINETEEN – POWERS OF THE BOARD 

The board of directors is vested with the broadest powers to accomplish all necessary or useful acts in order to achieve the corporate
purpose of the company. It is empowered to carry out any act that is not reserved by law to the shareholders’ meeting. It is notably empowered to conclude any loan by means of credit or otherwise, even by issuance of bonds, provided that they
are neither convertible nor with a subscription right attached, unless expressly authorized to do so by the shareholders’ meeting in compliance with legal provisions in force. 

  
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 The board of directors creates within the board an audit committee and a remuneration and
nomination committee vested with the authority provided for by legal provisions in force in respect of an audit committee and a remuneration committee, respectively, and with such additional authority as may be determined by the board of directors.

 ARTICLE TWENTY – DELEGATION OF POWER 

The board of directors may entrust the day-to-day management of the company and the representation relating to such management, including
the hiring, dismissal and determination of wage of staff members, to one or several directors, whether they bear the title of managing director or not, or to one or several members of the management, whether chosen among the directors or not, who
may be granted variable or invariable fees to be charged on the general expenses of the company. 
 Such fees, as well as all
other terms, notably any severance pay, must be provided for in a special contract approved by the board of directors, all directors in charge of a permanent position in the company abstaining. 

Nonetheless, the board of directors approves the hiring, appointment and dismissal of company officers in charge of the corporate and
financial policy of the company, on proposal of the person(s) in charge of the day-to-day management, if any. 
 The board, or
within the day-to-day management, a person in charge of the day-to-day management, are each authorized to grant authority to certain directors or other individuals for specific purposes. The proxy holder binds the company within the limits of his or
her proxy. 
 ARTICLE TWENTY-ONE – REPRESENTATION OF THE COMPANY 

Towards third parties and before a court, the company is represented by two directors acting jointly, or by one director acting jointly
with one of the members of the management of the company appointed for such purpose by the board of directors. The board of directors ensures that the identity of the members of the management entitled to represent the company jointly with one
director is published in the Appendix of the Official Gazette. 
 ARTICLE TWENTY-TWO – OTHER POSITION

 Managing directors or members of the management may not accept another managing or administrative position, whether
remunerated or not, from any other entity or company, unless especially authorized by the board of directors. 
 A director or
officer may consider a position of director for another company only to the extent that such position will not affect his duties for the benefit of the company, which must remain effective and permanent at all times. 

ARTICLE TWENTY-THREE – OTHER REMUNERATED POSITIONS 

Should a director or any other representative of the company be commissioned in order to represent the company with another entity or
company, the pays and advantages relating to such position lead to a proportional reduction of his wages. 

  
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 ARTICLE TWENTY-FOUR – AUDITING 

Control over the company must be entrusted to one or more auditors. They are appointed for a renewable term of three years and may be
removed by a shareholders meeting. 
 Auditors are chosen among the members, whether individuals or legal entities, of the
Company Auditors Institute (Institut des Reviseurs d’Entreprises). 
 The shareholders meeting determines the number
of auditors and their remuneration. 
 If there are no auditors or if all auditors are unable to perform their duties, the board
of directors immediately convenes a shareholders meeting in order to have new auditors appointed. 
 ARTICLE TWENTY-FIVE
– DUTIES OF AUDITORS 
 Auditors have jointly or individually an unlimited right to audit the financial situation
and the balance sheet, and to control whether the operations recorded in the annual accounts are in compliance with legal provisions in force and the articles of association. They are entitled to be granted at any time access to the records,
correspondence, minutes and, generally, all the books and documents of the company. 
 Every six months at least, directors must
provide them with financial statements prepared in compliance with the scheme required for balance sheets and profit and loss accounts. 
 Auditors must prepare a detailed and written report containing all indications required by law to the attention of the ordinary shareholders meeting. 

Employees or other persons for whom they are responsible may assist auditors at their own expense. 

