Document:

Exhibit 10.11

 Exhibit 10.11 

FORM OF 

CLASS B MEMBER ADMISSION AGREEMENT 

This Class B Member Admission Agreement (the “Agreement”) is being entered into as of
                     (the “Date of Grant”) by and among Vector Stealth Holdings II, L.L.C., a Delaware limited liability company (the
“Company”) and (the “Admittee”). 
 WHEREAS, on the terms and conditions set forth in the Agreement, the
Company grants (the “Grant”) to the Admittee on the Date of Grant                      Class B Units (the “Units”) with the
rights and obligation as described the Amended and Restated Operating Agreement of the Company dated December 31, 2007 (the “Operating Agreement”); 

WHEREAS, the parties desire the that Units qualify as constitute a “profits interest” within the meaning of I.R.S. Revenue
Procedure 93-27; 
 WHEREAS, the Admittee agrees to be bound by the terms and conditions of the Operating Agreement in
substantially the form attached hereto as Exhibit I; and 
 WHEREAS, immediately after the Grant, the Admittee shall own
the Units with the rights and obligation as described in the Operating Agreement and this Agreement. 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Grant, Admission; and Consents. 

(a) The Grantor hereby grants to the Admittee, and the Admittee does hereby, acquire and accept, the Units. 

(b) The Catch-up Spread Amount per Unit shall be $1, and the aggregate Catch-up Spread Amount of Admittee shall
be                    . 

(c) The Admittee agrees that the Units have a Capital Account of zero dollars ($0) as of the Date of Grant and the Book Value of the
assets of the LLC shall be adjusted as of the Date of Grant as provided in Section 4.2(a)(ii) of the Operating Agreement Accordingly, the parities intend that that as of the Date of Grant the Units shall constitute a “profits
interest” within the meaning of I.R.S. Revenue Procedure 93-27. 
 (d) The Company hereby consents to the admission of the
Admittee and hereby admits the Admittee as a Member of the Company pursuant to the terms of the Operating Agreement. 
 (e) The
Admittee acknowledges that he, she or it (i) has read the Operating Agreement and this Agreement, (ii) accepts and agrees to be bound by the terms of the Operating Agreement as amended hereby, and (iii) assumes all of the rights and
obligations of a Member of the LLC. 

 (f) The Admittee agrees and acknowledges that (i) the Units are a speculative
investment which involves a high degree of risk of loss by the Admittee of its entire investment; the Units have not been registered for sale under the Securities Act of 1933, as amended (“1933 Act”) or registered or qualified under
any state securities laws and the Company does not intend to register or qualify the Units, or any other interest in the Company, under the 1933 Act or any state securities laws at any time in the future, (ii) there are substantial restrictions
on the transferability of the Units such that the Units may be transferred only under certain limited circumstances described in the Operating Agreement (iii) the Admittee has been furnished with, and has had access to, such information as he
or she considers necessary or appropriate for deciding whether to acquire the Units, and (iv) the Admittee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the
Units. Furthermore, the Admittee represents that he or she has no present intention to transfer the Units. 
 (g) An amended
Schedule A of the Operating Agreement shall be kept on file at the principal office of the Company and shall supersede all prior Schedules A and become part of the Operating Agreement. The Admittee shall be entitled to review his, her or its
Schedule A to the Operating Agreement but shall not be entitled to receive a copy of, review or inspect any other Member’s or Assignee’s Schedule A. The Admittee hereby waives any rights such Admittee may otherwise have
pursuant to the Act to receive, review or inspect, directly or indirectly, any other Member’s or Assignee’s Schedule A or any other books, records or documents containing substantially equivalent information. 

(h) The Admittee shall deliver to the Company a duly completed and properly executed Substitute Form W-9 in the form attached to this
Agreement as Exhibit II. 
 2. Termination of Service. 

