Document:

Exhibit 10.23

 Exhibit 10.23 

AMENDMENT NO. 1, dated as of May 16, 2007 (this “Amendment No. 1”) to the Second Lien Credit Agreement
dated as of April 12, 2007 (as amended prior to the date hereof, the “Credit Agreement”), among SAFENET, INC., a Delaware corporation (as successor-in-interest to STEALTH ACQUISITION CORP., a Delaware corporation)
(“Company”), VECTOR STEALTH HOLDINGS II, L.L.C., a Delaware limited liability company (“Holdings”), the financial institutions from time to time party thereto in the capacity of lenders (the
“Lenders”), DEUTSCHE BANK. TRUST COMPANY AMERICAS, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”),
CITIBANK, N.A., as syndication agent, and DEUTSCHE BANK SECURITIES, INC. and CITIGROUP GLOBAL MARKETS INC., as joint lead arrangers and joint bookrunners. 

A. Pursuant to the Credit Agreement, the Lenders have extended credit to the Company pursuant to the terms and subject to the conditions
set forth therein. 
 B. The Company has requested that the Lenders agree, subject to the conditions and terms set forth in this
Amendment No. 1, to amend the Credit Agreement, as set forth below. 
 C. The Requisite Lenders are willing to amend the
Credit Agreement pursuant to the terms and subject to the conditions set forth herein. 
 D. Capitalized terms used but not
defined herein have the meanings assigned to them in the Credit Agreement. 
 Accordingly, in consideration of the mutual
agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

SECTION 1. Amendments. 

(a) Subsection 1.1 of the Credit Agreement is hereby amended by adding the following defined terms in alphabetical order: 

“DSS” means the Defense Security Service of the U.S. Department of Defense. 

“NISPOM” means the National Industrial Security Program Operating Manual, DoD 5220.22-M. 

“Qualified Supplemental Collateral Agent” means a Supplemental Collateral Agent that is a U.S. person (as such term is
defined in the NISPOM) that has not been determined to be subject to foreign ownership, control or influence pursuant to the NISPOM or is otherwise acceptable to DSS and is reasonably acceptable to Administrative Agent. 

(b) Subsection 6.1 of the Credit Agreement is hereby amended by adding immediately preceding the colon at the end of the first paragraph
of such subsection the following: “(with a copy to DSS in the case of notices delivered pursuant to subsection 6.1(i))”. 

 (c) Section 10 of the Credit Agreement is hereby amended by adding a new subsection
10.23, the text of which is as follows; 
 10.23 Facility Clearances. 

The Lenders and Agents have been advised that certain of the Loan Parties have facility clearances pursuant to the NISPOM,
and that, under NISPOM, if DSS determines that such Loan Parties are subject to foreign ownership, control or influence, as a result of the consummation of the transaction contemplated by the Loan Documents, DSS may impose any security method,
safeguard, or restriction it believes necessary to ensure that unauthorized access to classified information is effectively precluded and that the performance of classified contracts is not adversely effected. To the extent necessary or reasonably
desirable in order to avoid termination of the facility clearances held by the Loan Parties as a result of such a determination by DSS, the Lenders agree that the Administrative Agent will be permitted to transfer Liens on Collateral to one or more
Qualified Supplemental Collateral Agents, and to execute documents acceptable to Administrative Agent (in its reasonable discretion) for the purposes of effecting such a transfer of Liens to Qualified Supplemental Collateral Agents. Administrative
Agent agrees that it will take such actions as are reasonably requested by Company to effect such transfer of Liens in such circumstances; provided that Administrative Agent is reasonably satisfied that such actions may be taken without
subjecting Administrative Agent to liability and without adversely affecting the perfection or priority of such Liens. 
 (d)
For the avoidance of doubt (i) any Qualified Supplemental Collateral Agent shall enjoy the rights and benefits of a Supplemental Collateral Agent under the second paragraph of Section 9.1B, including without limitation, having the
provisions of Section 9 and the expense reimbursement and indemnity provisions of subsections 10.2 and 10.3 that refer to the Administrative Agent inure to the benefit of such Qualified Supplemental Collateral Agent and (ii) any
appointment of a Qualified Supplemental Collateral Agent pursuant to subsection 10.23 and any transfer of Liens by the Administrative Agent to any Qualified Supplemental Collateral Agent pursuant to subsection 10.23 shall be subject to the expense
reimbursement and indemnity provisions of subsections 10.2 and 10.3. 
 (e) In the event that a Qualified Supplemental
Collateral Agent is appointed pursuant to subsection 10.23 or the Administrative Agent transfers any Liens to any Qualified Supplemental Collateral Agent pursuant to subsection 10.23 (or is requested to do so), the Company and the Lenders authorize
the Administrative Agent to execute any amendments to the Loan Documents reasonably necessary or desirable in connection with such actions. 

