Document:

exv10w23

Exhibit 10.23

FOURTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT

     THIS FOURTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT (this “Amendment”) is
entered into as of September 8, 2009 (the “Fourth 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. Election of Directors. Section 1.1(b) of the Original Agreement is hereby amended
by inserting a new subsection (vi) to read, in its entirety, as follows:

     (i) one (1) individual (the “Elavon Director”) nominated by Elavon,
Inc., a Georgia corporation (“Elavon”);

     2. Election of Elavon Director. The undersigned hereby approve and elect Stuart C.
Harvey, Jr. to serve on the Board of Directors of the Company as the Elavon Director until his
successor is duly elected and qualified in accordance with the provisions of the Agreement, as
amended by this Amendment, and the Company’s Bylaws.

     3. Vacancies and Removal. Section 1.2 of the Original Agreement is amended by
inserting a new subsection (h) to read, in its entirety, as follows:

     (h) The Stockholders shall vote all of their shares of capital stock of the Company to
cause any Elavon 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 Elavon or for Cause.

 

 

     4. Right to Appoint Directors. Section 1.3 of the Original Agreement is amended by
inserting new subsection (i) to read, in its entirety, as follows:

     (i) Elavon. At such time as that certain Master Services Agreement Re.
PCI DSS Validation and Related Services, between Elavon and the Company, terminates
or expires, Elavon shall cease to be entitled to nominate any Elavon Director to the
Board pursuant to Section 1.1(b) and the obligations of the other Stockholders to
vote their shares in favor of election of the Elavon nominee under Section 1.1(b),
and the obligations of the other Stockholders to vote to remove any Elavon Director
under Section 1.2, shall terminate and be of no further force or effect.

     5. Modification or Amendment. Clause (x) of Section 4.9 of the Original Agreement is
hereby amended by adding at the end thereof, the following:

and Sections 1.1(b)(vi), 1.2(h) and 1.3(i), may not be modified,
amended, changed, discharged or terminated without the written consent of Elavon,

     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
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 	 
	 	 	 

 

 

	 	 	 	 	 
	 	DBRC Investments, LLC.

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	Robert McCullen 	 
	 	 	Title:  	Authorized Agent 	 
	 	 	 
	 	 	 	 	 
	 	     /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:  	Managing Director 	 
	 
	 	 	 	 	 
	 	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 Smith
 	 
	 	 	Howard S. Smith, Managing Directorexv10w24

Exhibit 10.24

FIFTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT

     THIS FIFTH AMENDMENT TO STOCKHOLDERS’ AGREEMENT (this “Amendment”) is entered
into as of March 1, 2010 (the “Fifth 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 Fifth Amendment Date and as of
the date of the Offer and with respect to the stockholders listed on the attached Schedule
1 only, the date December 29, 2006 appearing in Sections 3.2(a) and 3.3(a) is replaced with the
date that is the Fifth Amendment Date.

     4. 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.

 

 

     5. 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.

     6. 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
Fifth 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 Garman 	 
	 	 	Title:  	Managing Member 	 
	 
	 	                          /s/ Richard Kiphard
 	 
	 	Richard Kiphart 	 
	 	 	 
	 	                          /s/ David Valentine
 	 
	 	David Valentine 	 
	 	 	 
	 

3

 

	 	 	 	 	 
	 	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:  	Managing Director 	 
	 
	 	The Nicholson Family Limited Partnership

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

 	 
	 	By:  	/s/ Robert McCullen
 	 
	 	 	Name:  	Robert McCullen 	 
	 	 	Title:  	Manager 	 
	 
	 	
Erik Schetina

 	 
	 	 	 
	 	 	 
	 	 	 
	 

4

 

	 	 	 	 	 

	LAZARD TECHNOLOGY PARTNERS II LP

By: LTP II LP

Its: General Partner	 	 
	 
	 	 	 	 
	By: LTP II GenPar LLC

Its: General Partner	 	 
	 
	 	 	 	 
	By: Lazard Alternative Investments LLC

Its: Manager	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kevin J. Burns	 	 
	 

	 	 	 	 
	 

	 	Its Managing Principal	 	 

5

 

	 	 	 	 	 

	JMI EQUITY FUND IV, L.P.

By: JMI Associates IV, LLP

Its: General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 
	 
	 	 	 	 
	JMI EQUITY FUND IV (AI), L.P.

By: JMI Associates IV, LLC

Its: General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 
	 
	 	 	 	 
	JMI EURO EQUITY FUND IV, L.P.

By: JMI Associates IV, LLC

Its: General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 
	 
	 	 	 	 
	JMI EQUITY SIDE FUND, L.P.

By: JMI Side Associates, LLC

Its: General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 
	 
	 	 	 	 
	JMI INCUBATOR FUND, L.P.

By: JMI Incubator Associates L.L.C.

Its : General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 

6

 

	 	 	 	 	 

	JMI INCUBATOR FUND (QP), L.P.

By: JMI Incubator Associates L.L.C.

Its: General Partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Harry S. Gruner	 	 
	 

	 	 	 	 
	 

	 	Its Managing Member	 	 

7

 

SCHEDULE 1

Inca Stockholders

LAZARD TECHNOLOGY PARTNERS II LP

JMI EQUITY FUND IV, L.P.

JMI EQUITY FUND IV (AI), L.P.

JMI EURO EQUITY FUND IV, L.P.

JMI EQUITY SIDE FUND, L.P.

JMI INCUBATOR FUND, L.P.

JMI INCUBATOR FUND (QP), L.P.

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