(a) Termination of Services. Upon the termination of Service of the Admittee for any reason, the Company shall have the right to
repurchase within thirty (30) days of the date of the termination of Service all or any portion of the Admittee’s Units at the greater of (i) the Catch-up Spread Amount per Unit or (ii) their Fair Market Value as of the date of
termination. 
 (b) Repurchased of Units. Any Units acquired by the Company shall be free and clear of all Encumbrances.
The Company shall have the right to assign its right to purchase Units to another person. The closing of such purchase and sale shall take place on a date designated by the Company, which shall not be more than thirty (30) days following the
date of notification to the Admittee. The Company shall pay the purchase price for any Units in immediately available funds. Upon tender of payment of such purchase price thereupon and without any further action on the part of any person being
necessary, all right, title and interest in and to the Units being purchased shall thereupon pass to the Company or its assignee. Without limitation of the foregoing, the parties and their transferees shall execute and deliver such certificates and
other documents and take such further action as the Company or its assignee may reasonably request in order to further evidence the purchase and sale of the Units as contemplated hereby. 

 (c) Resolution of Valuation Disputes. In the event the Admittee disagrees with the
Fair Market Value of the repurchased Units as determined by the Managing Member, the Fair Market Value of the Units shall be established by two independent, professional appraisers, one of whom is selected by the Admittee, and one of whom is
selected by the Company. Each party agrees to select its appraiser within 10 days after the Company notifies the Admittee that it is exercising its purchase option under this Section 2 (the “Notice of Repurchase”). Such appraisers
shall be instructed to render their decision within 60 days of the date of the Notice of Repurchase. If the appraisers selected by Admittee and the Company cannot agree within such 60-day period, then (A) in the case where the higher of the two
prices established by the two appraisers is less than 110 % of the lower of the two prices, the Fair Market Value shall be the average of the two prices, and (B) in all other cases, the two appraisers shall select a third appraiser (the
“Third Appraiser”) who shall determine the Fair Market Value of the repurchased Units and who shall render his decision no later than 90 days after the date of the Notice of Repurchase. Each party shall pay the expenses of such
party’s selected appraiser. The expenses of the Third Appraiser shall be borne equally by the Admittee and the Company. 

3. Restrictions on Transfer. The Units shall be subject to the transfer provisions of the Operating Agreement. The Company shall
not be required to (i) transfer on its books any Units that have been sold or transferred in contravention of this Agreement or the Operating Agreement or (ii) treat as a Member of the Company or as the owner of Units, or otherwise to
accord voting, distribution or liquidation rights to, any transferee to whom Units have been transferred in contravention of this Agreement or the Operating Agreement. 

4. Tax Acknowledgement. The Admittee understands and acknowledges that since the Company is classified as a partnership for
federal income tax purposes, after Admittee becomes a Member of the Company, Admittee will be treated for federal income tax purposes as a partner in a partnership. As a Member of the Company, in determining Admittee’s personal income tax,
Admittee will be required to take into account the items of the Company’s income, gain, loss, deduction and credit allocated to Admittee under the Company’s Operating Agreement. Admittee will be taxed on his distributive share of the
Company’s taxable income or gain without regard to the timing or amounts of cash distributions made to Admittee from the Company. Each year, the Company will file an annual partnership information return with the IRS and will issue an IRS Form
K-1 to Admittee after year-end reporting Admittee’s share of each item of the Company’s income, gain, loss, deduction and credit. Each item generally will have the same character and source as though Admittee had realized the item
directly. To the extent the Company has sufficient cash, it may make distributions to Admittee sufficient to cover Admittee’s tax liability on account of Admittee’s allocation of taxable income in excess of tax losses of the Company.
Generally, if Admittee’s share of losses exceeds Admittee’s tax basis, additional losses will not be allocated to Admittee until Admittee’s tax basis increases. 

5. Mergers, Acquisitions; Initial Public Offering. In the event that the Company is subject to a Liquidation Event or undergoes a
Conversion or the Portfolio Company undergoes an initial public offering (“IPO”), the Class B Units shall be subject to the agreement governing such transaction and the Operating Agreement. The agreement governing the Liquidation Event,
Conversion or IPO may provide for one or more of the following: 
 (a) The continuation of the Class B Units by the Company (if
the Company is the surviving corporation). 

