Document:

EX-10.12

 Exhibit 10.12 
  

PLURALSIGHT HOLDINGS, LLC 

May 27th, 2016 

Arne Duncan 
 Dear Mr. Duncan: 

This letter agreement (this “Agreement”) confirms our understanding that Pluralsight Holdings, LLC, a Delaware limited liability
company (the “Company”, “we”, or “us”), has engaged you to act in the capacity and to provide the services to the Company as set forth below, upon the terms and conditions set forth below. For your information, the
controlling instrument with respect to the business, activities and governance of the Company is the Amended and Restated Limited Liability Company Agreement of Pluralsight Holdings, LLC dated as of March 14, 2016, as amended, modified, or
supplemented from time to time, a copy of which has been provided to you (the “LLC Agreement”). Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings as set forth in the LLC Agreement. 

1. Capacity; Services. You shall be a member of the Board of Managers (the “Board”) of the Company with the authority and
duties as set forth in the LLC Agreement and as are normally associated with that position. 
 2. Unit Award. As consideration for
your service as a member of the Board, the Company will award or grant to you 209,000 Incentive Units (representing approximately 0.20%, in total, of the aggregate outstanding Units of the Company on a fully-diluted basis as of the date hereof). The
Incentive Units will be subject to the terms and conditions of the LLC Agreement, the Pluralsight Holdings, LLC Incentive Unit Plan dated as of May 24, 2013, as amended, modified, or supplemented from time to time, and an Incentive Unit Offer
Letter between you and the Company (the “Offer Letter”). We anticipate that the strike price for your Incentive Units (as set forth in the Offer Letter) will be an amount equal to $9.42 per Incentive Unit and your applicable “Catch-up Amount” (as defined in the LLC Agreement) is $4.27 per Incentive Unit, subject to review and confirmation from our tax, legal, and accounting representatives, and subject to Board approval.
Additionally, we anticipate that your units will vest over the course of three years on a quarterly basis, beginning on July 1, 2016 (all as further set forth in the Offer Letter). 

3. Reimbursement of Expenses. The Company agrees to reimburse you for reasonable out-of-pocket expenses incurred by you for attendance at each meeting of the Board and for such additional reasonable
out-of-pocket expenses incurred by you on behalf of the Company in connection with the services provided pursuant to this Agreement as are approved in advance by the
Company. Reimbursement of out-of-pocket expenses will be paid promptly by the Company after receipt of reasonable documentation covering such expenses. 

 

 4. Information; Confidentiality. 

(a) The Company understands and agrees that in performing the services hereunder you will use and rely upon the information provided by the
Company and its advisors and that you do not assume responsibility for independent verification of any information, whether publicly available or otherwise furnished to you concerning the Company including, without limitation, any financial
information, forecasts or projections, considered in connection with the rendering of your services. Accordingly, you shall he entitled to assume and rely upon the accuracy and completeness of all such information and are not required to conduct a
physical inspection of any of the properties or assets, or to prepare or obtain any independent evaluation or appraisal of any of the assets or liabilities of the Company (except to the extent required to satisfy your fiduciary responsibilities).

 (b) During the term of this Agreement, you will have access to and become acquainted with confidential information of the Company and/or
any of its subsidiaries, including among other things customer relationships, processes, and compilations of information, records and specifications, which are owned by the Company or any of its subsidiaries. You shall not use or disclose any of the
Company’s or any of its subsidiaries confidential information in any way that is detrimental to the interests of the Company or any of its subsidiaries, directly or indirectly, either during or after the term of this Agreement, except as
required in the course of this Agreement. You agree to use reasonable efforts to ensure that your employees, agents, and representatives similarly maintain the confidentiality of such proprietary and confidential information of the Company and its
subsidiaries. 
 5. Indemnity. The Company agrees to indemnify and hold you harmless to the full extent allowed by law and as set
forth in the LLC Agreement against all expense, liability, and loss (including attorneys’ fees, judgments, fines, excise taxes or penalties and amounts paid in settlement) reasonably incurred by you in connection with your engagement hereunder;
provided, however, there shall be excluded from such indemnification any such expense, liability, and loss (a) for acts or omissions involving actual fraud or willful misconduct or (b) with respect to any transaction from which you derived
improper personal benefit. 
 6. Term. Your services hereunder and the term of this Agreement may be terminated at any time
(a) by you, upon written notice to the Company, or (b) by the Members of the Company, as provided in the LLC Agreement. 
 7.
Notice. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt);
(b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of
transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7).