SECTION 2. Representations and Warranties. The Company represents and warrants to the Administrative Agent and to each of the
Lenders that: 
 (a) This Amendment No. 1 has been duly executed and delivered by the Company and constitutes its legal,
valid and binding obligation enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
  

 - 2 - 

 (b) After giving effect to this Amendment No. 1, the representations and warranties of
each Loan Party set forth in the Loan Documents are true and correct in all material respects on and as of the Amendment Effective Date (as such term is defined below), except to the extent such representations and warranties expressly relate to an
earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date). 

(c) Immediately after giving effect to this Amendment No. 1, no Potential Event of Default or Event of Default has occurred and is
continuing. 
 SECTION 3. Conditions to Effectiveness. This Amendment No. 1 shall become effective on the date (the
“Amendment Effective Date”) on which each of the following conditions is satisfied: 
 (a) The Administrative
Agent (or its counsel) shall have received from each of the Requisite Lenders and the Company, a counterpart of this Amendment No. 1 signed on behalf of such party; 

(b) All corporate and other proceedings taken or to be taken in connection with this Amendment No. 1 and all documents incidental
thereto, whether or not referred to herein, shall be reasonably satisfactory in form and substance to the Administrative Agent; 

(c) The Company shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the
preparation, reproduction, execution and delivery of this Amendment No. 1 (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto); and 

(d) The representations and warranties in Section 2 of this Amendment No. 1 shall be true and correct. 

Upon satisfaction of the conditions precedent set forth above, the Administrative Agent shall promptly notify the Company and the Lenders
of its determination that this Amendment No. 1 has become effective, which determination shall, absent manifest error, be conclusive and binding on the Company and the Lenders for all purposes. 

SECTION 4. Credit Agreement. Except as expressly set forth herein, this Amendment No. 1 shall not by implication or otherwise
limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Company or any other Loan Party under the Credit Agreement or any other Loan Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and
effect. After the Amendment Effective Date, any reference to the Credit Agreement shall mean the Credit 
  

 - 3 - 

 
Agreement as modified hereby, provided that any reference in the Credit Agreement to the date of the Credit Agreement, as modified hereby, shall in all instances remain as of April 12, 2007,
and references in the Credit Agreement to “the date hereof” and “the date of this Agreement,” and phrases of similar import, shall in all instances be and continue to refer to April 12, 2007, and not the date of this
Amendment No. 1. This Amendment No, 1 shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 5. Further Amendments. Each of the Lenders hereby consent to such further amendments to the Credit Agreement or any other
Loan Documents that the Administrative Agent reasonably determines necessary to give effect to this Amendment No. 1; provided, however, that nothing herein shall be deemed to entitle the Company to any future consent to, or
waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 

SECTION 6. Governing Law. THIS AMENDMENT NO. 1 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT NO. 1 MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW
YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT NO. 1, THE COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION
OF THE AFORESAID COURTS. 
 SECTION 7. Counterparts. This Amendment No. 1 may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by
all the parties hereto shall be lodged with the Company and the Administrative Agent. 
 SECTION 8. Headings. The
headings of the several sections and subsections of this Amendment No. 1 are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment No. 1. 

SECTION 9. Severability. Any provision of this Amendment No. 1 held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction, The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 - 4 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly
executed by their respective authorized officers as of the day and year first written above. 
 COMPANY: 

 

			
	SAFENET, INC.
		
