Document:

Exhibit 10.22

   

  

   

  November 1, 2017

   

  Scott O’Rourke

      1311 Hull Street

      Baltimore, MD 21230

   

  		Re:	ZeroFox Executive Retention Program -

            Stock Option Vesting Upon a Change in Control of ZeroFox, Inc.

   

  Dear Scott:

   

  We are pleased to provide you with this letter agreement (“Letter
      Agreement”) in recognition of your status as a valued executive of ZeroFox, Inc. (“ZeroFox” or the “Company”). This Letter Agreement provides enhanced vesting terms for your stock options specified below in the event of a Change in Control (as
      defined below) of ZeroFox, and represents our retention program for executives.

   

  This letter agreement pertains to the stock options (the “Options”) granted to you under the:

   

  Incentive Stock Option Notice with a Grant Date of October 28, 2015; and

      Incentive Stock Option Notice with a Grant Date of January 27, 2016; and

      Incentive Stock Option Notice with a Grant Date of February 14, 2017

   

  (each, a “Grant Agreement”), and amends the terms of the Grant Agreement(s) and the ZeroFox,
      Inc. 2013 Equity Incentive Plan (“Plan”).

   

  Notwithstanding any contrary provisions of the Grant Agreement(s) and
      the Plan, the following terms shall apply to the Options:

   

  1.

  If your employment is involuntarily terminated without Cause (as defined below), or if you terminate your employment with Good Reason (as defined below) within the 12-month period following consummation of a Change in
      Control, and you meet the release of claims requirements described in Paragraph 3 below, your Options will be subject to accelerated vesting as described in Paragraph 4 below.

   

  2.

  If your employment is involuntarily terminated without Cause between the date on which a definitive Change in Control transaction agreement is approved by the Company’s Board of Directors and consummation of the Change in
      Control, you meet the release of claims requirements described in Paragraph 3 below, and the Change in Control transaction is actually consummated, your Options will be subject to accelerated vesting as described in Paragraph 4 below.

   

  3.

  If you meet the criteria for accelerated vesting described in Paragraphs 1 or 2, as a further condition to acceleration of vesting, you must timely sign and return a release of claims in a form provided by the Company, and
      allow any revocation period for the release to expire without revoking the release.

   

  4.

  If you are entitled to accelerated vesting under the foregoing provisions, then with respect to each of your outstanding Grant Agreements under the Plan, vesting will be accelerated by the lesser of (a) 50% of the original
      number of options granted under the Grant Agreement, or (b) all remaining nonvested options granted under the Grant Agreement.

   

  
     

    
      
 

  

   

   

   

   

  5.

  ZeroFox shall not exercise its right under Section 7(d)(iii)(5) of the Plan to cancel the Options in exchange for payment of an amount determined in the sole discretion of the Board, in connection with a Change in Control.

   

  6.

  For purposes of this Letter Agreement, the following definitions shall apply (notwithstanding any other agreement between you and ZeroFox that defines any of the following terms differently for other purposes):

   

  (a)

  “Cause” means your (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or misappropriation of any funds or property of the Company, any affiliate, customer or
      vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses) or breach of fiduciary duty which involves personal profit; (iv) willful
      misconduct in connection with your duties or willful failure to perform your responsibilities in the best interests of the Company; (v) illegal use or distribution of drugs; (vi) violation of any Company rule, regulation, procedure or policy; or
      (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by you for the benefit of the Company, all as determined by the Company, which determination will be conclusive.

   

  (b)

  “Change in Control” means: (i) the acquisition (other than from the Company) by any Person, as defined below, of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act
      of 1934, as amended) of fifty percent (50%) or more of (A) the then outstanding shares of the securities of the Company, or (B) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of
      directors (the “Company Voting Stock”); (ii) the closing of a sale or other conveyance of all or substantially all of the assets of the Company; or (iii) the effective time of any merger, share exchange, consolidation, or other business combination
      involving the Company if immediately after such transaction persons who hold a majority of the outstanding voting securities entitled to vote generally in the election of directors of the surviving entity (or the entity owning one hundred percent
      (100%) of such surviving entity) are not persons who, immediately prior to such transaction, held the Company Voting Stock. A “Person” means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
      Act of 1934, as amended, other than: employee benefit plans sponsored or maintained by the Company and by entities controlled by the Company or an underwriter of the Company’s common stock in a registered public offering.

