Document:

Exhibit 10.15

 Exhibit 10.15 

EXECUTION 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this
10th day of October, 2009, (the “Effective
Date”) by and between SafeNet, Inc., a Delaware corporation (the “Company”) and Charles Neral, an individual (the “Executive”). 

WHEREAS, the Company desires that the Executive be employed by the Company to carry out the duties and responsibilities described
below, all on the terms and conditions set forth in this Agreement, which shall become effective as of the Effective Date. 

NOW, THEREFORE, in consideration of the above recital incorporated herein and the mutual covenants and promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows: 
  

	1.	Retention and Duties. 

  

	 	1.1	Retention. The Company does hereby hire, engage and employ the Executive as Chief Financial Officer on the terms and conditions expressly set forth
in this Agreement, The Executive does hereby accept and agree to such hiring, engagement and employment, on the terms and conditions expressly set forth in this Agreement. 

 

	 	1.2	Duties. During the Period of Employment (as defined in Section 2), the Executive shall serve the Company as its Senior Vice President and
Chief Financial Officer and shall have such powers, duties and obligations consistent with such position as may be assigned to the Executive by the Company’s Chief Executive Officer (the “CEO”) from time to time. The Executive
shall be subject to the lawful and good faith directions and instructions given to him by the CEO and the Board of Directors of the Company (the “Board”) and the corporate policies of the Company as in effect from time to time
throughout the Period of Employment (including, without limitation, the Company’s business conduct and ethics policies, as they may be amended from time to time). 

 

	 	1.3	 No Other Employment: Time Commitment. During the Period of Employment, the Executive shall both (i) devote substantially all of the
Executive’s business time, energy and skill to the performance of the Executive’s duties for the Company, and (ii) hold no other employment. The Executive’s service on the boards of directors (or similar bodies) of business
entities other than the Company or a Vector Entity (as defined in Section 5.5) is subject to the approval of the CEO and the Board. The Company shall have the right to require, by written request, the Executive to resign from any board or
similar body which he may then if the CEO or the Board determines in good faith that the Executive’s 

	 	 
service on such board or body interferes with the effective discharge of the Executive’s duties and responsibilities to the Company as contemplated by the first sentence of this
Section 1.3 or that any business related to such service contravenes the requirements of Section 6. 

  

	 	1.4	No Breach of Contract. The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the
Company and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound;
(ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or
carrying out his duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement, other than this Agreement, a Confidentiality and Proprietary Information Agreement with the Company (the
“Confidentiality Agreement”) and an agreement with Executive’s prior employer (IBM) covering confidentiality and other matters, which has been provided to the Company under separate cover, with any other person or entity.

  

	 	1.5	Location. The Executive’s principal place of employment shall be the Company’s principal executive offices located in Belcamp, Maryland. The
Executive acknowledges that he will be required to travel from time to time in the course of performing his duties for the Company. 

  

	2.	Period of Employment. The Executive and the Company acknowledge that the Executive shall be employed on an at-will basis and that either the Company or
the Executive may terminate the Executive’s employment at any time, for any reason or no reason, subject to the provisions set forth in Section 5. The period of time during which the Executive is employed by the Company shall be referred
to as the “Period of Employment”. 

  

	3.	Compensation. 

  

	 	3.1	Base Salary. During the Period of Employment, the Executive’s base salary (the “Base Salary”) shall be paid in accordance with the
Company’s regular payroll practices in effect from time to time, but not less frequently than in monthly installments. The Executive’s Base Salary for the first twelve (12) months of the Period of Employment shall be at an annualized
rate of Three Hundred Thousand Dollars ($300,000). Thereafter, the Company will review the Executive’s Base Salary at least annually; provided that, in no event shall Executive’s Base Salary be substantially reduced by the Company.

  

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	 	3.2	Incentive Bonus. For each calendar year during the Employment Period, the Executive shall be eligible to receive an annual incentive cash bonus (the
“Incentive Bonus”) in a target amount of fifty percent (50%) of his Base Salary (the “Target Incentive Bonus Opportunity”), if the applicable Company performance goals established by the Company are achieved.
Such performance goals shall be predominately determinable by quantifiable measures and established by the Company within the first ninety (90) days of each calendar year. Notwithstanding anything to the contrary in this Agreement, the
Executive shall be entitled to an Incentive Bonus for 2009, assuming target performance and prorated for each full and partial month that occurs in 2009 following the Effective Date, subject to the Executive’s continued employment through the
payment date. The Incentive Bonus (if any) shall be paid to the Executive no later than March 15th of the calendar year next following the calendar year in which the bonus is earned. 

 

	 	3.3	Equity Awards. At the next Board meeting following the Effective Date, the Executive shall be granted an award of options or restricted stock, or the
economic equivalent thereof (the “Equity Award”), representing, as of the Effective Date, 0.75% of the Company equity upside, which is based on combined equity account of Vector Stealth Holdings H, L.L.C. (“VSH”)
for Safenet Inc. and Aladdin Knowledge Systems, Ltd. (the “Related Companies”), at an initial cost basis of $376.5 million (the “Aggregate Cost Basis”). The Equity Award shall vest over a period of four
(4) years, with twenty-five percent (25%) of the Equity Award vesting on the first anniversary of the Effective Date, and l/48th of the Equity Award vesting on a monthly basis thereafter, commencing on the last day of the calendar month
that immediately follows the month in which the first anniversary of the Effective Date occurs, subject to the Executive’s continued employment with the Company through each applicable vesting date. Subject to the terms of this Agreement, the
other terms and conditions of the Equity Award shall be documented in an equity award agreement between the Company and the Executive; provided that the Company shall use commercially reasonable efforts to design the Equity Award to be exempt
from, or otherwise comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

  

	4.	Benefits. 

  

	 	4.1	Retirement, Welfare and Fringe Benefits. During the Period of Employment, the Executive shall be eligible to participate in all employee pension and
welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s executives and/or employees generally, in accordance with the terms of such plans and as such plans or programs may be in
effect from time to time. 

  

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	 	4.2	Relocation Benefits. In connection with his relocation to the Belcamp, Maryland area, the Company shall reimburse the Executive for the reasonable hotel,
transportation and meal expenses actually incurred and documented by the Executive during the sixty (60)-day period following the Effective Date; provided that if the Executive commences residency in permanent or semi-permanent housing during
such sixty (60)-day period, the Company will no longer be obligated to reimburse the Executive for any lodging, transportation or meal expenses incurred by the Executive on or after his first date of residency in such permanent or semi-permanent
housing. In addition to the foregoing reimbursement of the Executive’s reasonable hotel, transportation and meal expenses, the Company shall provide the Executive with a relocation allowance of up to One Hundred Thousand Dollars ($100,000) for
any other reasonable relocation expenses actually incurred and documented by the Executive, including; but not limited to, real estate commissions, moving expenses and other customary incidentals related to moving into a new residence. It is the
intention of the parties that the relocation benefits under this Section 4.2 shall be provided to the Executive in a tax-efficient manner for both parties, and both parties hereby agree to take any and all actions reasonably necessary and
appropriate to implement their intention; provided that to the extent that any reimbursements under this Section 4.2 result in taxable income to the Executive, the Executive shall be eligible to receive a tax-gross up in respect of the
federal, state and local taxes on such reimbursement. Subject to the requirements of this Agreement, the relocation benefits provided to the Executive pursuant to this Section 4.2 shall be subject to the Company’s relocation and general
expense reimbursement policies as in effect from time to time; provided that each reimbursement payment shall be made as soon as practicable after the applicable expense is incurred and no later than March 15th of the calendar year next
following the calendar year in which such expense is incurred. 

  

	 	4.3	Reimbursement of Business Expenses. During the Period of Employment, the Executive shall be eligible for reimbursement for all reasonable business
expenses the Executive incurs during the Period of Employment in connection with carrying out the Executive’s duties for the Company, subject to the Company’s expense reimbursement policies as in effect from time to time.

  

	 	4.4	Vacation and Other Leave. During the Period of Employment, the Executive shall accrue and be entitled to take paid vacation in accordance with the
Company’s vacation policies for executives in effect from time to time, including the Company’s policies regarding vacation accruals. The Executive shall also be entitled to all other holiday and leave pay generally available to other
executives of the Company. 

  

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	5.	Termination. 

  

	 	5.1	Termination by the Company. The Executive’s employment by the Company, and the Period of Employment, may be terminated at any time by the Company:
(i) with Cause (as defined in Section 5.5(b)) in accordance with the notice provisions set forth in Section 5.5(c), (ii) without Cause, with no less than thirty (30) days’ advance notice to the Executive, (iii) in
the event of the Executive’s death or (iv) in the event that the Company determines in good faith that the Executive has incurred a Disability (as defined in Section 5.5), with no less than thirty (30) days’ advance notice
to the Executive. 

  

	 	5.2	Termination by the Executive. The Executive’s employment by the Company, and the Period of Employment, may be terminated by the Executive with no
less than thirty (30) days’ advance notice to the Company; provided, however, that in the event of a Constructive Termination, the notice provisions contained in the Constructive Termination definition set forth in
Section 5.5(c) shall apply instead. 

