Document:

exv10w4

Exhibit 10.4

CONSENT AND THIRD LOAN MODIFICATION AGREEMENT

     This Consent and Third Loan Modification Agreement (this “Loan Modification Agreement”) is
entered into as of March 1, 2010, by and among SILICON VALLEY BANK, a California corporation, with
its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at 380 Interlocken Crescent, Suite 600, Broomfield, Colorado 80021
(“Bank”), TRUSTWAVE HOLDINGS, INC., a Delaware corporation (“Holdings”), TRUSTWAVE INTERMEDIATE,
INC., a Delaware corporation (“Intermediate”), and TW VERICEPT CORPORATION, a Delaware corporation
(formerly known as “TrustWave Acquisition, Inc.,” “Vericept” and individually and collectively,
jointly and severally, with Holdings, and Intermediate, “Borrower”).

     Borrower provided evidence of the merger of a co-borrower TW MIRAGE NETWORKS, INC., a Texas
corporation and wholly owned subsidiary of Holdings, into Holdings as of December 28, 2009.

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of August 19, 2009, evidenced by, among other documents, a certain Amended and
Restated Loan and Security Agreement dated as of August 19, 2009, between Borrower and Bank, and as
amended by that certain First Loan Modification Agreement dated October 19, 2009 between Borrower
and Bank and that certain Consent and Second Loan Modification Agreement dated January 6,2010
between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized terms used but not
otherwise defined herein shall have the same meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement and the Intellectual Property Collateral as described in a certain
Intellectual Property Security Agreement dated August 19, 2009, by Vericept in favor of Bank (the
“IP Security Agreement and together with any other collateral security granted to Bank, the
“Security Documents”). Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”.

Hereinafter, the Security Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

3. CONSENT TO ACQUISITION. Borrower has notified Bank that Holdings intends to acquire the
capital stock of Intellitactics Inc., a Delaware corporation (“Intellitactics”), by means of the
merger (the “Merger”) of Intellactics with and into AmbironTrustWave Government Solutions, Inc., a
Delaware corporation and a wholly-owned subsidiary of Holdings (“AmbironTrustWave”), as more
particularly set forth in that certain Agreement and Plan of Merger and Reorganization (the “Merger
Agreement”) dated as of February __, 2010, by and among Holdings, AmbironTrustWave and
Intellitactics, a copy of which is attached hereto as Exhibit A and specifically
incorporated by reference herein. In reliance upon the representations of Borrower herein and
therein, Bank hereby consents to the consummation of the Merger and waives compliance by Borrower
with the terms of Sections 7.3(a), and 7.4 of the Loan Agreement which would otherwise prohibit the
Merger, in each case, however, subject to each of the following terms and conditions:

	 	A.	 	The Merger shall be consummated on or before _______, 2010 (the “Closing”) upon
terms substantially similar to those contained in the Merger Agreement and without any
material amendment or modification thereto (it being agreed that any amendment or
modification to the Merger which may be adverse to the interests of Bank shall be
deemed to be material). Upon the Closing of the Merger, AmbironTrustWave shall be the
surviving corporation and a wholly-owned subsidiary of Holdings.

 

 

	 	B.	 	No Event of Default shall have occurred prior to the Closing of the Merger and
no Event of Default shall exist immediately prior to, and after giving effect to, the
Closing of the Merger.
	 
	 	C.	 	The aggregate consideration paid by Holdings in the Merger shall not exceed the
Merger Consideration, as currently defined in the Merger Agreement.
	 
	 	D.	 	The assets of Intellitactics acquired by means of the Merger shall be free and
clear of any and all Liens (other than Liens that will be released simultaneously with
the Closing of the Merger).
	 
	 	E.	 	Borrower shall deliver to Bank true and complete copies of all documents,
instruments and agreements executed and/or delivered in connection with the Merger
promptly after the Closing of the Merger.
	 
	 	F.	 	On or before March 31, 2010, Borrower shall deliver to Bank, (a) an updated
Perfection Certificate reflecting the acquisition of Intellitactics by means of the
Merger, (b) any documents required by Bank in order for Bank to obtain a first priority
security interest in all of the assets of AmbironTrustWave, including, without
limitation, a Joinder Agreement whereby AmbironTrustWave shall become a “Borrower”
under the Loan and Security Agreement and an Intellectual Property Security Agreement,
if applicable, (c) any documents required by Bank in order for Bank to be capable of
exercising its rights as a secured lender in respect of the assets of AmbironTrustWave
(including landlord and/or bailee waivers and deposit account control agreements, if
any) and (d) evidence that the assets of AmbironTrustWave are insured in accordance
with the requirements of the Loan Agreement.