   

  (c)

  Good Reason means (i) a material decrease in your base salary, except where such decrease applies to all executives, or (ii) a geographic relocation without your consent more than forty-five (45) miles from the current
      location of your primary place of employment as of the date hereof; provided, however, that for purposes of this Letter Agreement, any proposed termination of employment by you shall not be considered for Good Reason, unless you first provide written
      notice to the Company within ninety (90) days following the date on which the purported Good Reason condition first occurs, and the Company has not cured the purported Good Reason condition within thirty (30) days after receipt of your written
      notice. Your termination of employment shall not be considered to be for Good Reason unless it occurs no more than one hundred and twenty (120) days following the date on which the purported Good Reason condition first occurs.

  

   

  
     

    
      
 

  

   

   

   

   

  7.

  Except as set forth in this Letter Agreement, the terms of the Plan and your Grant Agreement(s) shall continue to apply to the Options.

   

  Please sign and date below to indicate your acceptance of these terms.

   

  	 	Very truly yours,
	 	 
	 	/s/ James C. Foster
	 	James C. Foster

   

  	Acknowledged and agreed:	 
	 	 	 
	/s/ Scott O’Rourke	 
	Scott O’Rourke	 
	 	 	 
	Date:	11/1/2017Exhibit 10.23

   

   

  December 7, 2021

   

  Redline Capital Fund Universal Investments,

      a sub-fund of Redline Capital Fund, FCP-FIS

      26, avenue Monterey

      L-2163 Luxembourg

      Attn: Ms. Tatiana Evtushenkova

   

  Re: Redline Capital Fund Universal Investments’ Investment in ZeroFox Inc.

   

  Ms. Evtushenkova:

   

  Reference is made to that certain Amended and Restated Investors’ Rights
      Agreement dated as of September 30, 2020 (as the same may be amended from time to time, the “IRA”) by and between ZeroFox, Inc. (the “Company”), and the investors listed on Schedule A thereto, and that certain Amended and Restated
      Voting Agreement, dated as of September 30, 2020, by and among the investors listed on Schedule A thereto, and the stockholders listed on Schedule B thereto (as the same may be amended from time to time, the “Voting Agreement”). All undefined
      capitalized terms used herein shall have the meanings ascribed thereto in the IRA.

   

  For good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, the parties hereby agree to the terms set forth in this letter (this “Letter Agreement”) as follows:

   

  		1.	Information Rights. For so long as the IRA remains in effect and Redline Capital Fund
            Universal Investments, a sub-fund of Redline Capital Fund, FCP-FIS, or their respective affiliates, taken together (“Redline”), continues to hold at least five percent of the capital stock of the Company, on an as converted basis, (i)
            the Company shall provide Redline copies of any materials provided to the Company’s board of directors (the “Board”) in connection with a Board meeting within a reasonable time, but no later than one week, following any such Board
            meeting, (ii) Redline shall be entitled to the financial information rights and inspection rights pursuant to Section 3.1 and 3.2 of the IRA to which Major Investors are entitled, as if Redline were a Major Investor thereunder (notwithstanding
            any failure of Redline to qualify under the definition thereof), and (iii) the Company shall provide Redline such other information as Redline may reasonably request regarding the financial condition, business, prospects, or corporate affairs
            of the Company; in each case subject to the obligations of Section 3.6 of the IRA and provided that the Company and its representatives shall not be obligated to provide or discuss any information that would be excluded pursuant to Section
              5 of this Letter Agreement. The parties hereby acknowledge that the information required under this Section 1 shall be satisfied by public reporting of such information by the Company in filings made with the U.S. Securities and
            Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

   

  
     

    
      
 

  

   

  		2.	Series C Director. Notwithstanding anything to the contrary contained in the Voting
            Agreement, Redline hereby agrees that it (a) renounces its right to designate a director pursuant to Section 2.2(c) of the Voting Agreement, (b) shall not seek to enforce its rights under Section 2.2(c) of the Voting Agreement against the other
            shareholders party thereto and (c) expressly and irrevocably waives any claims with respect to its rights under Section 2.2(c) of the Voting Agreement.

