Document:

exv10w15

Exhibit 10.15

AMENDMENT TO INVESTOR RIGHTS AGREEMENT

     THIS AMENDMENT TO INVESTOR RIGHTS AGREEMENT (this “Amendment”) is entered
into as of December 29, 2006 (the “Amendment Date”), by and among TrustWave Holdings, Inc.,
a Delaware corporation (the “Company”), and the persons signatory hereto (the
“Signatories”).

RECITALS

     WHEREAS, the Company and its stockholders are parties to that certain Investor Rights
Agreement, dated as of March 14, 2005 (the “Original Agreement”); and

     WHEREAS, all capitalized terms used in this Amendment which are not defined herein shall have
the respective meanings assigned to them in the Original Agreement; and

     WHEREAS, the Signatories constitute the holders of at least a majority of the Registrable
Securities; and

     WHEREAS, the parties hereto desire to amend the Original Agreement as provided in this
Amendment.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises,
representations, warranties, covenants and conditions contained in this Amendment and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:

     1. Addition of Common Stockholders. The stockholders listed on the attached
Exhibit C are hereby constituted as Common Stockholders for all purposes of the Original
Agreement, as amended by this Amendment.

     2. Certain Definitions. The following definition contained in the Original Agreement
is hereby amended to read, in its entirety, as follows:

     “Major Common Stockholder” means a Common Stockholder who, on the Amendment
Date and at the date of determination, holds Registrable Securities representing at least
100,000 shares of Common Stock.

     3. No Other Amendments. Except as expressly amended by this Amendment, all of the
terms and provisions of the Original Agreement shall remain in full force and effect.

     4. Counterparts. This Amendment may be executed by facsimile and in counterparts,
each of which shall be an original, but all of which together shall constitute one instrument.

[Signature Page Follows]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
Amendment Date.

	 	 	 	 	 	 	 	 	 

	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TRUSTWAVE HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert J. McCullen	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Robert J. McCullen	 	 
	 

	 	 	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	STOCKHOLDERS:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Financial Technology Ventures II (Q), L.P.	 	 
	 	 	By:	 	Financial Technology Management II, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard N. Garman	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Richard N. Garman	 	 
	 

	 	 	 	Title:
	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Financial Technology Ventures II, L.P.	 	 
	 	 	By:	 	Financial Technology Management II, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard N. Garman	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Richard N. Garman	 	 
	 

	 	 	 	Title:
	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Richard Kiphart	 	 
	 	 	 	 	 
	 	 	Richard Kiphart	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ David Valentine	 	 
	 	 	 	 	 
	 	 	David Valentine	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Joseph L. Patanella	 	 
	 	 	 	 	 
	 	 	Joseph L. Patanella	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 

	 	 	/s/ Phillip J. Smith	 	 
	 	 	 	 	 
	 	 	Phillip J. Smith	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Caledonian Investments, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tim Nicholson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Tim Nicholson	 	 
	 

	 	 	 	Title:
	 	Caledonian Corp. General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	The Nicholson Family Limited Partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tim Nicholson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Tim Nicholson	 	 
	 

	 	 	 	Title:
	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MBK Ventures, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert McCullen	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Robert McCullen	 	 
	 

	 	 	 	Title:
	 	Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	[SECUREPIPE HOLDERS]	 	 

SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 

	 	 	ARGENTUM CAPITAL PARTNERS II, L.P.	 	 
	 	 	By: Argentum Partners II, L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Walter Barandiaran-
 

	 	 
	 

	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PRISM OPPORTUNITY FUND IV, L.P.	 	 
	 	 	By: POF Partners SBIC, Inc., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Robert A. Funkel
 

	 	 
	 