4. DESCRIPTION OF CHANGE IN TERMS.

	 	A.	 	Modifications to Loan Agreement.

	 	1	 	The Loan Agreement shall be amended by deleting the following
definition of “Revolving Line” appearing in Section 13.1 of the Loan Agreement,
in its entirety:

     “Revolving Line” is an Advance or Advances in aggregate amount
of up to Ten Million Dollars ($10,000,000) outstanding at any time;
provided, however, that on and from the Effective
Date to and including the date on which Bank has received, in form
and substance satisfactory to Bank in its sole discretion, field
exams for each of the Borrowers and Borrower’s audited consolidated
financial statements prepared under GAAP, consistently applied,
together with an unqualified opinion on the financial statements from
an independent certified public accounting firm acceptable to Bank in
its reasonable discretion for Borrower’s fiscal year ended December
31, 2007, “Revolving Line” shall mean an Advance or Advances in
aggregate amount of up to Five Million Dollars ($5,000,000)
outstanding at any time.

	 	 	 	and inserting in lieu thereof the following:

     “Revolving Line” is an Advance or Advances in aggregate amount
of up to Ten Million Dollars ($10,000,000) outstanding at any time.

5. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

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6. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Vericept hereby ratifies,
confirms and reaffirms, all and singular, the terms and conditions of the IP Security Agreement,
and
acknowledges, confirms and agrees that the IP Security Agreement contains an accurate and complete
listing of all Intellectual Property Collateral as defined in the IP Security Agreement, and shall
remain in full force and effect.

7. RATIFICATION OF PERFECTION CERTIFICATES. Holdings hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of August 19, 2009, by Holdings and delivered to Bank (the “Holdings
Perfection Certificate”), and acknowledges, confirms and agrees the disclosures and information
Holdings provided to Bank in the Holdings Perfection Certificate have not changed, as of the date
hereof. Intermediate hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in a certain Perfection Certificate dated as of August 19, 2009, by
Intermediate and delivered to Bank (the “Intermediate Perfection Certificate”), and acknowledges,
confirms and agrees the disclosures and information Intermediate provided to Bank in the
Intermediate Perfection Certificate have not changed, as of the date hereof. Vericept hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of August 19, 2009, by Vericept and delivered to Bank (the
“Intermediate Perfection Certificate”), and acknowledges, confirms and agrees the disclosures and
information Intermediate provided to Bank in the Intermediate Perfection Certificate have not
changed, as of the date hereof.

8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all
terms and conditions of all security or other collateral granted to the Bank, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations.

10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or
otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby
expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder.

11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force
and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will
be released by virtue of this Loan Modification Agreement.

12. CONFIDENTIALITY. Bank may use confidential information for the development of
databases, reporting purposes, and market analysis, so long as such confidential information is
aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower.
The provisions of the immediately preceding sentence shall survive the termination of the Loan
Agreement.

13. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

[The remainder of this page is intentionally left blank — signature page(s) to follow]

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     This Loan Modification Agreement is executed as a sealed instrument as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 

	BORROWER:	 	 	 	BANK:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRUSTWAVE HOLDINGS, INC.	 	 	 	SILICON VALLEY BANK	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert J. McCullen
	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert J. McCullen
	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRUSTWAVE INTERMEDIATE, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert J. McCullen
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert J. McCullen	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TW VERICEPT CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert J. McCullen
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert J. McCullen	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	 	 	 	 	 

 

 

     The undersigned, TRUSTWAVE LIMITED, a company registered in England & Wales, ratifies,
confirms and reaffirms, all and singular, the terms and conditions of a certain Deed of Guarantee
in favor of Bank dated September 25, 2008 (the “Guarantee”) and acknowledges, confirms and agrees
that the Guarantee shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents, instruments and/or
agreements executed and/or delivered in connection therewith.

