Document:

exv10w25

Exhibit 10.25

SIXTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT

     THIS SIXTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT (this “Amendment”) is entered
into as of June 18, 2010 (the “Sixth 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 Stockholders’ Agreement,
dated as of March 14, 2005, as amended through the date hereof (as so amended, 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 issued and
outstanding shares of Common Stock (on an as-converted basis); 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 Stockholders. The stockholders listed on the attached Schedule
1 are hereby constituted as Other Stockholders and Stockholders for all purposes of the
Original Agreement, as amended by this Amendment.

     2. Exhibit C. Exhibit C attached to the Original Agreement is hereby amended by
adding thereto the stockholders listed on the attached Schedule 1.

     3. Eligible Stockholders. The stockholders listed on the attached Schedule 1
are hereby constituted as Eligible Stockholders so long as they hold at least 100,000 Shares (as
adjusted for stock splits and on an as-converted basis) as of the date of the Offer and with
respect to the stockholders listed on the attached Schedule 1 only, the Amendment Date
referenced in Sections 3.2(a) and 3.3(a) is replaced with the date that is the Sixth Amendment Date
(or, with respect to stockholders who are SRBA Affiliates (as that term is defined in the attached
Schedule 1), the date that such SRBA Affiliate is approved to be an Eligible Stockholder by the
Board of Directors of the Company).

     4. SRBA Observer. Section 1.3 of the Original Agreement is amended by the addition of a new
Subsection (j) to read, in its entirety, as follows:

 

 

     (j) SRBA Observer. SRBA #5, L.P. (“SRBA”) shall have the right to appoint one
representative (an “SRBA Observer”), who initially shall be ___________, from time to time
who shall: (a) receive notice of all meetings of the Board and each committee thereof (such
notice to be delivered or mailed as specified herein at the same time as notice is given to
the members of such Board and/or committee); (b) be entitled to attend (or, in the case of
telephonic meetings, monitor) all such meetings; (c) receive all notices, information and
reports which are furnished to the members of such board and/or committee at the same time
and in the same manner as the same is furnished to any such member; (d) be entitled to
participate in all discussions conducted at such meetings; and (e) receive as soon as
available (but in any event prior to the next succeeding meeting of such board and/or
committee) copies of the minutes of all such meetings. If any action is proposed to be
taken by such Board and/or committee by written consent in lieu of a meeting, the Company
will give written notice thereof to such SRBA Observer. The rights granted to SRBA under
this Section may not be transferred by SRBA to any party and shall lapse at the time that
SRBA, together with its Affiliates, ceases to hold at least fifty
percent (50%) of the shares of Common Stock held by SRBA on the Sixth Amendment Date (as adjusted for stock
splits and on an as-converted basis). All expenses related to the SRBA Observer’s
participation shall be borne exclusively by SRBA.

     5. Joinder. By executing this Amendment, each stockholder listed on the attached
Schedule 1 agrees that he, she or it shall succeed to all of the obligations of an Other
Stockholder, Stockholder and/or Eligible Stockholder as contemplated by the Original Agreement, as
amended by this Amendment.

     6. 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.

     7. 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]

2

 

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

3

 

	 	 	 	 	 
	 	DBRC Investments, LLC.

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	Robert McCullen 	 
	 	 	Title:  	 	 
	 
	 	                          /s/ Joseph L. Patanella
 	 
	 	Joseph L. Patanella 	 
	 	 	 
	 	                          /s/ Phillip J. Smith
 	 
	 	Phillip J. Smith 	 
	 
	 	Caledonia Investments, L.P.

 	 
	 	By:  	/s/ Tim Nicholson
 	 
	 	 	Name:  	Tim Nicholson 	 
	 	 	Title:  	Managing Director 	 
	 
	 	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 	 
	 

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	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Howard S. Smith, 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	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Howard S. Smith, Managing Director	 	 

5

 

	 	 	 	 	 	 	 

	SRBA #5, L.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ [illegible signature]	 	 
	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EVERGREEN PARTNERS US DIRECT FUND III, L.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ [illegible signature]	 	 
	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EVERGREEN PARTNERS DIRECT FUND III (ISRAEL) L.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ [illegible signature]	 	 
	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	EVERGREEN PARTNERS DIRECT FUND III (ISRAEL 1) L.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ [illegible signature]	 	 
	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 

6

 

SCHEDULE 1

Bluejay Stockholders

SRBA #5, L.P.