  

	 	5.3	Benefits Upon Termination. If the Executive’s employment by the Company is terminated during the Period of Employment for any reason by the Company
or by the Executive (in any case, the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to the Executive, and
the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows: 

  

	 	(a)	The Company shall pay the Executive (or, in the event of his death, the Executive’s estate) any Accrued Obligations .(as defined in Section 5.5(a)) within
thirty (30) days after the Severance Date. 

  

	 	(b)	If the Executive’s employment is terminated as a result of an Involuntary Termination, the Executive shall be entitled to the following benefits:

  

	 	(i)	The Company shall pay the Executive an amount (the “Severance Payment”) equal to (x) twelve (12) months of his Base Salary at the annual rate
in effect on the Severance Date plus (y) one hundred percent (100%) of the Executive’s Target Incentive Bonus Opportunity for the calendar year in which the Severance Date occurs. The Company shall pay the Severance Payment to the
Executive in a lump sum within fourteen (14) days following the expiration of the Release Period (as defined in Section 5.4(a)). 

  

	 	(ii)	 The vesting of outstanding options, restricted stock awards and other equity-based awards (including the Equity Award) granted by the

  

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Company to the Executive shall be accelerated so that any portion or installment of any such equity award scheduled to vest at any time during the twelve (12)-month period following the Severance
Date shall not terminate as of the Severance Date, but instead shall remain outstanding and vest effective as of the expiration of the Release Period. Any portion of any such equity award that would not vest after giving effect to the foregoing
sentence, to the extent unvested, shall terminate as of the Severance Date. 

  

	 	(iii)	The Company shall continue to make available to the Executive, through the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or
otherwise, all group health, life and other similar insurance plans in which Executive participates on the Severance Date, and reimburse the Executive for the COBRA premiums paid by the Executive for a period of twelve (12) months following the
Severance Date, or, if earlier, until Executive becomes eligible for substantially equivalent benefits as a result of any new employment; provided that the Company shall not be obligated to reimburse any such COBRA premiums until the
expiration of the Release Period. 

  

	 	(c)	If during the Period of Employment a Change of Control occurs and the Executive’s employment is terminated as a result of an Involuntary Termination upon or within
six (6) months following the date of such Change of Control, other than as a result of an IPO, the vesting of each outstanding option, restricted stock award and other equity based award granted by the Company to the Executive (including but
not limited to the Equity Award herein granted) shall be automatically accelerated so that any portion or installment of such award scheduled to vest at any future date shall automatically vest as of the Severance Date. The benefits provided to the
Executive under this Section 5.3(c) shall be in addition to the payments and benefits paid (or provided) to the Executive under Section 5.3(b). 

  

	 	(d)	Notwithstanding the foregoing provisions of this Section 5.3, if the Executive breaches his obligations under Section 6 of this Agreement or under the
Confidentiality Agreement at any time, from and after the date of such breach, the Executive shall no longer be entitled to, and the Company shall no longer be obligated to pay or reimburse, as applicable, any remaining unpaid portion of the
Severance Payment or COBRA premiums, and any equity awards the vesting of which was accelerated pursuant to Section 5.3(b) or Section 5.3(c) shall be terminated effective as of the date of such breach. 

 

	 	(e)	 The foregoing provisions of this Section 5,3 shall not affect: (i) the Executive’s receipt of benefits otherwise due terminated
employees under group insurance 

  

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coverage consistent with the terms of the applicable Company welfare benefit plan; (ii) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization
and life insurance coverages covered by COBRA; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the Company’s 401(k) plan (if any). 

 

	 	5.4	Release; Exclusive Remedy. 

  

	 	(a)	This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any option or other equity-based award agreement to the contrary. As a
condition precedent to any Company obligation to the Executive pursuant to Section 5.3(b) or Section 5.3(c), in connection with the termination of the Executive’s employment, the Executive shall, upon or within sixty (60) days
following the Severance Date (the “Release Period”), provide the Company with a valid, executed mutual general release substantially in the form attached hereto as Exhibit A (the “Release”), and such release
agreement shall have not been revoked by the Executive pursuant to any revocation rights afforded by applicable law prior to the expiration of the Release Period. The Company’s obligation to make any payment or provide any benefit to the
Executive pursuant to Section 5.3(b), including, without limitation, the acceleration of vesting of any equity award, shall be conditioned on the Executive’s execution of (and not revoking) the Release contemplated by this Section 5.4
by the end of the Release Period. 

  

	 	(b)	The Executive agrees that the payments and benefits contemplated by Section 5.3 (and any applicable acceleration of vesting of an equity award, including the
Equity Award) shall constitute the exclusive and sole remedy for any termination of his employment and the Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment prior to
the expiration of the Release Period. 

  

	 	5.5	Certain Defined Terms. 

  

	 	(a)	As used herein, “Accrued Obligations” means: 

  

	 	(i)	any Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; 

 

	 	(ii)	any Incentive Bonus payable pursuant to Section 3.2 with respect to any calendar year in the Period of Employment preceding the calendar year in which the
Severance Date occurs to the extent earned by but not previously paid to the Executive; and 

  

	 	(iii)	any reimbursement due to the Executive pursuant to Section 4.2 for expenses incurred by the Executive on or before the Severance Date. 

 

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	 	(b)	As used herein, “Cause” shall mean, as determined in good faith by the Board (excluding the Executive, if he is then a member of the Board),
(i) the Executive’s willful, repeated or grossly negligent failure or refusal to perform his duties hereunder or to comply with any lawful and good faith direction given by the CEO or the Board or on behalf of the Board which failure
remains uncured (if capable of being cured) for greater than ten (10) business days after Executive’s receipt of written notice of such failure; (ii) the Executive’s commission of a felony, a crime involving moral turpitude or
dishonesty, or any crime or intentional tort against or involving the Company, Vector Capital (“Vector”) or any Vector Entity; (iii) the Executive’s engagement in knowing and intentional misconduct, fraud, misappropriation
embezzlement, violence or threat of violence; or (iv) the Executive’s violation of any of the material terms, covenants, representations or warranties contained in this Agreement, which violation remains uncured (if capable of being cured)
for greater than ten (10) business days after Executive’s receipt of written notice of such violation, 

  

	 	(c)	As used herein, “Constructive Termination” shall mean a resignation by the Executive within one hundred and twenty (120) days after the occurrence
of any of the following without the Executive’s express written consent: (i) a material diminution in the Executive’s duties and/or responsibilities (including, but not limited to, a diminution in title, or a material adverse change
in reporting structure); (ii) relocation of the Executive’s principal place of business by more than fifty (50) miles from the location specified in Section 1.5; (iii) a material reduction in the Executive’s Base Salary
or Target Incentive Bonus Opportunity; or (iv) the Company’s violation of any of the material terms, covenants, representations or warranties contained in this Agreement; provided, however, that no event or condition
described in clauses (i) through (iv) shall constitute Constructive Termination unless (x) the Executive gives the Company written notice of his intention to terminate his employment for Constructive Termination and the grounds for
such termination within sixty (60) days following the occurrence of such event or condition and (y) such grounds for termination (if susceptible to correction) are not corrected by the Company within thirty (30) business days of its
receipt of such notice (or, in the event that such grounds cannot be corrected within such thirty (30)-day period, the Company has not taken all reasonable steps within such thirty (30)-day period to correct such grounds as promptly as practicable
thereafter). 

  

	 	(d)	As used herein, “Involuntary Termination” shall mean a Constructive Termination or a termination of the Executive’s employment by the Company
without Cause, For purposes of clarity, the term “Involuntary Termination” does not include a termination of the Executive’s employment due to the Executive’s death or Disability. 

 

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	 	(e)	As used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to
perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 180 days in any twelve (12)-month period, unless a longer period is required
by federal or state law, in which case that longer period would apply. 

  

	 	(f)	As used herein, “Change in Control” means any of the following: 

 

	 	(i)	Approval by stockholders of the Company (or, if no stockholder approval is required, by the Board alone) of the complete dissolution or liquidation of the Company,
other than in the context of a Business Combination that does not constitute a Change in Control under paragraph (iii) below, 

  

	 	(ii)	The acquisition by 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 (the
“Exchange Act”) (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding shares of common stock of the
Company (the “Outstanding Company Common Stocks”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that, for purposes of this paragraph (ii), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any
acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliate or a successor, (D) any acquisition by any entity pursuant to a Business Combination,
(E) any acquisition by a Person described in and satisfying the conditions of Rule 13d-l(b) promulgated under the Exchange Act, or (F) any acquisition by a Person who is the beneficial owner (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 50% or more of the Outstanding Company Common Stock and/or the Outstanding Company Voting Securities on the Effective Date (or an affiliate, heir, descendant or related party of or to such Person);

  

	 	(iii)	 Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or

  

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any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), a sale
or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless,
following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets directly
or through one or more subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of paragraph (ii) above) beneficially owns (within the meaning of Rule
13d-3 promulgated under the Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination; 

provided, however, that (i) any acquisition of the securities of the Company by any entity affiliated with Vector
Capital (the “Vector Entities”), any Person(s) who manages any of the Vector Entities, including, without limitation, their respective limited, special and general partners (collectively, the “Managers”), or any
fund or funds managed by any of the Managers shall not constitute a Change in Control, (ii) no transaction shall constitute a Change in Control if, following such transaction, the Vector Entities remain the largest stockholder of the surviving
entity and no other entity is entitled to greater representation on the Board of Directors of such Surviving entity, and (iii) a transaction shall not constitute a Change in Control if it is in connection with the underwritten public offering
of the securities of the Company. 
  

