Document:

EX-10.7

 Exhibit 10.7 

 

			
	 

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500
 Columbia, MD 21046

410.872.0555
 www.tenable.com

 

 October 23, 2016 

Mr. Amit Yoran 
 Dear Amit: 

On behalf of Tenable Network Security, Inc. (the “Company”), I am pleased to offer you employment in the position of Chief Executive Officer,
reporting to the Board of Directors of Tenable Holdings, Inc. (“Holdings”), the Company’s parent (the “Board”). Upon acceptance of this offer, this letter sets forth our mutual agreement with respect to your
employment with the Company (the “Letter Agreement”), which will start on a date mutually agreed to by you and the Company, but in no event later than January 1, 2017 (the “Commencement Date”). 

1. Duties; Conduct During Employment. As Chief Executive Officer, you will have duties and responsibilities typically associated with
such position, together with such other duties and responsibilities consistent with your position as reasonably assigned to you from time to time by the Board. For so long as you are the Chief Executive Officer of the Company, you will serve as a
member of the Board, without additional compensation; provided, however, that you will have no rights to attend any meetings (or portions thereof) held in executive session or any meetings (or portions thereof) where the item of discussion relates
to your employment, including (but not limited to) your compensation, performance, and or service on the Board; provided, further, that, after an initial public offering, the Board shall only be obligated to cause you to be nominated for election to
the Board; and provided, further, that the foregoing shall not be required to the extent prohibited by legal or regulatory requirements and you are treated in the same manner as similarly situated directors. In connection with your employment with
the Company, you agree to observe and comply with all of the rules, regulations, policies and procedures established by the Company from time to time and all applicable laws, rules and regulations imposed by any governmental regulatory authority
from time to time. Without limiting the foregoing, you agree that during your employment with the Company, you will devote your full business time, attention, skill and best efforts to the performance of your employment duties and you are not to
engage in any other business or occupation; provided, however, that (i) with the prior written notice to the Board, you may serve as a member of boards of directors (or its equivalent in the case of a non-corporate entity) of
non-competing businesses, (ii) you may engage in volunteer activities, publish or fulfill speaking engagements, and (iii) manage your passive personal investments, so long as the activities set forth in clauses (i), (ii) and
(iii) do not interfere, individually or in the aggregate, with the performance of your duties and responsibilities for the Company, are not competitive with the business of the Company, will not otherwise result in your breach of the
Non-Disclosure Agreement (as defined below) or create a business or fiduciary conflict. 
 2. Compensation . 

a. Base Salary. You will be paid a starting base salary of $400,000 per year, less applicable tax and other withholdings in accordance
with the Company’s normal payroll procedure. 
 b. Incentive Compensation. You will be eligible to participate in the
Company’s annual bonus program, with an annual target bonus equal to $200,000. The actual bonus earned by you will be based on achievement against targeted goals and objectives established by the Board and consistent with the Company’s
business plan for that year (as approved by the Board after consultation with you). Your annual bonus is subject to normal payroll deductions and to the terms and conditions of the Company’s discretionary incentive compensation plan in force at
that time. Notwithstanding the foregoing, for 2016, you will receive a pro-rata target bonus based on the number of days in such year that you actually worked as an employee of the Company. The payment of any annual bonus will be made at the same
time annual bonuses are generally paid to other similarly situated employees of the Company, subject to your continued employment with the Company through the applicable payment date. 

c. Equity Grants. We will request that the Board approve a grant for you of non-qualified stock options to purchase 2,839,524 shares of
common stock of Holdings (the “Option’’) and 1,582,685 shares of restricted common stock or restricted common stock units, at your election, which together represent approximately 4.75% of the fully-diluted capitalization of
Holdings (collectively, the “Equity Awards”). One-quarter (1/4) of each Equity Award will vest on the first anniversary of the Commencement Date, and the 

  

 
remainder of each Equity Award will vest in equal quarterly installments for I he subsequent three (3) years, in each case subject to your continued employment with the Company on such date;
provided that the Option will contain an “early exercise” provision that allows you to exercise the option as to vested and unvested shares, subject to a right of repurchase with respect to unvested shares at your original cost. The
exercise price for the Option will be determined based on the fair market value of Holdings’ common stock on the date of grant. The Option shall be designated as an “incentive stock option” to the maximum extent possible. 