EVERGREEN PARTNERS US DIRECT FUND III, L.P.

EVERGREEN PARTNERS DIRECT FUND III (ISRAEL) L.P.

EVERGREEN PARTNERS DIRECT FUND III (ISRAEL 1) L.P.

Any SRBA Affiliate (as defined below), so long as (a) such SRBA Affiliate was an SRBA Affiliate on
the Sixth Amendment Date, (b) such SRBA Affiliate, at the time of any determination as to whether
such SRBA Affiliate is an Eligible Stockholder holds at least 500,000 Shares (as adjusted for stock
splits and on an as-converted basis), and (c) such SRBA Affiliate is approved by the Board of
Directors of the Company to be an Eligible Stockholder, which approval shall not be unreasonably
withheld, conditioned or delayed beyond a reasonable time after such SRBA Affiliate requests such
approval in writing from the Board of Directors of the Company, it being agreed that (i) no such
request may be made by an SRBA Affiliate prior to the time that such SRBA Affiliate becomes the
holder of at least 500,000 Shares (as adjusted for stock splits and on an as-converted basis), and
(ii) it shall not be deemed unreasonable for the Board of Directors of the Company to withhold such
approval with respect to any SRBA Affiliate (x) that is an operating company or a Competitor
Affiliate (as defined below) of an operating company in either case that engages in any line of
business in which the Company (or any of its subsidiaries) is engaged either on the date that such
SRBA Affiliate is approved to be an Eligible Stockholder by the Board of Directors of the Company
or during the six months prior thereto, or (y) has been convicted or pled guilty or nolo contendere
to a felony or a crime involving dishonesty or moral turpitude. An “SRBA Affiliate” shall mean any
Person who would be a Permitted Transferee of SRBA #5, L.P. (irrespective of whether any Permitted
Transfer has occurred) pursuant to Sections 3.5(a), (b) or (c) of the Original Agreement. A
“Competitor Affiliate” of a Person shall mean any Person that, directly or indirectly, through one
or more intermediaries, (a) controls, is controlled by, or is under common control with, such
Person, (b) owns more than ten percent (10%) of the voting ownership interests of such Person, (c)
is, or has the right to appoint, any manager of such Person if such Person is a limited liability
company, or any director, officer or key management employee of such Person.exv10w26

Exhibit 10.26

SEVENTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT

     THIS SEVENTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT (this “Amendment”) is
entered into as of September 22, 2010 (the “Seventh 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 Stockholders’ Agreement,
dated as of March 14, 2005, as amended through the date hereof (as so amended, 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 issued and
outstanding shares of Common Stock (on an as-converted basis); 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. Change in Director Description.

          (a) Section 1.1(b)(vi) of the Original Agreement is hereby amended to read, in its entirety,
as follows:

(vi) one (1) individual (the “Other Director “) nominated by the Board of
Directors.

          (b) Section 1.2(h) of the Original Agreement is hereby amended to read, in its entirety, as
follows:

(h) The Stockholders shall vote all of their shares of capital stock of the
Company to cause the Other Director to be removed during his or her
term of office, when and only when they are so directed to be removed in
writing by the Board of Directors or for Cause.

          (c) Section 1.3(i) of the Original Agreement is hereby deleted.

 

 

(d) Section 4.4(a) of the Original Agreement is hereby amended to read in its entirety,
as follows:

a. Each certificate representing shares of capital stock that are subject to this
Agreement shall bear a legend in substantially the following form, until such time
as the shares of capital stock represented thereby are no longer subject to the
provisions hereof:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED FROM TIME TO TIME, (THE “ACT”) OR ANY
STATE SECURITIES LAWS. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS
AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE TRANSACTION IS MADE
PURSUANT TO AND IN COMPLIANCE WITH RULE 144 OF THE ACT OR THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY
AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE ALSO FURTHER SUBJECT TO THE
PROVISIONS OF A STOCKHOLDERS’ AGREEMENT AMONG THE ISSUER OF SUCH SECURITIES
(THE “COMPANY”) AND CERTAIN OF THE COMPANY’S STOCKHOLDERS, AS THE SAME MAY
BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT
THE PRINCIPAL OFFICES OF THE COMPANY, AND, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, NO SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF
THESE SHARES SHALL BE VALID OR EFFECTIVE UNLESS MADE IN COMPLIANCE WITH ALL
OF THE TERMS AND CONDITIONS OF SUCH AGREEMENT.

