Sec Form 13D Filing - Elephant Partners GP I LLC filing for KnowBe4 Inc. (KNBE) - 2022-12-05

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

KnowBe4, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

49926T104

(CUSIP Number)

Patrick Cammarata

8 Newbury Street, 6th Floor

Boston, MA 02116

(617) 913-6611

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 1, 2022

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.  ☒

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 49926T104    13D    Page 1 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners GP I, LLC

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  34,753,353

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  34,753,353

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  34,753,353

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  23.1%

14  

  Type of Reporting Person

 

  OO (Limited Liability Company)


CUSIP No. 49926T104    13D    Page 2 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners I, L.P.

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  26,426,861

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  26,426,861

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  26,426,861

12  

  Check if the Aggregate Amount in Row (11)&#x A0;Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  18.1%

14  

  Type of Reporting Person

 

  PN


CUSIP No. 49926T104    13D    Page 3 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners 2019 SPV-A, L.P.

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  8,326,492

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  8,326,492

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  8,326,492

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  6.1%

14  

  Type of Reporting Person

 

  PN


CUSIP No. 49926T104    13D    Page 4 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners GP II, LLC

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  2,316,470

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  2,316,470

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,316,470

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  1.7%

14  

  Type of Reporting Person

 

  OO (Limited Liability Company)


CUSIP No. 49926T104    13D    Page 5 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners II, L.P.

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  2,082,967

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  2,082,967

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,082,967

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  1.6%

14  

  Type of Reporting Person

 

  PN


CUSIP No. 49926T104    13D    Page 6 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Elephant Partners II-B, L.P.

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  233,503

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  233,503

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  233,503

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  0.2%

14  

  Type of Reporting Person

 

  PN


CUSIP No. 49926T104    13D    Page 7 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Jeremiah Daly

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  37,069,823

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  37,069,823

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  37,069,823

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  24.4%

14  

  Type of Reporting Person

 

  IN

 


CUSIP No. 49926T104    13D    Page 8 of 11 pages

 

  1    

  Names of Reporting Persons

 

  Andrew Hunt

  2  

  Check the Appropriate Box if a Member of a Group

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions)

 

  OO

  5  

  Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

  ☐

  6  

  Citizenship or Place of Organization

 

  United States

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  37,069,823

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  37,069,823

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  37,069,823

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  24.4%

14  

  Type of Reporting Person

 

  IN

 


CUSIP No. 49926T104    13D    Page 9 of 11 pages

 

Explanatory Note

This Amendment No. 1 to Schedule 13D (“Amendment No. 1”) amends and supplements the Schedule 13D filed with the United States Securities and Exchange Commission on October 14, 2022 (as amended to date, the “Schedule 13D”), relating to the Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), of KnowBe4, Inc., a Delaware corporation (the “Issuer”). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.

 

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is hereby amended and supplemented as follows:

The Elephant Conversion

On December 1, 2022, pursuant to the terms of the Elephant Support Agreement, Elephant Partners 2019 SPV-A, L.P., Elephant Partners I, L.P. and Elephant Partners II, L.P. converted 3,834,164, 12,168,977 and 1,066,682 shares of Class B common stock, par value $0.00001 per share (the “Class B Common Stock”), of the Issuer, respectively, into Class A Common Stock on a one-for-one basis (the “Elephant Conversion”).

 

Item 4.

Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

Item 3 summarizes the Elephant Conversion and is incorporated by reference herein.

On December 1, 2022, pursuant to the terms of their respective Support Agreements, the Founder, Vista and KKR converted 2,189,121, 14,557,960 and 12,048,193 shares of Class B Common Stock, respectively, into Class A Common Stock on a one-for-one basis (the “Founder, Vista and KKR Conversions”). Following the Elephant Conversion and the Founder, Vista and KKR Conversions, there were 131,858,657 shares of Class A Common Stock outstanding as of December 1, 2022.

 

Item 5.

Interest in Securities of the Issuer.

Item 5(a)-(c) of the Schedule 13D is hereby amended and supplemented as follows:

(a) – (b)

The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Class A Common Stock and percentage of Class A Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Class A Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 85,993,560 shares of Class A Common Stock outstanding as of November 4, 2022, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2022, and assuming the conversion of 17,069,823 shares of Class B Common Stock to Class A Common Stock following the Elephant Conversion and the conversion of 28,795,274 shares of Class B Common Stock to Class A Common Stock following the Founder, Vista and KKR Conversions.

 

Reporting Person

   Amount
beneficially
owned
     Percent
of class
    Sole power
to vote or
to direct
the vote
     Shared
power to
vote or to
direct the
vote
     Sole
power to
dispose or
to direct
the
disposition
     Shared
power to
dispose or to
direct the
disposition
 

Elephant Partners GP I, LLC

     34,753,353        23.1     0        34,753,353        0        34,753,353  

Elephant Partners I, L.P.

     26,426,861        18.1     0        2 6,426,861        0        26,426,861  

Elephant Partners 2019 SPV-A, L.P.

     8,326,492        6.1     0        8,326,492        0        8,326,492  

Elephant Partners GP II, LLC

     2,316,470        1.7     0        2,316,470        0        2,316,470  

Elephant Partners II, L.P.

     2,082,967        1.6     0        2,082,967        0        2,082,967  

Elephant Partners II-B, L.P.

     233,503        0.2     0        233,503        0        233,503  

Jeremiah Daly

     37,069,823        24.4     0        37,069,823        0        37,069,823  

Andrew Hunt

     37,069,823        24.4     0        37,069,823        0        37,069,823  


CUSIP No. 49926T104    13D    Page 10 of 11 pages

 

The securities reported herein include (i) 12,168,977 shares of Class A Common Stock and 14,257,884 shares of Class A Common Stock underlying shares of Class B Common Stock held of record by Elephant Partners I, L.P., (ii) 3,834,164 shares of Class A Common Stock and 4,492,328 shares of Class A Common Stock underlying shares of Class B Common Stock held of record by Elephant Partners 2019 SPV-A, L.P., (iii) 959,178 shares of Class A Common Stock and 1,123,789 shares of Class A Common Stock underlying shares of Class B Common Stock held of record by Elephant Partners II, L.P. and (iv) 107,504 shares of Class A Common Stock and 125,999 shares of Class A Common Stock underlying shares of Class B Common Stock held of record by Elephant Partners II-B, L.P. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder.

(c) Item 3 summarizes the Elephant Conversion and is incorporated by reference herein. Except as set forth herein, none of the Reporting Persons has effected any transaction in Class A Common Stock in the past 60 days.


CUSIP No. 49926T104    13D    Page 11 of 11 pages

 

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: December 5, 2022

 

Elephant Partners GP I, LLC
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member
Elephant Partners I, L.P.
By: Elephant Partners GP I, LLC, its general partner
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member
Elephant Partners 2019 SPV-A, L.P.
By: Elephant Partners GP I, LLC, its general partner
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member
Elephant Partners GP II, LLC
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member
Elephant Partners II, L.P.
By: Elephant Partners GP II, LLC, its general partner
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member
Elephant Partners II-B, L.P.
By: Elephant Partners GP II, LLC, its general partner
By:   /s/ Patrick Cammarata, attorney-in-fact
Name:   Jeremiah Daly
Title:   Managing Member

 

/s/ Patrick Cammarata, attorney-in-fact

Jeremiah Daly

/s/ Patrick Cammarata, attorney-in-fact

Andrew Hunt