TRUSTWAVE LIMITED

	 	 	 	 	 

	By:

	 	/s/ Robert J. McCullen
 

	 	 
	 
	 	 	 	 
	Name:

	 	Robert J. McCullen	 	 
	 
	 	 	 	 
	Title:

	 	Chief Executive Officer and President	 	 

     The undersigned, TRUSTWAVE HOLDINGS LIMITED, a company registered in England & Wales,
ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Deed of
Guarantee in favor of Bank dated November 27, 2007 (the “Guarantee”) and acknowledges, confirms and
agrees that the Guarantee shall remain in full force and effect and shall in no way be limited by
the execution of this Loan Modification Agreement, or any other documents, instruments and/or
agreements executed and/or delivered in connection therewith.

TRUSTWAVE HOLDINGS LIMITED

	 	 	 	 	 

	By:

	 	/s/ Robert J. McCullen
 

	 	 
	 
	 	 	 	 
	Name:

	 	Robert J. McCullen	 	 
	 
	 	 	 	 
	Title:

	 	Chief Executive Officer and President	 	 

 

 

EXHIBIT A

See attached copy of the Plan of Merger and Reorganizationexv10w5

Exhibit 10.5

JOINDER AND FOURTH LOAN MODIFICATION AGREEMENT

     This Joinder and Fourth Loan Modification Agreement (this “Loan Modification Agreement”) is
entered into as of April 7, 2010, by and among SILICON VALLEY BANK, a California corporation, with
its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at 380 Interlocken Crescent, Suite 600, Broomfield, Colorado 80021
(“Bank”), TRUSTWAVE HOLDINGS, INC., a Delaware corporation (“Holdings”), TRUSTWAVE INTERMEDIATE,
INC., a Delaware corporation (“Intermediate”), and TW VERICEPT CORPORATION, a Delaware corporation
(formerly known as “TrustWave Acquisition, Inc.,” “Vericept” and individually and collectively,
jointly and severally, with Holdings, and Intermediate, “Existing Borrower”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of August 19, 2009, evidenced by, among other documents, a certain Amended and
Restated Loan and Security Agreement dated as of August 19, 2009 between Borrower and Bank, as
amended by a First Loan Modification Agreement dated October 19, 2009 between Borrower and Bank, as
amended by a Consent and Second Loan Modification Agreement dated January 6, 2010 between Borrower
and Bank, and as further amended by a Consent and Third Loan Modification Agreement dated March 1,
2010 between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized terms used but not
otherwise defined herein shall have the same meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement and the Intellectual Property Collateral as described in a certain
Intellectual Property Security Agreement dated August 19, 2009, by Vericept in favor of Bank (the
“IP Security Agreement and together with any other collateral security granted to Bank, the
“Security Documents”). Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”.

3. JOINDER TO LOAN AGREEMENT. The undersigned, TrustWave Government Solutions, Inc., a
Delaware corporation and a wholly-owned subsidiary of Holdings, (hereinafter, the “New Borrower”,
and, together with the Existing Borrower, jointly, severally, individually and collectively, the
“Borrower”), hereby joins the Loan Agreement and each of the Loan Documents, and agrees to comply
with and be bound by all of the terms, conditions and covenants of the Loan Agreement and Loan
Documents, as if it were originally named a “Borrower” therein. Without limiting the generality of
the preceding sentence, New Borrower agrees that it will be jointly and severally liable, together
with Existing Borrower, for the payment and performance of all obligations and liabilities of
Borrower under the Loan Agreement, including, without limitation, the Obligations. Either Borrower
may, acting singly, request Credit Extensions pursuant to the Loan Agreement. Each Borrower hereby
appoints the other as agent for the other for all purposes hereunder, including with respect to
requesting Credit Extensions pursuant to the Loan Agreement. Each Borrower hereunder shall be
obligated to repay all Credit Extensions made pursuant to the Loan Agreement, regardless of which
Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received
all Credit Extensions.