	By:	 	 /s/ Kevin Hicks

		 	Name: Kevin Hicks
		 	Title: Gen. Counsel & VP

[Amendment No. 1 to Second Lien Credit Agreement] 

			
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, Individually, as Administrative
 Agent,
as Collateral Agent and as a Lender

		
	By:	 	 Illegible

		 	Name:
		 	Title:
		
	By:	 	 /s/ Patrick W. Dowling

		 	Name: Patrick W. Dowling
		 	Title: Director

 [Amendment No. 1 to
Second Lien Credit Agreement] 

			
	To Approve Amendment No. 1:
	
	 CITIBANK, N.A.,
as a Lender

		
	By:	 	 /s/ DAVID J. WIRDNAM

		 	Name: DAVID J. WIRDNAM
		 	Title: Managing Director

 [Amendment
No. 1 to Second Lien Credit Agreement]Exhibit 10.24

 Exhibit 10.24 

EXECUTION VERSION 

AMENDMENT NO. 2, dated as of March 3, 2010 (this “Amendment No. 2”), to the Second Lien Credit
Agreement dated as of April 12, 2007 (as amended prior to the date hereof, the “Credit Agreement”), among SAFENET, INC., a Delaware corporation (as successor to STEALTH ACQUISITION CORP., a Delaware corporation)
(“Company”), VECTOR STEALTH HOLDINGS II, L.L.C., a Delaware limited liability company, the financial institutions from time to time party thereto in the capacity of lenders (the “Lenders”), DEUTSCHE BANK TRUST
COMPANY AMERICAS, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent, CITIBANK, N.A., as syndication agent, and DEUTSCHE BANK SECURITIES INC. and CITIGROUP GLOBAL MARKETS INC., as joint
lead arrangers and joint bookrunners. 
 A. Pursuant to the Credit Agreement, the Lenders have extended credit to Company
pursuant to the terms and subject to the conditions set forth therein. 
 B. Company has requested that the Lenders agree,
subject to the conditions and terms set forth in this Amendment No. 2, to amend the Credit Agreement, as set forth below. 

C. The Requisite Lenders are willing to amend the Credit Agreement pursuant to the terms and subject to the conditions set forth herein.

 D. Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement. 

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

ARTICLE I 

Buyback Amendments 

The Credit Agreement shall be amended as set forth in this Article I effective as of the Effective Date (as defined below). 

A. Subsection 1.1 of the Credit Agreement shall be amended by: 

1. Replacing the second proviso at the end of the definition of “Eligible Assignee” with the following language: 

“; provided that neither Company nor any Subsidiaries of Company shall be an “Eligible Assignee” (but Affiliates of
Company who are not Subsidiaries of Company may be Eligible Assignees to the extent permitted by subsection l0.1H).” 
 2.
Inserting the defined term below in alphabetical order in such subsection: 
 ““Affiliated Lender” means
any Lender who is or becomes an Affiliate of Company.” 

 B. Subsection 10.1B(i) of the Credit Agreement shall be amended by replacing the proviso at
the end of the last sentence of the first paragraph thereof with the following language: 
 “; provided,
further, that no consent of Administrative Agent shall be required in the case of any assignment of Loans to a Lender, any Affiliate of a Lender, any Approved Fund of a Lender or any Affiliate of Company that is not a Subsidiary of Company to
the extent permitted by subsections 10.1H and 10.24.” 
 C. Subsection 10.1 of the Credit Agreement is hereby amended by
adding a new subsection immediately after subsection 10.lG: 
 “H. Affiliated Lender. Each Affiliated Lender shall be
deemed to represent and agree that (i) no part of the consideration paid by it for such assignment of such Loans of such Affiliated Lender was funded by a Restricted Junior Payment or any other distribution by Company or its Subsidiaries,
(ii) the Affiliated Lenders shall hold at any time no more than 10% of the aggregate outstanding Loans, First Lien Indebtedness and Revolving Loan Commitments (as defined in the First Lien Credit Agreement), taken together; provided that
the Affiliated Lenders shall not hold at any time more than 30% of either of the outstanding Loans or the outstanding First Lien Indebtedness and Revolving Loan Commitments (as defined in the First Lien Credit Agreement), taken together,
(iii) such Affiliated Lender shall not assign or sell participations in any Loans to any Person (other than to another Affiliated Lender) until the second anniversary of such Affiliated Lender’s acquisition of such Loans and (iv) such
Affiliated Lender shall not forgive obligations of the Loan Parties under such Loans, contribute or participate its interest in such Loans to Company or its Subsidiaries or otherwise take action resulting in such Loans no longer being outstanding
(other than accepting its pro rata share of any payments to which such Affiliated Lender is entitled under the Loan Documents). Such representation and agreement by any Affiliated Lender shall be deemed a joint and several representation and
agreement by Company under this Agreement.” 
 D. Section 10 of the Credit Agreement shall be amended by adding a new
subsection at the end of such section: 
 “10.24 Affiliated Lenders. 

