Document:

EX-10.11

 Exhibit 10.11 

ALTAIR ENGINEERING INC. 

STOCK RESTRICTION AND REPURCHASE AGREEMENT - 

2012 INCENTIVE AND NON-QUALIFIED STOCK OPTION PLAN (DIRECTORS) 

ARTICLE I 

DEFINITIONS; SHARES SUBJECT TO AGREEMENT 

Section 1.1 Definitions. As used in this Agreement, the following words and
phrases shall have the meanings set forth below, unless the context clearly indicates that a different meaning is intended: 
 (a)
“Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance promulgated thereunder. 

(b) “Incentive Stock Option Agreement” means an Incentive Stock Option Agreement entered into between the Company and Participant
pursuant to the terms of the Plan. 
 (c) “Legal Representative” shall mean, with reference to any Person, a personal
representative, executor, administrator or conservator of the Person’s estate, or a legal guardian or attorney-in-fact of the Person, or a successor trustee of such
Person under his or her revocable living trust, or anyone else legally acting as the representative or successor in interest of the Person, as the context of any provision may require. 

(d) “Non-qualified Stock Option Agreement” means a
Non-qualified Stock Option Agreement entered into between the Company and Participant pursuant to the terms of the Plan. 

(e) “Person” shall mean any natural individual or legal entity, or any association of natural individuals or legal entities. 

(f) “Plan” shall mean the Altair Engineering Inc. 2012 Incentive and Non-qualified Stock
Option Plan. 
 (g) “Share” or “Shares” shall mean any and all shares of the common capital stock of the Company which
are issued to a Participant pursuant to the Plan and an Incentive Stock Option Agreement(s) and/or a Non-qualified Stock Option Agreement(s). 

(h) “Subsidiary” shall mean any corporation or other business entity (other than the Company) in an unbroken chain of corporations
and/or other business entities beginning with the Company if each of the corporations and/or other business entities (other than the last business entity in the unbroken chain) owns stock possessing at least 50% of the total combined voting power of
all classes of ownership in one of the other corporations and/or other business entities in such chain. 
 (i) “Transfer” shall
mean any assignment, transfer, sale, exchange, conveyance, disposition, pledge, hypothecation, attachment, gift, testamentary bequest or other disposition or encumbrance of any nature or description whatsoever, whether occurring voluntarily or
involuntarily, directly or indirectly, or by operation or process of law. 
 (j) “Triggering Event” shall mean an event in which,
or circumstances under which, (1) Participant (or his Legal Representative) first becomes obligated to sell or offer for sale his Shares in the Company pursuant to this Agreement or (2) the Company first has the option to purchase the
Shares of the Participant in the Company pursuant to this Agreement. 
 (k) “Vested Shares” shall mean the Shares as to which
Participant has become one hundred (100%) percent vested pursuant to the provisions of Section 2.1 of this Agreement. 

  

					
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 Section 1.2
Non-Registration. Regardless of whether the Shares have been registered under the Securities Act of 1933, as amended (the “Securities Act”) or have been registered or qualified
under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other transfer of such Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of the Company and its
counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law. 

Section 1.3 Restrictive Legends. 

(a) The certificates representing the Shares subject to the terms of this Agreement shall bear substantially the following legend: 

THE TRANSFER, ASSIGNMENT, SALE, ENCUMBRANCE, PLEDGE OR OTHER DISPOSITION OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE IS RESTRICTED
UNDER THE TERMS OF A STOCK RESTRICTION AND REPURCHASE AGREEMENT – 2012 INCENTIVE AND NON-QUALIFIED STOCK OPTION PLAN (DIRECTORS) DATED
                    , 20         , A COPY OF WHICH IS ON FILE AT THE OFFICE OF THE COMPANY. BY ACCEPTING THIS
CERTIFICATE, ANY TRANSFEREE AGREES TO BE BOUND BY THE TERMS OF SUCH AGREEMENT. 
 (b) Stock certificates evidencing Shares acquired pursuant
to an unregistered transaction to which the Securities Act applies shall bear a restrictive legend substantially in the following form and such other restrictive legends as are required or deemed advisable under the Plan or the provisions of any
applicable law: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (“ACT”) OR THE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY FOREIGN JURISDICTION. THEY MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR SALE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS OR PURSUANT TO AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. 

Section 1.4 Endorsement. Participant agrees to tender all stock
certificates pertaining to Shares subject to this Agreement held by him to the secretary of the Company for endorsement in the manner set forth in Section 1.3 of this Article. 