As a member of the executive team, we will request that the Board grant your Equity Awards with double trigger change in control vesting
acceleration. As such, pursuant to the terms of the Option Grant Notice and Agreement (the “Option Agreement”) and Restricted Stock/Restricted Stock Unit Grant Notice and Agreement (the “RS/RSU Agreement”) to be
provided by Holdings, and in addition to any and all severance benefits set forth in this Letter Agreement, in the event your employment with the Company is terminated by the Company (other than for Cause (as defined in Exhibit A hereto) or
on account of your death or permanent disability) or by you for Good Reason (as defined in Exhibit A hereto), at any time commencing on the date the Company enters into a definitive agreement providing for a Change in Control (as defined in
Exhibit A hereto) and ending twelve (12) months following the closing of such Change in Control, then the then-unvested portion of the Equity Awards will accelerate and be deemed to be vested in full as of your termination date, subject
to your execution of the Company’s standard form of release agreement not later than forty-five (45) days following your termination date (in which you release any and all known and unknown claims you may have against the Company and its
affiliates). The Equity Awards will otherwise be subject to the terms and conditions specified in the Option Agreement, the RS/RSU Agreement and Holdings’ 2016 Stock Incentive Plan, each of which will be provided by Holdings. 

3. Benefits. You will also be eligible for paid time off, group health, dental, 401 (k) and disability benefits, on the same basis
as other similarly situated employees of the Company, commencing as of the first of the month following your Commencement Date. The Company expressly reserves the right to change the benefit plans and programs it offers to its employees at any time.

 4. Termination. Subject to the terms of this Letter Agreement, the nature of your employment at the Company is and will continue
to be “at will,” meaning that either the Company or you may terminate your employment at any time, with or without notice, with or without cause, and for any reason or for no reason. Any statement or representation to the contrary is
ineffective unless put into a writing executed on behalf of the Company by the Board or its designee. We do ask, however, that you give thirty (30) days’ notice if you decide to terminate your employment. Upon any termination of your
employment, no further payments by the Company to you will be due other than accrued but unpaid salary, unpaid and properly documented expense reimbursements and accrued vacation through the applicable date of your termination and any other accrued
benefits (including, if applicable, the severance benefits outlined below) to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination. 

5. Severance Benefits. Although the Company expressly reserves the right to terminate your employment at any time and for any reason,
should your employment with the Company be terminated by the Company other than for Cause, by you for Good Reason or on account of your death or permanent disability, you will be entitled to severance consisting of (i) continued payment of your
base salary for a period of twelve (12) months in accordance with the Company’s normal payroll procedure and (ii) should you timely elect to continue healthcare coverage through COBRA, twelve (12) months reimbursement of the
amount by which your COBRA premium exceeds the premium paid by the Company’s active employees for similar coverage, payable monthly. The foregoing severance is conditioned upon your compliance with your continuing obligations to the Company (as
detailed in the attached Intellectual Property, Non-Disclosure, and Non-Solicitation Agreement (the “Non-Disclosure Agreement”)), your resignation or termination from all positions you then hold with Holdings, the Company and any of
their subsidiaries, and your execution of the Company’s standard form of release agreement not later than forty-five (45) days following your termination date (in which you release any and all known and unknown claims you may have against
the Company and Its affiliates). Further, to the extent that any of the severance benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (6th) day following the date your termination of employment
hereunder, but for the condition on executing the form of release as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth (60th) day.
In addition, the payment (or commencement of a series of payments) hereunder of any such “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) upon a termination of employment shall be delayed until
such time as you have also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1 (h), at which time such nonqualified deferred compensation (calculated as of the date of your termination of employment hereunder) shall be
paid (or commence to be paid) to you on the schedule set forth herein as if you had undergone such termination of employment (under the same circumstances) on the date of your ultimate “separation from service.” Each installment described
in this section (and all other payments to be made in installments as a result of this Letter Agreement) shall be deemed to be a separate payment for purposes of Section 409A of the Code. 

  
 2 

 6. Golden Parachute Considerations. If any payment or benefit due under this Letter
Agreement, together with all other payments and benefits that you receive or are entitled to receive from the Company or any of its subsidiaries, affiliates or related entities, would (if paid or provided) constitute an excess parachute payment for
purposes of Section 280G of the Code, the amounts otherwise payable and benefits otherwise due under this Letter Agreement will either (I) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion
thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and the excise tax imposed
under Section 4999 of the Code, results in your receipt, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the excise tax imposed under Section 4999 of
the Code. If the payments and/or benefits are to be reduced pursuant to this section, such payments and benefits shall be reduced such that the reduction of cash compensation to be provided to you as a result of this section is minimized. In
applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts
shall be reduced on a pro rata basis but not below zero. Notwithstanding the foregoing, if it appears that any payment or benefit due under this Letter Agreement, together with all other payments and benefits that you receive or are entitled to
receive from the Company or any of its subsidiaries, affiliates or related entities that is to be paid to you under this Letter Agreement or any other plan, program, agreement, or arrangement of the Company or any of its affiliates may constitute a
“parachute payment” under section 280G(b)(2) of the Code, the Company shall use its reasonable best efforts to obtain shareholder approval of such payments in a manner intended to comply with Section 280G(b)(5) of the Code. 