A. Each Affiliated Lender, in connection with any (a) consent (or decision not to consent) to any amendment,
modification, waiver, consent or other action with respect to any of the terms of any Loan Document, (b) other action on any matter related to any Loan Document or (c) direction to Administrative Agent, Collateral Agent or any Lender to
undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that, except with respect to any amendment, modification, waiver, consent or other action described in subsection 10.6(A)(a) (but in any
event subject to the requirements of subsection 10.1H), it shall be deemed to have voted its interest as a Lender without 
  

 -2- 

 
discretion in such proportion as the allocation of voting with respect to such matter by Lenders who are not Affiliated Lenders; provided that no amendment, modification, waiver, consent
or other action with respect to or under any Loan Document shall deprive any Affiliated Lender of its pro rata share of any payments to which such Lender is entitled to share under the Loan Documents (it being understood that this proviso shall not
be construed to permit such Affiliated Lender to consent to any amendment, waiver, consent or other action to any Loan Document in violation of subsection 10.1H). Each Affiliated Lender hereby irrevocably appoints Administrative Agent (such
appointment being coupled with an interest) as such Affiliated Lender’s attorney-in-fact, with full authority in the place and stead of such Affiliated Lender and in the name of such Affiliated Lender, from time to time in Administrative
Agent’s discretion to take any action and to execute any instrument that Administrative Agent may deem reasonably necessary to carry out the provisions of the preceding sentence. 

B. Notwithstanding anything to the contrary in this Agreement, no Affiliated Lender shall have any right to
(a) attend (including by telephone) any meeting or discussions (or portion thereof) among Administrative Agent or any Lender to which representatives of Company are not then present, (b) receive any information or material prepared by
Administrative Agent or any Lender or any communication by or among Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made available to Company or its representatives, or (c) make or
bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent, Collateral Agent or any other Lender with respect to any duties or
obligations or alleged duties or obligations of such agent or any other such Lender under the Loan Documents, provided that this clause (c) shall not bar a claim arising from the gross negligence or willful misconduct of any Lender,
Administrative Agent or Collateral Agent as a result of its differential treatment of such Affiliated Lender compared to the other Lenders, other than as permitted by this Agreement.” 

ARTICLE II 

Aladdin Amendments 

The Credit Agreement shall be amended as set forth in this Article II effective as of the Effective Date. 

A. The preamble of the Credit Agreement shall be amended by replacing “(“Holdings”)” with “as Holdings (as
defined below)”. 
 B. Subsection 1.1 of the Credit Agreement shall be amended by: 

1. Replacing clause (f) at the end of the definition of “Asset Sale” with the following language: 

“(f) sales and other dispositions of assets permitted by subsection 7.6 (other than clauses (iv) and clause
(x) of the proviso to clause (xv) thereof).” 
  

 -3- 

 2. Replacing clause (ii)(h) in the definition of “Consolidated Excess
Cash Flow” with the following language: 
 “(h) any amount distributed during such period as a
Restricted Junior Payment permitted by subsection 7.4(v) or subsection 7.4(vi) and” 
 3. Inserting the
words “or that otherwise executes a Guaranty” immediately prior to the period at the end of the definition of “Guarantor”. 

4. Replacing the definition of “Guaranty” with the following language: 

““Guaranty” means the Second Lien Guaranty executed and delivered by Holdings and existing Domestic
Subsidiaries of Company (other than Inactive Subsidiaries) on the Closing Date and to be executed and delivered by additional Subsidiaries of Company from time to time thereafter in accordance with subsection 6.8 and any Holdings Successor in
accordance with subsection 7.6(xvi), substantially in the form of Exhibit XII annexed hereto.” 
 5.
Replacing the definition of “Holdings” with the following language: 
 “Holdings”
means Vector Stealth Holdings II, L.L.C., a Delaware limited liability company, or any Holdings Successor pursuant to subsection 7.6(xvi).” 