ARTICLE II 
 VESTING;
TRANSFER AND PURCHASE OF SHARES 
 Section 2.1 Vesting of
Shares. Participants shall be 100% vested in all Shares at all times hereunder. Notwithstanding the foregoing to the contrary, in the event that a Participant acquires Shares by exercising a
non-Vested Option pursuant to the terms of an Incentive Stock Option Agreement and/or a Non-qualified Stock Option Agreement, such Shares shall remain subject to the
vesting provisions contained in said Incentive Stock Option Agreement and/or Non-qualified Stock Option Agreement, as applicable. 

Section 2.2 Lifetime Transfers. While this Agreement is in force,
Participant shall not Transfer all or any portion of his Shares, except under the terms of this Agreement. In the event that there is any proposed, attempted or actual Transfer of any or all of Participant’s Vested Shares, then

  

					
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prior to accomplishment of such Transfer, the Company shall have the right to purchase such Vested Shares in accordance with the terms of this Section. 

(a) Participant shall furnish the Company with written notice of the proposed Transfer, which notice shall identify the proposed transferee
and fully describe the purchase price and other terms of the offer of sale from such proposed transferee. 
 (1) The Company shall have the
right and option, exercisable by written notice furnished to Participant within sixty (60) days from the date as of which the Company has been furnished with written notice of the proposed Transfer, to acquire all but not less than all of
Participant’s Vested Shares upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. 

(2) If the Company timely exercises its option to purchase all of Participant’s Vested Shares as provided above, the purchase and sale of
Participant’s Vested Shares shall be completed at a closing to be held within one hundred twenty (120) days from the date as of which the Company has been furnished with the written notice of the proposed Transfer. 

(3) If the Company does not exercise its option to purchase all of Participant’s Vested Shares as provided above, then Participant may
complete the Transfer for the purchase price and upon such other terms as are set forth in the Participant’s notice of the proposed Transfer; subject however to rights of first refusal on the part of the Company to purchase no less than all of
the Participant’s Vested Shares. 
 (A) The purchase price and terms of any such sale to the Company shall be at the same price and
upon the same terms (including timing of a closing) as the Participant deems acceptable in the offer of sale from the third person. 
 (B)
The right of first refusal on the part of the Company shall be exercisable for sixty (60) days from the date as of which the Company has been furnished with written notice of the proposed Transfer. 

(C) If a sale of Participant’s Vested Shares is not completed within forty five (45) days after the expiration of the Company’s
option to purchase and rights of first refusal provided for herein, then the Transfer may not be consummated without Participant again complying with the terms of this Section 2.2(a) and the provisions and restrictions of this Agreement shall
continue to apply to such Shares. 
 (D) If a sale of Participant’s Vested Shares to the third person is completed, then the provisions
and restrictions of this Agreement shall continue to apply to such Shares in the hands of the third person. 
 (E) If any Transfer subject
to this Agreement involves a transaction other than a bona fide sale for a readily ascertainable sale price under fixed terms and conditions, then the rights of first refusal provided herein shall be administered and effectuated through the use of a
price, terms and conditions which are fair and just under the circumstances, as reasonably determined by the Company. 
 (b) The rights and
options provided in Subsection (a) above shall not apply with respect to any Transfer to a revocable living trust, to the extent provided in Article V hereof. 

(c) The rights and options provided in Subsection (a) above shall terminate and be of no further force or effect upon the earlier to occur
of (i) the date on which the Company consummates the sale of all or substantially all of the assets of the Company and/or the Shareholders consummate the sale of all or substantially all of the common capital stock of the Company, or
(ii) the date on which 

  

					
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the common capital stock of the Company is first traded on any United States securities exchange or on any formal
over-the-counter quotation system in general use in the United States. 

Section 2.3 Termination of Service other than for Cause. In the event that
the Participant’s services as a member of the Board of Directors of the Company is terminated for any reason, whether voluntarily or involuntarily, other than by the Company for “Cause,” the Participant or his Legal Representative
shall continue to own the Shares and the provisions and restrictions of this Agreement shall continue to apply to such Shares. 

Section 2.4 Termination of Service for Cause. In the event that the
Participant’s services as a member of the Board of Directors of the Company is terminated by the Company for “Cause”: 
 (a)
The Company shall have the right and option, exercisable by written notice furnished to Participant within sixty (60) days from the effective date of Participant’s termination, to acquire all but not less than all of Participant’s
Vested Shares upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. 
 (b) If the
Company timely exercises its option to purchase all of Participant’s Vested Shares as provided above, the purchase and sale of Participant’s Vested Shares shall be completed at a closing to be held within one hundred twenty (120) days
from the effective date of Participant’s termination. 
 (c) If the Company does not exercise its option to purchase all of
Participant’s Vested Shares as provided above, then Participant or his Legal Representative shall continue to own the Shares and the provisions and restrictions of this Agreement shall continue to apply to such Shares. 

