Document:

Executive Confidentiality

 Exhibit 10.31 
 EXECUTIVE CONFIDENTIALITY, NON-SOLICITATION, NON-COMPETITION, 
 INTELLECTUAL PROPERTY RIGHTS, AND
CODE OF CONDUCT AGREEMENT 
  

	1.	This Confidentiality, Non-Solicitation, Non-Competition, Intellectual Property Rights and Code of Conduct Agreement (“Agreement”) between the Employee described below
(“You”, “Your”, or “Employee”) and Entrust sets forth certain of your obligations respecting your employment with the Entrust entity set forth in your employment offer/confirmation letter (“Employment
Letter”). 

  

	2.	As used in this Agreement, “Entrust” and/or “Company” shall mean Entrust, Inc. and all direct and indirect subsidiaries, affiliates, related and/or associated
companies, and all successors and assigns of all of the foregoing. 

  

	3.	You acknowledge that you are under no obligation to anyone, including a former employer, which is an impediment to Your entering into this Agreement or which imposes any
restrictions on the activities or duties that may be assigned to You from time to time by the Company. 

  

	4.	If, during the term of this agreement, or any renewal hereof, you should: 

  

	 	a.	Conceive or make any invention or discovery, whether patentable or not; 

  

	 	b.	Become the author of any design capable of being protected as an industrial design, design patent or other design protection; 

  

	 	c.	Become the author of any work in which copyright may exist; 

  

	 	d.	Develop any confidential information which may be capable of being protected as a trade secret; 

 and if such invention, discovery, design, work or confidential information relates in any way to the business of Entrust or any affiliated entity, such
invention, discovery, industrial design, work or confidential information shall be the sole and exclusive property of Entrust or any affiliated entity. You agree during the term of this employment with Entrust and thereafter to promptly disclose to
Entrust all details and information related thereto and to execute on demand any applications, transfers, assignments, moral rights waivers and other documents as Entrust may consider necessary or advisable for the purpose of vesting in Entrust or
its designate full title to and enjoyment of such invention, discovery, industrial design, work or confidential information, and to assist in every way possible in the prosecution of applications for the registration of intellectual property rights
relating thereto. 
  

	5.      a.      	You agree to hold in strict confidence the business and affairs of Entrust, its affiliates and their respective customer/clients. You agree that during the term of this agreement or
any renewal thereof or at any time thereafter, that you will not directly or indirectly disclose to any third party or use for any other purpose than that of Entrust, the following: 

  

	 	i.	Information disclosed to you by or on behalf of a customer/client prospective customer/client; 

  

	 	ii.	Information respecting the identity of any customer/client of Entrust; 

  

	 	iii.	Information otherwise disclosed to Entrust on a confidential basis by third parties; 

  

	 	iv.	Information disclosed to you with respect to technical requirements, pricing or timing of any contracts; 

  

 Confidentiality, Non-Solicitation, Non-Competition, And Code Of Conduct Agreement

	 	v.	Information disclosed to you with respect to Entrust’s techniques, programs, present or contemplated developments, trade secrets or marketing strategies; and

  

	 	vi.	Information otherwise identified to you as confidential information of Entrust. 

  

	 	b.	Your obligations of confidence described above include, without limiting the generality of the foregoing: 

  

	 	i.	Taking every reasonable step to prevent third parties from examining and/or making copies of any documents or papers (whether in electronic or hard copy form) prepared by you or
that come into your possession or under your control by reason of your employment hereunder; 

  

	 	ii.	Using your best efforts to follow all security policies of Entrust, and 

  

	 	iii.	Upon termination of this agreement, turning over to Entrust all documents or papers (whether in electronic or hard copy form) and any other materials in your possession or under
your control that relate to the business of Entrust or its customers/clients. 

  

	 	c.	Your obligations of confidence described above do not apply to information which is 

  

	 	i.	available to the public other than by breach of obligations of confidence owed by you; 

  

	 	ii.	rightfully received by you, outside of the course of your employment, from a third party without confidentiality limitations; 

  

	 	iii.	independently developed by you without recourse to any confidential information of Entrust or its customers/clients; or 

  

	 	iv.	known to you prior to first receipt of the same in the course of your employment. 