4. SUBROGATION AND SIMILAR RIGHTS. Each Borrower waives any suretyship defenses available
to it under the Code or any other applicable law. Each Borrower waives any right to require Bank
to: (i) proceed against either Borrower or any other person; (ii) proceed against or exhaust any
security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or remedy
it has against either Borrower or any security it holds (including the right to foreclose by
judicial or non-judicial sale) without affecting either Borrower’s liability. Notwithstanding any
other provision of this Loan Modification Agreement, the Loan Agreement, or other Loan Documents,
each Borrower irrevocably waives all rights that it may have at law or in equity (including,
without limitation, any law subrogating Borrower to the rights of Bank under the Loan Agreement) to
seek contribution, indemnification or any other form of reimbursement from the other Borrower, or
any other Person now or hereafter

 

 

primarily or secondarily liable for any of the Obligations, for
any payment made by Borrower with respect to the Obligations in connection with the Loan Agreement
or otherwise and all rights that it might have to benefit from, or
to participate in, any security for the Obligations as a result of any payment made by Borrower
with respect to the Obligations in connection with the Loan Agreement or otherwise. Any agreement
providing for indemnification, reimbursement or any other arrangement prohibited under this section
shall be null and void. If any payment is made to a Borrower in contravention of this section,
such Borrower shall hold such payment in trust for Bank and such payment shall be promptly
delivered to Bank for application to the Obligations, whether matured or unmatured.

5. GRANT OF SECURITY INTEREST. To secure the prompt payment and performance of all of the
Obligations, New Borrower hereby grants to Bank a continuing lien upon and security interest in all
of New Borrower’s now existing or hereafter arising rights and interest in the Collateral, whether
now owned or existing or hereafter created, acquired, or arising, and wherever located, including,
without limitation, all of New Borrower’s assets, and all New Borrower’s books relating to the
foregoing and any and all claims, rights and interests in any of the above and all substitutions
for, additions, attachments, accessories, accessions and improvements to and replacements,
products, proceeds and insurance proceeds of any or all of the foregoing. New Borrower further
covenants and agrees that by its execution hereof it shall provide all such information, complete
all such forms, and take all such actions, and enter into all such agreements, in form and
substance reasonably satisfactory to Bank that are reasonably deemed necessary by Bank in order to
grant a valid, perfected security interest to Bank in the Collateral. New Borrower hereby
authorizes Bank to file financing statements, without notice to Borrower, with all appropriate
jurisdictions in order to perfect or protect Bank’s interest or rights hereunder, including a
notice that any disposition of the Collateral, by either Borrower or any other Person, shall be
deemed to violate the rights of Bank under the Code.

6. REPRESENTATIONS AND WARRANTIES. New Borrower hereby represents and warrants to Bank
that all representations and warranties in the Loan Documents made on the part of Existing Borrower
are true and correct on the date hereof with respect to New Borrower, with the same force and
effect as if New Borrower were named as “Borrower” in the Loan Documents in addition to Existing
Borrower.

7. DELIVERY OF DOCUMENTS. New Borrower hereby agrees that the following documents shall be
delivered to Bank prior to or concurrently with this Loan Modification Agreement, each in form and
substance satisfactory to Bank:

	 	A.	 	a certificate of the Secretary of New Borrower with respect to certificate of
incorporation, by-laws, incumbency and resolutions authorizing the execution and
delivery of this Loan Modification Agreement;
	 
	 	B.	 	a long form certificate of the Secretary of State of Delaware (certified within
the prior 30 days) as to New Borrower’s existence and good standing and listing all
applicable organizational documents filed by New Borrower with the Secretary of State
of Delaware;
	 
	 	C.	 	Certificates of Good Standing/Foreign Qualification, from each state in which
New Borrower is authorized to do business;
	 
	 	D.	 	the results of UCC searches with respect to the Collateral for New Borrower
indicating that there are no Liens, other than Permitted Liens;
	 
	 	E.	 	a Perfection Certificate for New Borrower;
	 
	 	F.	 	[a landlord’s consent in favor of Bank for each of New Borrower’s leased
locations by the respective landlord thereof, together with the duly executed original
signatures thereto;]

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	 	G.	 	evidence satisfactory to Bank that the insurance policies required by Section
6.5 to the Loan Agreement are in full force and effect, together with appropriate
evidence showing lender loss payable and/or additional insured clauses or endorsements
in favor of Bank; and
	 
	 	H.	 	such other documents as Bank may reasonably request.

8. DESCRIPTION OF CHANGE IN TERMS.

	 	A.	 	Modifications to Loan Agreement.

	 	1.	 	The Loan Agreement shall be amended by adding the following new
Section 6.12 (TrustWave Government Solutions; Accounts), Section 6.13
(TrustWave Government Solutions; Intellectual Property) and 6.14 (TrustWave
Government Solutions; Assets) appearing after Section 6.11 (Further Assurances)
thereof:
	 
	 	 	 	      “6.12 TrustWave Government Solutions; Accounts. Notwithstanding
anything to the contrary in the Loan Agreement, within thirty (30) days
after the Joinder and Fourth Loan Modification Effective Date, TrustWave
Government Solutions will maintain its and its Subsidiaries,’ operating and
other deposit accounts in the United States with Bank and Bank’s Affiliates.
	 