7. Non-Disclosure Agreement; Evidence of Employment Eligibility. As a condition of your employment with the Company, you will be
required to sign, and comply with, the attached Non-Disclosure Agreement, and to provide the Company with documents establishing your identity and right to work in the United States. Those documents must be provided to the Company within three
business days of your Commencement Date. 
 8. Background Checks. The Company reserves the right to conduct a background
Investigation and/or reference check on all of its potential employees. Your offer of employment is contingent upon satisfactory completion of such background investigation and/or reference check, If any, In the sole discretion of the Company. All
such background Investigations and/or reference checks shall be conducted In accordance with applicable state and federal laws. 
 9.
Entire Agreement. This Letter Agreement, the Non-Disclosure Agreement, the Option Agreement and the RS/RSU 
 Agreement constitute the
entire agreement between you and the Company regarding the terms and conditions of your employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and the Company. 

10. Former Employer Information. We wish to Impress on you that you must not bring to the Company any confidential or proprietary
information or material of any former employer, disclose or use such Information or material in the course of your employment with the Company, or violate any other obligation to your former employers. By signing this Letter Agreement, you represent
and warrant to the Company that you are under no contractual commitments Inconsistent with your obligations to the Company hereunder and that your acceptance of this offer of employment and your performance of the contemplated services hereunder
does not and will not conflict with or result In any breach or default under any agreement, contract or arrangement to which you are a party to or violate any other legal restriction. 

11. Governing Law; Arbitration. The terms of this Letter Agreement and the resolution of any dispute as to the meaning, effect,
performance or validity of this Letter Agreement or arising out of, related to, or in any way connected with, this Letter Agreement, your employment With the Company or any other relationship between you and the Company will be governed by the laws
of the Stale or Maryland, without giving effect to the principles of conflict of laws. All disputes and claims of any nature arising out of or In any way related to, or In any way connected with, this Letter Agreement, your employment with the
Company or any other relationship between you and the Company must be submitted solely and exclusively to binding arbitration In accordance with the then-current employment arbitration rules and procedures of the American Arbitration Association to
be held in Howard County, Maryland. All Information regarding the dispute or claim and arbitration proceedings, Including any settlement, shall not be disclosed by you or any arbitrator to any third party without the written consent of the Company,
except with respect to judicial enforcement of any arbitration award. Any arbitration claim must be brought solely in your (or your transferee’s or estate’s) individual capacity and not as a claimant or class member (or similar capacity)
In any purported multiple-claimant, class, collective, representative or similar proceeding, and the arbitrator may not permit joinder of any multiple claimants and their claims without the express written consent of the Company. Any arbitrator
selected to adjudicate the claim must be knowledgeable in the Industry standards and practices, and, by signing this Letter Agreement, you will be deemed to agree that any claims under this Letter Agreement, your employment with the Company
or any other relationship between you and the Company is Inherently a matter involving Interstate commerce and thus, notwithstanding the choice of law provision Included herein, the Federal Arbitration Act shall govern the Interpretation and
enforcement of this arbitration provision. The arbitrator shall not be permitted to award any punitive or similar damages, but may award attorney’s fees and expenses to the prevailing party In any arbitration. Any decision by the arbitrator
shall be binding on all parties to the arbitration. 

  
 3 

 Amit, we look forward to working with you at the Company. Please sign and date this Letter Agreement on the
spaces provided below to acknowledge your acceptance of the terms of this Letter Agreement. This offer will expire if not accepted by 5:00p.m. on October    , 2016. 

Sincerely, 
 /s/ Richard Wells 

Member of the Board 
 Tenable Network Security, Inc. 

I agree to and accept employment with Tenable Network Security, Inc., on the terms and conditions set forth In this Letter Agreement. I understand and agree
that my employment with the Company is at-will. 
  