6. Inserting the defined terms below in alphabetical order in such subsection: 

““Aladdin Conveyance” means the disposition of Jasmine Holdco and each of its Subsidiaries
(including Aladdin Knowledge Systems Ltd., a company organized under the laws of Israel, and each of its Subsidiaries) to Company. 

“Aladdin Conveyance Closing Date” means the date of consummation of the Aladdin Conveyance. 

“Authentication Assets” means the eToken, Safeword and iKey businesses of Company or any of its
Subsidiaries. 
 “Jasmine Holdco” means Jasmine Holdco, LLC, a Delaware limited liability
company. 
 “Special Restricted Junior Payment Basket Amount” means $50,000,000.”

 C. Subsection 1.2B of the Credit Agreement is hereby amended by inserting the following language after “any
incurrence” at the beginning of clause (c) in the last sentence thereof: 
 “or repayment” 

 

 -4- 

 D. Subsection 2.4(B)(iii)(d) of the Credit Agreement is hereby amended by inserting the
following proviso at the end of the first sentence immediately prior to the period at the end thereof: 
 “; provided
further that for Fiscal Year 2009 only, the Company shall only be required to prepay the Loans pursuant to this clause (d) for such Fiscal Year to the extent the amount of Loans that would be required to be so prepaid but for this
proviso (as set forth in the Officer’s Certificate required by subsection 2.4B(iii)(e)) exceeds $5,500,000” 
 E.
Subsection 2.10A of the Credit Agreement is hereby amended by replacing the second sentence thereof with the following language: 

“Each tranche of Incremental Loans shall be in an aggregate principal amount that is not less than $10,000,000 (provided that such
amount may be less than $10,000,000 if such amount represents all remaining availability under the limit set forth in the next sentence or if such Incremental Loans are used to finance the Aladdin Conveyance).” 

F. Subsection 5.1A of the Credit Agreement is hereby amended by deleting the first sentence thereof and replacing it with the following
language: 
 “Company is a corporation, Holdings is a limited liability company (or, if a Holdings
Successor, a corporation), each duly organized, validly existing and in good standing under the laws of the State of Delaware.” 

G. Subsection 7.4 of the Credit Agreement is hereby amended by (i) replacing the word “and” immediately preceding
subsection (v) with a comma, (ii) replacing the period at the end of subsection (v) with the word “and” and (iii) adding the following language immediately after such word “and”: 

“(vi) so long as no Event of Default or Potential Event of Default shall have occurred and be continuing or caused
thereby, Holdings and Company may make other Restricted Junior Payments after June 30, 2010, if, after giving effect to such Restricted Junior Payment (and after giving effect on a pro forma basis in accordance with subsection 1.2B to
(1) the transaction or transactions, if any, generating the proceeds used to finance such Restricted Junior Payment and (2) the voluntary prepayment of Loans pursuant to the proviso to this subsection 7.4(vi)), the Consolidated Leverage
Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements are required to have been delivered is not greater than (x) 3.50:1.00 but greater than 2.75:1.00, in an aggregate amount under this clause
(vi) not to exceed 40% of the Special Restricted Junior Payment Basket Amount, (y) 2.75:1.00 but greater than 2.25:1.00, in an aggregate amount under this clause (vi) not to exceed 70% of the Special Restricted Junior Payment Basket
Amount and (z) 2.25:1.00, in an aggregate amount under this 
  