ARTICLE TWENTY-SIX – LIABILITY 
 Directors and auditors have no personal liability relating to company commitments. 

They are responsible with respect to their office and to any errors committed in the course of their duty in compliance with legal
provisions in force. 
 ARTICLE TWENTY-SEVEN – INDEMNITY 

The shareholders’ meeting may determine from time to time the aggregate amount of the directors’ fees to be charged to general
expenses. Such fees will be shared between the directors in the proportion determined by resolution of the board of directors. 

Auditors’ remuneration consists in a fixed sum determined by the shareholders’ meeting at the time of appointment. 

PART FOUR – SHAREHOLDERS MEETINGS 
 ARTICLE TWENTY-EIGHT – COMPOSITION AND POWERS 
 The shareholder
meeting, when regularly constituted, represents all the shareholders of the company. 
 It is empowered to carry out or ratify
all acts performed in the interest of the company. 
 It consists in holders of ordinary shares who are entitled to vote either
in person or by proxy in compliance with legal provisions in force. 
 Decisions adopted by the shareholders meeting are binding
upon all shareholders, including those who were absent or dissident. 

  
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 ARTICLE TWENTY-NINE – MEETING 

The ordinary shareholders meeting automatically takes place on the fourth Thursday of May at 3:00 p.m. 

If that date is not a business day, the meeting takes place on the preceding or following business day. 

An extraordinary or special meeting may be convened each time it is in the company’s interest. It must be convened at the request of
shareholders holding together one fifth of the share capital. In the latter case, the shareholders indicate in their request the items to be included in the agenda, and the board of directors or the auditors must convene a shareholders meeting
within six weeks as from the request. 
 One or more shareholders holding together at least 3 per cent of the share capital
can request to put an item on the agenda of any shareholders meeting and table resolution proposals for items included or to be included on the agenda of a shareholders meeting, in compliance with legal provisions in force. 

Shareholders meetings will take place in one of the districts of the city of Brussels at the location indicated in the notice.

 ARTICLE THIRTY – NOTICE 
 The shareholders meeting is held on notice of the board of directors or the auditors. 
 The notice contains the agenda and complies with the formal requirements and the timing imposed by legal provisions in force. Notices of shareholders meetings decided by the board of directors may validly
be signed on its behalf by one of the persons in charge of the day-to-day management. 
 A copy of the documents that must be
made available to registered shareholders is sent to them along with the convening notice. As from the date of the publication of this notice, all shareholders are entitled to obtain a copy of these documents free of charge, in accordance with legal
provisions in force. 
 ARTICLE THIRTY-ONE – ATTENDANCE FORMALITIES 

The rights of a shareholder to attend the shareholders meeting and to vote shares are subject to the registration of these shares in the
name of this shareholder at midnight (European Central Time) on the record date, which is the fourteenth day before the meeting, either by registration of registered shares in the register of registered shares of the company, or by registration of
dematerialized shares in the accounts of an authorized securities account keeper or clearing institution, or by delivery of bearer shares to a financial intermediary. 
 Shareholders must notify the company (or the person designated by the company for this purpose) of their intent to participate in the shareholders meeting, no later than six days before the date of the
meeting. 
 The holders of bonds or subscription rights may attend the shareholders meeting with consultative vote if they have
complied with the attendance formalities applicable to the shareholders. 
 ARTICLE THIRTY-TWO – REPRESENTATION

 All holders of securities entitled to vote may be represented by one or more proxy holders at the shareholders
meeting, in compliance with legal provisions in force. 

  
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 However, under age persons, certified persons, civil companies and commercial companies may
be represented by their legal representatives or statutory bodies that, in turn, may be represented by one or more proxy holders, in compliance with legal provisions in force. Spouses are entitled to represent each other. 