	 	 	 	      6.13 TrustWave Government Solutions; Intellectual Property.
Notwithstanding anything to the contrary in the Loan Agreement, within
thirty (30) days after the Joinder and Fourth Loan Modification Effective
Date, TrustWave Government Solutions will cause the transfer of all rights,
title and interest in all Intellectual Property owned by its Subsidiaries,
including without limitation the TrustWave Government Solutions Canadian
Subsidiaries, to TrustWave Government Solutions or any other entity that is
a “Borrower” under the Loan Agreement (the “IP Transfer”). Borrower agrees
that an Intellectual Property Security Agreement (the “Canadian IP
Agreement”), and/or such other documents as Bank may reasonably request,
shall be delivered to Bank prior to or concurrently with the IP Transfer,
each in form and substance satisfactory to Bank.
	 
	 	 	 	      6.14 TrustWave Government Solutions; Assets. After giving effect to
the IP Transfer, Borrower shall not permit the assets in the TrustWave
Government Solutions Canadian Subsidiaries to at any time exceed Two Hundred
Thousand Dollars ($200,000) in the aggregate.”
	 
	 	2.	 	The Loan Agreement shall be amended by deleting the following,
appearing as Section 8.2(a) thereof:

	 	 	 	      “(a) Borrower fails or neglects to perform any obligation in
Section 6.2, 6.6, 6.7 or violates any covenant in Section 7; or”

	 	 	 	and inserting in lieu thereof the following:

	 	 	 	      “(a) Borrower fails or neglects to perform any obligation in
Section 6.2, 6.6, 6.7, 6.12, 6.13, 6.14 or violates any covenant in
Section 7; or”

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	 	3.	 	The Loan Agreement shall be amended by inserting the following
new definitions to appear alphabetically in Section 13.1 thereof:

“       “Canadian IP Agreement” is defined in Section 6.13.”

“       “IP Transfer” is defined in Section 6.13.”

“       “Joinder and Fourth Loan Modification Effective Date” is March __,
2010.”

“       “TrustWave Government Solutions” is TrustWave Government Solutions,
Inc., a Delaware corporation, wholly-owned subsidiary of Holdings,
and a Borrower under that certain Joinder and Fourth Loan
Modification Agreement among Bank and Borrower dated March ___,
2010.”

“       “TrustWave Government Solutions Canadian Subsidiaries” are the
following wholly owned Subsidiaries of TrustWave Government Solutions
formed under the laws of Canada: Intellitactics, Inc. and 3243213
Nova Scotia Company.”

	 	4.	 	The Loan Agreement shall be amended by deleting the following
definition appearing in Section 13.1 thereof:

“      “Loan Documents” are, collectively, this Agreement, the Warrant,
the Perfection Certificate, the IP Agreement, the Subordination
Agreement, any note, or notes or guaranties executed by Borrower or
any Guarantor, and any other present or future agreement between
Borrower any Guarantor and/or for the benefit of Bank in connection
with this Agreement, all as amended, restated, or otherwise
modified.”

	 	 	 	and inserting in lieu thereof the following:

“      “Loan Documents” are, collectively, this Agreement, the Warrant,
the Perfection Certificate, the IP Agreement, the Canadian IP
Agreement, the Subordination Agreement, any note, or notes or
guaranties executed by Borrower or any Guarantor, and any other
present or future agreement between Borrower any Guarantor and/or for
the benefit of Bank in connection with this Agreement, all as
amended, restated, or otherwise modified.”

9. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

10. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Vericept hereby ratifies,
confirms and reaffirms, all and singular, the terms and conditions of the IP Security Agreement,
and acknowledges, confirms and agrees that the IP Security Agreement contains an accurate and
complete listing of all Intellectual Property Collateral as defined in the IP Security Agreement,
and shall remain in full force and effect.