 -5- 

 
clause (vi) not to exceed 100% of the Special Restricted Junior Payment Basket Amount; provided that, as a condition to making such Restricted Junior Payment pursuant to this
subsection 7.4(vi), Company shall substantially contemporaneously voluntarily prepay (x) prior to the First Lien Term Loan Discharge Date, First Lien Indebtedness in accordance with the First Lien Credit Agreement or (y) on and after the
First Lien Term Loan Discharge Date, Loans in accordance with subsection 2.4B(i) in an aggregate principal amount equal to one-fourth of the amount of such Restricted Junior Payment made pursuant to this subsection 7.4(vi) (and, if the transaction
generating the proceeds used to finance such Restricted Junior Payment is an Asset Sale consummated pursuant to subsection 7.6(xv), such prepayment amount required by this proviso shall be in addition to any prepayment required to comply with clause
(x) of the proviso to subsection 7.6(xv)).” 
 H. Subsection 7.6 of the Credit Agreement is hereby amended by
(i) deleting the word “and” immediately preceding subsection (xiv) and (ii) adding the following language immediately after subsection (xiv): 

“(xv) Company and its Subsidiaries may sell or otherwise dispose of any Authentication Assets; provided
(x) the Net Asset Sale Proceeds of such sale or disposition must be used to prepay an amount of Loans pursuant to subsection 2.4B(iii)(a) (without giving effect to clause (2) of the first sentence of such subsection regarding rights of
reinvestment and without giving effect to the second proviso in the second sentence of such subsection regarding dispositions by Foreign Subsidiaries but with giving effect to any reduction in such prepayment amount required by subsection
2.4B(iii)(e)) equal to the lesser of (1) 100% of such Net Asset Sale Proceeds and (2) an amount of Net Asset Sale Proceeds such that, after giving effect on a pro forma basis in accordance with subsection 1.2B to such disposition and to
any prepayment of Loans pursuant to this clause (x), the Consolidated Leverage Ratio as of the last date of the most recently ended Fiscal Quarter shall be not greater than 3.50:1.00, (y) after compliance with the preceding clause (x), any
remaining Net Asset Sale Proceeds may be retained by Company and its Subsidiaries (and used by Company and its Subsidiaries for any purpose not prohibited hereunder, including without limitation any Restricted Junior Payment permitted under
subsection 7.4) and shall not be subject to the prepayment requirements of subsection 2.4B(iii)(a) and (z) in each case of clause (x) and (y), with respect to the sale or disposal of any Authentication Asset, the consideration received in
such Asset Sale shall be at least 75% cash; provided, however, that for purposes of this subclause (z) any Designated Noncash Consideration in an amount not to exceed the greater of (a) $5,000,000 and (b) 1% of Total
Assets in the aggregate for all sales or disposals of Authentication Assets following the Aladdin Conveyance Closing Date (provided that for purposes of this proviso any Designated Noncash Consideration which has subsequently been sold for,
or otherwise converted to, cash shall not be counted against such limitation to the extent of the cash received) shall be deemed to be cash; provided, further, if Authentication Assets are disposed of in reliance on this subsection
7.6(xv) together with any 
  

 -6- 

 
other assets of Company and its Subsidiaries in any transaction or series of related transactions, for the purpose of calculating compliance with any such other clause of subsection 7.6 on which
Company is relying in permitting the disposition of such other disposed assets, the value of such disposed Authentication Assets and such other disposed assets shall be allocated in proportion to the respective revenues generated by such assets
during the 12-month period ended as of the last day of the Fiscal Year most recently ended; and 
 (xvi) Holdings
may contribute all of the Capital Stock of Company to a transferee Person (the “Holdings Successor”) that is a newly-formed, Wholly Owned Subsidiary of Holdings, incorporated and existing under the laws of the United States of
America, any state thereof or in the District of Columbia that, immediately prior to such contribution, did not hold any assets or conduct, transact or otherwise engage in any business or operations or incur Indebtedness or consensual Liens;
provided that: 
 (a) the conveyance documents giving effect to such contribution shall expressly provide
that the contribution of the Capital Stock of Company to the Holding Successor is subject to the Lien on and security interest in effect under the Collateral Documents and after giving effect to such contribution, the Lien on and security interest
in the Capital Stock of Company under the Collateral Documents shall remain in effect and be maintained with the same priority as immediately prior to such transfer; 

(b) the Holdings Successor shall expressly assume, by documentation satisfactory to the Administrative Agent, all the
obligations of Holdings under the Loan Documents, including, but not limited to, the Guaranty by Holdings and the pledge of the Capital Stock of Company; 