The board of directors may approve the form of the proxies. Proxies must be received by the company no later than six days before the
date of the meeting. 
 ARTICLE THIRTY-THREE – OFFICE 

All shareholders meetings are chaired by the chairman of the board of directors or, should he not attend, by the vice-chairman if a
vice-chairman has been elected, or by a managing director or, in absence of the latter, by the eldest accepting attending director. 
 The chairman appoints the secretary. The shareholders meeting may appoint two or more observers. 
 ARTICLE THIRTY-FOUR – ADJOURNMENT 
 The board of directors is
allowed to adjourn any ordinary or other shareholders meeting in the course of such meeting. The decision of the board of directors must not be motivated. 
 The decision to adjourn a meeting cancels all decisions taken and the shareholders are reconvened within five weeks with the same agenda. 

Formalities and proxies accomplished or delivered to the company in compliance with articles 31 and 32 for the purpose of the first
meeting will not be valid for the second meeting. The board of directors will set a new record date for the second meeting for the purpose of article 31. The shareholders whose shares are registered in their name on this new record date will be
entitled to attend the second meeting and to vote these shares upon satisfaction of the attendance formalities for the second meeting referred to in article 31. 
 ARTICLE THIRTY-FIVE – NUMBER OF VOTES 
 Each share entitles its
holder to one vote. 
 ARTICLE THIRTY-SIX – VOTES 

The meeting may not vote on items that were not mentioned on the agenda. 

Unless otherwise provided by legal provisions in force, decisions are adopted by a majority vote, irrespective of the number of
securities present or represented at the meeting. 
 With respect to the appointment of directors or auditors, if no candidate
is elected by a majority vote, a second ballot is organized between the two candidates who obtained the highest number of votes. In case of a tie in the second ballot, the eldest candidate is elected. 

Votes are expressed by raising hands, by calling names or through electronic devices, unless otherwise decided by the shareholders
meeting. 
 If permitted by the convening notice, the shareholders who have complied with the attendance formalities referred to
in article 31 can participate in the shareholders meeting by electronic means upon satisfaction of the conditions and formalities set out in the convening notice. This notice will provide indications as to the means used by the company to identify
the shareholders participating by electronic means and whether they can take part to the deliberations of the shareholders meeting and/or ask questions. 

  
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 The shareholders who have complied with the attendance formalities referred to in article 31
can vote remotely at any shareholders meeting by completing a form provided by the company, either by correspondence or, if permitted by the convening notice, by electronic means. Shares will be taken into account for the vote and the computation of
the quorum only if the form provided by the company has been duly completed and returned to it no later than six days before the date of the meeting. Where the convening notice permits shareholders to vote remotely by electronic means, this notice
will provide indications as to the means used by the company to identify the shareholders voting remotely. 
 An attendance
list, which indicates the name of each shareholder and the number of shares registered for voting, is signed by each shareholder or its proxy holder before the meeting starts. 
 ARTICLE THIRTY-SEVEN – MINUTES 
 The minutes of shareholders
meetings are signed by the officers of the meeting and by any shareholders asking to do so. 
 Extract and copies under private
seal of such minutes to be produced in court or elsewhere must be signed by one director. 
 PART FIVE – INVENTORY AND
ANNUAL ACCOUNTS – DISTRIBUTION 
 ARTICLE THIRTY-EIGHT – ACCOUNTING YEAR 

The accounting year of the company begins on the first day of January and ends on the thirty-first day of December. 

ARTICLE THIRTY-NINE – VOTE ON ANNUAL ACCOUNTS 

The ordinary shareholders meeting hears the management report and auditors report and discusses the annual accounts. 

Directors and auditors answer the questions asked by shareholders, in compliance with legal provisions in force. 

The ordinary shareholders meeting votes on the adoption of the annual accounts. 

After adoption of the annual accounts, the meetings votes separately on the discharge of liability of directors and auditors. 

