Document:

Offer Letter

 Exhibit 10.6 

 

					
	

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

 September 29, 2010 
  

	
	 Terry Schmid
  

	
	 

 Dear Terry: 

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

1. Position. Your title will be Chief Financial Officer (CFO) and you will report to the Company’s CEO, Shlomo Kramer. This is a
full-time position. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

2. Cash Compensation. The Company will pay you a starting salary at the rate of $250,000 per year, payable in accordance with the
Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. You will be eligible to be considered for an incentive bonus. The bonus
will be awarded based on quarterly objective or subjective criteria approved by the Company’s Chief Executive Officer. Your target annual bonus will be equal to $62,500 and paid on a quarterly basis. 

3. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In
addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 
 4.
Stock Options. Subject to the approval of the Company’s Board of Directors, you will be granted an option to purchase 420,000 shares of the Company’s Common Stock. The exercise price per share will be equal to the fair market
value per share on the date the option is granted or on your first day of employment, whichever is later. The option will be subject to the terms and conditions applicable to options granted under the Company’s 2003 Stock Plan (the
“Plan”), as described in the Plan and the applicable Stock Option Agreement. The option may be exercised with respect to 25% of the Shares subject to this option when the Optionee completes 12 months of continuous service after the Vesting
Commencement date. This option may be exercised with respect to an additional 6.25% of the Shares subject to this option when the Optionee completes each 3-month period of continuous service thereafter. If the Company is subject to a Change in
Control before your service with the Company terminates, then the option may immediately be exercised with respect to 50% of the remaining unvested shares. 
 If the Company is subject to a Change in Control and you are subject to an Involuntary Termination (as defined in Section 10) within three (3) months before or twelve (12) months after that
Change in Control, then the option may be exercised with respect to all shares. 

  
  

1    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 5. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a
condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 
 6. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may
terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company
on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an
express written agreement signed by you and a duly authorized officer of the Company (other than you). 
 7. Outside Activities. While
you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the prior written consent of the Company. While you render services to the Company, you also will not
assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company. 
 8. Withholding Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by
law. 
 9. Entire Agreement. This letter agreement supersedes and replaces any prior agreements, representations or understandings,
whether written, oral or implied, between you and the Company. 
  

	10.	Definitions. The following terms have the meaning set forth below wherever they are used in this letter agreement: 

“Involuntary Termination” means either (a) involuntary discharge by the Company for reasons other than Cause, as
defined below, or (b) voluntary resignation following (i) a change in your position with the Company that materially reduces your level of authority or responsibility, (ii) a reduction in your base salary by more than 10% or
(iii) receipt of notice that your principal workplace will be relocated more than 30 miles. 
 “Cause”
means (a) your unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the
Company, which breach causes material harm to the Company, (c) your material failure to comply with the Company’s written policies or rules, which failure causes material harm to the Company (d) your conviction of, or

  
  

2    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State
involving fraud, dishonesty, or moral turpitude, (e) your gross negligence or willful misconduct, (f) your continuing failure to perform assigned duties after receiving written notification of the failure from the Company’s Board of
Directors or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. In the cases of (b) or
(f) above, “Cause” will only exist if you have not cured the events described in (b) or (f) giving rise to “Cause” within twenty (20) days of written notice being provided to you. 

* * * * * 

  
  

3    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept
this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will expire at the close of
business on October 8, 2010. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States, as well as passing the Company’s mandatory
background verification. Your employment is also contingent upon your starting work with the Company on or before November 1, 2010. 
  

			
	Very truly yours,
	IPMERVA, INC.
		
	By:	 	 /s/ Shlomo
Kramer

			
	Shlomo Kramer
		
	Title:	 	CEO

			
		
	Dated:	 	  

 I have read and accept this employment offer: 

 

			
	 /s/ Terry Schmid

	  Signature of Terry Schmid
		
	Dated:	 	September 30, 2010

  
  