 The mingling of confidential information with information that falls within one or more of the exceptions above shall not impair the status of, or obligations of confidence and non-use respecting, the confidential
parts. 
  

	 	d.	You acknowledge that you have a fiduciary obligation to Entrust and you agree that you will not during your employment with Entrust or within 12 months thereafter, directly or
indirectly: 

  

	 	i.	attempt to obtain the withdrawal from Entrust or its affiliates of any of their respective employees; 

  

	 	ii.	hire any employee of Entrust or its affiliates. 

  

	 	iii.	approach or solicit any customer/client, potential customer/client or maturing business opportunity of Entrust or its affiliates in order to attempt to direct any such
customer/client, potential customer/client or maturing business opportunity away from Entrust or its affiliates; 

  

	 	iv.	service or deal with any customer/client, potential customer/client or maturing business opportunity of Entrust or its affiliates in order to attempt to direct any such
customer/client, potential customer/client or maturing business opportunity away from Entrust or its affiliates; 

  

 Conflict of Interest Agreement – For Use with U.S. Employees 

	 	v.	solicit or divert any business away from Entrust or its affiliates; 

  

	 	vi.	induce or persuade any customer/client, potential customer/client, supplier, agent or other person under contract or otherwise associated or doing business with Entrust or its
affiliates to reduce or alter any such association or business with Entrust or its affiliates; or 

  

	 	vii.	otherwise interfere or attempt to interfere with any of the contractual, business or economic relationships of Entrust or its affiliates with other parties.

 For the purpose of this paragraph (d) the definition of customer/client, potential customer/client, maturing business
opportunity, supplier and agent shall include only those parties with whom you have had dealings by virtue of your employment relationship herein within the preceding 12 months. 
  

	 	e.	You agree that you will not either: 

  

	 	i.	during your employment with Entrust; or 

  

	 	ii.	within 12 months thereafter 

 serve as an executive,
officer, director, employee or in any advisory capacity with any Entrust Competitor. In this context, Entrust Competitors means those companies and businesses listed in Schedule A attached, including any and all related companies operating under any
name whatsoever. 
  

	 	f.	If a court of competent jurisdiction would otherwise declare any portions of this paragraph void or unenforceable in the circumstances, such portions of this paragraph shall be
reduced in scope, territory and/or duration of time to such an extent that such court would hold the same to be enforceable in the circumstances. The portions of this paragraph with respect to scope, territory and duration shall be separate and
distinct and fully severable without affecting the enforceability of the entire paragraph. 

  

	 	g.	You acknowledge that a breach of any of the foregoing provisions will give rise to irreparable harm and injury non-compensable in damages. Accordingly, Entrust or such other party
may seek and obtain injunctive relief against the breach or threatened breach of the foregoing provisions, in addition to any other legal remedies which may be available. You further acknowledge and agree that the enforcement of a remedy hereunder
by way of injunction will not prevent you from earning a reasonable livelihood. You further acknowledge and agree that the covenants contained herein are necessary for the protection of Entrust’s legitimate business interests and are reasonable
in scope and content. 

  

	 	h.	The provisions of this paragraph shall survive the termination of the employment relationship herein and shall be enforceable notwithstanding the existence of any claim or cause of
action by you against Entrust whether predicated upon this agreement or otherwise. 

  

	6.	This Agreement shall supersede any and all previous oral or written communications, discussions or agreements between You and the Company relating to the general subject matter
addressed herein. 

  

	7.	You shall at any time during and subsequent to Your employment with the Company reaffirm this Agreement or execute such further or other agreements with respect to the general
subject matter addressed herein as the Company, or an affiliate company may from time to time require. 

  

 Conflict of Interest Agreement – For Use with U.S. Employees 
 - 3 - 

	8.	In the event that Your employment by the Company is succeeded by employment with an affiliate company, the terms of this Agreement apply until an agreement relating to this subject
matter is signed with the affiliate company, and if You do not execute an agreement with such affiliate company relating to this subject matter, terms identical to those set forth in this Agreement shall apply immediately in favor of such affiliate
company upon commencement of Your employment and until such agreement is executed with such affiliate company. 

  

	9.	You expressly acknowledge that You have received and read the Entrust Code of Conduct (including the Insider Trading Policy and Foreign Corrupt Practices Act Policy) and You will
abide by the rules and guidelines set forth in these documents, as may be updated by Entrust from time to time by posting such changes to the Corporate Governance section of the Entrust web site. 