							
	Date	  		  	 /s/ Amit Yoran
	  	
	Enc. IPA/NDA	  		  		  	

  
 4 

 Exhibit A 

“Cause” means (i) you have been convicted of, or have pleaded guilty or nolo contendere to, any felony or a crime involving moral
turpitude; (ii) you have engaged in misconduct which is injurious to the Company or any of its direct or indirect subsidiaries (together, with the Company referred to as the “Company Group”) or materially failed or refused to
perform the material duties lawfully and reasonably assigned to you or have performed such material duties with gross negligence or have breached any material term or condition of the Letter Agreement or the Non-Disclosure Agreement, in any case
after written notice by the Company of such misconduct, nonperformance, gross negligence, or breach of terms or conditions and a fifteen (15) day opportunity to cure any action, inaction or breach which is capable of being cured; or
(iii) you have committed any act of fraud , theft, embezzlement, misappropriation of funds, breach of fiduciary duty, or other willful act of material dishonesty against the Company Group, provided, however, that any purported termination of
your employment shall be presumed to be other than for Cause, unless the Company first provides written notice to you which includes a copy of a resolution duly adopted by the Board at a meeting of the Board called and held for the purpose of
considering such termination which finds “Cause” to exist and specifies the particulars of such conduct. 
 “Change in Control”
means (i) a change in ownership or control of Holdings effected through a transaction or series of transactions (other than an offering of Holdings’ stock to the general public through a registration statement filed with the Securities and
Exchange Commission or similar non-United States regulatory agency) whereby any Person or Group directly or Indirectly acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of securities of Holdings
possessing more than fifty percent (50%) of the total combined voting power of Holdings’ securities outstanding immediately after such acquisition and pursuant to which the Investors cease to own, directly or indirectly, at least fifty
percent (50%) of the company securities issued to the Investors on or before the May 13, 2016; or (ii) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of Holdings to any
Person or Group. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules and regulations
thereunder and successor provisions and rules and regulations thereto. 
 “Good Reason” means (i) an involuntary reduction of your
base salary or incentive compensation opportunity (based on “on target” or “at goal” performance), other than in a broad based reduction similarly affecting all other members of the Company’s executive management;
(ii) a failure of any successor of the Company to assume the obligations under the Letter Agreement In all material respects; (iii) an involuntary relocation of your principal place of employment by more than fifty (50) miles;
(lv) the Company’s failure to comply with its material obligations under the Letter Agreement; or (v) a material diminution of your duties, authority or responsibilities or any change to your reporting structure, Including, without
limitation, your ceasing to report directly to the Board (It being acknowledged that, in the event of a Change in Control, it shall be Good Reason if you do not become the Chief Executive Officer of the ultimate parent entity of the surviving or
successor corporation). Notwithstanding the foregoing, you must provide written notice to the Company within ninety (90) days of your learning of the occurrence of the event which constitutes Good Reason, and the Company has thirty
(30) days following receipt of such written notice from you to cure any or all of the foregoing. lnorder for a resignation to qualify as a resignation for Good Reason, you must resign within sixty (60) days after the end of such thirty
(30) day cure period. For purposes of this definition of Good Reason, an isolated immaterial and inadvertent action that is not taken in bad faith by the Company and that is remedied by the Company promptly after receipt of written notice
thereof given by you will not be considered grounds for termination for Good Reason. 
 “Investors” means, collectively, each investment
fund managed by or affiliated with either Insight Venture Management, LLC or Accel Management Co. Inc. or any of their respective affiliates. 

“Person or Group” means any “person” (as defined in Section 3(a)(9) of the Exchange Act) or any two or more persons deemed to
be one “person” (as used In Sections 13(d)(3) and 14(d)(2) of the Exchange Act), in each case, other than the Investors or any member of the Company Group, or an employee benefit plan maintained by Holdings or any member of the Company
Group. 

  
 5 

			
	 

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 
 Columbia, MD 21046

410.872.0555
 www.tenable.com

 

 February 9, 2017 

Mr. Amit Yoran 
 Dear Amit: 

This addendum (the “Addendum”) to your employment offer letter is being issued in order to modify and supplement the terms and conditions contained
in your employment offer letter that we previously executed on October 23, 2016 (“Original Offer Letter”) whereby Tenable Network Security, Inc. (the “Company”) offered you employment in the position of Chief Executive
Officer, reporting to the Board of Directors of Tenable Holdings, Inc. (“Holdings”), the Company’s parent. You accepted the Original Offer Letter on October 23, 2016 and commenced employment with the Company on January 2,
2017 (the “Commencement Date”). All initial capitalized terms not defined herein shall have the meaning given such terms in the Original Offer Letter. 

1. Additional Vesting Acceleration Rights. In addition to the vesting acceleration rights set forth in Section 2(c) of the
Original Offer Letter, your Equity Awards will contain certain additional acceleration vesting provisions. Those additional terms and conditions shall accelerate the vesting schedule in your Equity Awards in the event your employment is terminated
by the Company (other than for Cause) or on account of your death or permanent disability or you resign for Good Reason at any time following the one year anniversary of the Commencement Date at the rate equal to six and twenty-five hundredths
percent (6.25%) multiplied by a fraction, the numerator of which is equal to the number of completed months of continuous service with the Company that have elapsed since the most recent quarterly anniversary of the Commencement Date and the
denominator for which is three (3), subject to your execution of a release agreement. In addition to the foregoing, the vesting acceleration benefits contained in your Original Offer Letter applicable in the event of a Change in Control shall apply
not only if your employment is terminated by the Company (other than for Cause) or on account of your death or permanent disability or by you for Good Reason at any time commencing on the date the Company enters into a definitive agreement providing
for a Change in Control and ending twelve (12) months following the closing of such Change in Control, but also during the ninety (90) day period prior to the date the Company enters into such definitive agreement. 