4    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 Attachment: Exhibit A: Proprietary Information and Inventions Agreement 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 
 The following confirms and memorializes an agreement that Imperva Inc., a Delaware corporation (the “Company”) and I, Terry Schmid, have had since the commencement of my employment with the
Company in any capacity and that is and has been a material part of the consideration for my employment by Company: 
 1. I have not entered
into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement or my employment with Company. I will not violate any agreement with or rights of any third party or, except as expressly authorized by
Company in writing hereafter, use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company. Further, I have not retained anything
containing any confidential information of a prior employer or other third party, whether or not created by me. 
 2. Company shall own all
right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, sui generis database rights and all other intellectual and industrial property rights of any sort throughout the world) relating to any and
all inventions (whether or not patentable), works of authorship, mask works, designs, knowhow, ideas and information made or conceived or reduced to practice, in whole or in part, by me during the term of my employment with Company to and only to
the fullest extent allowed by applicable law (collectively “Inventions”) and I will promptly disclose all Inventions to Company. I will also disclose anything I believe is excluded by law so that the Company can make an independent
assessment. I hereby make all assignments necessary to accomplish the foregoing. I shall further assist Company, at Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and
defend any rights specified to be so owned or assigned. I hereby irrevocably designate and appoint Company as its agents and attorneys-in-fact to act for and in my behalf to execute and file any document and to do all other lawfully permitted acts
to further the purposes of the foregoing with the same legal force and effect as if executed by me. If I wish to clarify that something created by me prior to my employment that relates to Company’s actual or proposed business is not within the
scope of this Agreement, I have listed it on Appendix A. If I use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company, Company
will have and I hereby grant Company a perpetual, irrevocable, worldwide royalty-free, non-exclusive, sublicensable right and license to exploit and exercise all such confidential information and intellectual property rights. 

3. To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be
known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”). To the extent I retain any such Moral Rights under applicable law, I hereby ratify
and consent to any action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with respect thereto. I will confirm any such ratifications, consents and agreements from time to time
as requested by Company. 

  
  

5    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 4. I agree that all Inventions and all other business, technical and financial information (including, without
limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the business or demonstrably anticipated business of Company or that are received
by or for Company in confidence, constitute “Proprietary Information.” I will hold in confidence and not disclose or, except within the scope of my employment, use any Proprietary Information. However, I shall not be obligated under this
paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine. Upon termination of my employment, I will promptly return to Company all items containing or embodying
Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this Agreement. I also recognize and agree that I
have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and voice messages) and that my activity and any
files or messages on or using any of those systems may be monitored at any time without notice. 
 5. Until one year after the term of my
employment, I will not encourage or solicit any employee or consultant of Company to leave Company for any reason (except for the bona fide firing of Company personnel within the scope of my employment). 

6. I agree that during the term of my employment with Company (whether or not during business hours), I will not engage in any activity that is in any
way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of Company.

 7. I agree that this Agreement is not an employment contract for any particular term and that I have the right to resign and Company has the
right to terminate my employment at will, at any time, for any or no reason, with or without cause. In addition, this Agreement does not purport to set forth all of the terms and conditions of my employment, and, as an employee of Company, I have
obligations to Company which are not set forth in this Agreement. However, the terms of this Agreement govern over any inconsistent terms and can only be changed by a subsequent written agreement signed by the President of Company. 

8. I agree that my obligations under paragraphs 2, 3, 4 and 5 of this Agreement shall continue in effect after termination of my employment, regardless
of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part, and that Company is entitled to communicate my obligations under this Agreement to any future employer or potential employer of mine. My
obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors, assigns, and administrators and shall inure to the benefit of Company, it subsidiaries, successors and assigns. 

  
  

6    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

 9. Any dispute in the meaning, effect or validity of this Agreement shall be resolved in accordance with the laws of the
State of California without regard to the conflict of laws provisions thereof. I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under applicable California law, such illegal or unenforceable
portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in frill force and effect and enforceable in accordance with its terms. I also understand that any breach of
this Agreement will cause irreparable harm to Company for which damages would not be a adequate remedy, and, therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies. 

I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR
REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT ONE COUNTERPART WILL BE RETAINED BY COMPANY AND THE OTHER COUNTERPART WILL BE RETAINED
BY ME. 
  

	
	September 30, 2010
	
	 /s/ Terry Schmid

	Employee Signature
	
	 Terry Schmid

	Name (Printed)

  

			
	Accepted and Agreed to:
	Imperva Inc.
		