   

  		3.	Board Observation Rights. Notwithstanding anything to the contrary contained in the IRA,
            Redline hereby agrees that it (a) renounces its Observer Rights provided in Section 3.4 of the IRA, (b) shall not seek to enforce its rights under Section 3.4 of the IRA against the Company and (c) expressly and irrevocably waives any claims
            with respect to its rights under Section 3.4 of the IRA. Redline and the Company hereby agree that in no event shall the Company invite a representative of Redline to attend any meetings of the Board.

   

  		4.	Voting Interests. Notwithstanding any rights under the shares set forth in the Company’s
            certificate of incorporation, as in effect from time to time, or anything to the contrary in the Voting Agreement, Redline and the Company agree that from and after the date of this Letter Agreement, in connection with any action by written
            consent of the stockholders, or vote or proxy cast at any stockholders’ meeting (including any postponement or adjournment thereof), Redline hereby constitutes and appoints as Redline’s proxies, and hereby grants a power of attorney to, first
            the Company’s chief executive officer, if serving on the Board, then the chairman of the board, or any other member of the Board designated by the Board to vote proxies at any stockholders’ meetings, each with full power of substitution (such
            individual the “Designee”), to vote Redline’s shares of capital stock in the Company (as such shares may be adjusted to reflect any merger, reorganization, recapitalization, reclassification, combination, exchange of shares, stock split,
            reverse stock split, stock dividend or other like change), which proxy shall include, but not be limited to, the right to sign the undersigned stockholder’s name as a stockholder of the Company (or in any successor-in-interest or parent company
            of the Company) to any action by written consent which the laws of the State of Delaware may require or permit in lieu of a meeting of stockholders; provided, that, such Designee shall vote such shares proportionally to the
            overall votes cast by the other stockholders of the Company (or votes cast by the other stockholders of any successor-in-interest or parent company of the Company, as applicable) with respect to such resolution or proposal. Notwithstanding the
            foregoing, for so long as the Voting Agreement remains in effect, with respect to matters set forth in Section 2 (Voting Provisions Regarding Board of Directors), Section 3 (Vote to Increase Authorized Common Stock), and Section 4 (Drag- Along
            Right) of the Voting Agreement, pursuant to the Irrevocable Proxy granted under Section 5.2 thereof, Redline’s shares shall be voted by the Designee as provided in the Voting Agreement. Redline hereby (a) affirms that this proxy is given in
            connection with this Letter Agreement and that this proxy is coupled with an interest and is valid and irrevocable so long as this Letter Agreement is in effect and (b) represents and warrants that it has not granted any other proxies or powers
            of attorneys with respect to the voting of its shares of capital stock in the Company (or shares of capital stock of any successor-in-interest or parent company of the Company, as applicable). Redline shall not take any actions to circumvent
            the proxy granted pursuant to this Section 4, including any transfer of its capital stock, unless the transferee of such capital stock acknowledges and agrees to the terms and conditions of this Section 4 or such capital stock is listed on a
            U.S. national securities exchange and such transfer is made to a person who is not affiliated (as defined in Rule 405 of the Securities Act) with Redline.