2. Exhibit A – Definition of Change in Control. The definition of “Change in Control” in Exhibit A of the Original Offer
Letter is hereby deleted and replaced with the following: 
 ““Change in Control” means: (A) one or more individuals,
persons, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, corporations, joint ventures, trusts, business trusts, cooperatives, associations, foreign trusts, foreign business organizations or
other entities, acting individually or as a group (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) (other than (x) Holdings, (y) any trustee or other fiduciary holding securities under an employee benefit
plan of Holdings, or (z) a shareholder of Holdings as of the date of this Agreement, an immediate family member of such shareholder or a trust or other entity owned solely by or for the benefit of any such persons) (a “Person”)
acquires (other than solely by reason of a repurchase of voting securities by Holdings) more than 50% of the combined voting power of Holdings’ then total outstanding voting securities; (B) there is consummated a merger or consolidation of
Holdings with any other corporation or other entity, other than (1) a merger or consolidation which results in the voting securities of Holdings outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of Holdings or such surviving entity or any direct or indirect parent
thereof outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected to implement a recapitalization of Holdings (or similar transaction) in which no Person is or becomes the beneficial owner, directly or
indirectly, of securities of Holdings (meaning that such Person is entitled to the benefits of ownership although such Person does have possession of or title to such securities) (not including in the securities beneficially owned by such Person any
securities acquired directly from Holdings or its affiliates) representing 50% or more of the combined voting power of Holdings’ then outstanding securities; (C) the consummation of a sale, lease, exclusive license or other disposition of
all or substantially all of the assets of Holdings; or (D) the stockholders of Holdings approve a plan of complete liquidation or dissolution; provided, however, that in no event shall an initial public offering of the capital stock of Holdings
constitute a Change in Control for purposes of this Agreement.” 

  

 Except as expressly amended as provided for herein, the Original Offer Letter shall remain in
full force and effect in accordance with its terms. 
  

	
	 Sincerely,
  

/s/ John C. Huffard, Jr.
 John C.
Huffard, Jr.

	
	President and Chief Operating Officer Tenable Network Security, Inc.
	
	AGREED AND ACCEPTED
	
	 /s/ Amit Yoran

	Amit Yoran
	
	Date   February 11, 2017

  
 -2-EX-10.8

 Exhibit 10.8 

 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

 Employment Offer Letter 

FINAL 
 October 14, 2014 

Dear Steve Vintz, 
 We are pleased to offer you a position as
Chief Financial Officer (CFO) of Tenable Network Security (the “Company”). We believe that you will add substantially to the team and contribute greatly to the ultimate success of the Company by providing the same extraordinary leadership
and vision that you have demonstrated throughout your career. The terms of your employment with the Company are set forth as follows (“Agreement”): 
  

	 	1.	Position. You will become CFO, and report to the Company’s CEO. Your employment with the Company will be for no certain duration but will be “at-will” employment.
Although 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 a document signed by you and a duly
authorized executive of the Company. During your employment by the Company, excluding any periods of vacation and sick leave to which you are entitled, you shall devote your full working time and attention to the performance of your duties and
responsibilities as CFO. Notwithstanding the foregoing, subject to obtaining the approval of the Company’s Board of Directors (the “Board”), which approval shall not be unreasonably withheld, and provided such activities do not
interfere with your duties to the Company, a you may engage in civic and charitable activities and serve as a member of the boards of directors, or similar governing body, of two other companies. As of the Start Date (defined below), your membership
on the board of directors of Kennedy Krieger Institute is approved. 

  

	 	2.	Start Date. The effective date of your full-time employment will be October 15, 2014 (the “Start Date”). 

  

	 	3.	Compensation. 

  

	 	(a)	Base Salary: You will receive an annual base salary of $300,000.00, less applicable withholding, which will be paid in accordance with the Company’s normal payroll procedures. 

 

	 	(b)	Bonus: You will be eligible for an annual bonus; provided, that for the period beginning on your Start Date and ending December 31, 2014, and further provided that you are still employed by the Company on
January 31, 2015, you will be paid a bonus on January 31, 2014 equal to 50% of the base salary paid to you for calendar year 2014. Effective January 1, 2015, the target amount of your annual bonus is 50% of your base salary, less
applicable withholding. The bonus payment will be based upon the Company’s achievement of financial objectives and milestones that are mutually agreed upon by you and the Board. 

 

	 	(c)	Stock Options: The Board, within thirty (30) days of receipt of a new valuation for the Company’s stock necessary for option exercise pricing purposes will approve a grant to you of an option
(the “Equity Grant”) to purchase three hundred thirty-seven thousand (337,000) shares of the Company’s common stock (the “Option”) equivalent to approximately one and a quarter percent (1.25%) of the fully diluted
outstanding capital stock of the Company as of the date hereof (as interpreted to include all outstanding shares of Common Stock and Preferred Stock, as well as the shares purchasable upon exercise of all outstanding options and warrants). The
Company will diligently pursue obtaining the valuation as soon as practical. One-quarter (1/4th) of the Option will vest 

  
 1 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

 based on your continued employment on the first year anniversary of the Start Date, with the
remainder of the Option vesting one-quarter (1/4th) based on your continued employment on the first day of each anniversary year for the subsequent three
(3) years, provided, however, that should you be terminated by the Company without Cause or should you resign for Good Reason, effective after the first anniversary of the Start Date and other than due to death or disability, and as of the date
of your termination the Option has not already become fully vested, you will be credited with an additional vesting percentage equal to 25% multiplied by a fraction, the numerator of which is equal to the number of completed months of employment
elapsed since the preceding anniversary of the Start Date on which additional vesting was received and the denominator of which is twelve (12). For avoidance of doubt if the effective date of termination without Cause or for Good Reason occurs on an
anniversary date of the Start Date, no additional vesting for a partial year will be provided under the preceding sentence. 