	By	 	 /s/ Douglas Burns

  
  

7    |    Confidential Offer Letter - Terry Schmid, September 28, 2010 

					
	

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

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

  
  

8    |    Confidential Offer Letter - Terry Schmid, September 28, 20102011 Employee Stock Purchase Plan

 EXHIBIT 10.19 
 IMPERVA, INC. 
 2011 Employee Stock Purchase Plan 

1. Establishment of Plan. Imperva, Inc. (the “Company”) proposes to grant options for purchase of the
Company’s Common Stock to eligible employees of the Company and its Participating Corporations (as hereinafter defined) pursuant to this Employee Stock Purchase Plan (this “Plan”). For purposes of this Plan,
“Parent” and “Subsidiary” shall have the same meanings as “parent corporation” and “subsidiary corporation” in Sections 424(e) and 424(f), respectively, of the Internal Revenue Code of 1986, as amended (the
“Code”), and “Corporate Group” shall refer collectively to the Company and all its Parents and Subsidiaries. “Participating Corporations” are the Company and any current or future Parents or Subsidiaries
that the Board of Directors of the Company (the “Board”) designates from time to time as corporations that shall participate in this Plan. The Company intends this Plan to qualify as an “employee stock purchase
plan” under Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code
shall have the same definition therein. A total of 500,000 shares of the Company’s Common Stock is reserved for issuance under this Plan. In addition, on January 1 of each for the first eight calendar years after the first Offering Date,
the aggregate number of shares of the Company’s Common Stock reserved for issuance under the Plan shall be increased automatically by the number of shares equal to one percent (1%) of the total number of outstanding shares of the Company
Common Stock on the immediately preceding December 31 (rounded down to the nearest whole share); provided, that the Board or the Committee may in its sole discretion reduce the amount of the increase in any particular year;
and, provided, further, that the aggregate number of shares issued over the term of this Plan shall not exceed 20,000,000 shares of Common Stock. The number of shares reserved for issuance under this Plan and the
maximum number of shares that may be issued under this Plan shall be subject to adjustments effected in accordance with Section 14 of this Plan. 
 2. Purpose. The purpose of this Plan is to provide eligible employees of the Company and Participating Corporations with a means of acquiring an equity interest in the Company through payroll
deductions, to enhance such employees’ sense of participation in the affairs of the Company and Participating Corporations, and to provide an incentive for continued employment. 

3. Administration. This Plan shall be administered by the Compensation Committee of the Board or by the Board (either referred to
herein as the “Committee”). Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall
be determined by the Committee and its decisions shall be final and binding upon all Participants. The Committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, and to determine
eligibility and decide upon any and all claims filed under the Plan. Every finding, decision and determination made by the Committee will, to the fullest extent permitted by law, be final and binding upon all parties. Notwithstanding any provision
to the contrary in this Plan, the Committee may adopt rules and/or procedures relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States. Members of the Committee
shall receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board committees. All
expenses incurred in connection with the administration of this Plan shall be paid by the Company. 

 4. Eligibility. Any employee of the Company or the Participating Corporations is
eligible to participate in an Offering Period (as hereinafter defined) under this Plan except the following: 
 (a) employees who
are customarily employed for twenty (20) hours or less per week; 
 (b) employees who are customarily employed for five
(5) months or less in a calendar year; 
 (c) employees who, together with any other person whose stock would be attributed
to such employee pursuant to Section 424(d) of the Code, own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its
Participating Corporations or who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of the Company or any of its Participating Corporations; 
 (d) employees who do not meet
any other eligibility requirements that the Committee may choose to impose (within the limits permitted by the Code); and 
 (e)
individuals who provide services to the Company or any of its Participating Corporations as independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes. 

5. Offering Dates. 
 (a) The offering periods of this Plan (each, an “Offering Period”) may be of up to twenty-four (24) months duration and shall commence and end at the times designated by the
Committee. Each Offering Period may consist of up to five (5) purchase periods (individually, a “Purchase Period”) during which payroll deductions of Participants are accumulated under this Plan. 

