Document:

exv10w17

Exhibit 10.17

THIRD AMENDMENT TO INVESTOR RIGHTS AGREEMENT

     THIS THIRD AMENDMENT TO INVESTOR RIGHTS AGREEMENT (this “Third Amendment”) is
entered into as of August 26, 2009 (the “Third Amendment Date”), by and among TrustWave
Holdings, Inc., a Delaware corporation (the “Company”), and the persons signatory hereto
(the “Signatories”).

RECITALS

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

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

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

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

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

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

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

     3. “Market Stand-Off” Agreement. The first sentence (other than the proviso) of
Section 2.10 of the Original Agreement is hereby amended to read, in its entirety, as follows:

Each Holder hereby agrees that such Holder shall not sell or otherwise
transfer or dispose of any Common Stock (or other securities) of the Company
held by such Holder (other than those included in the

 

 

registration) for a period specified by the representative of the
underwriters of Common Stock (or other securities) of the Company not to
exceed ninety (90) days or, if required by the underwriters, a period not to
exceed one hundred eighty (180) days following the effective date of a
Registration Statement of the Company filed under the Securities Act (the
“Lock-up”);

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

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

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

(SIGNATURES ON NEXT PAGES)

2

 

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

 

	 	 	 	 	 
	 	SIGMA PARTNERS 6, L.P.

 	 
	 	By:  	/s/ Robert E. Davoli
 	 
	 	 	Its Managing Director 	 
	 	 	 	 
	 	SIGMA ASSOCIATES 6, L.P.

 	 
	 	By:  	/s/ Robert E. Davoli
 	 
	 	 	Its Managing Director 	 
	 	 	 	 
	 	SIGMA INVESTORS 6, L.P.

 	 
	 	By:  	/s/ Robert E. Davoli
 	 
	 	 	Its Managing Director 	 
	 	 	 	 
	 	WILLIAM BLAIR CAPITAL PARTNERS VII QP, L.P.

 	 
	 	By:  	Ellen Carnahan
 	 
	 	 	Its Managing Director of its GP_____ 	 
	 	 	 	 
	 	WILLIAM BLAIR CAPITAL PARTNERS VII, L.P.

 	 
	 	By:  	Ellen Carnahan
 	 
	 	 	Its Managing Director of its GP_____ 	 
	 	 	 	 
	 	GCP IV AFFILIATES, L.P.

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 
	 	GLOBESPAN CAPITAL PARTNERS IV GMBH & CO. KG

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 

6

 

	 	 	 	 	 
	 	JAFCO GLOBESPAN USIT IV, L.P.

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                                	 
	 	 	 	 
	 	GLOBESPAN CAPITAL PARTNERS (CAYMAN) IV, L.P.

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 
	 	GLOBESPAN CAPITAL PARTNERS IV, L.P.

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 
	 	SEQUEL LIMITED PARTNERSHIP III

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 
	 	SEQUEL ENTREPRENEURS’ FUND III, L.P.

 	 
	 	By:  	/s/ [illegible signature]
 	 
	 	 	Its                           	 
	 	 	 	 
	 	/s/ David Parkinson
 	 
	 	David Parkinson 	 
	 	 	 
	 	/s/ James Barker
 	 
	 	James M. Barker 	 
	 	 	 

7

 

SCHEDULE 1

Viking Stockholders

Sigma Partners 6, L.P.

Sigma Associates 6, L.P.

Sigma Investors 6, L.P.

William Blair Capital Partners VII QP, L.P.

William Blair Capital Partners VII, L.P.

GCP IV Affiliates, L.P.

Globespan Capital Partners IV GmbH & Co. KG

JAFCO Globespan USIT IV, L.P.

Globespan Capital Partners (Cayman) IV, L.P.

Globespan Capital Partners IV, L.P.

Sequel Limited Partnership III

Sequel Entrepreneurs’ Fund III, L.P.

David Parkinson

James M. Barkerexv10w18

Exhibit 10.18

FOURTH AMENDMENT TO INVESTOR RIGHTS AGREEMENT

     THIS FOURTH AMENDMENT TO INVESTOR RIGHTS AGREEMENT (this “Fourth Amendment”)
is entered into as of March 1, 2010 (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 Investor Rights
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 Fourth Amendment which are not defined herein
shall have the respective meanings assigned to them in the Original Agreement; and

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

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

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

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

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

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

 

 

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

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

(SIGNATURES ON NEXT PAGES)

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed as of
the Fourth 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 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 Kiphard
 	 
	 	Richard Kiphart 	 
	 	 	 
	 	                          /s/ David Valentine
 	 
	 	David Valentine 	 
	 	 	 
	 

3

 

	 	 	 	 	 
	 	DBRC Investments, LLC.

 	 
	 	By:  	/s/ Robert J. 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/ Tim Nicholson
 	 
	 	 	Name:  	Tim Nicholson 	 
	 	 	Title:  	General Partner 	 
	 
	 	MBK Ventures, LLC

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

4

 

	 	 	 	 	 
	 	LAZARD TECHNOLOGY PARTNERS II LP

 	 
	 	By:  	/s/ Kevin J. Burns
 	 
	 	 	Its Managing Principal 	 
	 	 	 	 
	 	JMI EQUITY FUND IV, L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 	JMI EQUITY FUND IV (AI), L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 	JMI EURO EQUITY FUND IV, L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 	JMI EQUITY SIDE FUND, L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 	JMI INCUBATOR FUND, L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 	JMI INCUBATOR FUND (QP), L.P.

 	 
	 	By:  	/s/ Harry S/ Gruner
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 

5

 

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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]