	 	5.6	Notice of Termination. Any termination of the Executive’s employment under this Agreement (other than because of the Executive’s death) shall be
communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination. 

 

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	 	5.7	Limitation on Benefits. In the event that the Executive is or becomes entitled to receive any payments or distributions, whether payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, that, but for this Section 5.7, would constitute “parachute payments” within the meaning of Section 280G of the Code that would be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), the Company shall reduce the aggregate amount of such payments and distributions to the greatest amount that would not be subject to the Excise Tax if (and only if),
after taking into account applicable federal, state, local, and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, such reduction would result in the Executive retaining a greater amount on an after-tax basis than
if the payments and distributions had not been reduced. The determinations to be made with respect to this Section 5.7 shall be made in good faith by a certified public accounting firm designated and compensated by the Company.

  

	 	5.8	Resignation from Directorships and Officerships. The termination of the Executive’s employment with the Company for any reason shall constitute the
Executive’s resignation from (i) any director, officer or employee position the Executive has with the Company, Vector or any Vector Entity and (ii) all fiduciary positions (including as a trustee) the Executive holds with respect to
any employee benefit plans or trusts established by the Company. The Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance. 

 

	6.	Non-Compete; Non-Solicitation; inventions and Developments; Trade Secrets. The Executive hereby agrees to the following protective covenants and that the
covenants in this Section 6 shall continue in effect through the entire Restricted Period (as defined in Section 6.1) regardless of whether the Executive is then entitled to receive any severance payments or benefits from the Company. For
purposes of this Section 6, the Company shall mean the Company together with its subsidiaries and affiliates. 

  

	 	6.1	 No Competing Employment. The Executive acknowledges that the nature of the Company’s business and Executive’s position with the
Company is such that if the Executive were to become employed by, or substantially involved in, the business of a competitor of the Company, it would be very difficult for the Executive not to rely on or use the Company’s trade secrets and
confidential information. Thus, to avoid the inevitable disclosure of the Company’s trade secrets and confidential information, and to protect such trade secrets and confidential information and the Company’s relationships and goodwill
with customers, during the Period of Employment and for a period of twelve (12) months after the date the Executive’s employment with the Company terminates for any reason (the “Restricted Period”), the Executive shall not
directly or indirectly engage in (whether as an employee, consultant, agent, advisor, 

  

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proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor have any direct or indirect ownership interest in, or directly or indirectly participate (through or in
conjunction with one or more members of his or his spouse’s family or through any trust or contractual arrangement) in the financing, operation, management or control of, any person, firm, corporation or business that is engaged in the digital
encryption business (a “Competing Business”); provided, that Executive may purchase and hold only for investment purposes less than one percent (1%) of the shares of any corporation in a Competing Business whose shares
are regularly traded on a national securities exchange. 

  

	 	6.2	Non-Solicitation of Employees. During the Period of Employment and the Restricted Period, the Executive shall not directly or indirectly solicit, induce,
recruit, encourage, take away, or hire any employee, contractor, officer, representative or agent of the Company or Vector (or attempt any of the foregoing actions) or cause or attempt to cause any employee, contractor, officer, representative or
agent of the Company or Vector (or attempt any of the foregoing actions) with whom the Executive had contact during his employment with the Company to leave his or her employment or engagement with the Company or Vector either for employment with
the Executive or for any other entity or person, 

  

	 	6.3	Non-Solicitation of Clients. During the Period of Employment and the Restricted Period, the Executive shall not directly or indirectly induce or attempt
to induce customers, clients, vendors, suppliers, licensors, lessors, joint venturers, associates, consultants, agents, or partners of the Company to divert their business away from the Company, and the Executive will not otherwise directly or
indirectly interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company and any of its customers, clients, suppliers, vendors, lessors, licensors, joint venturers, associates, officers,
employees, consultants, managers, partners, members or investors with whom the Executive did business and had direct contact during his employment with the Company. 

 

	 	6.4	 Non-Disparagement. The Executive agrees that at no time during the Period of Employment or thereafter shall he make, or cause or assist
any other person to make, any statement or other communication to any third party which impugns or attacks the reputation, business or character of the Company, Vector, any Vector Entity or any of their respective directors, officers or employees.
The Company shall require its directors and officers to refrain from making, or causing or assisting any other person to make, any statement or other communication to any third party which impugns or attacks the reputation, business or character of
the Executive. Notwithstanding the foregoing, nothing in this Section 6.4 shall prevent any person from (i) responding publicly to incorrect, disparaging or 

 

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derogatory public statements to the extent reasonably necessary to correct or refute such public statement or (ii) making any truthful statement to the extent (x) necessary with respect
to any litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement or (y) required by law or by any court, arbitrator, mediator or administrative or legislative body (including
any committee thereof) with apparent jurisdiction over such person. 

  

	 	6.5	Assignment of Patents. Executive shall disclose fully to the Company any and all discoveries he shall make and any and all ideas, concepts or inventions
which he shall conceive or make during the Period of Employment, or during the Restricted Period and which, in whole or in part, are the result of his work with the Company, Vector or any Vector Entity. Such disclosure is to be made promptly after
each discovery or conception, and the discovery, idea concept or invention will become and remain the property of the Company, whether or not patent applications are filed thereon. Upon request and at the expense of the Company, the Executive shall
make application through the patent solicitors of the Company for letters patent of the United States and any and all other countries at the discretion of the Company on such discoveries, ideas and inventions, and to assign all such applications to
the Company, or at its order, forthwith, without additional payment by the Company during his period of employment and for reasonable compensation for time actually spent by the Executive at such work at the request of the Company after the
termination of the employment. He is to give the Company, its attorneys and solicitors, all reasonable assistance in preparing and prosecuting such applications and, on request of the Company, to execute all papers and do all things that may be
reasonably necessary to protect the rights of the Company and vest in it or its assigns the discoveries, ideas or inventions, applications and letters patent herein contemplated. Such cooperation shall also include all actions reasonably necessary
to aid the Company in the defense of its rights in the event of litigation. 

  

	 	6.6	 Trade Secrets. In the course of the term of this Agreement, it is anticipated that the Executive shall have access to secret or
confidential technical and commercial information, records, data specifications, systems, methods, plans, policies, inventions, material and other knowledge owned by the Company, Vector and their subsidiaries (“Confidential
Material”). The Executive recognizes and acknowledges that included within the Confidential Material are the Company’s confidential commercial information, technology, methods of manufacture, designs, and any computer programs, source
codes, object codes, executable codes and related materials, all as they may exist from time to time, and that they are valuable special and unique aspects of the Company’s business. All such Confidential Material shall be and remain the
property of the Company and 

  

 13 

	 	 
Vector, as applicable. Except as required by his duties to the Company, the Executive shall not, directly or indirectly, either during the term of his employment or at any time thereafter,
disclose or disseminate to anyone or make use of, for any purpose whatsoever, any Confidential Material. Upon termination of his employment, the Executive shall promptly deliver to the Company all Confidential Material (including all copies thereof,
whether prepared by the Executive or others) that is in the possession or under the control of the Executive. The Executive shall not be deemed to have breached this Section 6 if the Executive shall be specifically compelled by lawful order of
any judicial, legislative, or administrative authority or body to disclose any Confidential Material, 

  

	 	6.7	Understanding of Covenants. The Executive represents that he (i) is familiar with the foregoing non-competition, non-solicitation, non-disparagement
and trade secret covenants, (ii) is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage of the foregoing covenants, and (iv) agrees that such covenants are
necessary to protect the Company’s and Vector’s confidential and proprietary information, good will, stable workforce, and customer relations. 

  

	 	6.8	Remedy for Breach. The Executive hereby agrees that damages and any other remedy available at law would be inadequate to redress or remedy any loss or
damage suffered by the Company upon any breach of the terms of Section 6 by the Executive. Accordingly, the Executive agrees that if he breaches any term of this Section 6, the Company shall be entitled, in addition to and without
limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain injunctive or other appropriate equitable relief without bond or other security, to restrain any such breach. Such equitable relief in any
court shall be available to the Company in lieu of, or prior to or pending in any arbitration proceeding. The Executive further agrees that the Restricted Period shall be extended by the same amount of time that Executive is in breach of any
provision of Section 6. 