(b) The initial Offering Period shall commence on the date specified by the Committee, provided that such date must follow the date on
which the Registration Statement covering the initial public offering of shares of the Company’s Common Stock (the “IPO”) is declared effective by the U.S. Securities and Exchange Commission (the “Effective
Date”), and shall end with the earlier of the next succeeding May 15 or November 15 that first occurs no sooner than the later of (i) six months after the Effective Date and (ii) in the event that the
underwriters for the IPO extend the lock-up period in connection with the IPO beyond 180 days, the business day following the final day of such extended lock-up period. The initial Offering Period shall consist of a single Purchase Period.
Thereafter, a six month Offering Period shall commence on each May 16 and November 16, with each such Offering Period also consisting of a single six-month Purchase Period. 

(c) The first business day of each Offering Period is referred to as the “Offering Date”; however, for the initial
Offering Period this shall be the Effective Date. The last business day of each Purchase Period is referred to as the “Purchase Date.” The Committee shall have the power to change these terms as provided in Section 25
below. 
 6. Participation in this Plan. 
 (a) Any employee who is an eligible employee determined in accordance with Section 4 immediately prior to the initial Offering Period will be automatically enrolled in the initial Offering Period
under this Plan. With respect to subsequent Offering Periods, any eligible employee determined in accordance with Section 4 will be eligible to participate in this Plan, subject to the requirement of Section 6(b) hereof and the other terms
and provisions of this Plan. Eligible employees who meet the eligibility requirements set forth in Section 4 and who are either automatically enrolled in the initial Offering Period or who elect to participate in this Plan pursuant to
Section 6(b) are referred to herein as a “Participant” or collectively as “Participants.” 

  
 2 

 (b) Notwithstanding the foregoing, (i) an eligible employee may elect to decrease the
number of shares of Common Stock that such employee would otherwise be permitted to purchase for the initial Offering Period under the Plan through payroll deductions by delivering a subscription agreement to the Company within thirty (30) days
after the filing of an effective registration statement pursuant to Form S-8 and (ii) the Committee may set a later time for filing the subscription agreement authorizing payroll deductions for all eligible employees with respect to a given
Offering Period. With respect to Offering Periods after the initial Offering Period, a Participant may elect to participate in this Plan by submitting a subscription agreement prior to the commencement of the Offering Period (or such earlier date as
the Committee may determine) to which such agreement relates. 
 (c) Once an employee becomes a Participant in an Offering
Period, then such Participant will automatically participate in the Offering Period commencing immediately following the last day of such prior Offering Period unless the Participant withdraws or is deemed to withdraw from this Plan or terminates
further participation in the Offering Period as set forth in Section 11 below. Such Participant is not required to file any additional subscription agreement in order to continue participation in this Plan. 

7. Grant of Option on Enrollment. Becoming a Participant with respect to an Offering Period will constitute the grant (as of the
Offering Date) by the Company to such Participant of an option to purchase on the Purchase Date up to that number of shares of Common Stock of the Company determined by a fraction, the numerator of which is the amount accumulated in such
Participant’s payroll deduction account during such Purchase Period and the denominator of which is the lower of (i) eighty-five percent (85%) of the fair market value of a share of the Company’s Common Stock on the Offering
Date (but in no event less than the par value of a share of the Company’s Common Stock), or (ii) eighty-five percent (85%) of the fair market value of a share of the Company’s Common Stock on the Purchase Date (but in no event
less than the par value of a share of the Company’s Common Stock) provided, however, that for the Purchase Period within the initial Offering Period the numerator shall be fifteen percent (15%) of the Participant’s
compensation (as defined below) for such Purchase Period and provided, further, that the number of shares of the Company’s Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of
(x) the maximum number of shares set by the Committee pursuant to Section 10(b) below with respect to the applicable Purchase Date, or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with
respect to the applicable Purchase Date. The fair market value of a share of the Company’s Common Stock shall be determined as provided in Section 8 below. 
 8. Purchase Price. The purchase price per share at which a share of Common Stock will be sold in any Offering Period shall be eighty-five percent (85%) of the lesser of: 

(a) The fair market value on the Offering Date; or 
 (b) The fair market value on the Purchase Date. 
 The term “fair market
value” means, as of any date, the value of a share of the Company’s Common Stock determined as follows: 
 (i)
if such Common Stock is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall
Street Journal or such other source as the Committee deems reliable; 
 (ii) if such Common Stock is publicly traded but is
not admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

 (iii) if none of the foregoing is applicable, by the Committee in good faith. 