Notwithstanding the preceding, if at any time between the date that is ninety (90) days prior to the date that a definitive agreement
providing for a Change of Control (as defined below) is entered into and the date that is twelve (12) month after the closing of a Change of Control (“Change of Control Termination Period”), you are either terminated without Cause (as
defined below) or you resign for Good Reason (as defined below) and other than due to death or disability, then the Option will accelerate and you will be 100% vested in the Option. 

The Equity Grant shall be made in the form of Notice of Stock Option Grant and Stock Option Agreement and Exhibits thereto, attached as
Exhibit A to this Employment Offer Letter. 
  

	 	4.	Benefits. The Company will provide you with health, dental and other benefits generally provided to other executive officers. You shall also be entitled to paid leave in accordance with the Company’s leave
policy applicable to executive officers. The Company will reimburse you, in accordance with its expense policy, for all properly documented expenses. 

  

	 	5.	Termination. Upon a termination of employment for any reason, (A) you shall be paid, within fifteen (15) days after your termination of employment, any accrued and unpaid compensation, and (B) you shall
be paid within thirty (30) days of submitting appropriate documentation, all reimbursable expenses incurred prior to your termination of employment. Should you be terminated by the Company without Cause or should you resign for Good Reason,
other than during a Change of Control Termination Period or due to death or disability, you will be entitled to receive severance consisting of (A) a lump sum payment equal to twelve (12) months of your base salary, payable, subject to
Section 12(b), no later than sixty (60) days after the date of your termination of employment, plus (B) should you elect health care continuation coverage under COBRA (“COBRA”), twelve (12) months reimbursement of the
amount by which your COBRA premium exceeds the premium paid by the Company’s active employees for similar coverage, payable monthly. Should you be terminated by the Company without Cause or should you resign for Good Reason, during a Change of
Control Termination Period and other than due to death or disability, you will be entitled to receive severance consisting of (A) a lump sum payment equal to the sum of (i) twelve (12) months of your base salary plus (ii) 100% of the
target bonus amount for the year in which your termination or resignation occurs reduced by the amount, if any, of the bonus previously paid to you for the year in which your termination or resignation occurs, payable subject to Section 12(b)
no later than sixty (60) days after the date of your termination of employment, plus (B) should you elect COBRA coverage, twelve (12) months reimbursement of the amount by which your COBRA premium exceeds the premium paid by the
Company’s active employees for similar coverage. The foregoing severance is conditioned upon your compliance with your continuing obligations to the Company under the Intellectual Property,
Non-Disclosure, Non- 

  
 2 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

	 	Solicitation, and Non-Competition Agreement dated as of your Start Date, your resignation from all positions you then hold with the Company, and your execution of the
Company’s standard form of release agreement not later than forty-five (45) days following your termination date (in which you release any and all known and unknown claims you may have against the Company with respect to your employment). In
the event of your termination by the Company without Cause or your resignation for Good Reason during a Change of Control Termination Period, any severance shall be determined under the third sentence of this Section, and not under the second
sentence. You are not required to mitigate amounts payable under this Section by seeking other employment or otherwise, nor must you retum to the Company amounts eamed under subsequent employment. 

 

	 	6.	Background Checks. The Company reserves the right to conduct a background investigation and/or reference check on all of its potential employees. Your offer of employment is contingent upon satisfactory
completion of such background investigation and/or reference check, if any, in the sole discretion of the Company. All such background investigations and/or reference checks shall be conducted in accordance with applicable state and federal laws.

  

	 	7.	Evidence of Employment Eligibility. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United
States. Such documentation must be provided to us within three (3) business days of your date of hire. 

  

	 	8.	Governing Law and Jurisdiction. The terms of this letter and the resolution of any dispute as to the meaning, effect, performance or validity of this letter or arising out of, related to, or in any way connected
with, this letter, your employment with the Company or any other relationship between you and the Company will be govemed by the laws of the State of Maryland, without giving effect to the principles of conflict of laws. With respect to any
litigation based on, arising out of, or in connection with this Agreement, the parties hereby expressly submit to the personal jurisdiction of the state courts located in the State of Maryland and of the United States District Court for the District
of Maryland. The parties hereby expressly waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any such litigation brought in any such court referred to above, including without
limitation any claim that any such litigation has been brought in an inconvenient forum. 