Such discharge is valid only to the extent that the annual accounts contain neither omission, nor false indication concealing the
company’s genuine situation and, with respect to actions taken in breach of the articles of association, only if they have been especially indicated in the notice. 
 The management report, auditors report, annual accounts and all documents provided for in legal provisions in force are deposited by the board of directors at the National Bank of Belgium thirty days
after they have been approved by the shareholders meeting. 
 ARTICLE FORTY – DISTRIBUTION 

Five percent at least of the net profits is transferred to a legal reserve fund. When the accumulated legal reserve fund is equal to one
tenth of the capital of the company, it is no longer compulsory to transfer further profits to the said reserve. 

  
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 On proposal of the board of directors, the shareholders’ meeting may decide to transfer
sums determined by the latter to the creation of, or the increase in, reserve funds or to a carried forward account or decide on a levy on available reserves or on the carried forward account from previous years. 

The shareholders’ meeting determines the allocation of the balance of the net profits on the basis of a proposal of the board of
directors. The shareholders’ meeting may allocate from time to time a part of such balance of the net profits to the directors and such amount will be shared between the directors in the proportion determined by resolution of the board of
directors. 
 ARTICLE FORTY-ONE – PAYMENT OF DIVIDENDS 

Dividends are paid out annually at the places and on the dates determined by the board of directors. 

The board of directors may decide under its own responsibility to pay interim dividends to be charged on the profit of the current fiscal
year and determine the date of their payment, in compliance with legal provisions in force. 
 PART SIX – DISSOLUTION
– LIQUIDATION 
 ARTICLE FORTY-TWO – LIQUIDATION 

The company may be wound up anticipatively at any time by a shareholders meeting, voting as provided for amending the articles of
association. 
 If, as a result of losses, the company’s net assets amount to less than one half of the share capital, a
shareholders meeting must be convened no later than two months as from the day the losses were noticed or should have been noticed pursuant to legal or statutory duties. Such meeting must vote in compliance with the procedure provided for amending
the articles of association on a possible liquidation of the company and on other measures announced in the agenda. 
 The board
of directors duly justifies its proposals in a special report available to shareholders at the registered offices of the company fifteen days before the meeting. 
 If, as a result of losses, the company’s net assets amount to less than one fourth of the share capital, the liquidation takes place if it is approved of by one fourth of the votes cast during the
shareholders meeting. 
 When the net assets amount to less than the legal minimum share capital, any interested party may seize
a court and request the liquidation of the company. 
 ARTICLE FORTY-THREE – WINDING-UP 

Should the company be wound-up, what ever the cause or the time may be, the liquidation is carried out by liquidators appointed by the
shareholders meeting or, failing such appointment, by the board of directors in charge at that time acting as a liquidation comity. 
 To this end, it benefits from the broadest possible powers under legal provisions in force. 
 The shareholders meeting determines the liquidators’ remuneration. 
 During
the liquidation process of the company, auditors benefit from the same powers vis-à-vis the liquidator(s) as those they have vis-à-vis the board of directors under legal provisions in force. 

  
 13 

 ARTICLE FORTY-FOUR – SHARING AMONG SHAREHOLDERS 

If all share are not equally paid-up, the liquidators take such disparity into account before sharing the net assets and reestablish a
balance by treating all shares on an equal basis either by calling upon shareholders additional funds or by reimbursing first the shares that have been paid up in a greater portion in cash. 

The balance is distributed equally among all shares. 
 PART SEVEN – GENERAL PROVISIONS 
 ARTICLE FORTY-FIVE –
ELECTION OF DOMICILE 
 With respect to the enforcement of these articles of association, any registered shareholder
domiciled in a foreign country, unless it has elected domicile in Belgium, any member of the management, any auditor and any liquidator hereby elects domicile at the registered offices of the company where all communications and notices may be made
or summons served. 
 ARTICLE FORTY-SIX – GENERAL LAW 

Parties agree to comply with legal provisions in force. 
 As a result, unless otherwise validly provided, all public policy provisions of law are deemed to be set forth in these articles of association and all provisions of these articles of association
conflicting with such provisions of law are deemed not to exist. 
  