  

	7.	Source of Payments. All payments provided under this Agreement, other than payments made pursuant to a plan which provides otherwise, shall be paid in
cash from the general funds of the Company, and no special or separate fund shall be established, and no other segregation of assets shall be made, to assure payment. The Executive shall have no right, title or interest whatsoever in or to any
investments that the Company may make to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an
unsecured creditor of the Company. 

  

 14 

	8.	Withholding. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any
amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes or other amounts as may be required to be withheld pursuant to any applicable law, regulation or contract.

  

	9.	Assignment. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder; provided, however, that in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or
entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

  

	10.	Number and Gender. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include
all other genders. 

  

	11.	Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof. 

  

	12.	Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

 

	13.	Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement, as well as the legal relations
hereby created between the parties hereto, shall be governed by and construed under, and interpreted and enforced in accordance with, the laws of the State of Delaware. 

 

	14.	Survival of Certain Provisions. The rights and obligations set forth in Sections 5, 6,8, 9,13, 15, 17, 18, 19 and 20 shall survive any termination or
expiration of this Agreement. 

  

	15.	Entire Agreement. This Agreement, together with the Confidentiality Agreement and any agreement evidencing the Equity Award, embodies the entire agreement
of the parties hereto respecting the matters within its scope. This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bear upon the subject matter hereof. Any prior negotiations,
correspondence, agreements, proposals or understandings relating to the subject matter hereof shall be deemed to be of no force or effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further rights
or obligations thereunder. 

  

 15 

 There are no representations, warranties, or agreements, whether express or implied, or oral
or written, with respect to the subject matter hereof, except as expressly set forth herein. 
  

	16.	Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto. 

  

	17.	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have
granted such waiver. 

  

	18.	Arbitration. 

  

	 	(a)	Except as provided in Sections 6,9 and 18(d), the Executive and the Company agree that to the extent permitted by law, any controversy arising out of or relating to the
Executive’s employment (whether or not before or after the expiration of the Period of Employment), any termination of the Executive’s employment, this Agreement, any agreement evidencing the Equity Award, the enforcement or interpretation
of any of such agreements, or because of an alleged breach, default, or misrepresentation in connection with any of the provisions of any such agreement, including (without limitation) any state or federal statutory claims, shall be submitted to
arbitration in Newcastle County, Delaware, before a sole arbitrator selected jointly by the Company and the Executive from Judicial Arbitration and Mediation Services, Inc. or its successor (“JAMS”), or if JAMS is no longer able to
supply the arbitrator, such arbitrator shall be selected jointly by the Company and the Executive from the American Arbitration Association; provided, however, that provisional injunctive relief may, but need not, be sought in a court
of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the arbitrator. The arbitration shall be administered by JAMS pursuant to
its Comprehensive Arbitration Rules and Procedures, Judgment on the award may be entered in any court having jurisdiction. 

  

	 	(b)	 The Executive has read and understands this Section 18, which discusses arbitration. The Executive understands that by signing this Agreement, the
Executive agrees to the extent permitted by law, to submit any future claims arising out of, relating to, or in connection with this Agreement, or the 

 

 16 

	 	 
interpretation, validity, construction, performance, breach or termination thereof, or the Executive’s employment by the Company or any termination thereof, to binding arbitration, and that
this arbitration clause constitutes a waiver of the Executive’s right to a jury trial and relates to the resolution of all disputes relating to all aspects of the employer/employee relationship, including, but not limited to, any and all claims
for wrongful discharge of employment, breach of contract (both express and implied), breach of the covenant of good faith and fair dealing (both express and implied), negligent or intentional infliction of emotional distress, negligent or
intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, defamation, employment discrimination, harassment or retaliation, and any violations of any federal, state or municipal statute
(including, but not limited to, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act and any applicable state law). 

  

	 	(c)	The parties agree that the Company shall be responsible for payment of the forum costs of any arbitration hereunder, including the arbitrator’s fee. The parties
further agree that in any proceeding with respect to such matters, the prevailing party will be entitled to recover its reasonable attorney’s fees and costs from the non-prevailing party (other than forum costs associated with the arbitration
which in any event shall be paid by the Company). The non-prevailing party shall make the payments required by the preceding sentence to the prevailing party within sixty (60) days after a final decision is rendered. 

 

	 	(d)	Without limiting the remedies available to the parties and notwithstanding the foregoing provisions of this Section 18, the Executive and the Company acknowledge
that any breach of any of the covenants or provisions contained in the Confidentiality Agreement could result in irreparable injury to either of the parties hereto for which there might be no adequate remedy at law, and that, in the event of such a
breach or threat thereof, the non-breaching party shall be entitled to obtain a temporary restraining order and/or a preliminary injunction and a permanent injunction restraining the other party hereto from engaging in any activities prohibited by
any covenant or provision in the Confidentiality Agreement or such other equitable relief as may be required to enforce specifically any of the covenants or provisions of the Confidentiality Agreement. 

 

	19.	Notices. 

  

	 	(a)	All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and
made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by registered or certified mail, postage prepaid, return receipt requested. Any notice shall be duly addressed to the parties as follows:

  

 17 

	 	(i)	if to the Company: 

Kevin Hicks 

Safenet, Inc. 

4690 Millennium Drive 

Belcamp,MD 21017 

with a copy to: 

Shearman & Sterling LLP 

525 Market Street, 15th Floor 

San Francisco, CA 94105 

Attention; Steve L. Camahort 

Facsimile: (415)616-1440 

if to the Executive, to the address most recently on file in the payroll records of the Company. 

 

	 	(b)	Any party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this
Section 19 for the giving of notice. Any communication shall be effective when delivered by hand, when otherwise delivered against receipt therefor, or five (5) business days after being mailed in accordance with the foregoing.

  

	20.	Code Section 409A. This Agreement is intended to provide compensation and other remuneration that is exempt from the requirements of
Section 409A of the Code, and shall be interpreted and construed consistently with that intent. 

  

	21.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all the parties reflected
hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

[The remainder of this page has intentionally been left blank.] 

 

 18 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of
the Effective Date. 
  

			
	“COMPANY”
	
	 Safenet, Inc.
 a
Delaware corporation

		
	By:	 	 /s/ Mark Floyd

	Name:	 	 Mark Floyd

	Title:	 	 CEO

	
	“EXECUTIVE”
	
	 /s/ Charles Neral 10/10/2009

	CHARLES NERAL

 EXHIBIT A 

This General Release of all Claims (this “Agreement”) is entered into by Charles Neral (the
“Executive”) and Safenet, Inc., a Delaware corporation (the “Company”), effective as of [DATE]. 

In consideration of the promises set forth in the letter agreement between the Executive and the Company, dated as of October 10,
2009 (the “Employment Agreement”), the Executive and the Company agree as follows: 
 1. Return of
Property. All Company files, access keys and codes, desk keys, ID badges, computers, records, manuals, electronic devices, computer programs, papers, electronically stored information or documents, telephones and credit cards, and any other
property of the Company in the Executive’s possession must be returned no later than the date of the Executive’s termination from the Company. 

2. General Release and Waiver of Claims. 

(a) Release by the Executive. In consideration of the payments and benefits provided to the Executive under the Employment
Agreement and after consultation with counsel, the Executive and each of the Executive’s respective heirs, executors, administrators, representatives, agents, insurers, successors and assigns (collectively, the “Releasors”)
hereby irrevocably and unconditionally release and forever discharge the Company, its subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders and agents (“Releasees”) from any and all
claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation, any Claims under any federal,
state, local or foreign law, that the Releasors may have, or in the future may possess, arising out of (i) the Executive’s employment relationship with and service as an employee, officer or director of the Company or any subsidiaries or
affiliated companies and the termination of such relationship or service, and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the
Executive does not release, discharge or waive any rights to (i) payments and benefits provided under the Employment Agreement that are contingent upon the execution by the Executive of this Agreement and (ii) any indemnification rights
the Executive may have in accordance with the Company’s governance instruments or under any director and officer liability insurance maintained by the Company with respect to liabilities arising as a result of the Executive’s service as an
officer and employee of the Company. This Section 2(a) does not apply to any Claims that the Releasors may have as of the date the Executive signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as
amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). Claims arising under ADEA are addressed in Section 2(b) of this Agreement. 