(d) For purposes of this Article II, Cause shall be defined as the occurrence of any one or more of the following acts or events:
(1) fraud, misappropriation, embezzlement, or other act of material dishonesty against the Company; (2) any act or acts by Participant with respect to Company which constitute a breach of Participant’s fiduciary duties or duties of
honesty, good faith and loyalty (including derogatory statements regarding the Company, but excluding statements made in connection with any legal action filed against the Company); (3) any act by Participant which is intentionally damaging to the
Company; (4) commission by Participant of a felony or misdemeanor involving moral turpitude; (5) a material breach by Participant of any provision of this Agreement within his control or failure of Participant to properly and diligently
perform his duties as a Director of the Company, which violation is not remedied within three (3) days after notice from Company specifying such violation; (6) any violation by Participant of the covenants contained in Article VI of this
Agreement; (7) alcohol or drug abuse affecting in any material respect the performance by the Participant of his duties and responsibilities as a Director of the Company; and (8) commission of any other act or acts which substantially
impairs the reputation and standing of Company with its customers or the community at large. 

Section 2.5 Purchase of Non-Vested
Shares. Upon the occurrence of a Triggering Event, the Company shall purchase from the Participant and the Participant (or his Legal Representative) shall sell and transfer to the Company all
non-Vested Shares owned by Participant upon the terms set forth in Article III hereof at the purchase price determined pursuant to Article IV hereof. The purchase and sale of Participant’s non-Vested Shares shall be completed at the closing of the purchase and sale of the Participant’s Vested Shares, or in default thereof, within ninety (90) days of the occurrence of the Triggering Event.

 Section 2.6 Relationship with the Company. Neither the Plan nor this
Agreement shall be construed to give Participant the right to remain in the employ or service of the Company or to continue in any position or at any level of remuneration, or to affect the right of the Company and/or the Board to terminate such
individual’s employment or services at any time, with or without cause. 

  

					
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Participant acknowledges that he has agreed to serve as a director of the Company in accordance with the provisions of the Company’s Articles of Incorporation, Bylaws and applicable law.

 ARTICLE III 

PAYMENT TERMS 

Section 3.1 Terms of Payment. The purchase price to be paid by the Company to
Participant for all Vested and/or non-Vested Shares purchased by the Company pursuant to the terms of this Agreement shall be paid in full in immediately available United States funds at the closing of the
sale of the Vested and/or non-Vested Shares hereunder; provided, however, that there shall be credited against such purchase price (and against such down payment) the amount of any indebtedness then due and
payable to the Company by Participant. 
 ARTICLE IV 

PURCHASE PRICE 

Section 4.1 Determination of Purchase Price—Lifetime Sale. 

(a) In the event that the Triggering Event under which the purchase price of Participant’s Vested Shares is to be determined under this
Article is a lifetime Transfer pursuant to Section 2.2 hereof, the purchase price shall be the Fair Market Value determined as of the closing date of the purchase and sale of Participant’s Vested Shares as provided for under Section 2.2 hereof.
Notwithstanding anything contained in Section 2.2 hereof, the Company may not exercise its right of first refusal and the closing date of the purchase and sale of Participant’s Vested Shares shall not occur until the date which is 6 months and
1 day following the date that Participant acquired the Shares as a result of exercise of the Option (the “Minimum Holding Date”) and, accordingly, the Company’s right of first refusal under Section 2.2 will continue through the
Minimum Holding Date, subject to Section 2.2(c). 
 (b) Except as provided in Section 4.2 hereof, no redemption of all, or any portion, of
the Participant’s Vested Shares under the Plan or under the terms set forth herein shall occur earlier than the Minimum Holding Date. 

(c) For purposes of this Agreement, Fair Market Value shall mean: 

(i) The fair market value per Share determined by the Board of Directors of the Company as of the applicable valuation date in accordance with
the terms of the Plan or any other stock option plan subsequently adopted by the Company; or 
 (ii) If Subparagraph (i) does not
apply, the fair market value per Share shall be determined by the Board of Directors of the Company as of such valuation date. Such determination shall be made in good faith and shall be consistent with the principles applied with respect to any
such determinations of the fair market value of the Shares previously thereto made by the Board of Directors of the Company in accordance with the terms of the Plan, or any other stock option plan subsequently adopted by the Company. 