 (b) The conversion of the Class B Units by the surviving entity or its parent into equity of
the surviving entity or its parent, with the exchange ratio of any Class B Units that have differing Capital Accounts appropriately adjusted to reflect the value of such differences. 

(c) The redemption of the Class B Units and a payment to the Admittee equal to the amount distributable with respect to such Class B
Units pursuant to the Operating Agreement. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving entity or its parent (in the same ratios as such items are distributable to the holders of Class A
Units) with a fair market value equal to the amount distributable or deemed distributable in the Liquidation Event. 
 6.
Definitions. Capitalized terms not defined herein shall have the meaning set forth in the Operating Agreement. Unless the context requires otherwise, when used in this Agreement, the following terms have the meanings set forth below:

 (a) “Consultant” shall mean a person who performs bona fide services for the Portfolio Company or a Subsidiary as a
consultant or advisor, excluding Employees, Officers, Directors. 
 (b) “Director” shall mean a person who serves as a
Director of the Portfolio Company or a Subsidiary. 
 (c) “Employee” shall mean any individual who is a common law
employee of the Portfolio Company or a Subsidiary. 
 (d) “Encumbrances” shall mean all security interests, title
defects or objections, mortgages, liens, claims, charges, rights of others, pledges or other encumbrances of any nature whatsoever, including licenses, leases, chattel or other mortgages, collateral security arrangements, pledges, title
imperfections, defect or objection liens, security interests, conditional and installment sales agreements, easements, infringements, encroachments or restrictions, of any kind and other title or interest retention arrangements, reservations or
limitations of any nature. 
 (e) “Fair Market Value” shall mean the fair market value of a Class B Unit, as
reasonably determined by the Portfolio Company Board in its good faith, using the liquidation value (the “Liquidation Value”) of such Class B Unit within the meaning of IRS Revenue Procedure 93-27. 

(f) “Officer” shall mean any individual who is an officer of the Portfolio Company or a Subsidiary. 

(g) “Service” shall mean service as an Employee, Officer, Director or Consultant of the Portfolio Company or a Subsidiary.

 (h) “Subsidiary” means any entity (other than the Portfolio Company) in an
unbroken chain of entities beginning with the Portfolio Company, if each of the entities other than the last entity in the unbroken chain owns shares, units or interests possessing 50% or more of the total combined voting power of all classes of
shares, units or interests in one of the other entities in such chain. 
 7. Miscellaneous. 

(a) This Agreement shall constitute a “counterpart” to the Operating Agreement for purposes of Section 10.17 of the
Operating Agreement. 
 (b) The parties consent to the amendment of Schedule A of the Operating Agreement to reflect the
foregoing Grant and admission of the Admittee as a Member of the LLC. 
 (c) This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

(d) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns. 
 (e) This Agreement shall be governed by and construed in accordance with the State of
Delaware to the full extent permitted by applicable law, without giving effect to the conflicts of law principles thereof. 
 * *
* * * * 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
the day and year first set forth above. 
  

			
	COMPANY:
	
	VECTOR STEALTH HOLDINGS II, L.L.C.
	By:	 	 Vector Capital Partners III, L.L.C.,

its Managing Member

	
	  

	By:	 	
	Title:	 	
	
	ADMITTEE:
	
	  

Signature Page to Admission Agreement for 

Vector Stealth Holdings II, L.L.C. 