	 	 	 	Its:
	 	President
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	THE PRODUCTIVITY FUND IV, L.P.	 	 
	 	 	By: First Analysis Management Company IV,	 	 
	 	 	L.L.C., its General Partner	 	 
	 	 	By: First Analysis Venture Operations and	 	 
	 	 	Research, L.L.C., its Member	 	 
	 	 	By: First Analysis Corporation, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Howard S. Smith
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	THE PRODUCTIVITY FUND IV ADVISORS	 	 
	 	 	FUND, L.P.	 	 
	 	 	By: First Analysis Management Company IV,	 	 
	 	 	L.L.C., its General Partner	 	 
	 	 	By: First Analysis Venture Operations and	 	 
	 	 	Research, L.L.C., its Member	 	 
	 	 	By: First Analysis Corporation, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Howard S. Smith
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	FA PRIVATE EQUITY FUND IV, L.P.	 	 
	 	 	By: FA Private Equity Management IV, L.L.C., its	 	 
	 	 	General Partner	 	 
	 	 	By: First Analysis Private Equity Management	 	 
	 	 	Company IV, L.L.C., its Managing Member	 	 
	 	 	By: First Analysis Venture Operations and	 	 
	 	 	Research, L.L.C., its Managing Member	 	 
	 	 	By: First Analysis Corporation, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Howard S. Smith
 

	 	 

B- 1

 

	 	 	 	 	 	 	 	 	 

	 	 	/s/ Marvin Lader	 	 
	 	 	 	 	 
	 	 	Marvin Lader	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ James Macdonald	 	 
	 	 	 	 	 
	 	 	James Macdonald	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Arch Moesta	 	 
	 	 	 	 	 
	 	 	Arch P. Moesta	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Dan Sterling	 	 
	 	 	 	 	 
	 	 	Dan Sterling	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Susan Sterling	 	 
	 	 	 	 	 
	 	 	Susan Sterling	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Art Roldan	 	 
	 	 	 	 	 
	 	 	Art Roldan	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Lawrence Levine	 	 
	 	 	 	 	 
	 	 	Lawrence Levine	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Lawrence Levine	 	 
	 	 	 	 	 
	 	 	Comet Capital LLC	 	 
	 	 	Lawrence Levine, Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Maxwell Guy and Cynthia Diane Morgan	 	 
	 	 	Revocable Trust dated November 15, 2002	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Maxwell Guy
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Georgy Milliken, Trustee Milliken Family Trust	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ George Miliken
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Michael Kiefer	 	 
	 	 	 	 	 
	 	 	Michael Kiefer	 	 

B- 2

 

EXHIBIT C

List of SecurePipe Common Holders

B- 1exv10w16

Exhibit 10.16

SECOND AMENDMENT TO INVESTOR RIGHTS AGREEMENT

     THIS SECOND AMENDMENT TO INVESTOR RIGHTS AGREEMENT (this “Second Amendment”)
is entered into as of June 3, 2008 (the “Second Amendment Date”), by and among TrustWave
Holdings, Inc., a Delaware corporation (the “Company”), and the persons signatory hereto
(the “Signatories”).

RECITALS

     WHEREAS, the Company and its stockholders are parties to that certain Investor Rights
Agreement, dated as of March 14, 2005, as amended on December 29, 2006 (as so amended, the
“Original Agreement”); and

     WHEREAS, all capitalized terms used in this Second Amendment which are not defined herein
shall have the respective meanings assigned to them in the Original Agreement; and

     WHEREAS, the Signatories constitute the holders of at least a majority of the Registrable
Securities; and

     WHEREAS, the parties hereto desire to amend the Original Agreement as provided in this Second
Amendment.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises,
representations, warranties, covenants and conditions contained in this Second Amendment and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as follows:

     1. Addition of Common Stockholders. For all purposes of the Original Agreement, as
amended by this Second Amendment, each stockholder listed on the attached Schedule 1 is
hereby constituted as a Common Stockholder and, so long as on the date of determination such
stockholder holds Registrable Securities representing at least 100,000 shares of Common Stock, a
Major Common Stockholder.

     2. Information and Reporting. Without limiting the foregoing, each stockholder listed
on the attached Schedule 1 shall be entitled to the benefits of Sections 3.1 and 3.2 of the
Original Agreement, subject to the limitations contained in Sections 3.3 and 3.7 of the Original
Agreement, so long as such stockholder is a Major Investor and continues to hold at least ten
percent (10%) of the total number of shares of capital stock (as adjusted for stock splits and on
an as-converted basis) held by such stockholder on the Second Amendment Date.