  
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 If to you: 

Arne Duncan 
 If to the Company:

 Pluralsight Holdings, LLC 

182 North Union Avenue 

Farmington, Utah 84025 

Attention: Legal Counsel 
 8.
Independent Contractor. In providing the services hereunder, you are acting as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency,
joint venture or similar relationship and that no party has the right or ability to contract for or on behalf of any other party or to effect any transaction for the account of any other party. Nothing herein shall be construed to an
employee/employer relationship. Neither party hereto shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other party or to bind the other party to any contract, agreement or
undertaking with any third party. Nothing in this Agreement shall be deemed or construed to enlarge your fiduciary duties and responsibilities, if any, including without limitation in your capacity as a member of the Board. 

9. Entire Agreement; Amendment and Modification; Waiver. This Agreement constitutes the entire agreement between the parties hereto with
regard to the subject matter hereof, superseding all prior understandings and agreements whether written or oral. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any
party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy,
power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. 
 10. Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties and their respective successors and assigns. However, neither this Agreement nor any of the rights of the parties hereunder may otherwise be transferred or assigned by any party hereto, except that if the Company shall
merge or consolidate with or into, or sell or otherwise transfer substantially all its assets to, another company which assumes the Company’s obligations under this Agreement, the Company may assign its rights hereunder to that company. Any
attempted transfer or assignment in violation of this Section 10 shall be void. 

  
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 11. Legal Matters. 

(a) Governing Law. This Agreement will be governed by the internal laws of the State of Delaware without giving effect to any choice or
conflict of law provision or rule. 
 (b) Jurisdiction. Any legal suit, action or proceeding arising out of or based upon or relating
to this Agreement or the transactions contemplated hereby shall be instituted in the federal courts of the United States of America or the courts of the State of Utah in each case located in the City of Salt Lake and County of Salt Lake, and each
party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified mail in accordance with Section 7 shall be effective service of
process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or proceeding in such courts and irrevocably waive and agree not
to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(c) Waiver of Trial by Jury. Each party acknowledges and agrees that any controversy that may arise under this Agreement is likely to
involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions
contemplated hereby. Each party to this Agreement certifies and acknowledges that (i) no representative of any other party has represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the
event of a legal action, (ii) such party has considered the implications of this waiver, (iii) such party makes this waiver voluntarily, and (iv) such party has been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications in this Section 11(e). 
 (d) Equitable Remedies. The parties agree that irreparable damage
would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to equitable relief, including injunctive relief or specific performance of the terms hereof, in addition to
any other remedy to which they are entitled at law or in equity. 
 (e) Fees and Costs. In the event that any party institutes any
legal suit, action or proceeding against the other party to enforce the covenants contained in this Agreement (or obtain any other remedy in respect of any breach or this Agreement) or otherwise arising out of or relating to this Agreement, the
prevailing party in the suit, action or proceeding shall be entitled to receive in addition to all other damages to which it may be entitled, the costs incurred by such party in conducting the suit, action or proceeding, including reasonable
attorneys’ fees and expenses and court costs. 
 12. Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

  
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 13. No Strict Construction. The parties to this Agreement have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 [Signature Page Follows] 

 

  
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 Please confirm that the foregoing correctly sets forth our agreement with respect to the subject matter hereof by
signing and returning to the undersigned a copy of this Letter. 
  