 EXHIBIT I 

Amended and Restated Operating Agreement 

of 
 Vector Stealth
Holdings II, L.LC.Exhibit 10.12

 Exhibit 10.12 

Management Services Agreement 

This Management Services Agreement (the “Agreement”) is entered into by and between Vector Capital Partners III,
LLC (“Vector”) and SafeNet, Inc., a Delaware corporation (“SafeNet”). SafeNet together with any other current or subsequently formed or acquired direct or indirect subsidiaries, and together with any
entity created after the date hereof the majority of whose assets is the entity’s direct or indirect holdings of SafeNet (any such entity being referred to as a “New Holding Company”), are referred to collectively as the
“Companies.” This Agreement is entered into as of June 3, 2010. 
 RECITALS 

WHEREAS, Vector, through an affiliate, acquired SafeNet on or about April 12, 2007 and has provided and is expected to continue to
provide and is expected to continue provide financial advisory, consulting and other management services to the Companies as more fully described and defined below; 

WHEREAS, the parties wish to confirm in writing their respective obligations with respect to the Services and the compensation therefor;

 AGREEMENT 

NOW, THEREFORE, the parties hereby agree as follows: 

1. The Companies retain Vector, acting through Vector’s personnel or personnel available to Vector, to render financial advisory,
consulting and other management services from time to time as are reasonably required by the Companies in connection with their financial and business affairs as are mutually agreed upon at such times, and from time to time, by the Companies (the
“Services”). The Services may be rendered at Vector’s offices, the offices of the Companies or such other locations as Vector and the Companies may from time to time reasonably agree. Vector shall perform the Services as
an independent contractor to the Companies and shall not be considered an employee, agent or representative of the Companies and will not have any authority to act for or bind the Companies without the Companies’ prior written consent.
Notwithstanding any provision in this Agreement to the contrary, each of the parties hereto acknowledges and agrees that there are no minimum levels of Services required to be provided to the Companies and/or its affiliates pursuant to this
Agreement and the level of Services required to be provided to the Companies by Vector shall not be unreasonably disproportionate relative to the amount of the fees payable to Vector. The Services shall exclude serving on the Board of Directors (or
other governing body) of the Companies. 
 2. For the services provided by Vector hereunder, SafeNet shall pay to Vector each of
the following: 
  

	 	(a)	A financial advisory fee, paid on a calendar quarterly basis in arrears, in the amount of $500,000, commencing effective as of April 12, 2007; provided, however,
that the financial advisory fee for the period of April 12, 2007 to June 30, 2007 is $433,000, representing the pro ration of a full quarterly fee. 

  

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	 	(b)	A disposition fee in an amount equal to equal to two percent (2.0%) of the total consideration received from third parties (including assumption or refinancing of
debt) in connection with and payable upon a Change of Control of SafeNet, where “Change of Control of SafeNet” means any transaction or series of transactions resulting in: (i) the sale or other transfer of more than 50%
of the value or vote of the equity interests in SafeNet, Vector Stealth Holdings II, L.L.C, any New Holding Company; or (ii) a sale or other transfer, whether directly or indirectly (i.e., through the sale of the stock or assets of SafeNet or
one or more of the other Companies), of at least fifty percent by value of the assets of Vector Stealth Holdings II, L.L.C., SafeNet or any New Holding Company; provided, however, that in each case, if an outside broker or agent is engaged, the fee
payable pursuant to this Section 2(b) shall be reduced (but not below zero) by the fees paid to such outside broker or agent in connection with such Change of Control of SafeNet. 

 

	 	(c)	A debt refinancing fee equal to two percent (2.0%) of the amount refinanced, payable upon the closing of a debt refinancing transaction involving any of the
Companies; provided, however, that no fee will be payable under this Section 2(c) with respect to any refinancing which is part of a transaction for which a fee is paid under Section 2(b) above; and provided further, however, that if
an outside broker or agent is engaged for the debt refinancing, the fee payable pursuant to this Section 2(c) shall be reduced (but not below zero) by the fees paid to such outside broker or agent in connection with such debt refinancing
transaction. 

  

	 	(d)	Reasonable and documented out-of-pocket expenses incurred by Vector and its respective officers, employees and agents in connection with the services provided
hereunder, including, without limitation, expenses for travel, meals, lodging, and other items, subject in each to compliance with Vector’s “Travel, Entertainment and Expense Reimbursement” policy, a copy of which has been provided to
SafeNet. 