 

 EXHIBIT A-1 

 (b) Specific Release of ADEA Claims. In further consideration of the payments and
benefits provided to the Executive under the Employment Agreement, the Releasors hereby unconditionally release and forever discharge the Releasees from any and all Claims arising under ADEA that the Releasors may have as of the date the Executive
signs this Agreement. By signing this Agreement, the Executive hereby acknowledges and confirms the following: (i) the Executive was advised by the Company in connection with his termination to consult with an attorney of his choice prior to
signing this Agreement and to have such attorney explain to the Executive the terms of this Agreement, including, without limitation, the terms relating to the Executive’s release of claims arising under ADEA, and the Executive has in fact
consulted with an attorney; (ii) the Executive was given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; (iii) the Executive knowingly and
voluntarily accepts the terms of this Agreement; and (iv) the Executive is providing this release and discharge only in exchange for consideration in addition to anything of value to which the Executive is already entitled. The Executive also
understands that he has seven days following the date on which he signs this Agreement within which to revoke the release contained in this paragraph, by providing the Company with a written notice of his revocation of the release and waiver
contained in this paragraph. 
 (c) Release by Company. In consideration of the release provided by the Executive, the
Releasees (as defined in paragraph (a), above) hereby irrevocably and unconditionally release and forever discharge the Releasors (as defined in paragraph (a), above) from any and all Claims (as defined in paragraph (a), above), including, without
limitation, any Claims under any federal, state, local or foreign law, that the Releasees may have, or in the future may possess, arising out of (i) the Executive’s employment relationship with and service as an employee, officer or
director of the Company or any subsidiaries or affiliated companies and the termination of such relationship or service and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof. It
is agreed and understood that the foregoing general release does not waive any of the following rights of the Company: (w) to enforce the terms of this Agreement; (x) to pursue claims arising from actions taken after the date hereof;
(y) to pursue compulsory counterclaims and defenses directly related to claims that the Executive has not waived pursuant to this Agreement; and (z) to pursue claims which the Company may not release pursuant to applicable laws and
regulations. 
 (d) No Assignment. The Executive and the Company represent and warrant that neither the Executive nor the
Company has assigned any of the Claims being released under this Agreement. The Company may assign this Agreement, in whole or in part, to any affiliated company or subsidiary of, or any successor in interest to, the Company; provided that no
such assignment shall relieve any Releasee of its obligations hereunder. 
 3. Proceedings. 

(a) General Agreement Relating to Proceedings. Neither the Executive nor the Company has filed, and except as provided in Sections
3(b) and 3(c), the Executive and the 
  

 EXHIBIT A-2 

 
Company agree not to initiate or cause to be initiated on his behalf, any complaint, charge, claim or proceeding against any Releasee or Releasor before any local, state or federal agency, court
or other body relating to the Executive’s employment or the termination of his employment, other than with respect to the obligations of the Company and the Executive to one another under the Employment Agreement (each, individually, a
“Proceeding”), and agree not to participate voluntarily in any Proceeding. The Executive and the Company waive any right they may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any
Proceeding. 
 (b) Proceedings Under ADEA. Section 3(a) shall not preclude the Executive from filing any complaint,
charge, claim or proceeding challenging the validity of the Executive’s waiver of Claims arising under ADEA (which is set forth in Section 2(c) of this Agreement). However, both the Executive and the Company confirm their belief that the
Executive’s waiver of claims under ADEA is valid and enforceable, and that their intention is that all claims under ADEA will be waived. 

(c) Certain Administrative Proceedings. In addition, Section 3(a) shall not preclude the Executive from filing a charge with
or participating in any administrative investigation or proceeding by the Equal Employment Opportunity Commission or another Fair Employment Practices agency. The Executive is, however, waiving his right to recover money in connection with any such
charge or investigation. The Executive is also waiving his right to recover money in connection with a charge filed by any other entity or individual, or by any federal, state or local agency. 

4. Remedies. In the event the Executive initiates or voluntarily participates in any Proceeding in violation of this Agreement, or
if he fails to abide by any of the terms of this Agreement or his post-termination obligations contained in the Employment Agreement, or if he revokes the ADEA release contained in Section 2(b) within the seven-day period provided under
Section 2(b), the Company may, in addition to any other remedies it may have, reclaim any amounts paid to him under the termination provisions of the Employment Agreement or terminate any benefits or payments that are subsequently due under the
Employment Agreement, without waiving the release granted herein. In the Event the Company initiates or voluntarily participates in any Proceeding in violation of this Agreement, the Executive shall be entitled to pursue all remedies available at
law and/or in equity. The Executive and the Company acknowledge and agree that the remedy at law available to the Company and the Executive for breach of any of his post-termination obligations under the Employment Agreement or his obligations under
Sections 2 and 3 herein would be inadequate and that damages flowing from such a breach may not readily be susceptible to measurement in monetary terms. Accordingly, the Executive and the Company acknowledge, consent and agree that, in addition to
any other rights or remedies that the Executive and the Company may have at law or in equity or as may otherwise be set forth in the Employment Agreement, the Executive and the Company shall be entitled to seek a temporary restraining order or a
preliminary or permanent injunction, or both, without bond or other security, restraining the Executive or the Company, as the case may be, 

 

 EXHIBIT A-3 

 
from breaching his or its post-termination obligations under the Employment Agreement or his or its obligations under Sections 2 and 3 herein. Such injunctive relief in any court shall be
available to the Executive and the Company, in lieu of, or prior to or pending determination in, any arbitration proceeding. 

The Executive understands that by entering into this Agreement he shall be limiting the availability of certain remedies that he may have
against the Company and limiting also his ability to pursue certain claims against the Company. 
 5. Severability
Clause. In the event that any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, shall be inoperative. 

6. Nonadmission, Nothing contained in this Agreement shall be deemed or construed as an admission of wrongdoing or
liability on the part of the Company or the Executive. 
 7. Governing Law and Forum. The Executive and the Company agree
that this Agreement and all matters or issues arising out of or relating to the Executive’s employment with the Company shall be governed by the laws of the State of Delaware applicable to contracts entered into and performed entirely therein.
Any action to enforce this Agreement shall be brought solely in the state or federal courts located in the City of Newcastle, Delaware. 

8. Notices. Notices under this Agreement must be given in writing, by personal delivery, regular mail or receipted email, at the
parties’ respective addresses shown on this Agreement (or any other address designated in writing by either party), with a copy, in the case of the Company, to the attention of Safenet General Counsel. Any notice given by regular mail shall be
deemed to have been given three days following such mailing. 
 THE EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT
AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL. 

 

 EXHIBIT A-4 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set
forth above. 
  

			
	COMPANY
		
	By:	 	  

			
	
	THE EXECUTIVE
	  

	Name:	 	  

			
	Address:	 	  

 

 EXHIBIT A-5Exhibit 10.16

 Exhibit 10.16 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this 12th day of April, 2007, (the
“Effective Date”) by and between SafeNet, Inc., a Delaware corporation (the “Company”) and Phil Saunders, an individual (the “Executive”). 

RECITALS 

THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: 

A. The Company desires that the Executive be employed by the Company to carry out the duties and responsibilities described below,
all on the terms and conditions set forth in this Agreement, which shall become effective as of the Effective Date. 
 B.
The Company and the Executive have entered into that certain Employment Agreement, dated October 17, 2006 (the “Prior Employment Agreement”), which, effective as of the Effective Date, shall be terminated and replaced in its
entirety by this Agreement. This Agreement shall govern the employment relationship between the Executive and the Company from and after the Effective Date and supersedes and negates all previous agreements with respect to such relationship,
including, without limitation, the Prior Employment Agreement. 
 C. The Company and the Executive either (i) have
entered into, or, (ii) consistent with discussions prior to the Effective Date, expect to enter into, a certain Option Assumption Agreement whereby the executive will receive options (the “Rollover Options”) to purchase common
units of Vector Stealth Holdings II, L.L.C. (“VSH”) (the “Units”). 
 NOW, THEREFORE,
in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as
follows: 
  

	1.	Retention and Duties. 

  

	1.1	Retention. The Company does hereby hire, engage and employ the Executive as Senior Vice President, Worldwide Sales and Customer Services on the terms and
conditions expressly set forth in this Agreement. The Executive does hereby accept and agree to such hiring, engagement and employment, on the terms and conditions expressly set forth in this Agreement. 

 

	1.2	Duties. During the Period of Employment, the Executive shall serve the Company and shall have such powers, duties and obligations consistent with such
position as the Company’s President shall reasonably determine from time to time. The Executive shall be subject to such reasonable directives of the President and the corporate policies of the Company as they are in effect from time to time
throughout the Period of Employment (as defined in Section 2) (including, without limitation, the Company’s business conduct and ethics policies, as they may change from time to time). 

 

	1.3	 No Other Employment; Minimum Time Commitment. During the Period of Employment, the Executive shall both (i) devote substantially all
of the Executive’s business time, energy and skill to the performance of the Executive’s duties for the Company, and (ii) hold no other employment. The Executive’s service on the boards of directors (or similar body) of other
business entities is subject to the approval of the Board. The Company shall have the right to require the Executive to resign from any board or similar body which he 

	 	 
may then serve if the Board reasonably determines in writing that the Executive’s service on such board or body interferes with the effective discharge of the Executive’s duties and
responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its affiliates, successors or assigns. 

 

	1.4	No Breach of Contract. The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the
Company and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound;
(ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or
carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this Agreement and the Confidentiality and Proprietary Information Agreement attached hereto (the
“Confidentiality Agreement”)) with any other person or entity. 

  

	1.5	Location. The Executive’s principal place of employment shall be the Company’s principal executive offices located in Belcamp, Maryland. The
Executive acknowledges that he may be required to travel from time to time in the course of performing his duties for the Company. 