  
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  		5.	Access Limitation. Notwithstanding anything to the contrary in this Letter Agreement, the
            Company shall not deliver to Redline, and Redline shall have no right to (i) access material “nonpublic technical information” as defined in 31 C.F.R. § 800.232; (ii) appoint any board member or board observer to the Company; or (iii) have
            involvement with substantive decision-making, as those terms are defined in 31 C.F.R. § 800.229 and 31 C.F.R. § 800.245 regarding (a) the use, development, acquisition, safekeeping, or release of “sensitive personal data” as defined in 31
            C.F.R. § 800.241 maintained or collected by the Company; (b) the use, development, acquisition, or release of critical technologies, as that term is defined in 31 C.F.R. § 800.215; or (c) the management, operation, manufacture, or supply of
            covered investment critical infrastructure, as that term is defined in 31 C.F.R. § 800.214; or (iv) receive any information pertaining to any government contracts, including subcontracts at any tier, or programs involving United States
            classified information (i.e., Confidential, Secret and Top Secret) as described under E.O. 13526 and as set forth in 32 C.F.R. § 117.1 et. seq., the National Industrial Security Program Operating Manual.

   

  		6.	CFIUS Control. Notwithstanding anything to the contrary contained in the Voting Agreement or
            any other agreement with the Company, Redline will not have any rights in the Company that would constitute control as defined in 31 C.F.R. § 800.208.

   

  		7.	Termination. The rights and obligations described herein shall terminate and be of no further
            force or effect once Redline no longer holds any securities in the Company or in any successor-in-interest to the Company (including any surviving company in any merger, consolidation, reorganization, business combination or similar transaction
            involving the Company, or any direct or indirect parent company of such surviving company). In addition, the rights of Redline described herein shall terminate and be of no further force or effect at such time the capital stock in the Company
            (or any such successor) held by Redline is registered pursuant to Section 12 of the Exchange Act. For the avoidance of doubt, except as otherwise provided herein and except in the case in which Redline no longer holds any securities in the
            Company or any successor-in-interest or parent company of the Company, this Letter Agreement shall continue to apply following any (i) “Deemed Liquidation Event,” as such term is defined in the certificate of incorporation of the Company or
            (ii) public offering of the capital stock of the Company or any successor-in-interest or parent company of the Company.

  
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  		8.	Further Assurances. Each of the parties hereto will execute all such further instruments and
            documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Letter Agreement.

   

  		9.	Shareholder Rights Generally. Except as set forth in this Letter Agreement, to the extent
            Redline holds shares of capital stock of the Company or of any successor-in-interest or parent company of the Company, Redline shall be entitled to all rights, preferences and privileges of such shares of capital stock.

   

  		10.	Governing Law. This Letter Agreement shall be governed by and construed under the laws of the
            State of Delaware, without giving effect to principles of conflicts of laws.

   

  This Letter Agreement may be executed in two or more counterparts, each
      of which shall be deemed an original, but all of which together shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S.
      federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

  
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  Please confirm the foregoing by signing and returning to us the enclosed duplicate of this letter.

   

  	 	Sincerely,
	 	 	 
	 	ZEROFOX, INC.
	 	 	 
	 	/s/ James C. Foster
	 	Name: 	James C. Foster
	 	Title: 	Chief Executive Officer and President

   

  	Accepted and agreed to 

            as of the date first above written:	 
	 	 	 
	Redline Capital Management S.A., acting on 

            behalf and for the account of Redline Capital 

            Fund Universal Investments, a sub-fund of 

            Redline Capital Fund, FCP-FIS	 
	 	 
	By:	 	 	    	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	   	 

  
     

    
      
 

  

   

  Please confirm the foregoing by signing and returning to us the enclosed duplicate of this
      letter.

   

  	 	Sincerely,
	 	 	 
	 	ZEROFOX, INC.
	 	 	 
	 	 	 
	 	Name: 	James C. Foster
	 	Title: 	Chief Executive Officer and President

   

  	Accepted and agreed to 

            as of the date first above written:	 
	 	 	 
	Redline Capital Management S.A., acting on 

            behalf and for the account of Redline Capital 

            Fund Universal Investments, a sub-fund of 

            Redline Capital Fund, FCP-FIS	 
	 	   	 
	By:	/s/ Tatiana Evtushenkova	 
	 	   	 
	Name:	Tatiana Evtushenkova	 
	 	 	 
	Title:	Partner

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