Document:

EX-10.9

 Exhibit 10.9 

 

			
	

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

410.872.0555
 www.tenable.com

 

 February 17, 2017 

John Negron 
 Re: John Negron Offer Letter (“Offer
Letter”) 
 Dear John: 
 On behalf of Tenable Network
Security, Inc. (“Tenable”), I am pleased to offer you employment in the position of Chief Revenue Officer (with responsibility for World Wide Sales), reporting to me, Tenable’s Chief Executive Officer. This letter sets out the terms
of your employment with Tenable, which will start on February 27, 2017 (“Commencement Date”). 
 As the Chief Revenue Officer, you
will be paid a starting base salary of $300,000 per year, less applicable tax and other withholdings in accordance with Tenable’s normal payroll procedure which is semi-monthly (the 7th and the 22nd). You will be eligible to participate in
Tenable’s Quarterly Bonus Program, with an annual target bonus equal to up to $285,000 (equivalent to up to 95% of your annual base salary). The actual bonus earned by you (which may be more or less than the annual target) will be based on key
financial performance metrics determined by Tenable in its annual Corporate Plan and your achievement of objectives as determined by me. The Quarterly Bonus is prorated based on your start date and subject to normal payroll deductions and to the
terms and conditions of Tenable’s discretionary incentive compensation plan in force at that time. Any bonus earned in 2017 will be pro-rated to reflect the number of days in such year that you actually
worked as an employee of Tenable. 
 You will also be eligible for paid time off, group health, dental, 401(k) and disability benefits on the same basis as
similar situated employees of Tenable, commencing as of the first of the month following your Commencement Date. In the event you opt out of Tenable’s aforementioned benefits program and continue participation in your current plan, your base
salary will be increased by $1,000 per month ($12,000 per year) to assist you in funding your cost of participation in such plan. If at some later date you elect to obtain coverage from Tenable, this funding assistance will cease effective on the
date your Tenable coverage commences. Tenable expressly reserves the right to change the benefits plans and programs it offers to employees at any time. Tenable has an Executive Long Term Disability benefit provided by Unum (“LTD”). This
benefit is available to VPs and executives with a minimum salary of $200,000.00. The basic LTD benefit provided to the U.S. workforce through Metlife has a maximum payment of $10,000.00 a month. This supplemental plan through Unum was procured to
provide the additional coverage for a long-term disability. The plan is portable, mandatory, and employee paid. 
 Given the senior nature of this position,
we will request the Board of Directors of Tenable Holdings, Inc. approve a grant of an option to purchase six hundred twenty thousand (620,000) shares of Tenable Holdings, Inc. common stock (the “Option”), based on the share count that
Tenable Holdings, Inc. currently anticipates will exist on your start date. The current exercise price is $4.25. One-quarter (1/4th) of the Option will vest based on your continued employment on the first year
anniversary of your first day of work, with the remainder of the Option vesting over the subsequent three (3) years period on an equal, quarterly basis subject to your continued employment. For sake of clarity, the Option shall be designated as
an “incentive stock option” to the maximum extent possible. 
 As a member of the senior management team, the option grant(s) outlined above will
contain certain acceleration vesting provisions such that the vesting schedule applicable to those option grant(s) will accelerate: (1) in the event your employment is terminated by the Company without Cause or you resign for Good Reason at any
time following the one year anniversary of the Commencement Date, the vesting schedule applicable to your Equity Awards will accelerate by a rate of 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 elapsed since the most recent quarterly anniversary of the Commencement Date and the denominator of which is three (3); and (2) by one hundred percent (100%) in the event your
employment is terminated by the Company without Cause or you resign for Good Reason at any time during a Change of Control Termination Period. The term “Change of Control Termination Period” means the period commencing during the
ninety (90) day period to the date the Company enters into such definitive agreement and ending twelve (12) months 

 
following the closing of such Change in Control. Further terms pertaining to the Option will be specified in an Option Grant Notice and Agreement to be provided by Tenable. 