(c) immediately after giving effect to such transaction, (I) no Potential Event of Default or Event of Default has
occurred and is continuing, (II) Company shall be in Pro Forma Compliance (as defined in the First Lien Credit Agreement) and (III) the Collateral Documents and the Liens created on the Capital Stock of Company shall remain in full force and effect
with the same priority; and 
 (d) Company shall have delivered to the Administrative Agent (I) an
Officer’s Certificate and a favorable opinion of counsel to such Holdings Successor, as to (v) valid existence and good standing of such Holdings Successor, (w) the due authorization, execution and delivery by such Holdings Successor
of the applicable Loan Documents, (x) the enforceability of the Loan Documents against such Holdings Successor, (y) the non-impairment of the Liens under the Collateral Documents (and including matters related to the continued perfection
of Liens on the Capital Stock of Company pursuant to the Collateral Documents) and (z) such other matters as Administrative Agent may reasonably request, all of the foregoing to be reasonably satisfactory in form and substance to Administrative

  

 -7- 

 
Agent and its counsel; and (II) certified copies of such Holdings Successor’s Organizational Documents, together with a good standing certificate from the Secretary of State of the
jurisdiction of its organization, each to be dated a recent date prior to their delivery to Administrative Agent. 
 The Holdings
Successor shall be the successor to Holdings and shall succeed to, and be substituted for, and may exercise every right and power of, Holdings under the Credit Agreement and each other Loan Document, and the predecessor Holdings shall be released
from its obligations under the Credit Agreement and each other Loan Document. Each Lender hereby authorizes the Collateral Agent to execute any documents or instruments necessary to effect such release.” 

I. Subsection 7.8 of the Credit Agreement is hereby amended by (i) inserting the following at the end of clause (vii) thereof:

 “; provided that, upon or after the consummation of an IPO, Company may, at its option, make a one-time payment to
Permitted Holders in an aggregate amount not to exceed $12,000,000 in exchange for the termination of the obligation to pay such management and monitoring fees pursuant to the Management Agreement so long as (x) on a pro forma basis in
accordance with subsection 1.2B, the Consolidated Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements are required to have been delivered is not greater than 3.50:1.00 and (y) the sum of
(I) the aggregate amount of cash of Company and its Subsidiaries at such date of determination that would in accordance with GAAP be classified as unrestricted cash and cash equivalents on a consolidated balance sheet of Company plus
(II) the excess of the Revolving Loan Commitment Amount (as defined in the First Lien Credit Agreement) over the Total Utilization of Revolving Commitments (as defined in the First Lien Credit Agreement) exceeds $10,000,000; provided,
further, that if, at the time an IPO is consummated, Company is not permitted to make such one-time payment in accordance with the foregoing proviso, Company shall be permitted to accrue an aggregate amount not to exceed $12,000,000 in
exchange for the termination of the obligation to pay such management and monitoring fees pursuant to the Management Agreement until such time as Company shall be able to satisfy the conditions for making such payment set forth in clauses
(x) and (y) of the foregoing proviso”, 
 (ii) deleting the word “and” immediately preceding subsection 7.8(viii) and
(iii) inserting the following immediately prior to the period at the end thereof: 
 “and (ix) any issuance or
sale of the Capital Stock of Company to Holdings in connection with the Aladdin Conveyance that is not otherwise prohibited hereunder” 

J. Subsection 7.9B of the Credit Agreement is hereby amended by inserting the following language immediately prior to the period at the
end of such subsection: 
 “, and (v) the formation of any Holdings Successor in accordance with subsection
7.6(xvi)” 
  

 -8- 

 ARTICLE III 

Representations and Warranties 

Company represents and warrants, as of the Effective Date, to Administrative Agent and to each of the Lenders that: 

A. This Amendment No. 2 has been duly executed and delivered by Company and constitutes its legal, valid and binding obligation
enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by
equitable principles (regardless of whether enforcement is sought in equity or at law). 
 B. The representations and warranties
of each Loan Party set forth in the Loan Documents are true and correct in all material respects on and as of the date such representation and warranty is made, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties were true and correct in all material respects as of such earlier date). 