  

	10.	This Agreement shall be governed by the same laws as the governing jurisdiction set forth in your Employment Letter. If no governing jurisdiction is set forth, it shall be governed
by the laws of the Province of Ontario, and the Federal Laws of Canada applicable therein if you are a resident of Canada at the time that you received the Employment Letter; otherwise, this Agreement shall be governed by the laws of the State of
Texas, United States. 

 Agreed this 11th day of November, 2004. 
  

					
			
	 Peter J. Bello
	 		 	 /s/ Peter J. Bello

	 Employee name (print)
	 		 	 Employee signature

 THIS AGREEMENT SHALL BE DEEMED TO BE ACCEPTED BY ENTRUST UPON ITS EXECUTION AND RETURN BY YOU TO THE ENTRUST
HUMAN RESOURCES DEPARTMENT, PROVIDED THAT IT HAS NOT BEEN MODIFIED BY YOU FROM THE FORM SUPPLIED TO YOU. 
  

 Conflict of Interest Agreement – For Use with U.S. Employees 
 - 4 - 

 Schedule A 
 RSA, 
 Netegrity, 
 Microsoft, 
 Oblix, 
 Verisign, 
 Tumbleweed, 
 Ciphertrust, 
 Northrop Grumman 
 IBM 
  

 Conflict of Interest Agreement – For Use with U.S. Employees 
 - 5 -Hans Ydema 2006 Sales Compensation  Plan

 Exhibit 10.32 
 Entrust 
 2006 HANS YDEMA SALES COMPENSATION
PLAN OUTLINE 
 (“PLAN”) 
 PLAN PARTICIPANT 
 Hans Ydema, Senior
Vice President, EMEA Sales 
  

			
	Territory –	 	Europe; including England, Scotland, Wales, Northern Ireland, Ireland, Greenland, Denmark, Iceland, Norway, Finland, Sweden, Continental Europe, Africa and the Middle East.

 Applicability Period January 1, 2006 to December 31, 2006. 
 COMMISSIONS 
 Subject to the terms of this plan (“Plan”),
there are two commissions for which you are eligible: 
  

	(1)	Commissions on account of Commissionable Product Revenue and Support Bookings; and 

  

	(2)	Commissions on account of Commissionable Professional Services Revenue. 

 The basis upon which such commissions will be calculated and your sales objectives are set out in Schedule A attached hereto and incorporated herein. 
 ADDITIONAL TERMS 
  

	 	1.	This Plan applies only to sales that close in the Applicability Period. You are only eligible to receive the commissions and bonuses set out in this Plan for Qualified Sales if:

 (a) the revenue payable to the Company in relation to a Qualified Sale is timely collected while you are Actively Engaged
(i.e., while commission payment is made on recognized revenue, commissions are not earned until payment is collected from the customer); and 
 (b) you were Actively Engaged at the time that the pertinent revenue was recognized by the Company. 
 In the context of this Plan,
“Actively Engaged” means that your current position as managing director (Geschäftsführer) of Entrust, GmbH and your appointment as an officer of Entrust, Inc. has not ended. For greater certainty, you are not entitled to receive
any commissions or bonuses for any revenue recognized by the Company or collected by the Company after you cease to be Actively Engaged. In this context, You are “Actively Engaged” if you have not given notice to the Company of your
resignation or intent to resign, and you have not received from Company written notice of termination of your managing director service contract (regardless of the sufficiency of any such notice of termination). You cease to be Actively Engaged as
of the date (i) that the Company receives 

  

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 Entrust 
 2006 HANS YDEMA SALES COMPENSATION PLAN OUTLINE 
 (“PLAN”) 
  

 
notice of resignation or intent to resign, or (ii) that Company provides written notice to You of Your termination (regardless of the sufficiency of any
such Notice of Termination). 
  

	 	2.	Commissions will normally be paid on the next scheduled pay date which falls after 45 days following the end of quarter in which the revenue was recognized.

  

	 	3.	You need to report any potential error within 90 days of receipt of the relevant statement or payment, whichever is later, failing which the commissions will be deemed to be
properly paid and the Company will not be required to make any adjustment. 

  

	 	4.	In spite of paragraph 2 above, the Company may, in its sole discretion, pay commissions and bonuses in advance in expectation of collection and/or recognition, as applicable. If it
turns out that payment is not made within a timely manner by a customer, then the Company is entitled to set off such commissions and bonuses against future commissions or other payments due to you, or alternatively (at the Company’s option)
demand repayment by you. 