  

	 	9.	Waiver of Jury Trial; Prevailing Party. Each party hereto herby waives to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or
indirectly arising out of, under or in connection with this Agreement. Each party hereto certifies that no representative or attomey of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver. The prevailing party in any action seeking to enforce this Agreement shall have all reasonable costs and reasonable attorneys’ fees paid by the party found to have breached. 

 

	 	10.	Certain Definitions. 

  

	 	(a)	“Cause” is defined to mean (A) you have been convicted of, or have pleaded guilty or nolo contendere to, any felony or a crime involving moral turpitude; (B) you have engaged in willful misconduct
which is injurious to the Company or you have willfully and materially failed or refused to perform the material duties lawfully and reasonably assigned to you by the Board (other than as a result of illness or injury) or you have breached any
material term or condition of this Agreement or the Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition
Agreement which you will be expected to sign, in any case after written notice by the Company of such misconduct, nonperformance, or breach of terms or conditions and a fifteen (15) day opportunity to cure any action, inaction or breach which
is capable of 

  
 3 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

	 	being cured, or (C) you have committed any act of fraud, theft, embezzlement, misappropriation of funds, or other willful act of material dishonesty against the Company. 

 

	 	(b)	“Good Reason” is defined as your resignation as a result of (A) an involuntary reduction in your base salary or bonus opportunity, other than in a broad based reduction similarly affecting all other
members of Company’s executive management, (B) a failure of a successor of the Company to assume the obligations under this Agreement in all material respects, (C) the relocation of your principal place of employment more than
fifty(50) miles from its current location, without your consent, (D) the Company’s failure to comply with its material obligations under this Agreement or under any other written agreement with you, (E) a substantial diminution of
your duties, authority or responsibilities, (F) your ceasing to report to the CEO; or (G) an adverse change in your title as CFO; provided that an event or events described in clauses (E), (F) or G, occurring on or within ninety
(90) days after a Change of Control shall not be treated as Good Reason for purposes of the third sentence of Section 5 until the date which is ninety (90) days after the effective date of such Change of Control. Notwithstanding the
foregoing, you must provide written notice to the Company within thirty (30) days of your learning of the occurrence of an event which constitutes Good Reason, or will constitute Good Reason for purposes of the third sentence of Section 5
upon the expiration of the ninety (90) day period following a Change of Control, and the Company has thirty (30) days following receipt of such written notice from you to cure any or all of the foregoing. In order for a resignation to
qualify as a resignation for Good Reason, you must resign within sixty (60) days after the end of such thirty (30) day cure period, or in the case of an event which for purposes of the third sentence of Section 5 will constitute Good
Reason upon expiration of the ninety (90) day period following a Change of Control, the later of sixty (60) days after the end of such thirty (30) day cure period or the expiration of such ninety (90) day period. For avoidance of
doubt, your continued employment following a Change of Control as the CFO of a subsidiary or divisions shall constitute a Good Reason event under clause E, above. Also, for avoidance of doubt, any event described in clauses (A) – (G) that
occurs during a Change of Control Termination Period shall constitute Good Reason for purposes of accelerated vesting of the Option under section 3(c) and for purposes of accelerated vesting under the comparable provision of the Notice of Stock
Grant if you resign within sixty (60) days after the end of the thirty (30) day cure period with respect to such event, without regard to whether such event is an event described in clauses (E), (F) or G that occurs on or within ninety
(90) days after a Change of Control. For purposes of this Section, an isolated, immaterial and inadvertent action that is not taken in bad faith by the Company and that is remedied by the Company promptly after receipt of written notice thereof
given by you will not be considered grounds for termination for Good Reason. 

  

	 	(c)	“Change of Control” will mean: (A) one or more individuals, persons, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, corporations, joint ventures,
trusts, business trusts, cooperatives, associations, foreign trusts, foreign business organizations or other entities, acting individually or as a group (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) (other than
(x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or (z) a shareholder of the Company as of the date of this Agreement, an immediate family member of such shareholder
or a trust or other entity owned solely by or for the benefit of any such persons) (a “Person”) acquires (other than solely by reason of a repurchase of voting securities by the Company) more than 50% of the combined voting power of the
Company’s then total outstanding voting securities; (B) there is consummated a merger or consolidation of the Company with any other corporation or other entity, other than (1) a merger or consolidation which results in the voting
securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50%
of the combined voting power of the securities of the Company or such surviving 

  
 4 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

	 	entity or any direct or indirect parent thereof outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the beneficial owner, directly or indirectly, of securities of the Company (meaning that such Person is entitled to the benefits of ownership although such Person does have possession of or title to such
securities) (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding
securities; (C) the consummation of a sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; or (D) the stockholders of the Company approve a plan of complete liquidation or
dissolution; provided, however, that in no event shall an initial public offering of the capital stock of the Company constitute a Change of Control for purposes of this Agreement. 