			
	 A Director,
	 	 A Director,

  
 14Amended 2012 Imperva Compensation Plan for Ralph Pisani.

 Exhibit 10.1 
 AMENDED 2012 IMPERVA COMPENSATION PLAN 
 Objectives: 

 

	 	•	 	 Reward strong performance against quotas through significant upside potential. 

 

	 	•	 	 Drive new product, maintenance, professional services and training bookings. 

 

	 	•	 	 Penetrate new accounts and win market share. 

  

	 	•	 	 Improve customer satisfaction by leveraging multi-year and premium maintenance options. 

Plan Participation: 
 This plan
applies to member of the Imperva Sales Organization. This plan is effective from January 1, 2012 through December 31, 2012, and supersedes participation in other Imperva bonus or commission plans. 

Compensation Plan Guidelines: 
  

	 	•	 	 Sales Territory Assignments – You will be assigned a sales territory consisting of a specific geographical area, product(s) and/or
services, specific accounts or partners, distribution channel or some combination thereof. All territory assignments are made at Imperva’s sole discretion and can be modified at any time by Imperva sales management. All territory assignments
must be approved by the VP Worldwide Sales. 

  

	 	•	 	 Quotas – You will be assigned, in writing, one or more Quotas that will be identified and communicated to you in your Goals Acknowledgement
Form (GAF). Your performance against the individual sales Quota(s) set forth in your GAF will, in conjunction with other goals and objectives assigned by management, serve as a basis for measuring your overall performance.

 Quota targets are allocated semi-annually; first-half extending from
January 1st – June 30th, second-half from July 1st – December 31st. Tiered commission rates will be applied by half, exceeding quota
qualifies for rate acceleration. See GAF for details. 
 Employees starting after April 1st will be assigned an annual plan. 

Employees that are newly hired or transfer into an eligible commission-based sales position from a non-commissionable on mid-quarter
receive a prorated quota and commission target for that quarter as outlined in the table below: 
  

			
	 Hire / Transfer Date
	 	 Prorated Quota / Commission Target

	
1st of the month
	 	100% for that month
	
2nd through the 15th of the month
	 	50% for that month
	 After the 15th of the month
	 	0%

  

			
	1 of 5	  	Imperva Confidential

	 	•	 	 Commissions are uncapped unless the total deal size is over $5,000,000 USD per RSD involved. In this case the VP of Sales and VP Finance shall
determine quota and commission. 

  

	 	•	 	 Commissions and quota retirement shall be earned on maintenance only in cases where it is sold as part of a product order. Maintenance Renewals do not
retire quota but may earn limited commissions from time to time and are subject to VP of Sales Operations approval. However, in the case of the Director of Strategic Accounts, Maintenance Renewals will retire quota and earn commissions.

  

	 	•	 	 Commission rates accelerate as quota attainment per half increases. Accelerated commission rates apply incrementally, not cumulatively.

  

	 	•	 	 Commissions earned in all cases are calculated based on net revenue (amount less commission/referral/royalty paid to partners/finders fees).

  

	 	•	 	 Discounting guidelines outlined in the then current Imperva discount policy must be adhered to in order to earn quota and commission credit, unless
otherwise approved by the VP Worldwide Sales. 

  

	 	•	 	 Term Licenses, Rentals and Multi-year Maintenance or SOC Services Contracts commission and quota credit is given when billable.

  

	 	•	 	 Should a multi-year contract have a cancellation clause or “out”, then only the portion of the contract considered “firm” shall be
credited to Employee. 

  

	 	•	 	 Special Quarterly Incentives Rules – Imperva sales management, at its discretion, may occasionally run special quarterly incentive programs. The
terms of this agreement apply to the special programs and take precedence when program rules contradict. 