			
	Pluralsight Holdings, LLC

			
		
	By:	 	 /s/ Aaron Skonnard

			
	 Name: Aaron Skonnard

Its: President/Chief Executive Officer

 The foregoing Letter is accepted and agreed to as of the date first set forth above. 

 

	
	 /s/ Arne Duncan

	Arne Duncan, an individualEX-10.13

 Exhibit 10.13 

PLURALSIGHT HOLDINGS, LLC 

INCENTIVE UNIT OFFER LETTER 

December 13, 2016 
 Arne Duncan 

Re: Pluralsight Holdings, LLC Incentive Units 

Dear Arne: 
 In appreciation for your anticipated
future services, I am writing to set forth the terms and conditions under which Pluralsight Holdings, LLC, a Delaware limited liability company (the “Company”), will grant to you the units of membership interest in the Company
described below (“Incentive Units”) pursuant to the Pluralsight Holdings, LLC Incentive Unit Plan (as amended, modified, or supplemented from time to time, the “Plan”). The Incentive Units would give you a non-voting ownership interest in the Company without requiring you to make any out-of-pocket payment to the Company for that ownership
stake. 
 Here are the details regarding the Company’s offer to grant Incentive Units to you: 

1. Grant of Incentive Units. Effective upon your timely acceptance and return to me of this Offer Letter, the Company will grant to you
without charge under the Plan ONE HUNDRED SIXTY NINE THOUSAND AND SEVEN (169,007) Incentive Units. The grant of those Incentive Units (your “Unit Award”) will be subject to the terms and conditions set forth in this Offer Letter, the Plan
and the Amended and Restated Limited Liability Company Agreement of the Company dated as of March 14, 2016, (as amended, modified, or supplemented from time to time, the “LLC Agreement”). Copies of both the Plan and LLC
Agreement are attached to this Offer Letter as Exhibit B and Exhibit C for your reference. Capitalized terms used in this Offer Letter and not otherwise defined in this Offer Letter have the
meanings set forth in the Plan or LLC Agreement, as applicable. 
 2. Strike Price and Catch-up
Amount. For purposes of computing your share of future Liquidation Event distributions from the Company with respect to the offered Incentive Units, (a) the “Strike Price” (within the meaning of the LLC Agreement) of the Company
associated with your Incentive Units is $1,000,000,000; and (b) your applicable “Catch-up Amount” (as defined in the LLC Agreement) is $3.76 per Incentive Unit. As a result, your Incentive Units
will entitle you to share in Liquidation Event distributions from the Company only to the extent that the cumulative amount of such distributions with respect to other Units of Percentage Interest exceed the Strike Price. 

3. Threshold Vesting Condition. The Incentive Units to be granted to you under this Offer Letter will be subject to substantial risk of
forfeiture and will vest (i.e., become “Vested Incentive Units” within the meaning of the Plan and LLC Agreement) if, and only to the extent that, you satisfy the vesting conditions set forth in this Section 3 and in Section 4
below. 
 If you complete the services set forth on the attached Exhibit D to the reasonable satisfaction of the
Company during the vesting period of the Incentive Units set forth in Section 4 below (the “Threshold Vesting Condition”), your Incentive Units shall vest according to the time-based vesting schedule set forth in Section 4
below. If you fail to complete the services set forth on the attached Exhibit D (in whole or in part) during the first year after the grant of the Incentive Units, as determined by the Company in its reasonable discretion,
all of the Incentive Units will be forfeited automatically, and you will have no further rights in respect to them. 
  