11. RATIFICATION OF PERFECTION CERTIFICATES. Holdings hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of August 19, 2009, by Holdings and delivered to Bank (the “Holdings
Perfection Certificate”), and acknowledges, confirms and agrees the disclosures and information
Holdings provided to Bank in the Holdings Perfection Certificate have not changed, as of the date
hereof. Intermediate hereby ratifies, confirms and reaffirms, all and singular, the terms and

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disclosures contained in a certain Perfection Certificate dated as of August 19, 2009, by
Intermediate and delivered to Bank (the “Intermediate Perfection Certificate”), and acknowledges,
confirms and agrees the disclosures and information Intermediate provided to Bank in the
Intermediate Perfection Certificate have not changed, as of the date hereof. Vericept hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of August 19, 2009, by Vericept and delivered to Bank (the
“Intermediate Perfection Certificate”), and acknowledges, confirms and agrees the disclosures and
information Intermediate provided to Bank in the Intermediate Perfection Certificate have not
changed, as of the date hereof.

12. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

13. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all
terms and conditions of all security or other collateral granted to the Bank, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations.

14. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or
otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby
expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder.

15. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force
and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will
be released by virtue of this Loan Modification Agreement.

16. CONFIDENTIALITY. Bank may use confidential information for the development of
databases, reporting purposes, and market analysis, so long as such confidential information is
aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower.
The provisions of the immediately preceding sentence shall survive the termination of the Loan
Agreement.

17. CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER. Illinois law governs this Loan
Modification Agreement without regard to principles of conflicts of law. Borrower and Bank each
submit to the exclusive jurisdiction of the State and Federal courts in Illinois; provided,
however, that if for any reason Bank cannot avail itself of such courts in the State of Illinois,
Borrower accepts jurisdiction of the courts and venue in Santa Clara County, California.
NOTWITHSTANDING THE FOREGOING, BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST
BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR
APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE BANK’S RIGHTS AGAINST
BORROWER OR ITS PROPERTY.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING
OUT OF OR BASED UPON THIS LOAN MODIFICATION AGREEMENT, THE LOAN AGREEMENT OR ANY CONTEMPLATED
TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A
MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS LOAN MODIFICATION AGREEMENT. EACH PARTY
HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

5

 

18. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

[The remainder of this page is intentionally left blank — Signature Pages to Follow]

6

 

     This Joinder and Fourth Loan Modification Agreement is executed as of the date first written
above.

	 	 	 	 	 	 	 	 	 	 	 

	BORROWER:	 	 	 	BANK:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRUSTWAVE HOLDINGS, INC.	 	 	 	SILICON VALLEY BANK	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert McCullen
 

	 	 
	 	By:
	 	/s/ Jay Wetez
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert McCullen
	 	 	 	Name:
	 	Jay Wetez	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 	 	 	Title:
	 	Relationship Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRUSTWAVE INTERMEDIATE, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert McCullen
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert McCullen	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TW VERICEPT CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert McCullen
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert McCullen	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRUSTWAVE GOVERNMENT SOLUTIONS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert McCullen
 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Robert McCullen	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	 	 	 	 	 

 

 

     The undersigned, TRUSTWAVE LIMITED, a company registered in England & Wales, ratifies,
confirms and reaffirms, all and singular, the terms and conditions of a certain Deed of Guarantee
in favor of Bank dated September 25, 2008 (the “Guarantee”) and acknowledges, confirms and agrees
that the Guarantee shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents, instruments and/or
agreements executed and/or delivered in connection therewith.

TRUSTWAVE LIMITED

	 	 	 	 	 

	By:

	 	/s/ Robert McCullen
 

	 	 
	 
	 	 	 	 
	Name:

	 	Robert McCullen	 	 
	 
	 	 	 	 
	Title:

	 	Director	 	 

     The undersigned, TRUSTWAVE HOLDINGS LIMITED, a company registered in England & Wales,
ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Deed of
Guarantee in favor of Bank dated November 27, 2007 (the “Guarantee”) and acknowledges, confirms and
agrees that the Guarantee shall remain in full force and effect and shall in no way be limited by
the execution of this Loan Modification Agreement, or any other documents, instruments and/or
agreements executed and/or delivered in connection therewith.

TRUSTWAVE HOLDINGS LIMITED

	 	 	 	 	 

	By:

	 	/s/ Robert McCullen
 

	 	 
	 
	 	 	 	 
	Name:

	 	Robert McCullen	 	 
	 
	 	 	 	 
	Title:

	 	Director

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