  
 3 

 9. Payment of Purchase Price; Payroll Deduction Changes; Share Issuances.

 (a) The purchase price of the shares is accumulated by regular payroll deductions made during each Offering Period. The
deductions are made as a percentage of the Participant’s compensation in one percent (1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Committee. Compensation shall
mean all W-2 cash compensation categorized by the Company as base salary or regular hourly wages, and expressly excluding commissions, overtime, shift premiums, bonuses, allowances and reimbursements for expenses, income attributable to the exercise
of stock options and incentive compensation, plus draws against commissions, provided, however, that for purposes of determining a Participant’s compensation, any election by such Participant to reduce his or her regular
cash remuneration under Sections 125 or 401(k) of the Code shall be treated as if the Participant did not make such election. Payroll deductions shall commence on the first payday following the last Purchase Date (however, with respect to the
initial Offering Period the first payday that can reasonably be accommodated by the Company after both: (i) the Participant’s filing of an authorization for payroll deductions with the Company; and (ii) the effective date of filing
with the U.S. Securities and Exchange Commission a securities registration statement for the Plan) and shall continue to the end of the Offering Period unless sooner altered or terminated as provided in this Plan. 

(b) A Participant may decrease the rate of payroll deductions during an Offering Period by filing with the Company a new authorization for
payroll deductions, with the new rate to become effective for the next payroll period commencing after the Company’s receipt of the authorization and continuing for the remainder of the Offering Period unless changed as described below. Such
change in the rate of payroll deductions may be made at any time during an Offering Period, but not more than one (1) decrease may be made effective during any Purchase Period. A Participant may increase or decrease the rate of payroll
deductions for any subsequent Offering Period by filing with the Company a new authorization for payroll deductions prior to the beginning of such Offering Period, or such other time period as specified by the Committee. 

(c) A Participant may reduce his or her payroll deduction percentage to zero during an Offering Period by filing with the Company a
request for cessation of payroll deductions. Such reduction shall be effective beginning with the next payroll period after the Company’s receipt of the request and no further payroll deductions will be made for the duration of the Offering
Period. Payroll deductions credited to the Participant’s account prior to the effective date of the request shall be used to purchase shares of Common Stock of the Company in accordance with Section (e) below. A reduction of the payroll
deduction percentage to zero shall be treated as such Participant’s withdrawal from such Offering Period, and the Plan, effective as of the day after the next Purchase Date following the filing date of such request with the Company. 

(d) All payroll deductions made for a Participant are credited to his or her account under this Plan and are deposited with the general
funds of the Company. No interest accrues on the payroll deductions. All payroll deductions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll
deductions. 
 (e) On each Purchase Date, so long as this Plan remains in effect and provided that the Participant has not
submitted a signed and completed withdrawal form before that date which notifies the Company that the Participant wishes to withdraw from that Offering Period under this Plan and have all payroll deductions accumulated in the account maintained on
behalf of the Participant as of that date returned to the Participant, the Company shall apply the funds then in the Participant’s account to the purchase of whole shares of Common Stock reserved under the option granted to such Participant
with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The 

  
 4 

 
purchase price per share shall be as specified in Section 8 of this Plan. Any amount remaining in a Participant’s account on a Purchase Date which is less than the amount necessary to
purchase a full share of the Company’s Common Stock shall be carried forward, without interest, into the next Purchase Period or Offering Period, as the case may be. In the event that this Plan has been oversubscribed, all funds not used to
purchase shares on the Purchase Date shall be returned to the Participant, without interest. No Common Stock shall be purchased on a Purchase Date on behalf of any employee whose participation in this Plan has terminated prior to such Purchase Date.

 (f) As promptly as practicable after the Purchase Date, the Company shall issue shares for the Participant’s benefit
representing the shares purchased upon exercise of his or her option. 
 (g) During a Participant’s lifetime, his or her
option to purchase shares hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 