(d) All determinations of Fair Market Value by the Board of Directors pursuant to the terms of this Agreement shall be conclusive and binding
on all persons. 
 Section 4.2 Determination of Purchase Price—Termination for Cause/Non-Vested Shares. In the event that the Triggering Event under which the purchase price of Participant’s Vested Shares is to be determined under this Article is the termination of the
Participant’s services by the Company for “Cause” or where the purchase price of any non-Vested Shares is to be determined under this Article, such purchase price shall be equal to the lesser of
(a) the aggregate purchase price paid by Participant for such Shares pursuant to the applicable Incentive Stock Option Agreement(s) and/or Non-qualified Stock Option Agreement(s)

  

					
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and (b) the Fair Market Value of such Shares as of the applicable Valuation Date. 

Section 4.3 Company’s Performance. In any situation in which the Company is
or may be unable to fulfill any obligation to redeem or pay for any Shares due to the prohibitive provisions of any statute, or due to limitations contained in its articles of incorporation or bylaws, the Company shall use its best efforts to take
such action as may be reasonably necessary to enable the Company, if possible, to fulfill such redemption or payment obligation. The actions to be taken shall include, but not be limited to, the reappraisal and revaluation of the total assets,
properties and rights of the Company (including accounts receivable and goodwill, if applicable) at their then current fair market value. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.1 Assignments to Revocable Living Trusts.
Notwithstanding any term or provision of this Agreement to the contrary, the assignment of Shares, or any portion thereof, to a revocable living trust of which Participant is (during his lifetime) grantor, trustee or
co-trustee and primary beneficiary, shall be subject to the following conditions: 
 (a) Participant
must continue to remain liable for all of his obligations hereunder notwithstanding the assignment to such trust; 
 (b) All provisions of
this Agreement which relate to Participant in his status as an individual shall apply to the Shares so assigned based upon the status of Participant, notwithstanding the assignment to such trust; 

(c) The trust shall be completely bound by the terms and provisions of this Agreement, as a shareholder; and 

(d) The occurrence of any Triggering Event with respect to such Shares shall be determined (1) by reference to Participant in his capacity
as an individual (including but not limited to his death or disability), as well as (2) by reference to events affecting the trust alone (including but not limited to any Transfer of the Shares by such trust). 

Section 5.2 Encumbrance. Participant shall not encumber his Shares in any way,
and such Shares shall at all times be deemed security for all indebtedness due to the Company or the Company by Participant; such security interest arising as of the date such debt was incurred, and notice thereof is deemed given by the legend
referred to in Article I of this Agreement. If no other provision has been made to adjust the applicable purchase price for Participant’s Shares upon the occurrence of a Triggering Event, there shall be credited against such purchase price the
amount of any indebtedness then due and payable to the Company by Participant. 
 ARTICLE VI 

RESTRICTIVE COVENANTS 

Section 6.1 Covenant Regarding Confidential Information. Participant
acknowledges and agrees that all records and other information not released to the general public, all trade secrets, unpublished data or other information and all trade secrets and confidential or proprietary information, in each case relating to
the services, business and operations of the Company or its subsidiaries and affiliates, whether reduced to writing or not, are confidential and the sole property of the Company and its subsidiaries and affiliates (all of the same being herein
collectively called the “Confidential Information”). The Participant will not, at any time during his service as a member of the Board or thereafter, directly or indirectly, use any of the Confidential Information, except in the regular
course of his service as a member of the Board, or disclose any of the Confidential Information to any other person or entity, except to the extent that the Board may so authorize in writing, and that, upon 

  

					
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 Participant’s Termination of Service, he or she will surrender to the Company all Confidential Information
then in his or her possession or under his or her control. Participant acknowledges and agrees that the Confidential Information and other aspects of the Company’s business have been established and maintained at great expense, and kept and
protected as confidential and secret information and are of great value to the Company and provide it with a substantial competitive advantage in conducting said business. Participant further acknowledges and agrees that as a result of his or her
knowledge of the Confidential Information, Company would suffer great loss and irreparable injury if Participant were to disclose the Confidential Information or use the Confidential Information to compete with the Company. 

Section 6.2 Rights and Remedies upon Breach. Participant expressly agrees
that in the event of any violation by Participant of the covenants and restrictions contained in this Article VI, Company and its successors or assigns shall have the following cumulative rights and remedies, each of which rights and remedies shall
be independent of the others and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any and all other legal and equitable rights and remedies available to the Company: 