  

	 	5.	This plan has been approved of by the compensation committee of the Board of Directors of Entrust, Inc. The Sales Compensation Committee (SCC) is a committee of the management of
the company comprised of the CFO and the CGO. The purpose of the committee is to ensure consistent application of this Plan and resolve issues, ambiguities, address exceptional conditions that arise. The SCC or its delegate in Sales Operations shall
be responsible for the implementation and ongoing administration of this Plan. Any questions arising from the administration or interpretation of this Plan are subject to the determination of the SCC. The CFO will interpret what constitutes revenue
recognition, what constitutes standard sales practices, how a sale is attributed to any territory, and what constitutes Recognized Revenue. You expressly acknowledge that the SCC may refuse to include in commission calculations for any revenue
recognized for the sale that does not conform to the Company’s standard sales practice. For example, the SCC may not pay commissions on transactions with non-standard pricing or non-standard terms and conditions. In order to help You with
interpretation of this Plan, the SCC may from time to time issue short interpretation bulletins. 

  

	 	6.	The SCC may amend or discontinue this Plan at any time with respect to future commissions, incentives or awards with notice to You; however, any incentives or awards earned up to
the date of modification or termination will be distributed in accordance with the Plan provisions at the time they were earned. Amendment to this Plan must be in a document approved of by the SCC and signed by the Company’s CFO, CEO, or CGO.

  

	 	7.	Nothing in the Plan shall be interpreted as giving you the right to be retained as an employee of the Company, or of limiting the Company’s rights to control or terminate your
managing director service contract at any time in the course of its business. 

  

	 	8.	The terms of this Plan will be governed by the laws of the jurisdiction that governs your managing director service contract. If any provision of this Plan is held by a court of
competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and effect. 

  

 Page 2 

 Entrust 
 2006 HANS YDEMA SALES COMPENSATION PLAN OUTLINE 
 (“PLAN”) 
  

	 	9.	In accepting this Plan, You agree to be bound by this Plan. You agree that sales plans are common practice in the software industry and it is common practice to modify sales plans
from time to time. Finally, you acknowledge that you have had an opportunity to review this Plan with a lawyer. 

  

	 	10.	All references to currency in this Plan are in US dollars. Commission payment will be paid at a fixed conversion rate for each local payroll currency. The Company will set the
conversion rate in its sole discretion. 

  

	 	11.	To become eligible for compensation under this Plan, you must deliver your acceptance to Sales Operations in the manner directed by Sales Operations. 

  

	 	12.	For individual transactions that exceed USD $2,000,000, commission on the first $2,000,000 of revenue recognized from the transaction will be paid according to the usual SCP
provisions. Payment on transaction revenue over $2,000,000 is subject to review by the SCC and the amount and timing of the commission to be paid will be at the sole discretion of the SCC. This term is not intended as a cap on desired transaction
size or sales earnings; but rather, a safeguard to ensure that unforeseen circumstances do not negatively affect the company. 

  

	 	13.	In spite of anything to the contrary in this Plan, if at the time that you cease to be Actively Engaged, commissions have been paid or prepaid to you and the corresponding revenue
has not been recognized and collected by the Company, then such commissions and/or sales bonuses shall be deemed to have been overpaid (“Commission Overpayments”). Any payments that may be due to you, including, but not limited to,
commissions, recoverable draws, salaries, bonuses, termination payments, severance payments, payments in lieu of notice, and/or expense reimbursements, may be withheld and set off against Commission Overpayments. Any Commission Overpayments
remaining after any such set offs shall be due and payable by you to the Company as of the date that you ceased to be Actively Engaged. However, the Company may withhold any commissions and/or bonus that may be due upon You ceasing to be Actively
Engaged for up to one hundred and twenty (120) days after such cessation date to allow the Company to make any necessary adjustments to your commissions due to changes in any previously recognized sale or license that may occur after you ceased
to be Actively Engaged. The Company may further withhold commissions until you have submitted to the Company a summary of all business expenses for which you are seeking reimbursement, and proof that all outstanding charges on any corporate credit
cards have been paid. The Company may also deduct from any commissions that may be owing to you any charges for expenses that have been charged against corporate credit cards and that have not been paid by You. 

  

 Page 3 

 Entrust 
 2006 HANS YDEMA SALES COMPENSATION PLAN OUTLINE 
 (“PLAN”) 
  

 Schedule A 
 COMMISSION CALCULATIONS 
  

 Page 4

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