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 three (3) months of
your base salary plus any incentive compensation earned through the date of termination, payable 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”), three (3) months reimbursement of the amount by which your COBRA premium exceeds the premium paid by Tenable’s active employees for similar coverage, payable monthly . Should you be terminated by Tenable
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) six (6) months of your base salary plus any incentive compensation earned through the date of termination, payable no later than sixty (60) days after the date of your termination of employment, plus (B) a pro rata portion 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, plus (C) should you elect COBRA
coverage, six (6) 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 Tenable under the Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition
Agreement dated as of your Commencement Date, your resignation from all positions you then hold with Tenable, and your execution of Tenable’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 Tenable 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. 
 As a condition
of your employment, you will be required to sign Tenable’s Intellectual Property, Non-Disclosure, Non-Solicitation and
Non-Competition Agreement (a copy of which is enclosed), and provide Tenable with documents establishing your identity and right to work in the United States. Those documents must be provided to Tenable within
three (3) business days of your employment start date. Notwithstanding the foregoing, nothing in this offer letter or Tenable’s Intellectual Property, Non-Disclosure,
Non-Solicitation and Non-Competition Agreement will limit or restrict you from (i) serving as an advisor to DataRobot, Inc., or as a member of boards of directors
(or its equivalent in the case of a non-corporate entity) of non-competing businesses, (ii) engaging in volunteer activities, publishing or fulfilling speaking
engagements, and (iii) managing your passive personal investments. For sake of clarity, you hereby agree (a) that your involvement in the various activities delineated in the immediately preceding sentence will require the prior written
approval of Tenable’s Chief Executive Officer which shall not be unreasonably withheld and (b) under no circumstances will you permit your involvement in such activities to constitute a meaningful distraction from the performance of your day-to-day duties as Tenable’s Chief Revenue Officer.In addition, Tenable 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 Tenable. All such background investigations and/or reference checks
shall be conducted in accordance with applicable state and federal laws. 
 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)(S)(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, 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. 

 Certain Definitions: 

“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 Tenable or you have willfully and materially failed or refused to perform the material duties lawfully and reasonably assigned to you by the CEO (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, in any case after written notice by Tenable 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 being cured, or (C) you have committed any act of fraud, theft, embezzlement, misappropriation of funds, or other willful act of material dishonesty against Tenable. 

“Good Reason” is defined as the Holder’s resignation as a result of (A) an involuntary reduction in the Holder’s base salary,
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 the Holder’s principal place of employment more than fifty (50) miles from its current location, without the Holder’s consent, (D) the Company’s failure to comply with its material obligations
under this Agreement or under any other written agreement with the Holder, (E) a substantial diminution of the Holder’s duties, authority or responsibilities, (F) your ceasing to report directly to the Company’s CEO, of
(G) an adverse change in your title as Chief Revenue Officer. Notwithstanding the foregoing, the Holder must provide written notice to the Company within thirty (30) days of learning of the occurrence of an event which constitutes Good
Reason and the Company has thirty (30) days following receipt of such written notice to cure any or all of the foregoing. In order for a resignation to qualify as a resignation for Good Reason, the Holder must resign within sixty (60) days
after the end of such thirty (30) day cure period. For avoidance of doubt, your continued employment following a Change of Control as the Chief Revenue Officer of a subsidiary or divisions shall constitute a Good Reason event under clause E,
above. 
 This Offer Letter, the option grant agreement(s), the Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition Agreement referred to above constitute the entire agreement between you and Tenable regarding the terms and conditions of your
employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and Tenable. 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 Tenable. 
 By signing this Offer Letter, you represent and warrant to Tenable that you are able
to accept this offer of employment and perform the services contemplated and that your ability to do so is not prohibited, limited or restricted by any agreements or understandings between you and other persons or obligations to any prior employee,
customer, or other third party (including, without limitation, by any agreement relating to any proprietary information, knowledge or data acquired by you in confidence, trust or otherwise prior to your work for Tenable). In addition, you represent,
covenant and agree that you will not disclose to Tenable any proprietary information or data belonging to any previous employer or other third parties and will not use, and will not need to use, any confidential or proprietary information that may
be known to you from any former employer or that is subject to confidentiality obligations on your part. 
 John, we look forward to working with you at
Tenable. Please sign and date on the spaces provided below to acknowledge your acceptance of the terms of the Offer Letter. This offer will expire if not accepted by 5 pm on February 20, 2017. 