 4. Time Vesting of Incentive Units, Provided that Threshold Vesting Condition Is Met. Your
Incentive Units will become Vested Incentive Units if, and only to the extent that, you satisfy the (i) Threshold Vesting Condition set forth in Section 3 above and (ii) following time-based vesting schedule: 

(a) 42,251 Incentive Units subject to this Offer Letter (representing approximately 25% of the Incentive Units subject to this Agreement) will
vest on December 1, 2017; provided you remain in Continuous Service with the Company through that vesting date and meet the Threshold Vesting Condition; and 

(b) The remaining Incentive Units subject to this Offer Letter will vest in equal quarterly installments of 10,563 Incentive Units each
(representing approximately 6.25% of the Incentive Units subject to this Offer Letter) on March 1, June 1, September 1, and December 1 of each year, commencing March 1, 2018 and continuing through December 1, 2020;
provided you remain in Continuous Service with the Company through the quarterly vesting date in question and meet the Threshold Vesting Condition. 

Upon termination of your Continuous Service with the Company prior to December 1, 2020 for any reason, whether voluntarily or
involuntarily, with or without cause, all of your then unvested Incentive Units under this Offer Letter will be forfeited automatically, to the extent not previously forfeited under Section 3. Notwithstanding the above vesting schedule,
however, upon or in connection with a “Sale of the Company” (as defined in the Plan) on or prior to termination of your Continuous Service with the Company, the other members of the Company’s Board may in their discretion elect to
accelerate the vesting of all or a portion of your then outstanding Unvested Incentive Units. 
 5.
Non-Transferability of Incentive Units. As provided in the Plan, you may not Transfer your Unit Award or your Incentive Units, voluntarily or involuntarily, prior to vesting. Additionally, upon vesting,
you may only Transfer your Vested Incentive Units to the limited extent and in a manner permitted under the LLC Agreement. 
 6.
Acceptance of Plan and LLC Agreement. By accepting and executing this Offer Letter you also accept, consent to, and agree to be bound by the Plan as a “Participant” within the meaning of the Plan and by the LLC Agreement as a
“Member.” For example, you will be bound by the provisions of Section 5(e) of the Plan and Section 6.6 of the LLC Agreement requiring that certain distributions on your Unvested Incentive Units be escrowed and subjecting such
escrowed distributions to risk of forfeiture, and by the provisions of Section 6 of the Plan giving the Company the right to redeem your Vested Incentive Units upon the occurrence of certain events. If requested by the Company, you will execute
and deliver to the Company such additional signature pages to the LLC Agreement or other instruments as the Company reasonably requests to evidence your agreement to be bound as a Member by the LLC Agreement. The provisions of the Plan and LLC
Agreement are incorporated herein by reference. In the event of a conflict between the provisions of this Offer Letter and either the LLC Agreement or Plan, the provisions of the LLC Agreement and Plan will be controlling. 

7. Taxes. The Incentive Units being offered to you are intended to constitute “profits interests” within the meaning of
Internal Revenue Service Revenue Procedures 1993-27 and 2001-43. As such, the Company does not anticipate that their grant will be taxable income to you. The Company,
however, makes no representation or guarantee regarding, and takes no responsibility for, the income or employment tax treatment of your Unit Award or Incentive Units. Additionally, if you accept the offered Incentive Units, you agree to file with
the Internal Revenue Service and the Company an election under Section 83(b) of the Code with respect to all of your Incentive Units within 30 days after the grant of your Incentive Units. We will provide you with a form for that election if
you accept the Unit Award described in this Offer Letter. 

  
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 8. General. This Offer Letter, the Plan and the LLC Agreement constitute the entire
agreement with respect to your Unit Award and the Incentive Units referenced in this Offer Letter, and supersede any and all prior undertakings and agreements of the Company and you with respect to the subject matter hereof. Nothing herein modifies
or negates your or the Company’s right to terminate your employment, consulting or other services relationship with the Company “at will” at any time for any reason. The provisions of the Plan and LLC Agreement are incorporated in
this Offer Letter by reference. In the event of a conflict between this Offer Letter and either the LLC Agreement or Plan, the provisions of the LLC Agreement and Plan will be controlling. 