(a) Institute proceedings in any court of competent jurisdiction against the Participant, or any other person, organization or entity acting
with him, to enjoin and restrain him or her and/or them from a threatened or further and continuing breach of the covenants and restrictions set forth herein. Participant hereby expressly consents that an order, either temporary or permanent, may be
entered in any suit, in equity or law, brought for the purposes of enjoining Participant, or any other person, organization or entity acting with him or her, from violating or threatening to violate the covenants and restrictions set forth herein.
It is the intent and understanding of each party hereto that if, in any action before any court, agency or tribunal legally empowered to enforce the covenants contained in subparagraph (a), any term, restriction, covenant or promise contained
therein is found to be invalid, illegal or unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent necessary to make it valid, legal or enforceable by such court, agency or tribunal. The covenants
contained in subparagraph (a) shall survive termination of this Agreement and the Participant’s Termination of Service for any reason; 

(b)Require the Participant to account for and pay over to the Company, any amounts paid to Participant hereunder which are in excess of the
aggregate purchase price paid by Participant to the Company for the Participant’s Shares pursuant to the applicable Option Agreement(s); 

(c) Withhold any and all payments due hereunder which are in excess of the aggregate purchase price paid by Participant to the Company for the
Participant’s Shares pursuant to the applicable Option Agreement(s); and 
 (d)Declare any and all rights of the Participant under any
Option Agreement to be immediately terminated and of no further force nor effect. 

Section 6.3 Covenants & Restrictions Reasonable and
Necessary. Participant agrees that the terms and conditions of the covenants and restrictions set forth herein are reasonable and necessary for the protection of the Company, Company’s business and the Confidential Information
and to prevent damage or loss to Company as a result of actions taken by the Participant. Participant acknowledges and agrees that the Company would suffer great loss and irreparable injury if Participant violates the covenants contained in this
Article VI. The provisions contained in this Article VI shall survive the termination of this Agreement and the Participant’s Termination of Service with the Company for any reason. 

  

					
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1 Agreement Binding. This Agreement shall inure to the benefit of, and
be binding upon, the parties hereto and their respective heirs, administrators, executors, personal representatives, successor trustees, successors and assigns. 

Section 7.2 Waiver of Breach. A waiver by any party of a breach of any provision
of this Agreement by any other party shall not operate or be construed (a) as continuing, or (b) as a bar to, or a waiver or release of, any subsequent right, remedy, or recourse as to a subsequent event, or (c) as a waiver of any
subsequent breach by that other party. 
 Section 7.3 Course of Conduct. No
course of conduct between the parties hereto, nor any delay in exercising any rights or remedies hereunder or under any communication, report, notice or other document or instrument referred to herein, shall operate as a waiver of any of the rights
or remedies of the parties hereto. 
 Section 7.4 Further Assurances. The
parties hereto shall take such further steps and execute such further documents and instruments as may be necessary or appropriate to carry this Agreement into force and effect or to effectuate the intention hereof. 

Section 7.5 Entire Agreement. This Agreement contains all the covenants,
promises, agreements, conditions, representations and understandings between the parties hereto, and supersedes any prior agreements between the parties hereto, with respect to the subject matter hereof. There are no covenants, promises, agreements,
conditions, representations or understandings, either oral or written, between the parties hereto, other than those set forth herein or provided for herein, with respect to the subject matter hereof. Participant hereby acknowledges that he is not
relying on any statement, representation, or agreement of the Company as an inducement to enter into this Agreement, except as specifically provided herein and that neither the Company, nor anyone acting on behalf of the Company has made any
representation, agreement, guaranty or warranty of any kind whatsoever, express or implied, written or oral, concerning or relating to the subject matter hereof, except as specifically set forth herein. 

Section 7.6 Amendment. This Agreement shall not be changed orally, but only by an
agreement in writing, signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. 

Section 7.7 Governing Law. This Agreement shall be governed by and interpreted
under the laws of the State of Michigan, irrespective of where this Agreement is made or to be performed, and irrespective of any applicable principles of conflict of laws. 

Section 7.8 Venue. The venue of any dispute, controversy, litigation or
proceeding (formal or informal) arising out of or pertaining to this Agreement or the subject hereof shall lie exclusively in the County of Oakland, State of Michigan. Provided, however, that if any such dispute, controversy, litigation or
proceeding requires or permits jurisdiction in a federal court or agency of the United States, then venue shall lie in no federal court or agency other than those located in (or nearest to) the County of Wayne, State of Michigan. No term or
provision of this Section is intended to establish a priority as between state court or federal court, for instances in which a choice of such venue is available to the parties or litigants. The parties hereto knowingly and expressly waive any
rights they may have in existing venue statutes, either state or federal, to the extent that such statutes would require a different venue than otherwise provided for herein. 

Section 7.9 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same 

  

					
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agreement. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes hereof,
provided receipt of copies of such counterparts is confirmed. 
 Section 7.10 Gender
and Number. As the context of any provision may require, nouns and pronouns of any gender and number shall be construed in any other gender and number. 