  

	 	(e)	Reasonable and documented fees and expenses of counsel, accountants and other advisors engaged by Vector in connection with the Services. Vector will use its best
efforts to provide notice to SafeNet prior to engaging any such counsel, accountants and other advisors, and will require such advisors to provide invoices directly to SafeNet on a timely basis. 

The decision whether to collect any fee or whether to defer any fee shall be in the sole discretion of Vector with respect to the amount
of such fee to which it may be entitled hereunder. Any decision by Vector not to collect or to defer the collection of any fee shall not be construed to be a waiver of the right by such party to collect such fee in the future. The fees described in
this Section 2 shall be payable to Vector by wire transfer to an account designated in writing by Vector. 
 3. With
respect to the fees provided for in Section 2, Vector hereby represents and warrants to the Companies that as of March 31, 2010, (i) the aggregate financial advisory fee earned to such date was $5,933,000, of which $3,933,000 has been
paid and the remaining 
  

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$2,000,000 remains outstanding and payable to Vector; and (ii) no disposition or debt refinancing fee have been earned, including without limitation in connection with the March 31,
2010 debt restructuring and combination of Aladdin Knowledge Systems Ltd. and its parent and subsidiary entities (collectively “Aladdin”) with SafeNet. 

4. Notwithstanding anything to the contrary contained herein, no payments due hereunder shall be made if the Companies are prohibited (or
otherwise not permitted) from making such payments by the terms of any of the Companies’ financing arrangements for borrowed money. Any such payments not made shall continue to accrue and shall become due and payable at such time as the
Companies are no longer prohibited (or otherwise not permitted) by the terms of such financing agreements from making such payment. 

5. This Agreement shall continue in full force and effect until April 11, 2017 (the “End Date”);
provided, however, that this Agreement may be terminated earlier: (a) by mutual agreement of Vector and the Companies; and (b) this Agreement will automatically terminate immediately following the closing of: (i) a
public offering of the equity interests of any of the Companies (a “Public Offering”); or (ii) a Change of Control of SafeNet. In the event of a termination of this Agreement, SafeNet shall pay Vector (or such Affiliates as they may
respectively designate) an amount equal to the lesser of (i) $12,000,000 or (ii) the present value of the financial advisory fees that would have been earned had this Agreement remained in effect for its full term, with the present value
being calculated based on a discount rate of 6% per annum. Notwithstanding the foregoing, the fee payable pursuant to this Section 5 shall be reduced, but not below zero, by the amount of any fee that is paid to Vector pursuant to
Section 2(b) above. Sections 4 through 14 (inclusive) of this Agreement (as well as the obligation to pay any amounts that have become due before termination of this Agreement) shall survive any termination of this Agreement. 

6. The Companies agree to defend, indemnify and hold harmless Vector and its current and former affiliates, members, partners, employees
and agents (collectively, the “Indemnitees”) from and against any and all loss, liability, damage or expenses arising from any claim by any person with respect to, or in any way related to, the performance of services
contemplated by this Agreement (including attorneys’ fees) (collectively, “Claims”) resulting from any act or omission of any of the Indemnitees, other than for Claims which shall be proven to be the direct result of
gross negligence, bad faith or willful misconduct by an Indemnitee. Each Company shall defend at its own cost and expense any and all suits or actions (just or unjust) which may be brought against such Company, any of its affiliates or any of the
Indemnitees or in which any of the Indemnitees may be impleaded with others upon any Claims, or upon any matter, directly or indirectly, related to or arising out of this Agreement or the performance hereof by any of the Indemnitees, except that if
such damage shall be proven to be the direct result of gross negligence, bad faith or willful misconduct by an Indemnitee, then Vector shall reimburse such Company for the costs of defense and other costs incurred by the Company. The obligation of
the Companies to indemnify the Indemnitees hereunder shall survive any termination of this Agreement and shall be binding on any successors and assigns of the Companies. Any payments to be made by the Companies hereunder shall not be subject to
set-off and shall be increased by the amount, if any, of any taxes (other than taxes in respect of income) or other governmental charges levied in connection with such payments so that the net

  

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amount received by you shall be equal to the amount payable hereunder before deduction of any such taxes or charges (other than income taxes). 