************************************** 
 Please
contact me if you have questions about this Offer Letter or the Incentive Units. If the terms of your proposed Unit Award of Incentive Units, as set forth in this Offer Letter and the attached Exhibits, are acceptable to you, please sign this Offer
Letter under the caption heading “ACCEPTED” below and return the original of this Offer Letter and your signed Investment Representation Statement (copy attached) to me within two weeks of the date of this Offer Letter. If you fail
to execute and return this Offer Letter and the Investment Representation Statement to me by that deadline, this Offer Letter will lapse and you will not receive the offered Incentive Units. 

 

	
	 Very truly yours,
  

/s/ Aaron Skonnard

	 Aaron Skonnard, President/
 Chief Executive
Officer

 ACCEPTED: 
 I hereby
accept the offered Unit Award of Incentive Units set forth in this Offer Letter and agree to all of the terms, conditions and provisions set forth in this Offer Letter, the Plan and LLC Agreement. I specifically agree that I will hold the Incentive
Units issued to me as a Member of the Company subject to the LLC Agreement and the Plan and I hereby accept and agree to be bound by the LLC Agreement and the Plan. 
  

	
	 /s/ Arne Duncan

Name: Arne Duncan

	Date: December 13, 2016

  
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 EXHIBIT A 

INVESTMENT REPRESENTATION STATEMENT 

PARTICIPANT NAME: Arne Duncan 
 COMPANY: PLURALSIGHT HOLDINGS,
LLC 
 NUMBER OF INCENTIVE UNITS: 169,007 

In connection with my acquisition of the above Incentive Units of the Pluralsight Holdings, LLC (the “Incentive Units”),
under the Pluralsight Holdings, LLC Incentive Unit Plan (the “Plan”) the undersigned Plan Participant represents to Pluralsight Holdings, LLC (the “Company”) and its members, managers, employees and agents as
follows: 
 (a) I am familiar with and aware of the Company’s business affairs and financial condition and have acquired sufficient
information to reach an informed and knowledgeable decision to acquire the Incentive Units. I am acquiring the Incentive Units for investment for my own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). I am a resident of the State of Illinois. 

(b) I acknowledge and understand that the Incentive Units constitute “restricted securities” under the Securities Act and have not
been registered under the Securities Act in reliance upon one or more specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of my investment intent as expressed herein. In this connection, I
understand that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if my representation was predicated solely upon a present intention to hold the Incentive Units for the minimum capital
gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Incentive Units, or for a period of one (1) year or any other fixed period in the future. I further understand that
the Incentive Units must be held by me indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. I further acknowledge and understand that the Company is under no obligation to
register the Incentive Units. I understand that any certificate evidencing the Incentive Units shall be imprinted with any legend required under applicable securities laws. 

(c) I have not relied upon, and no one has given to me, any representation, assurance, guarantee, prediction or estimate as to the future value
of or appreciation in my Incentive Units or the Company. I further acknowledge that the Incentive Units are a speculative investment and represent that I am financially able to bear the risk of losing my entire investment in the Incentive Units.

  

	
	 PARTICIPANT
  

/s/ Arne Duncan

	 Arne Duncan
  

	Date: December 13, 2016

 EXHIBIT B 

PLAN 
 (See attached) 

 EXHIBIT C 

LLC AGREEMENT 
 (See
attached) 

 EXHIBIT D 

DESCRIPTION OF SERVICES 
 Mr. Duncan
will participate in between four (4) and six (6) marketing events on behalf of Pluralsight as mutually agreed between Mr. Duncan and Pluralsight’s Chief Marketing Officer. Pluralsight will be fully responsible for all travel,
accommodation, and entry fees associated with such marketing events. Pluralsight’s CMO and Mr. Duncan will work in good faith to identify the marketing events that are subject to this Agreement. 

If Mr. Duncan is unable, for whatever reason, to participate in at least four (4) marketing events during any given year, then the units associated
with that particular year, whether vested or unvested, will be forfeited.

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