Section 7.11 Notices, Statements, Etc. All notices, statements or other
communications which are required or contemplated by this Agreement shall be in writing (unless otherwise expressly provided herein) and shall be either personally served at or mailed to the last known mailing address of the person entitled thereto.
In addition, a copy of each such notice, statement or communication intended for a party shall be furnished to such single additional addressee for that party as may be specified herein or specified in a like notice. All such notices, statements and
other communications (or copies thereof) shall be deemed furnished to the person entitled thereto (a) on the date of service, if personally served at the last known mailing address of such person, or (b) on the date on which mailed, if
mailed to such person in accordance with the terms of this Section. For purposes hereof, an item shall be considered mailed if the sender can establish that it was sent by means including, but not limited to, the following: (i) by United States
Postal Service, postage prepaid; (ii) by air courier service (Federal Express or the like); or (iii) by telefax or other means of electronic communication. 

Section 7.12 Personal Data. Participant hereby explicitly and unambiguously consents to the
collection, use transfer and retention, in electronic or other form, of Participant’s personal data as described in this Agreement between and among, as applicable, the Company, and/or Subsidiaries and affiliates of the Company for the
exclusive purpose of implementing, administering, managing and accounting for Participant’s participation in the Plan (“Data”). Participant understands that Data may be transferred to third parties assisting in the implementation,
administration and management of the Plan, that these recipients may be located in Participant’s country or elsewhere and that the recipient’s country may have different data privacy laws and protections than Participant’s country.
Participant may request a list with the names and addresses of any potential recipients of the Data by contacting Participant’s local human resources representative. Participant may, at any time, view Data, request additional information about
the storage and processing of Data, require any necessary amendments to Data or, under certain circumstances and with certain consequences, refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant’s
local human resources representative. 
 Section 7.13
Severability. Should any covenant, condition, term or provision of this Agreement be deemed to be illegal, or if the application thereof to any person or in any circumstances shall, to any extent, be invalid or unenforceable, the
remainder of this Agreement, or the application of such covenant, condition, term or provision to persons or in circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby; and each covenant, condition,
term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

Section 7.14 Captions. Captions used herein are inserted for reference purposes
only and shall not affect the interpretation or construction of this Agreement. 

Section 7.15 Incorporation by Reference. All schedules, exhibits and other
attachments which are affixed to and referred to in this Agreement are incorporated herein and made a part hereof by this reference. 

Section 7.16 Survival. The parties acknowledge and agree that this Agreement
contains substantial terms and provisions which are intended to govern the rights, duties and obligations of the parties following the closing on any purchase and sale of any Shares. Accordingly, this Agreement shall survive and shall not be deemed
merged into, the execution or delivery of any documents, 

  

					
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property, or payments pursuant to the terms hereof; and this Agreement shall remain in full force and effect following the closing on any such purchase and sale. 

Section 7.17 Construction. Each party has participated fully in the negotiation
and preparation of this Agreement with full benefit or availability of counsel. Accordingly, this Agreement shall not be more strictly construed against either party. 

Section 7.18 Independent Legal Representation. Participant acknowledges that the parties’
interests hereunder are divergent and conflicting in many material respects. Accordingly, Participant acknowledges being advised to retain independent legal counsel before executing this Agreement. Participant further acknowledges that the Company
is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding participation in the Plan, or acquisition or sale of the underlying Shares. Participant is strongly encouraged to consult with
Participant’s own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. 

Section 7.19 Equitable Relief. The parties acknowledge that the stock in the
Company which is the subject of this Agreement is unique and that the failure of any party to perform or fulfill such party’s obligations hereunder may result in irreparable harm to the other parties. Accordingly, the parties agree that
specific performance of the terms hereof and/or other equitable relief may be obtained through a court of competent jurisdiction. 
  

							
		 		 	 ALTAIR ENGINEERING INC.
 A Michigan
Corporation

			
	Dated:                             , 20
        	 		 	By:                                   
                                         
                                        

				
		 		 		 	Its:
		 		 		 	

 Participant hereby acknowledges receipt of a copy of this Agreement, accepts his or her designation as a Participant under and
subject to all the terms and conditions set forth herein, and agrees to all such terms and conditions. 
  

							
	Dated:                             ,
20         	 	  

		 	[Signature of Participant]
		 	  

		 	[Print Participant’s Name]

  

					
	 2012 ISO & NSO Plan
 Stock
Restriction Agreement (Directors)
	  	10EX-10.13

 Exhibit 10.13 
  

			
	

	  	
	Innovation Intelligence®    	  	1820 E Big Beaver Rd., Troy, MI 48083-2031 USA, Phone: 248-614-2400 Fax:
248-614-6197 www.altair.com

 July 19, 2017 
 Howard
Morof 
 35360 Stratton Hill Ct. 
 Farmington Hills, Michigan
48331 
 Dear Howard: 
 Altair Engineering, Inc.
(“Altair”) hereby desires to amend and restate the terms of your offer of employment to reflect its current terms as set forth herein (the “Letter”). 
  