  

	2.	Period of Employment. The Executive and the Company acknowledge that the executive shall be employed on an at-will basis and that either the Company or
the Executive may terminate the Executive’s employment at any time, for any reason or no reason, subject to the provisions set forth in Section 5. The period of time during which the Executive is employed by the Company shall be referred
to as the “Period of Employment.” 

  

	3.	Compensation. 

  

	3.1	Base Salary. The Executive’s base salary (the “Base Salary”) shall be paid in accordance with the Company’s regular payroll
practices in effect from time to time, but not less frequently than in monthly installments. The Executive’s Base Salary for the first twelve (12) months of the Period of Employment shall be at an annualized rate of Two Hundred Fifty
Thousand Dollars ($250,000). Thereafter, the Company will review the Executive’s Base Salary at least annually; however, in no event shall Executive’s Base Salary be substantially reduced by the Company. 

	3.2	Incentive Bonus. The Executive shall be entitled to annual incentive cash compensation (the “Incentive Bonus”) in a target amount of one
hundred percent (100%) of the applicable base salary if applicable Company performance objectives are achieved. Not later than within the first sixty days of each calendar year, the Company shall establish the performance goals based on the
Company’s reasonable expectations of the Company’s performance during the applicable calendar year. Such performance goals shall be predominately determinable by quantifiable measures. The Incentive Bonus shall be paid to the Executive
quarterly, with the final payment no later than ninety (90) days following the end of the calendar year. The performance goals, as well as the Incentive Bonus payout matrix for the 2007 calendar year are as set forth in Schedule A.

  

	3.3	 Equity Award. Executive shall be entitled to receive a grant of options or restricted stock (the “Equity Award”)
representing, as of the Effective Date, 1.17% of the Company equity upside. The terms of the Equity Award shall be documented pursuant to an equity award agreement. Subject to the Executive’s continued employment with the Company as of the
applicable vesting date, (i) 85.72% of the Equity Award will vest over a period of four (4) years, with 25% of such time-based portion to vest on the first anniversary of the Effective Date, and
 1/48 of such time-based portion to vest monthly
thereafter, and (ii) the remaining 14.28% of the Equity Award (such portion of the Equity Award, the “Equity Performance Award”) will be performance-based and will vest according the chart set forth in Schedule B, provided that any portion
of the Equity Performance Award which remains unvested as of the fifth anniversary of the Effective Date shall become fully vested on such date. 

 

	3.4	Transaction Bonus. Executive acknowledges receipt of the cash transaction bonus (the “Transaction Bonus”). For purposes of clarification,
payment of the Transaction Bonus constituted full satisfaction of the Executive’s previous right to the “Success Bonus” as referred to in Section 17(a) of the Prior Employment Agreement. 

 

	4.	Benefits. 

  

	4.1	Retirement, Welfare and Fringe Benefits. During the Period of Employment, the Executive shall be entitled to participate in all employee pension and
welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s executives and/or employees generally, in accordance with the eligibility and participation provisions of such plans and
as such plans or programs may be in effect from time to time. 

  

	4.2	Reimbursement of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties for the Company
under this Agreement and reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in connection with carrying out the Executive’s duties for the Company, subject to the Company’s expense
reimbursement policies in effect from time to time. 

  

	4.3	Vacation and Other Leave. During the Period of Employment, the Executive shall accrue and be entitled to take paid vacation in accordance with the
Company’s vacation policies for executives in effect from time to time, including the Company’s policies regarding vacation accruals. The Executive shall also be entitled to all other holiday and leave pay generally available to other
executives of the Company. 

	5.	Termination. 

  

	5.1	Termination by the Company. The Executive’s employment by the Company, and the Period of Employment, may be terminated at any time by the Company:
(i) with Cause (as defined in Section 5.5), or (ii) with no less than thirty (30) days advance notice to the Executive, without Cause, or (iii) in the event of the Executive’s death, or (iv) in the event that the
Board determines in good faith that the Executive has a Disability (as defined in Section 5.5). 

  

	5.2	Termination by the Executive. The Executive’s employment by the Company, and the Period of Employment, may be terminated by the Executive with no
less than thirty (30) days advance notice to the Company. 

  

	5.3	Benefits Upon Termination. If the Executive’s employment by the Company is terminated for any reason by the Company or by the Executive (the date
that the Executive’s employment by the Company terminates (following the conclusion of any notice period required hereunder) is referred to as the “Severance Date”), the Company shall have no further obligation to make or
provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows: 

(a) The Company shall pay the Executive (or, in the event of his death, the Executive’s estate) any Accrued Obligations (as defined
in Section 5.5); 
 (b) If, within the six (6) month period immediately following the Effective Date, the
Executive’s employment is terminated as a result of an Involuntary Termination, (as defined in Section 5.5), the Executive shall be entitled to receive, at the Executive’s election, either those benefits set forth in
Section 5.3(d) below, or the following severance benefits: 
 (i) The Company shall pay the Executive (in addition to the
Accrued Obligations), subject to tax withholding and other authorized deductions, an amount equal to two (2) times the sum of (x) the Executive’s Base Salary at the annual rate in effect on the Severance Date plus (y) the
Executive’s full target Incentive Bonus for the calendar year in which the Severance Date occurs. The Company shall pay such severance benefits to the Executive in equal installments on a bi-weekly basis over a period of twelve (12) months
following the Severance Date (the “Severance Period”). 
 (ii) The vesting of each outstanding option,
restricted stock award or other equity-based award granted by the Company to the Executive (including but not limited to the Equity Award herein granted) shall be automatically accelerated so that any portion or installment of such award scheduled
to vest at any future date, shall automatically vest as of the Severance Date. 
 (iii) The Company shall continue to make
available to the Executive, through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or otherwise, all group health, life and other similar insurance plans in which Executive participates on the Severance Date, and shall
pay the cost of the Executive’s COBRA premiums for a period of twelve (12) months, or until Executive earlier becomes eligible for substantially equivalent benefits as a result of any new employment. 

 In the event Executive chooses, pursuant to this Section 5.3(b) to
receive those severance benefits set forth in Section 5.3(b)(1) and (ii) above, VSH shall have the right (the “Repurchase Right”) (but not the obligation) to repurchase in one or more transactions, and the Executive (or
any subsequent transferee) shall be obligated to sell to VSH, any Units received by the Executive upon exercise of the Rollover Options, The price per Unit to be paid by VSH upon settlement of the Repurchase Right shall be equal to the lesser of
(a) the price paid by the Executive to exercise the Rollover Options and acquire such Units, or (b) the fair market value of a Unit determined as of the Severance Date, subject to any such adjustments as may be necessary to reflect any
changes in capitalization of VSH. If VSH elects to exercise its Repurchase Right, VSH must do so within 90 days following the Severance Date. 

(c) If, during the Period of Employment, but after the end of the six (6) month period following the Effective Date, the
Executive’s employment is terminated as a result of an Involuntary Termination, the Executive shall be entitled to the following benefits: 

(i) The Company shall pay the Executive (in addition to the Accrued Obligations), subject to tax withholding and other
authorized deductions, an amount equal to (x) nine (9) months of his Base Salary at the annual rate in effect on the Severance Date plus (y) seventy-five percent (75%) of the Executive’s target Incentive Bonus for the
calendar year in which the Severance Date occurs. The Company shall pay such severance benefits to the Executive in a lump sum payment to be made within fourteen (14) days from the Severance Date. 

(ii) The vesting of each outstanding option, restricted stock award or other equity-based award granted by the Company to
the Executive (including but not limited to the Equity Award herein granted) shall be automatically accelerated so that any portion or installment of such award scheduled to vest at any time during the six (6) month period following the
Severance Date shall automatically vest as of the Severance Date. Any portion of such award that does not vest after giving effect to the foregoing sentence shall terminate as of the Severance Date. 

(iii) The Company shall continue to make available to the Executive, through the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”) or otherwise, all group health, life and other similar insurance plans in which Executive participates on the Severance Date, and shall pay the cost of the Executive’s COBRA premiums for a period of
six (6) months, or until Executive earlier becomes eligible for substantially equivalent benefits as a result of any new employment. 

