Company: TENB
Filing Date: 2025-01-29
Form Type: 8-K
Source: 0001660280-25-000007
Chunk: 0

Company: Tenable Holdings, Inc.
Filing Date: 2025-01-29
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01

Entry into a Material Definitive Agreement.

On January 29, 2025, Ermetic Ltd. a company organized under the laws of the State of Israel (“ Purchaser”) and an indirect, wholly owned subsidiary of Tenable Holdings, Inc., a Delaware corporation (“ Tenable”), entered into a share purchase agreement (the “ Purchase Agreement”) with Vulcan Cyber Ltd., a company organized under the laws of the State of Israel (“ Vulcan Cyber”), each of the shareholders of Vulcan Cyber identified in the Purchase Agreement or joined to the Purchase Agreement pursuant to a joinder agreement (collectively, the “ Sellers”), Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the indemnitors under the Purchase Agreement, and Tenable, Inc., a Delaware corporation and a wholly owned subsidiary of Tenable, solely for the purposes of Section 12.2 of the Purchase Agreement, pursuant to which Purchaser will acquire all of the outstanding share capital of Vulcan Cyber (the “ Acquisition”) and Vulcan Cyber will continue as a wholly owned subsidiary of Purchaser and indirect subsidiary of Tenable. The aggregate purchase price for the Acquisition is approximately $147 million in cash and $3 million in RSUs that vest over a future period, subject to certain customary purchase price adjustments set forth in the Purchase Agreement. Vulcan Cyber is a cyber risk management platform company and an innovator in exposure management.

Under the terms of the Purchase Agreement, all outstanding, vested and unexercised Vulcan Cyber options (other than underwater options) immediately prior to the closing of the Acquisition shall be canceled in exchange for cash in the amounts set forth in the Purchase Agreement. In addition, all outstanding, unvested and unexercised options (other than underwater options) held by a then-current employee or service provider of Vulcan Cyber shall be substituted for unvested Tenable restricted share units or cash bonuses in the amounts set forth in the Purchase Agreement.

The Purchase Agreement contains representations, warranties and covenants of Purchaser, Vulcan Cyber and the Sellers that are customary for a transaction of this nature. T he Purchase Agreement also contains customary indemnification provisions whereby the indemnitors named therein will indemnify the Purchaser for certain damages arising out of inaccuracies in, or breaches of, the representations, warranties and covenants of Vulcan Cyber and the Sellers, pre-closing taxes of Vulcan Cyber, and certain other matters, subject to certain caps and other limitations. To support such indemnification