     3. Shares. The definition of the term “Shares” contained in the Original Agreement is
hereby amended to read, in its entirety, as follows:

     “Shares” mean shares of (i) Series A Preferred held, or hereafter
acquired, by the Investors and their permitted assigns, and (ii) Series B Preferred
Stock, par value $0.0001 per share, of the Company held, or hereafter acquired, by
the

 

 

Investors, the Major Common Stockholders (including each stockholder listed on
the attached Schedule 1) and their permitted assigns.

     4. Joinder. By executing this Second Amendment, each stockholder listed on the
attached Schedule 1 agrees that he, she or it shall succeed to all of the obligations of a
Common Stockholder, Major Common Stockholder and/or Major Investor as contemplated by the Original
Agreement, as amended by this Second Amendment.

     5. No Other Amendments. Except as expressly amended by this Second Amendment, all of
the terms and provisions of the Original Agreement shall remain in full force and effect.

     6. Counterparts. This Second Amendment may be executed by facsimile and in
counterparts, each of which shall be an original, but all of which together shall constitute one
instrument.

(SIGNATURES ON NEXT PAGES)

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed as of
the Second Amendment Date.

	 	 	 	 	 
	 	COMPANY:

TRUSTWAVE HOLDINGS, INC.

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	Robert McCullen 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	STOCKHOLDERS:

Financial Technology Ventures II (Q), L.P.

By: Financial Technology Management II, LLC

 	 
	 	By:  	/s/ Richard N. Garman
 	 
	 	 	Name:  	Richard N. Garman 	 
	 	 	Title:  	Managing Member 	 
	 
	 	Financial Technology Ventures II, L.P.

By: Financial Technology Management II, LLC

 	 
	 	By:  	/s/ Richard N. Garman
 	 
	 	 	Name:  	Richard N. Garman 	 
	 	 	Title:  	Managing Member 	 
	 

	 	 	 	 	 
	 	/s/ Richard Kiphart
 	 
	 	Richard Kiphart 	 
	 
	 	                                              /s/ David Valentine
 	 
	 	David Valentine 	 
	 	 	 
	 	                                              /s/ Joseph L. Patanella
 	 
	 	Joseph L. Patanella 	 
	 	 	 
	 

3

 

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Philip J. Smith
 	 
	 	Phillip J. Smith 	 
	 
	 	Caledonian Investments, L.P.

 	 
	 	By:  	/s/ Tim Nicholson
 	 
	 	 	Name:  	Tim Nicholson 	 
	 	 	Title:  	 	 
	 
	 	The Nicholson Family Limited Partnership

 	 
	 	By:  	/s/ Tim Nicholson
 	 
	 	 	Name:  	Tim Nicholson 	 
	 	 	Title:  	 	 
	 
	 	MBK Ventures, LLC

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	Robert McCullen 	 
	 	 	Title:  	Manager 	 
	 
	 	DBRC Investments, LLC

 	 
	 	By:  	/s/ Devon Bruce
 	 
	 	 	Devon Bruce 	 
	 	 	 
	 	By:  	/s/ Raymond Curran
 	 
	 	 	Raymond Curran 	 
	 	 	 	 
	 

4

 

The Productivity Fund IV, L.P.

By: First Analysis Management Company IV, 

L.L.C., its General Partner

By: First Analysis Venture Operations and 
Research, L.L.C., its Member

By: First Analysis Corporation, its Manager

	 	 	 	 	 
	 	By:  	                 /s/ Howard S. Smith
 	 
	 	 	Name:  	Howard S. Smith 	 
	 	 	Title:  	Managing Director 	 

The Productivity Fund IV Advisors Fund, L.P.

By: First Analysis Management Company IV, 

L.L.C., its General Partner

By: First Analysis Venture Operations and 

Research, L.L.C., its Member

By: First Analysis Corporation, its Manager

	 	 	 	 	 
	 	By:  	                 /s/ Howard S. Smith
 	 
	 	 	Name:  	Howard S. Smith 	 
	 	 	Title:  	Managing Director 	 
	 

Being all of the Members

5

 

SCHEDULE 1

List of New Series B Holders

DBRC Investments, LLC, an Illinois limited liability company.

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