(d) If a Change of Control occurs and, during the Period of Employment, the Executive’s employment is terminated as a result of an
Involuntary Termination upon or within six (6) months following the date of such Change of Control, the Executive shall be entitled to the same benefits set forth in Section 5.3(c), except that: (i) the reference to “nine
(9) months of his Base Salary” in 5.3(c)(i) shall be changed to “one times his Base Salary”; (ii) the reference to “seventy-five percent (75%)” in 5.3(c)(1) shall be changed to 100%; and (iii) to the extent
that the Change of Control is as a result of an IPO and Vector does not control the surviving entity, the vesting of each outstanding option, restricted stock award or other equity 

 
based award granted by the Company to the Executive (including but not limited to the Equity Award herein granted) shall be automatically accelerated so that any portion or installment of such
award scheduled to vest at any future date shall automatically vest as of the Severance date; and (iv) in the event of an Involuntary Termination within six months of a Change of Control other than a Change of Control described in
Section 5.3(d)(iii) above, the vesting of each outstanding option, restricted stock award or other equity based award granted by the Company to the Executive shall be automatically accelerated so that any portion or installment of such award
scheduled to vest shall immediately vest to the extent of the greater of (A) sixty percent (60%) of the unvested options as of the termination, or (B) the equivalent of twelve (12) months of additional vesting from the date of
termination. 
 In no event will the Executive be entitled to benefits under both Section 5.3(c) and this
Section 5.3(d). 
 (e) Notwithstanding the foregoing provisions of this Section 5.3, if the Executive breaches his
obligations under the Confidentiality Agreement at any time, from and after the date of such breach, (x) the Executive wilt no longer be entitled to, and the Company will no longer be obligated to pay, any remaining unpaid severance benefits
otherwise payable pursuant to this Section 5.3 (other than the Accrued Obligations), and (y) the Executive will no longer be entitled to, and the Company will no longer be obligated to make available to Executive or Executive’s spouse
or dependents any group health, life or other similar insurance plans or any payment in respect of such plans. 
 The foregoing
provisions of this Section 5.3 shall not affect: (i) the Executive’s receipt of benefits otherwise due terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan;
(ii) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance coverage; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the
Company’s 401(k) plan (if any). 
  

	5.4	Release; Exclusive Remedy. 

(a) This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any option or other equity-based award
agreement to the contrary. As a condition precedent to any Company obligation to the Executive pursuant to Sections 5.3(b)-(d) or any other obligation to accelerate vesting of any equity-based award in connection with the termination of the
Executive’s employment, the Executive shall, upon or promptly following his last day of employment with the Company, provide the Company with a valid, executed general release agreement in the form attached hereto as Exhibit C (the
“Release”), and such release agreement shall have not been revoked by the Executive pursuant to any revocation rights afforded by applicable law. The Company shall have no obligation to make any payment to the Executive pursuant to
Sections 5.3(b)-(d) (or otherwise accelerate the vesting of any equity-based award in the circumstances as otherwise contemplated by the applicable award agreement) unless and until the Release contemplated by this Section 5.4 becomes
irrevocable by the Executive in accordance with all applicable laws, rules and regulations. 
 (b) As described with
particularity in the Release, the Executive agrees that the payments and benefits contemplated by Section 5.3 (and any applicable acceleration of vesting of an equity-based award in accordance with the terms of such award in connection with the

 
termination of the Executive’s employment) shall constitute the exclusive and sole remedy for any termination of his employment and the Executive covenants not to assert or pursue any other
remedies, at law or in equity, with respect to any termination of employment. The Company and Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under this Agreement. All amounts paid to the Executive pursuant
to Section 5.3 shall be paid without regard to whether the Executive has taken or takes actions to mitigate damages. 
  

	5.5	Certain Defined Terms. 

(a) As used herein, “Accrued Obligations” means: 

(i) any Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the
Severance Date; and 
 (ii) any Incentive Bonus payable pursuant to Section 3.2 with respect to any calendar
year in the Period of Employment preceding the calendar year in which the Severance Date occurs to the extent earned by but not previously paid to the Executive; and 

(iii) any reimbursement due to the Executive pursuant to Section 4.2 for expenses incurred by the Executive on or
before the Severance Date. 
 (b) As used herein, “Cause” shall mean, as reasonably determined by the Board
(excluding the Executive, if he is then a member of the Board), (i) the Executive’s willful, repeated or grossly negligent failure to perform his duties hereunder or to comply with any reasonable or proper direction given by or on behalf
of the Company’s President which failure remains uncured for greater than ten (10) business days after Executive’s receipt of formal written notice of such failure; (ii) the Executive’s conviction of, or plea of guilty or no
contest to, a felony or other crime involving moral turpitude; (iv) the Executive’s being found guilty of, or pleading no contest to, any act of fraud, theft or dishonesty, or any intentional tort against the Company; or (v) the
Executive’s violation of any of the material terms, covenants, representations or warranties contained in this Agreement, which violation remains uncured for greater than ten (10) business days after Executive’s receipt of formal
written notice of such violation. 
 (c) As used herein, “Constructive Termination” shall mean a resignation by
the Executive within ninety (90) days after the occurrence of any of the following without the Executive’s express written consent: (i) a substantial diminution in the Executive’s duties and/or responsibilities (including but not
limited to a diminution in title, or a significant adverse change in reporting structure); (ii) relocation of either Executive’s office or the Company’s Headquarters greater than fifty (50) miles from their current locations;
(iii) the Company’s continued failure or refusal to perform its obligations hereunder (including but not limited to payment of all compensation due hereunder in full when due) following ten (10) days written notice to such effect; or
(iv) Executive’s total cash compensation for any calendar year is less than his total cash compensation for the prior calendar year. 

(d) As used herein, “Involuntary Termination” shall mean a Constructive Termination or a termination of the Executive by
the Company without Cause. For purposes of clarity, the term Involuntary Termination does not include a termination of the Executive’s employment due to the Executive’s death or Disability. 

 (e) As used herein, “Disability” shall mean a physical or mental impairment
which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than
180 days in any 12-month period, unless a longer period is required by federal or state law, in which case that longer period would apply. 

(f) As used herein, “Change in Control” means any of the following: 

(i) Approval by stockholders of the Company (or, if no stockholder approval is required, by the Board alone) of the complete dissolution
or liquidation of the Company, other than in the context of a Business Combination that does not constitute a Change in Control under paragraph (c) below; 

(ii) The acquisition by 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 (the Exchange Act”) (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding shares of common
stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that, for purposes of this paragraph (b), the following acquisitions shall not constitute a Change in Control; (A) any acquisition directly from the Company, (B) any acquisition by the
Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliate or a successor, (D) any acquisition by any entity pursuant to a Business Combination, (E) any
acquisition by a Person described in and satisfying the conditions of Rule 13 d-1(b) promulgated under the Exchange Act, or (F) any acquisition by a Person who is the beneficial owner (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of the Outstanding Company Common Stock and/or the Outstanding Company Voting Securities on the Effective Date (or an affiliate, heir, descendant, or related party of or to such Person); 

(iii) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the
Company or any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), a sale or other disposition of all or substantially all
of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or
substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,

 
directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s
assets directly or through one or more subsidiaries (a “Parent”)), and (2) no Person (excluding any individual or entity described in clauses (C), (E) or (F) of paragraph (b) above) beneficially owns (within the meaning
of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 50% existed prior to the Business Combination; 

provided, however, that (i) any acquisition of the securities of the Company by any entity affiliated with Vector Capital (the
“Vector Entities”), any Person(s) who manages any of the Vector Entities, including, without limitation, their respective limited, special and general partners (collectively, the “Managers”), or any fund or funds managed
by any of the Managers shall not constitute a Change in Control, (ii) no transaction shall constitute a Change in Control if, following such transaction, the Vector Entities remain the largest stockholder of the surviving entity and no other
entity is entitled to greater representation on the Board of Directors of such Surviving entity, and (iii) a transaction shall not constitute a Change in Control if it is in connection with the underwritten public offering of the securities of
the Company. For clarification, the Merger shall not constitute a Change in Control. 
  

	5.6.	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of
termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination. 

	5.7	Excise Tax. In the event the Executive becomes entitled to, and elects to receive, those severance payments set forth in Sections 5.3(b)(1) and (ii), and
in the event any portion of such payments constitutes a parachute payment within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) and is subject to the excise tax imposed by
Section 4999 of the Code, or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax together with any such interest and penalties are hereinafter collectively referred to as the “Excise
Tax”) the Company will make an additional payment (a “Gross-Up Payment”) to the Executive in an amount such that, after payment by the Executive of all taxes (including, any interest or penalties imposed with respect to such
taxes) including, without limitation, any federal, state or local income and employment taxes and the Excise Tax imposed upon the Gross-Up Payment, the Executive will retain an amount of the Gross-Up Payment equal to the Excise Tax imposed on the
Payment. The Gross-Up Payment, if any, will be paid pursuant to the terms of Section 17(e) of the Prior Employment Agreement. 

  

	6.	Non-Compete; Anti-Solicitation: Inventions and Developments: Trade Secrets. 

 

	6.1	Noncompetition. 

(a) The Executive acknowledges that the nature of the Company’s business and Executive’s position with the Company is such that
if the Executive were to become employed by, or substantially involved in, the business of a competitor of the Company during the six (6) months following Severance Date (the “Restricted Period”), it would be very difficult for
the Executive not to rely on or use the Company’s trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company’s trade secrets and confidential information, and to protect such trade secrets and
confidential information and the Company’s relationships and goodwill with customers, the Executive agrees that, except in accordance with his duties under this Agreement on behalf of the Company, he will not, during his employment, or during
the Restricted Period, participate in, be employed in any capacity by, serve as director, consultant, agent or representative for, or have any interest, directly or indirectly, in any enterprise which competes directly with any of the Company’s
significant businesses in any significant way. In addition, the Executive agrees that, during the Restricted Period, the Executive shall not own, either directly or indirectly or through or in conjunction with one or more members of his or his
spouse’s family or through any trust or other contractual arrangement, a greater than five percent (5%) interest in, or otherwise control either directly or indirectly, any partnership, corporation, or other entity which is engaged in the
digital encryption business. Executive further agrees, during the Restricted Period, to refrain from directly or indirectly soliciting Company’s vendors, customers (or potential customers who were solicited by the Company within nine
(9) months prior to the Severance Date and whose identity became known to the Executive in connection with his relationship with or employment by the Company) or employees. 