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS
THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL,
OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY OR SERIES
THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND/OR RIGHTS.

(e) Section 4.9 of the Original Agreement is hereby amended to read in its entirety, as
follows:

 

 

Modification or Amendment. Neither this Agreement nor any provision hereof can be
modified, amended, changed, discharged or terminated except by an instrument in writing,
signed by at least a majority of the issued and outstanding shares of Common Stock (on an
as-converted basis); provided, that (x) Sections 1.1(b)(i), 1.2(b)
and 1.3(a) may not be modified, amended, changed, discharged or terminated without
the written consent of FTV, Sections 1.1(b)(iii), 1.2(c) and 1.3(b)
may not be modified, amended, changed, discharged or terminated without the written consent
of Kiphart, Sections 1.1(b)(ii), 1.2(d) and 1.3(d) may not be
modified, amended, changed, discharged or terminated without the written consent of
TrustWave Majority Holders, Sections 1.1(b)(iv), 1.2(e) and 1.3(c)
may not be modified, amended, changed, discharged or terminated without the written consent
of MBK, and Sections 1.1(b)(v), 1.2(g), 1.3(g) and 1.3(h),
may not be modified, amended, changed, discharged or terminated without the written consent
of the SecurePipe Majority Holders and (y) Section 2.1 may not be modified, amended,
changed, discharged or terminated without the written consent of the holders of at least 66
2⁄3% of the then outstanding shares of Series A Preferred, Section 2.2 may not be
modified, amended, changed, discharged or terminated without the written consent of
TrustWave Majority Holders and Section 2.3 may not be modified, amended, changed,
discharged or terminated without the written consent of MBK; provided
further that, any such amendment, modification, change, discharge, termination or
waiver that would adversely affect the rights hereunder of any Stockholder in its capacity
as a Stockholder, without similarly affecting the rights hereunder of all Stockholders of
such class, in their capacities as Stockholders of such class, shall not be effective as to
such Stockholder without its prior approval. The inclusion of additional Persons as parties
to this Agreement pursuant to a counterpart signature page or joinder agreement approved by
the Company shall not require an amendment to this Agreement.

          2. Removal of Director. The Stockholders shall vote all of their shares of capital
stock of the Company to cause the Elavon Director to be removed from office effective as of the
Seventh Amendment Date. The Board of Directors shall have the right to appoint a person to serve
as the Other Director by Section 1(a) above, which shall initially be Stuart Harvey, such person to
serve the remaining term of the removed Elavon Director.

          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
Seventh Amendment Date.

	 	 	 	 	 
	 	COMPANY:

TRUSTWAVE HOLDINGS, INC.

 	 
	 	By:  	/s/ Rober 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 Garman
 	 
	 	 	Name:  	Richard Garman 	 
	 	 	Title:  	Managing Member 	 

	 	 	 	 	 
	 	Financial Technology Ventures II, L.P.
 	 
	 
	 	By:  	Financial Technology Management, II, LLC
 	 

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

	 	 	 	 	 
	 	  	/s/ Richard Kiphart
 	 
	 	 	Richard Kiphart 	 

	 	 	 	 	 
	 	  	/s/ David Valentine
 	 
	 	 	David Valentine 	 

 

 

	 	 	 	 	 
	 	DBRC Investments, LLC.

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	  	     /s/ Joseph L. Patanella
 	 
	 	 	Joseph L. Patanella 	 

	 	 	 	 	 
	 	  	     /s/ Phillip J. Smith
 	 
	 	 	Phillip J. Smith 	 

	 	 	 	 	 
	 	Caledonia 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 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	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
 	 
	 	 	Howard S. Smith, 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
 	 
	 	 	Howard S. Smith, Managing Director 	 
	 	 	 	 

	 	 	 	 	 
	 	SRBA #5, L.P.

 	 
	 	By:  	
 	 
	 	It:

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