 

	 	11.	Section 280G. If a “change of control” under Treasury Regulation 1.280G occurs, and if at such time, the Company is not an entity whose stock is readily tradable on an established securities market
(or otherwise), the Company shall use commercially reasonable efforts to take such actions as may be necessary to avoid the imposition of the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986 (the “Code”) or a
loss of deductibility under Section 280G of the Code, including, if so requested by and provided you agree to waive your rights to receive any “parachute payment” as required by applicable regulations under Section 280G(b)(5) of
the Code, seeking to obtain stockholder approval in accordance with the terms of Section 280G(b)(5)(A)(ii). If on the date that a “change of control” under Treasury Regulation 1.280G occurs, either Section 280G(b)(5)(A) is not
applicable or after using commercially reasonable efforts, the Company is unable to avoid the imposition of the excise tax imposed by Section 4999 of the Code as to any payment or benefits provided to you whether made or provided pursuant to
this Agreement or otherwise (such payments or benefits which are subject to such excise tax being referred to as the “Parachute Payments”), then, except to the extent you have previously waived your rights with respect to such Parachute
Payments, you will be entitled to receive either (A) the full amount of the Parachute Payments, or (B) the maximum amount that may be provided to you without resulting in any portion of such Parachute Payments being subject to the excise
tax imposed by Section 4999 of the Code, whichever of clauses (A) and (B), after taking into account applicable federal, state, and local taxes and the excise tax under Section 4999 of the Code, results in the receipt by you, on an after-tax basis, of the greatest portion of the Parachute Payments. The Parachute Payments shall be reduced in a manner that maximizes your economic position. Any reduction of Parachute Payments pursuant to the
preceding sentence shall be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a
pro rata basis but not below zero. 

  

	 	12.	Section 409A. 

  

	 	(a)	General. The intent of the parties is that the payments and benefits under this Agreement (including, without limitation, the “Equity Grant”) comply with or be exempt from Section 409A of the Code, and
the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. 

 

	 	(b)	Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable to you by the Company that is non-qualified deferred
compensation (“409A Deferred Compensation”) and is designated under this Agreement as payable upon your termination of employment shall be payable only upon your “separation from service” with the Company within the meaning of
Section 409A (a “Separation from Service”). If the period that the payment or commencement of payment of any 409A Deferred Compensation that is subject to your execution of a release could 

  
 5 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

	 	
be made or could begin spans more than one calendar year, such payment shall be not made or such payments shall not commence until the second calendar year. Any payments that would have been made
to you during the period immediately following your Separation from Service but for the preceding sentence shall be paid to you on the day following your Separation from Service and the remaining payments shall be made as provided in this Agreement.

  

	 	(c)	Specified Employee. Notwithstanding anything in this Agreement to the contrary, if you are reasonably determined by the Company at the time of your Separation from Service to be a “specified employee” for
purposes of Section 409A, to the extent delayed commencement of any portion of compensation or benefits to which you are entitled is required in order to avoid the imposition of “additional tax” under Section 409A such portion of
compensation or benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of your Separation from Service with the Company or
(ii) the date of your death. Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to you (or your estate), and any
remaining payments due to you shall be paid as otherwise provided. 

  

	 	(d)	Expense Reimbursements. To the extent that any reimbursements to you by the Company are subject to Section 409A, such reimbursements shall be paid to you no later than December 31 of the year following the
year in which the expense was incurred; provided, that you submit your reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and your right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

 

	 	(e)	Installments. Your right to receive any installment payments of 409A Deferred Compensation shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at
all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment to you of an amount treated as nonqualified deferred compensation under Section 409A
shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A. 

As a condition of your employment, you will be required to sign the Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition Agreement (a copy of which is attached as Exhibit B), and to provide the Company with documents establishing your identity and right to
work in the United States. Those documents must be provided to the Company within three business days of the Start Date. 
 This Agreement and the
Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition Agreement constitute the entire agreement between
you and the Company regarding the terms and conditions of your employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and the Company. The provisions of this Agreement regarding “at
will” employment and arbitration may only be modified by a document signed by you and an authorized representative of the Company. 
 We wish to
impress on you that you must not bring to the Company any confidential or proprietary information or material of any former employer, disclose or use such information or material in the course of your employment with the Company, or violate any
other obligation to your former employers. 

  
 6 

			
	

	  	 Tenable Network Security Inc.
 7021
Columbia Gateway Drive, Suite 500 Columbia,
 MD 21046

410.872.0555
 www.tenable.com

 

 To accept the Company’s offer, please sign and date this letter in the space provided below. This offer
of employment will terminate if it is not accepted, signed and returned by 5pm ET on Wednesday, October 15, 2014. 
  

							
	AGREED AND ACCEPTED:	 		 	 TENABLE NETWORK SECURITY, INC.

				
	 /s/ Stephen A. Vintz
	 		 	By:	 	 /s/ John C. Huffard, Jr.

	Stephen A. Vintz	 		 		 	John C. Huffard, Jr.
		 		 		 	President and COO

  
 7

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