			
	Salary	  	$28,333.33 per month
		
	Profit and Growth Bonus Pool	  	Participation in the Altair discretionary Executive Profit and Growth Bonus Pool applicable to other members of the senior executive team upon the terms and conditions established from time to time by the CEO and/or the Altair
Board.
		
	Car Allowance	  	$600.00 per month
		
	Paid Time Off	  	4 weeks
		
	Holidays	  	Please see enclosed Summary of Benefits.
		
	Medical, Rx, Dental, Vision	  	Available through Blue Cross Blue Shield of Michigan – please see enclosed Summary of Benefits.
		
	Short-term & Long-term Disability, Life and AD&D Insurance	  	Provided by Altair.
		
	401(k)	  	The amount of a 401(k) matching contribution, if any, is determined annually in the discretion of the Altair Board and you will be eligible for such matching contribution, if any such contributions are made.

 You shall continue to serve as Chief Financial Officer and work out of our office in Troy, MI. You shall report to the CEO,
James Scapa. 
 Other terms and conditions are attached as Exhibit A to this letter and are an integral part of this Letter. To the extent that any terms or
conditions in this Letter (and Exhibit A) conflict with Altair’s Employee Manual or similar general Altair policy statements or guidelines, the terms of this Letter (and Exhibit A) shall govern. 

In countersigning this Letter you represent and warrant that you are not under any non-compete restrictions,
restrictive covenants, or other restrictive agreements (collectively “Restriction”) other than as disclosed in the attached Exhibit A. This Letter together with all exhibits hereto, including your
non-disclosure agreement with Altair dated January 29, 2013, sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior
agreements or understandings between you and Altair with respect to the subject matter hereof, including without limitation that certain offer letter by and between you and Altair, dated January 10, 2013 (the “Prior Offer Letter”).
Notwithstanding the foregoing, to the extent of any inconsistency between this Letter and the Prior Offer Letter, this Letter shall control. 

 In connection with your Prior Offer Letter, you acknowledged that any material false information,
misrepresentations, or omissions – oral or written – with respect to your resume may result in your dismissal from Altair. You previously authorized Altair to investigate all statements contained in your application of employment and/or
resume, and authorized all such references and sources (and the company) to release this information without liability for damage resulting from such release. You also waived any requirement for written notice of the release of such records that may
be mandated by state or federal law. 
 You acknowledge that by executing this Letter you agree to indemnify Altair for any claim of any kind resulting from
the breach of any Restriction. By executing this Letter, you understand that Altair has and will continue to characterize all employees’ employment status as “at will.” As an employee of Altair, you are requested to provide Altair
with no less than 4 weeks prior written notice if you decide to terminate your employment with Altair. This notice should be provided to the CEO and the Vice President of Human Resources (“VP of HR”). You acknowledge that the material
terms and conditions of this Letter will be publically disclosed in the event that the Company pursues a public offering of its stock. 
 All payments under
this Letter, including those set forth in Exhibit A, are intended to comply with or be exempt from the requirements of Section 409A of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Letter, the
“Code” means the Internal Revenue Code of 1986, as amended. To the extent permitted under applicable regulations and/or other guidance of general applicability issued pursuant to Section 409A, Altair reserves the right to modify this
Letter to conform with any or all relevant provisions regarding compensation and/or benefits so that such compensation and benefits are exempt from the provisions of 409A and/or otherwise comply with such provisions so as to avoid the tax
consequences set forth in Section 409A and to assure that no payment or benefit shall be subject to an “additional tax” under Section 409A. To the extent that any provision in this Letter is ambiguous as to its compliance with
Section 409A, or to the extent any provision in this Letter must be modified to comply with Section 409A, such provision shall be read in such a manner so that no payment due to you shall be subject to an “additional tax” within
the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment on account of your separation from
service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until the first business day of the seventh month following the date of your termination and the first such payment shall include the
cumulative amount of any payments (without interest) that would have been paid prior to such date if not for such restriction. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A.
In no event may you, directly or indirectly, designate the calendar year of payment. All reimbursements provided under this Letter shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the
requirement that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this Letter), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the
expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the
right to reimbursement is not subject to liquidation or exchange for another benefit. Notwithstanding anything contained herein to the contrary, you shall not be considered to have terminated employment with Altair for purposes of the severance
provisions in Exhibit A unless you would be considered to have incurred a “termination of employment” from Altair within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). In no event
whatsoever shall Altair be liable for any additional tax, interest or penalty that may be imposed on you by Section 409A or damages for failing to comply with Section 409A. 