 

	6.2	 Assignment of Patents. Executive shall disclose fully to the Company any and all discoveries he shall make and any and all ideas,
concepts or inventions which he shall conceive or make during his period of employment, or during the Restricted Period and which, in whole or in part, are the result of his work with the Company. Such disclosure is to be made promptly after each
discovery or conception, and the discovery, idea concept or invention will become and remain the property of the Company, whether or not patent 

	 	 
applications are filed thereon. Upon request and at the expense of the Company, the Executive shall make application through the patent solicitors of the Company for letters patent of the United
States and any and all other countries at the discretion of the company on such discoveries, ideas and inventions, and to assign all such applications to the Company, or at its order, forthwith, without additional payment by the Company during his
period of employment and for reasonable compensation for time actually spent by the Executive at such work at the request of the Company after the termination of the employment. He is to give the Company, its attorneys and solicitors, all reasonable
assistance in preparing and prosecuting such applications and, on request of the Company, to execute all papers and do all things that may be reasonably necessary to protect the right of the Company and vest in it or its assigns the discoveries,
ideas or inventions, applications and letters patent herein contemplated. Such cooperation shall also include all actions reasonably necessary to aid the Company in the defense of its rights in the event of litigation. 

 

	6.3	Trade Secrets. In the course of the term of this Agreement, it is anticipated that the Executive shall have access to secret or confidential technical and
commercial information, records, data specifications, systems, methods, plans, policies, inventions, material and other knowledge (“Confidential Material” ) owned by the Company and its subsidiaries. The Executive recognizes and
acknowledges that included within the Confidential Material are the Company’s confidential commercial information, technology, methods of manufacture, designs, and any computer programs, source codes, object codes, executable codes and related
materials, all as they may exist from time to time, and that they are valuable special and unique aspects of the Company’s business. All such Confidential Material shall be and remain the property of the Company. Except as required by his
duties to the Company, the Executive shall not, directly or indirectly, either during the term of his employment or at any time thereafter, disclose or disseminate to anyone or make use of, for any purpose whatsoever, any Confidential Material. Upon
termination of his employment, the Executive shall promptly deliver to the Company all Confidential Material (including all copies thereof, whether prepared by the Executive or others) that is in the possession or under the control of the Executive.
The Executive shall not be deemed to have breached this Section 6 if the Executive shall be specifically compelled by lawful order of any judicial, legislative, or administrative authority or body to disclose any confidential material.

  

	6.4	Remedy for Breach. The Executive hereby agrees that damages and any other remedy available at law would be inadequate to redress or remedy any loss or
damage suffered by the Company upon any breach of the terms of Section 6 by the Executive, and the Executive therefore agrees that the Company, in addition to recovering, on any claim for damages or obtaining any other remedy available at law,
also may enforce the terms of Section 6 by injunction or specific performance, and may obtain any other appropriate remedy available in equity. The Executive further agrees that the Restricted Period shall be extended by the same amount of time
that Executive is in breach of any provision of Section 6. 

  

	7.	Withholding Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from
any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

	8.	Assignment. This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder; provided, however, that in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or
entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

  

	9.	Number and Gender. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include
all other genders. 

  

	10.	Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof. 

  

	11.	Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement, as well as the legal relations
hereby created between the parties hereto, shall be governed by and construed under, and interpreted and enforced in accordance with, the laws of the State of Delaware, notwithstanding any Delaware or other conflict of law provision to the contrary.

  

	12.	Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

 

	13.	Entire Agreement. This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope. This Agreement supersedes
all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof (including, without limitation, the Prior Employment Agreement). Any prior negotiations, correspondence, agreements,
proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be
deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein. 

 

	14.	Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto. 

  

	15.	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have
granted such waiver. 

	16.	Arbitration. Any controversy arising out of or relating to the Executive’s employment (whether or not before or after the expiration of the Period of
Employment), any termination of the Executive’s employment, this Agreement, any agreement evidencing the Option, the enforcement or interpretation of any of such agreements, or because of an alleged breach, default, or misrepresentation in
connection with any of the provisions of any such agreement, including (without limitation) any state or federal statutory claims, shall be submitted to arbitration in Newcastle County, Delaware, before a sole arbitrator selected from Judicial
Arbitration and Mediation Services, Inc. or its successor (“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association; provided, however, that
provisional injunctive relief may, but need not, be sought in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the
arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. 

The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim
brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with any of the matters referenced in the first sentence of the first paragraph of this Section 16. 

The parties agree that the Company shall be responsible for payment of the forum costs of any arbitration hereunder, including the
arbitrator’s fee. The parties further agree that in any proceeding with respect to such matters, the prevailing party will be entitled to recover its reasonable attorney’s fees and costs from the non-prevailing party (other than forum
costs associated with the arbitration which in any event shall be paid by the Company). 
 Without limiting the remedies
available to the parties and notwithstanding the foregoing provisions of this Section 16, the Executive and the Company acknowledge that any breach of any of the covenants or provisions contained in the Confidentiality Agreement could result in
irreparable injury to either of the parties hereto for which there might be no adequate remedy at law, and that, in the event of such a breach or threat thereof, the non-breaching party shall be entitled to obtain a temporary restraining order
and/or a preliminary injunction and a permanent injunction restraining the other party hereto from engaging in any activities prohibited by any covenant or provision in the Confidentiality Agreement or such other equitable relief as may be required
to enforce specifically any of the covenants or provisions of the Confidentiality Agreement. 
  

	17.	Notices. 

 (a) All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt
therefore, or (iii) sent by registered or certified mail, postage prepaid, return receipt requested. Any notice shall be duly addressed to the parties as follows: 

(i) if to the Company: 

Kevin Hicks 

4690 Millennium Drive 

Belcamp, MD 21017 

 with a copy to: 

Steve L. Camahort, Esq. 

O’Melveny & Myers LLP 

275 Battery Street, Suite 2600 

San Francisco, CA 94111 

(ii) if to the Executive, to his most recent address on file, with a copy to: 

Mitchell Schuster 

Meister Seelig Fein, LLP 

140 East
45th St., 19th Fl. 

New York, NY 10017 

(212)655-3500 

(b) Any party may alter the address to which communications or copies are to be sent by giving notice of such change of address in
conformity with the provisions of this Section 17 for the giving of notice. Any communication shall be effective when delivered by hand, when otherwise delivered against receipt therefore, or five (5) business days after being mailed in
accordance with the foregoing. 
  

	18.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

  

	19.	Legal Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the
opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior
to entering into this Agreement and has had ample opportunity to do so. 

 [The remainder of this page has
intentionally been left blank.] 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of
the date hereof. 
  

			
	SAFENET, INC.
		
	By:	 	 /s/ Chris Fedde

	Name:	 	  

	Title:	 	  

	
	“EXECUTIVE”
	
	 /s/ Phil Saunders

	Phil Saunders

 SCHEDULE A 

PHIL SAUNDERS 

2007 INCENTIVE BONUS PERFORMANCE FACTORS AND
PAYOUT MATRIX 
 (To be reviewed annually by the Board) 

1. Target Bonus = 100% of Base Salary 
 2.
Performance Factor Chart 
  

						
	 Portion of Target Bonus tied

to Performance Factor

(“Target Bonus Portion”)
	 	 Performance Factor
	  	 Performance Factor Target

	 75%
	 	Revenue	  	$	323 M
	 25%
	 	Adjusted EBITDA (excluding public company and option investigation expenses)	  	$	73.4 M

 3. Accelerator Payout Matrix

  

			
	 % achievement of Performance Factor (1)
	 	 % payout of Target Bonus Portion

	<90%	 	0%
	90%-100%	 	Linear from 90% to 100%
	100%	 	100%
	> 100%:(100 + x)%	 	(100 + 5x)%

  

	(1)	includes a maximum of 105% of the forecasted KIV-7M as set forth in the Company’s annual plan 

 SCHEDULE B 

PHIL SAUNDERS 

Equity Award Vesting Chart 
  

					
	 % of Equity Award
vesting upon achievement
of
Performance Target
	 	 Performance Target

	7.14%	 	•	 	CY2007 Revenue (1): $323 M; and
			
		 	•	 	CY2007 Adjusted EBITDA (excluding public company and option investigation expenses): $73.4 M
			
	7.14%	 	•	 	CY2008 Revenue (1): [$*] M; and
			
		 	•	 	CY2008 Adjusted EBITDA (excluding public company and option investigation expenses): [$*]M

 

	*	To be assigned by the Board of Directors

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]