  

	 	•	 	 Each member of the Imperva sales team will be required to sign the following document each time the plan is updated to participate in this plan:

  

	 	•	 	 An individualized “Goals Acknowledgement Form (GAF)” (Exhibit1) 

 

	 	•	 	 Each member of the Field or Corporate Sales teams will be required to sign a certification document quarterly prior to receiving end of quarter
commission payments. This certification states that there have been no intentionally false or misleading statements, entries, omissions, commitments or other contingencies made on behalf of the Company which have not been reported to the finance or
legal departments. 

  

	 	•	 	 Commissions are deemed earned when bookings are billable per Imperva’s “Revenue Recognition Policy” which can be found on the Compass
under Finance/ Financial Information and the Employee has signed and returned are required documents stated above. Imperva reserves the right to hold commission payments until the GAF is signed (unchanged) by Employee. Also no commissions shall be
paid for any transaction that is inconsistent with or is contrary to the terms and conditions of Imperva’s revenue recognition policies or the terms and conditions of the applicable authorized agreement(s). 

 

	 	•	 	 Shared Hosting Bookings. 

  

	 	•	 	 When shared products are rented or purchased including any associated services, the following positions will receive commission and quota credit:

  

	 	•	 	 Corporate Sales and Corporate Sales Management, MSSP Director, VP’s and SVP. 

  

			
	2 of 5	  	Imperva Confidential

 Splits 
  

	 	•	 	 Split distribution will not to exceed 100% of total booking. This will be determined on a case-by-case basis according to the selling level of effort.
Commission and Quota credit will be split in accordance with the following guidelines unless a previously written agreement approved by the appropriate RVP(s) specifies otherwise: 

 

	 	•	 	 25% of the portion of the transaction pertaining to the installation location(s) is credited to the team that supports the installation
location(s) provided the install site(s) requires local sales support including customer calls, coordination of PS, education and training. The remainder of the transaction is credited to the team that is responsible for the primary selling effort
which includes identifying the opportunity, qualifying the lead, developing the proposal, negotiating the deal and securing a signed purchase order. 

  

	 	•	 	 For large enterprise customers that have multiple divisions or subsidiaries, a transaction will be split 25% to the team that owns the corporate
relationship when the primary selling effort (i.e. lead qualification, development, negotiation, etc.) occurs at the installation site(s). This assumes that the customer’s headquarters location requires sales support. If no sales support is
required at the headquarters location then 100% of the transaction will be credited to the team that supports the installation location(s). 

  

	 	•	 	 All sales efforts by you or your channel partners outside of your territory must be approved in advance by your Regional VP of Sales and the VP Sales
Operations. WITHOUT ADVANCE APPROVAL TO PURSUE A DEAL OUTSIDE OF YOUR TERRITORY OR WITHOUT PRIOR NOTIFICATION THAT YOUR CHANNEL PARTNER HAS ENGAGED IN A DEAL OUTSIDE OF YOUR TERRITORY, YOU MAY POTENTIALLY FORFEIT ANY COMMISSION OR QUOTA CREDIT
RELATED TO THAT DEAL. 

  

	 	•	 	 The VP of Worldwide Sales, in his/her sole discretion, may revise an individual split agreement or the policy at any time.

 Club and SPIFFs 
  

	 	•	 	 To qualify for club, sales employees must achieve 100% of annual quota. Team members joining after January 1st must attain a full year quota; GAF (Exhibit 1) will contain both
prorated and non-prorated annual targets. 

  

	 	•	 	 Linearity SPIFF: Close 50% or more of quarterly quota in month 1 and 2 and qualify for a $5,000 quarterly bonus. Team members joining after
January 1st must attain 50% of month 1 and 2 of full
quarterly quota. 

 Commission Rates and Calculation for Bookings Goals 

 

	 	•	 	 On the attached GAF (Exhibit 1), select the applicable commission rate based on the % of 2012 quota achieved and the eligible booking.

  

	 	•	 	 Multiply the eligible revenue dollars recognized by the applicable commission rate to determine the commission. 

Commission Payment: 
  

	 	•	 	 Payment of Commission – Earned commissions will be paid monthly. Payments will be calculated at the end of the month and paid within the
next pay period in the following month. 