10. Limitations on Shares to be Purchased. 
 (a) No Participant shall be entitled to purchase stock under any Offering Period at a rate which, when aggregated with such Participant’s rights to purchase stock that are also outstanding in the
same calendar year(s) (whether under other Offering Periods or other employee stock purchase plans of the Corporate Group), exceeds $25,000 in fair market value, determined as of the Offering Date, (or such other limit as may be imposed by the Code)
for each calendar year in which such Offering Period is in effect (hereinafter the “Maximum Share Amount”). The Company shall automatically suspend the payroll deductions of any Participant as necessary to enforce such limit
provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. 
 (b) The Committee may, in its sole discretion, set a lower maximum number of shares which may be purchased by any Participant during any Offering Period than that determined under Section 10(a)
above, which shall then be the Maximum Share Amount for subsequent Offering Periods provided however, in no event shall a Participant be permitted to more than 10,000 shares (the “Maximum Share Number”) during any one
Offering Period (or such other Maximum Share Number as may be determined by the Committee prior to the commencement of an Offering Period to which such new Maximum Share Number is to apply, subject to the limit in Section 10(a) above). If a new
Maximum Share Amount is set, then all Participants must be notified of such Maximum Share Amount prior to the commencement of the next Offering Period for which it is to be effective. The Maximum Share Amount shall continue to apply with respect to
all succeeding Offering Periods unless revised by the Committee as set forth above. 
 (c) If the number of shares to be
purchased on a Purchase Date by all Participants exceeds the number of shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably
practicable and as the Committee shall determine to be equitable. In such event, the Company shall give written notice of such reduction of the number of shares to be purchased under a Participant’s option to each Participant affected.

 (d) Any payroll deductions accumulated in a Participant’s account which are not used to purchase stock due to the
limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest. 

11. Withdrawal. 
 (a) Each Participant may withdraw from an Offering Period under this Plan by signing and delivering to the Company a written notice to that effect on a form provided for such purpose by the

  
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Company. Such withdrawal may be elected at any time prior to the end of an Offering Period, or such other time period as specified by the Committee. 

(b) Upon withdrawal from this Plan, the accumulated payroll deductions shall be returned to the withdrawn Participant, without interest,
and his or her interest in this Plan shall terminate. In the event a Participant voluntarily elects to withdraw from this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may
participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by filing a new authorization for payroll deductions in the same manner as set forth in Section 6 above for initial participation in this
Plan. 
 12. Termination of Employment. Termination of a Participant’s employment for any reason, including
retirement, death, disability, or the failure of a Participant to remain an eligible employee of the Company or of a Participating Corporation, immediately terminates his or her participation in this Plan. In such event, accumulated payroll
deductions credited to the Participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal representative, without interest. For purposes of this Section 12, an employee will not be deemed to
have terminated employment or failed to remain in the continuous employ of the Company or of a Participating Corporation in the case of sick leave, military leave, or any other leave of absence approved by the Company; provided that such
leave is for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute. 
 13. Return of Payroll Deductions. In the event a Participant’s interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is
terminated by the Board, the Company shall deliver to the Participant all accumulated payroll deductions credited to such Participant’s account. No interest shall accrue on the payroll deductions of a Participant in this Plan. 

14. Capital Changes. If the number of outstanding shares of Common Stock is changed by a stock dividend, recapitalization, stock
split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then the Committee shall adjust the number and class of shares that may be delivered under the
Plan, the purchase price per share and the number of shares covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 1 and 10 shall be proportionately adjusted, subject to any required action by
the Board or the stockholders of the Company and in compliance with applicable securities laws; provided that fractions of a share will not be issued. 
 15. Nonassignability. Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares under this Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 22 below) by the Participant. Any such attempt at assignment, transfer, pledge or other
disposition shall be void and without effect. 
 16. Use of Participant Funds and Reports. The Company may use all
payroll deductions received or held by it under the Plan for any corporate purpose, and the Company will not be required to segregate Participant payroll deductions. Until Shares are issued, Participants will have only the rights of an unsecured
creditor. On request, each Participant shall receive promptly after the end of each Purchase Period a report of his or her account setting forth the total payroll deductions accumulated, the number of shares purchased, the per share price thereof
and the remaining cash balance, if any, carried forward to the next Purchase Period or Offering Period, as the case may be. 