  
 -2- 

 Enclosed you will find a copy of the Summary of Benefits. If you have any further questions, please feel free to
call me. 
 Sincerely, 
  

	
	 /s/ James R. Scapa

	 Name: James R. Scapa

	 Title: Chief Executive Officer

	 Altair Engineering, Inc.

 Enclosures: Summary of Benefits 

By signing and returning this Letter, you confirm that this Letter accurately sets forth the current understanding between you and Altair and that you accept
and agree to the terms as outlined. 
  

									
	Signature:	 	 /s/ Howard Morof
	  		  	         July 19, 2017
	  	
		 	Howard Morof	  		  	        Date	  	

  
 -3- 

 EXHIBIT A 

ATTACHMENT TO LETTER 
 General
Provisions 
  

	 	1)	Executive Benefits: In addition to the benefits enumerated in the Letter, you shall be entitled to participate in a manner consistent with your role as CFO in benefit plans presently in place or established in the
future where such benefit plans are generally intended to benefit “C” level members of Altair. By way of example, “C” level executives would include the CEO, CTO, CIO, CMO, CAO, COO and similar positions. 

 

	 	2)	Option Awards: Eligibility to continue to receive further option awards or grants, or to participate in similar executive compensation arrangements, should they be established. 

 

	 	3)	Professional Dues and Continuing Education: Altair shall be responsible for the payment and reimbursement of customary professional dues and continuing education costs. 

 

	 	4)	Special Bonus: In addition to any other bonus, option, equity related or incentive compensation or benefit, in the event (A) a Change in Control (as defined in the Altair Engineering Inc. 2012 Incentive and Non-qualified Stock Option Plan) occurs and (B) within one (1) month prior to the date of such Change in Control or twelve (12) months after the date of such Change in Control, your employment with
the successor corporation (or parent or subsidiary of the successor corporation, if applicable) is involuntarily terminated for any reason other than Cause or voluntarily terminated by you for Good Reason (as such terms are defined below) you will
be entitled to a one-time special bonus equal to $500,000, payable in full within three business days after the occurrence of the events described in (A) & (B) above. 

Severance Provisions 
 Altair shall provide you
with the following severance payments (paid pursuant to the typical payment schedule as if an executive employee of Altair, subject to any restrictions imposed by Section 409A) and benefits as applicable, in addition to the payment of any
accrued and unpaid Salary and unreimbursed business expenses that are otherwise due upon any termination of your employment: 
  

	 	•	 	Resignation from your employment with Altair for Good Reason, or termination by Altair without Cause: continued payment of 12 months of Salary plus (i) any accrued and unpaid Profit and Growth Bonus for the prior
calendar year, (ii) a pro-rated Profit and Growth Bonus for the calendar year of termination, based on the number of days you were employed during the calendar year divided by 365, and
(iii) continued participation in Altair employee benefit programs, as if still employed as CFO, during the severance period (collectively “Severance”). 

 

	 	•	 	Termination for Cause by Altair: No Severance. 

 Good Reason: Shall mean any of (1) a material diminution
in your duties or responsibilities or the assignment to you of duties that are materially inconsistent with your role as CFO of Altair, (2) any material reduction in your compensation and benefit opportunities, unless applied in a substantially
equal or pro-rata fashion across the C level executives of Altair, or (3) the requirement to relocate your principal place of employment more than 30 miles from Altair’s Troy, Michigan offices. You
are required to provide written notice of the Good Reason condition within 90 days of the initial existence of the condition, and Altair shall have 30 days from receipt of such written notice to remedy the condition. If the condition is not remedied
within the 30-day period, you must separate from service within 60 days of the end of the cure period to be eligible to receive the Severance. 

  
 -4- 

 Cause: Shall mean (1) a felony conviction or admission of guilt (other than as relates to a misdemeanor
vehicle accident), (2) any material a) willful, intentional or deliberate neglect of your proper responsibilities or b) non-compliance by you of the lawful and reasonable orders or directions of Altair’s
CEO and/or Board of Directors, (3) participation in a fraud or act of dishonesty against Altair, or (4) other material non-compliance with Altair’s policies or guidelines generally applicable to
C level executives that results in substantial injury to Altair. Any termination for Cause is conditioned upon Altair providing written notice to you stating the event giving rise to condition, and providing you the opportunity to cure such event or
circumstance within a reasonable period under the circumstances. 

  
 -5-

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