  

	 	•	 	 Payment of Quarterly Objectives – Earned quarterly objectives will be paid quarterly. Payments will be calculated at the end of the quarter
and paid within the next pay period in the following month. 

  

			
	3 of 5	  	Imperva Confidential

	 	•	 	 2011 Bookings – In those cases where commission was paid based upon the 2011 Plan, no additional commission or quota credit will be due
under the 2012 Plan. 

  

	 	•	 	 Adjustments – In cases where there are royalty payments or any other out of the ordinary costs, quota and commission credit earned will be
based on the license price minus the royalty, discount(s), or out of the ordinary costs specific to the individual contract. 

  

	 	•	 	 Conditional Orders (Try and Buys) – Commissions earned on all conditional bookings are paid when: 

 

	 	•	 	 Contractually required written acceptance (by email or any other written communication) from customer is received by Imperva’s Finance via the
Imperva Regional Sales Director or, 

  

	 	•	 	 Contractually there is NO required written acceptance (by email or any other written communication) from customer and the Acceptance Period has been
completed and no further notices are required from Customer for acceptance purposes. 

  

	 	•	 	 Conditional terms have been approved in advance by VP Worldwide Sales and VP Worldwide Sales Operations.  

 

	 	•	 	 Charge backs – If Imperva determines that an invoice is uncollectible, or if Imperva makes a refund or grants credit for payments made
against any invoice, or if an order is reversed, all commissions and quota retirement credited to the Employee based on such transaction will be cancelled, and all payments made to the Employee will be reimbursed to Imperva through a reduction in
future commissions due the Employee pursuant to this Plan, or in the event of a terminating employee, out of any other moneys due to the employee at Imperva’s sole option. 

 

	 	•	 	 Commission Errors – Employees will promptly report any unearned commissions that have been paid by Imperva in error. All commission errors
will be reimbursed to Imperva through a reduction in future commissions due the Employee pursuant to this plan, or in the event of a terminating employee, out of any other moneys due to the employee at Imperva’s sole option.

  

	 	•	 	 Territory/Account Re-Assignment – In the case where the territory or accounts are reassigned or changed, the Vice President Worldwide Sales
will determine the time frame for when the account is assigned to the new sales person and becomes commissionable. 

  

	 	•	 	 Change in Job Status – In the event of a transfer, leave of absence, or promotion, the employee shall receive commissions earned prior to
the effective date per the terms of the plan. The VP Worldwide Sales and the VP of Finance have the right and discretion to jointly determine eligibility for commission credit per the terms of the plan, on revenue recognized after the effective date
of the change in job status. 

  

	 	•	 	 Termination of Employment – Payment will be made on commissions earned by the employee prior to his/her termination date (the last day
worked) within 30 days of that date. No commissions will be due on deals that were initiated but not booked prior to separation from Imperva by the Employee. 

 

	 	•	 	 House Accounts – At the discretion of the VP of Worldwide Sales and Regional Vice Presidents, certain established company accounts may be
distinguished as “House Accounts” and will not be eligible for commission and quota credit. House Accounts can be Worldwide or Geographical (America’s, EMEA, and APJ) in nature. 

 

	 	•	 	 Named Accounts – At the discretion of the VP of Worldwide Sales and Regional Vice Presidents, certain accounts may considered strategic in
nature to the Company and may be assigned to specific Regional Sales Directors or Directors of Sales roles (“Named Accounts”). 

  

			
	4 of 5	  	Imperva Confidential

 Additional Plan Terms: 

 

	 	•	 	 Employment at Will (America’s Only) – Consistent with other compensation and benefit programs, this Plan in no way creates a contract
of employment and does not obligate Imperva to continue to employ the participant during the term of the Plan. All employees of Imperva are at-will employees. 

 

	 	•	 	 Right to Change the Plan – Imperva reserves the right to change, terminate, amend, or repeal all or a portion of the Plan at any time,
subject to senior management discretion. 