17. Notice of Disposition. Each Participant shall notify the Company in writing if the Participant disposes of any of the shares
purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased (the
“Notice Period”). The Company may, at any time during 

  
 6 

 
the Notice Period, place a legend or legends on any certificate representing shares acquired pursuant to this Plan requesting the Company’s transfer agent to notify the Company of any
transfer of the shares. The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the certificates. 
 18. No Rights to Continued Employment. Neither this Plan nor the grant of any option hereunder shall confer any right on any employee to remain in the employ of the Company or any Participating
Corporation, or restrict the right of the Company or any Participating Corporation to terminate such employee’s employment. 
 19. Equal Rights And Privileges. All eligible employees shall have equal rights and privileges with respect to this Plan so that this Plan qualifies as an “employee stock purchase plan”
within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision of the Code shall, without further act or
amendment by the Company, the Committee or the Board, be reformed to comply with the requirements of Section 423. This Section 19 shall take precedence over all other provisions in this Plan. 

20. Notices. All notices or other communications by a Participant to the Company under or in connection with this Plan shall be
deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 21. Term; Stockholder Approval. This Plan will become effective on the Effective Date. This Plan shall be approved by the stockholders of the Company, in any manner permitted by applicable
corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before becoming available under this Plan shall occur prior to stockholder
approval of such shares and the Board or Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed necessary or desirable to obtain such approval (provided that if a
Purchase Date would occur more than twenty-four (24) months after commencement of the Offering Period to which it relates, then such Purchase Date shall not occur and instead such Offering Period shall terminate without the purchase of such
shares and Participants in such Offering Period shall be refunded their contributions without interest). This Plan shall continue until the earlier to occur of (a) termination of this Plan by the Board (which termination may be effected by the
Board at any time pursuant to Section 25 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the Effective Date of the Plan. 

22. Designation of Beneficiary. 
 (a) A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s account under this Plan in the event of such Participant’s
death subsequent to the end of a Purchase Period but prior to delivery to him of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under
this Plan in the event of such Participant’s death prior to a Purchase Date. 
 (b) Such designation of beneficiary may be
changed by the Participant at any time by written notice. In the event of the death of a Participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such Participant’s death, the Company shall
deliver such shares or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares or
cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

  
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 23. Conditions Upon Issuance of Shares; Limitation on Sale of Shares. Shares shall
not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the
Securities Act, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such compliance. 
 24. Applicable Law. The
Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Delaware. 
 25.
Amendment or Termination. The Committee, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. If the Plan is terminated, the Committee, in its discretion, may elect to terminate
all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Committee in its discretion), or may
elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 14). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to
Participants’ accounts for such Offering Period, which have not been used to purchase shares of the Company’s Common Stock, shall be returned to those Participants (without interest thereon, except as otherwise required under local laws)
as soon as administratively practicable. Further, the Committee will be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable waiting and
adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of the Company’s Common Stock for each Participant properly correspond with amounts withheld from the Participant’s base
salary or regular hourly wages, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. Such actions will not require stockholder approval or the consent of
any Participants. However, no amendment shall be made without approval of the stockholders of the Company (obtained in accordance with Section 21 above) within twelve (12) months of the adoption of such amendment (or earlier if required by
Section 21) if such amendment would: (a) increase the number of shares that may be issued under this Plan; or (b) change the designation of the employees (or class of employees) eligible for participation in this Plan. 

26. Corporate Transactions. 
 (a) In the event of a Corporate Transaction (as defined below), each outstanding right to purchase Company Common Stock will be assumed or an equivalent option substituted by the successor corporation or
a parent or a subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the purchase right, the Offering Period with respect to which such purchase right relates will be shortened by
setting a new Purchase Date (the “New Purchase Date”) and will end on the New Purchase Date. The New Purchase Date shall occur on or prior to the consummation of the Corporate Transaction. 

(b) “Corporate Transaction” means the occurrence of any of the following events: (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) or “group” (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) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power represented by the Company’s then-outstanding voting securities; (ii) the consummation of the sale or other disposition by 

  
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the Company of all or substantially all of the Company’s assets; (iii) the consummation of a merger, reorganization, consolidation or similar transaction or series of related
transactions of the Company with any other corporation, other than a merger, reorganization, consolidation or similar transaction (or series of related transactions) which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least a majority of the total voting power represented by the voting securities of the
Company or such surviving entity or its parent outstanding immediately after such merger, reorganization, consolidation or similar transaction (or series of related transactions) or (iv) any other transaction which qualifies as a
“corporate transaction” under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the
outstanding shares of the Company). 

  
 9

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