7. The Companies shall furnish Vector with such information as Vector reasonably requests in connection with Vector’s engagement
hereunder (all such information so furnished being referred to hereinafter as the “Information”). The Companies recognize and confirm that Vector (a) will use and rely primarily on the Information and information
available from generally recognized public sources in performing the services contemplated by this Agreement without having independently verified the same, and (b) does not assume responsibility for the accuracy or completeness of the
Information and such other information. 
 8. Neither Vector nor any other Indemnitee shall be liable to any Company or any of
its affiliates for any loss, liability, damage or expense arising out of or in connection with the performance of services contemplated by this Agreement, unless such loss, liability, damage or expense shall be proven to result directly from willful
misconduct on the part of an Indemnitee as determined by a final, non-appealable determination of a court of competent jurisdiction. In no event will Vector or any other Indemnitee be liable to any Company or any of its affiliates for any indirect,
special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services
to be provided by Vector hereunder. 
 9. Vector makes no representations or warranties, express or implied, in respect of the
services to be provided by Vector or any of the other Indemnitees. To the fullest extent permitted by applicable law, except as Vector may otherwise agree in writing after the date hereof (i) it shall have the right to, and shall have no duty
(contractual or otherwise) not to, directly or indirectly (A) engage in the same or similar business activities or lines of business as any Company or any of its affiliates, including those competing with any Company or any of its affiliates
and (B) do business with any client or customer of any of the Companies or any of their affiliates, (ii) neither Vector nor any officer, director, employee, partner, affiliate or associated entity thereof shall be liable to any Company or
any of its affiliates for breach of any duty (contractual or otherwise) by reason of any such activities of or of such person’s participation therein, and (iii) in the event that Vector acquires knowledge of a potential transaction or
matter that may be a corporate opportunity for any Company or any of its affiliates, on the one hand, and Vector, on the other hand, or any other person, Vector shall have no duty (contractual or otherwise) to communicate or present such corporate
opportunity to any Company or any of its affiliates and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to any Company or any of its affiliates for breach of any duty (contractual or otherwise) by reasons of the
fact that Vector directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to any Company or any of its affiliates. 

10. The Companies may not assign any obligations hereunder to any other party without the prior written consent of Vector (which consent
shall not be unreasonably withheld), and Vector may not assign its obligations hereunder to any other party without the prior written consent of SafeNet (which consent shall not be unreasonably withheld); provided that Vector

  

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may, without consent of SafeNet, assign its rights and obligations under this Agreement to any affiliate. 

11. The parties hereby acknowledge that SafeNet acquired Aladdin on or about March 31, 2010 (the “Aladdin
Acquisition”). Vector hereby confirms and agrees that any management, financial advisory or other fees which may have been payable by Aladdin to Vector or any of its affiliates at any time prior to SafeNet acquiring Aladdin have been
fully paid (or are hereby waived), and there is no separate Management Services Agreement with Aladdin from the date of the Aladdin Acquisition forward. Vector further confirms and agrees that no fee is payable to Vector or its affiliates under this
Agreement with respect to the debt restructuring undertaken in connection with the Aladdin Acquisition. 
 12. This Agreement
and all the obligations and benefits hereunder shall inure to the successors and assigns of the parties. 
 13. This Agreement
may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. Facsimile signatures on this Agreement shall be deemed to be
original signatures for all purposes. 
 14. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, as applied to contracts made and performed within the State of Delaware, without regard to principles of conflicts of laws. 

The parties have signed this agreement as of the date first written above. 

 

			
	SAFENET, INC., a Delaware corporation
		
	By:	 	/s/ Mark A. Floyd
	Name:	 	Mark A. Floyd
	Title:	 	Chief Executive Officer
	
	VECTOR CAPITAL PARTNERS III, L.L.C.
		
	By:	 	/s/ Alexander R. Slusky
	Alexander R. Slusky, Managing Member

  

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