  

	 	•	 	 Dispute Resolution – The VP Worldwide Sales in conjunction with the Director of Human Resources will make all decisions concerning the
interpretation of this Plan, and such decision shall be final, binding and shall not be subject to appeal or modification. The Plan is to be interpreted in accordance with the laws of the State of California, USA. If any term of this plan is found
to be in non-conformance with a given state, federal, or country law, that term will be unenforceable but will not negate other terms of this plan. 

  

			
	5 of 5	  	Imperva Confidential

 Exhibit 1 

World Wide Sales Vice President Goals Acknowledgement Form (GAF) for 2012 Plan Year 

 

							
	 Employee:
	  	Ralph Pisani	  	Annual Base Salary:	  	225,000
	 Position:
	  	Sales Senior Vice President	  	Annual Incentive Target:	  	225,000
	 Territory:
	  	World Wide	  	Total Compensation at Target:	  	450,000
	 Effective Date:
	  	July 1, 2012	  	Compensation Currency:	  	USD

  

													
	 Incentive Component
	  	 Plan Mechanics
	  	Payout
Frequency	  	Annual
incentive
@ 100%
	Territory Annual Quota (USD): As provided in Imperva’s internal operating plan	  	Tiered commission rate scheme as
follows1:	  	Monthly	  	80%
							
	 Half
	  	 Span
	  	 Quota
	  	 % Quota Attained
	  	 Commission Rate Per Half
	  	 	  	 
	1	  	January – June	  	As provided in Imperva’s internal operating plan	  	0% – 100%	  	0.14%	  		  	
	  	  	  	100% – 110%	  	0.21%	  		  	
	  	  	  	+ 110%	  	0.28%	  		  	
	2	  	July – December	  	As provided in Imperva’s internal operating plan	  		  		  		  	
				
	Gross Profit Target (USD): As provided in Imperva’s internal operating plan	  	 Gross Profit = Revenue – Cost of Goods Sold
 Gross profit is defined by total sales revenue, described in the Revenue Target section, minus cost of goods sold. The gross profit represents total sales revenue that Imperva retains after incurring the
direct costs associated with producing the goods and services sold by Imperva. Our total cost of revenue is comprised of the following:
  
	  	Quarterly	  	20%
	  	  	  
	 Quarter
	  	 Span
	  	 Gross Profit Target
	  	  		  	
	1	  	January – March	  	As provided in Imperva’s internal operating plan	  	  		  	
	2	  	April – June	  	As provided in Imperva’s internal operating plan	  	 Cost of products and license revenue is comprised primarily of third-party hardware costs, royalty fees
and discounting. Our cost of products and license revenue also includes personnel costs related to our operations team, shipping costs and write-offs for excess and obsolete inventory.

 
 Cost of services revenue is primarily
	  		  	

  

	1 	 The CFO will review quota and commission credit on any deals greater than $5 million. 

  
 Imperva
Confidential 

															
	3	  	July – September	  	As provided in Imperva’s internal operating plan	  	 comprised of personnel costs of our technical support team, our professional consulting services and training teams and our
Security Operations Center (“SOC”) team. Cost of services revenue also includes facilities costs, subscription fees and depreciation.
	  		  	
	4	  	October – December	  	As provided in Imperva’s internal operating plan	  	  		  	

 By signing below, I acknowledge that I have received, understand and agree to the terms of my CY2012 compensation plan
which incorporates the CY 2012 GAF by reference. I further acknowledge that Imperva management reserves the right to change the terms of the CY 2012 compensation plan from time to time at any time during CY 2012. I understand that I will
not earn the commissions specified on this schedule unless/until I have signed and returned this form. 
  

							
	Employee Signature:	 	/s/ Ralph Pisani	 	Date:	 	7/16/2012
				
	Manager Signature:	 	/s/ Shlomo Kramer	 	Date:	 	7/16/2012

  
 Imperva
Confidential

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