Sincerely, 
 /s/Amit Yoran 

Amit Yoran 
 Chief Executive Officer 

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

 

							
	Date: 2/17/2017	 		 		 	 /s/ John Negron

		 		 		 	John Negron

 Enc.    Intellectual Property, Non-Disclosure, Non-Solicitation, and Non-Competition AgreementEX-10.10

 Exhibit 10.10 
  

					
	

	 	     Tenable Network Security, Inc.

    7021 Columbia Gateway Drive, Suite 500

    Columbia, MD 21046

    410.872.0555

    www.tenable.com
	 	

 May 19, 2016 
 Stephen
Riddick 
 Dear Stephen, 
 On behalf of Tenable Network
Security, Inc., (the “Company”), I am pleased to offer you employment in the position of General Counsel reporting to Stephen Vintz, CFO. This letter sets out the terms of your employment with the Tenable Network Security, Inc., which will
start on May 31, 2016. 
 You will be paid a starting base salary of $250,000.00 per year, less applicable tax and other withholdings in accordance with the
Company’s normal payroll procedure, which is semi-monthly (the 5th and the 20th). You will be eligible to participate in the Company’s Quarterly Bonus Program, with a target bonus of $150,000.00. The actual bonus earned will be tied to the
achievement of the Corporate Plan and your individual objectives as determined by your manager. The Quarterly Bonus is prorated based on your start date and subject to normal payroll deductions and to the terms and conditions of the Company’s
discretionary incentive compensation plan in force at that time. You will also be eligible for paid time off, group health, dental, 401 (k) and disability benefits starting the 1st of the month following employment. In addition, you will be enrolled
in the employee paid supplemental disability program. 
 Given the senior nature of this position, Tenable will provide equity as part of your compensation.
In that regard, we will request the Board of Directors of Tenable Holdings, Inc. approve a stock option grant for you to purchase two hundred thousand (200,000) shares of Tenable Holdings, Inc. common stock (the “Option”). One-quarter (1/4th) of the Option will vest based on your continued employment on the first year anniversary of your first day of work, 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.
Your strike price will be determined based on the fair market value of the Company’s common stock at date of grant If at any time between the time the Company enters into a definitive agreement providing for a Change of Control (as defined
below) and the closing of such Change of Control, or within twelve (12) months thereafter, you are terminated for other than Cause or you resign for Good Reason then the Option will accelerate (“Equity Incentives”) and be deemed at
such time to be vested in full . 
  

	1.	Certain Definitions 

 (a) “Cause” is defined to mean (A) you have been convicted of, or have
pleaded guilty or nolo contendere to any felony; (B) you have engaged In misconduct which is injurious to the Company 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 this Agreement or the Company’s form of 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,
gross negligence, or breach of terms or conditions; or (C) 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. 

(b) “Change of Control” will mean : (A) an individual, person, general partnership, limited partnership, limited liability partnership, limited
liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust, foreign business organization or other entity, together with any affiliate of the foregoing (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 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; or (3) 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 in Control for purposes of this Agreement 
 (c) “Good Reason” is defined as your resignation
as a result of (A) an involuntary reduction in your base salary, 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. 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 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. 

As a condition of your employment, you will be required to sign the Company’s standard form of employee nondisclosure and assignment agreement (a copy of
which is enclosed), 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 employment start date. 

In addition, 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. 
 This agreement and the non-disclosure agreements referred to above
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. 
 Please sign
and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement. 
 Sincerely, 

/s/ Ann E. Burns 
 Ann E. Burns 

VP of Human Resources 
 I agree to and accept employment with
Tenable Network Security Inc., on the terms and conditions set forth in this agreement. I understand and agree that my employment with the Company is at-will 

 

					
	Date: 5/19/2016	  	 /s/ Stephen Riddick
	  	
			
		  	Stephen Riddick	  	
	Enc. IPA/NDA

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]