C. (x) No Potential Event of Default or Event of Default has occurred and is continuing and (y) Company shall be in Pro Forma
Compliance (as defined in the First Lien Credit Agreement). 
 ARTICLE IV 

Conditions to Effectiveness; Termination 

A. This Amendment No. 2 shall be deemed executed and delivered and Article V.A. of this Amendment No. 2 shall become effective
on the date (the “Execution Date”) on which each of the following conditions is satisfied: 
 1.
Administrative Agent (or its counsel) shall have received from each of the Requisite Lenders and each Loan Party, a counterpart of this Amendment No. 2 signed on behalf of such party; 

2. Company shall have paid to Administrative Agent, for the account of each Lender who delivers a signature page to this
Amendment No. 2 to Administrative Agent on or prior to the Effective Date (except as otherwise agreed to between Company and any such Lender so long as no such Lender receives a fee in excess of the fee set forth in this clause (B)), a
non-refundable amendment fee equal to 0.125% of the Loans and Commitments held by such Lender as of the Execution Date; 

3. Company shall have paid all fees and reasonable out-of-pocket costs and expenses of Administrative Agent in connection
with the preparation, reproduction, execution 
  

 -9- 

 
and delivery of this Amendment No. 2 (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto) pursuant to the
terms of the Credit Agreement and fee letter previously entered into between Company and Administrative Agent; and 

4. The Execution Date (as defined in Amendment No. 2 to the First Lien Credit Agreement) shall have occurred.

 B. Articles I, II and V.B. of this Amendment No. 2 shall become effective on the date (the “Effective
Date”) on which each of the following conditions is satisfied; provided that if such conditions are not satisfied on or prior to April 15, 2010, this Amendment No. 2 (including Article V.A.) shall terminate and no longer be
in effect and Articles I, II and V.B. of this Amendment No. 2 shall not become effective: 
 1. The
representations and warranties in Article III hereto shall be true and correct as of the Effective Date and after giving effect on a pro forma basis in accordance with subsection 1.2B of the Credit Agreement to Article II hereto and the Aladdin
Conveyance; 
 2. Administrative Agent shall have received an Officer’s Certificate, in form and substance
reasonably satisfactory to Administrative Agent, to the effect that (i) Company shall have performed in all material respects all agreements and satisfied all conditions which this Article IV provides shall be performed or satisfied by it on or
before the Aladdin Conveyance Closing Date and (ii) the Aladdin Conveyance shall have been comsummated in accordance with the terms described in clause 3 below; 

3. The Aladdin Conveyance shall have been consummated, consideration for which paid by Holdings and its Subsidiaries shall
be (i) cash of Company in an aggregate amount not to exceed $43,000,000, (ii) the issuance of additional Capital Stock of Holdings to certain existing equity holders of Holdings and (iii) the issuance of additional Capital Stock of
Company to Holdings (which Capital Stock will be pledged by Holdings to Collateral Agent in accordance with the terms of the Loan Documents), and, immediately after giving effect to the Aladdin Conveyance, Jasmine Holdco and each of its Subsidiaries
(including Aladdin Knowledge Systems Ltd., a company organized under the laws of Israel, and each of its Subsidiaries) shall be Subsidiaries of Company; 

4. The Execution Date shall have occurred; and 

5. The Effective Date (as defined in Amendment No. 2 to the First Lien Credit Agreement) shall have occurred.

 ARTICLE V 

Consent 

A. OEM Net Asset Sale Proceeds. Effective as of the Execution Date, Administrative Agent and the Lenders consent to the use of any
Net Asset Sale Proceeds from the 
  

 -10- 

 
sale or disposition of the OEM business line of Company and its Subsidiaries to fund the Aladdin Conveyance if such sale or disposition shall have been consummated on or prior to the Aladdin
Conveyance Closing Date notwithstanding the provisions of subsection 2.4B(iii)(a). 
 ARTICLE VI 

Miscellaneous 

A. Credit Agreement. Except as expressly set forth herein, this Amendment No. 2 shall not by implication or otherwise limit,
impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, Administrative Agent, Company or any other Loan Party under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. After the
Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby; provided that any reference in the Credit Agreement to the date of the Credit Agreement, as modified hereby shall in all instances remain as of
April 12, 2007, and references in the Credit Agreement to “the date hereof” and “the date of this Agreement,” and phrases of similar import, shall in all instances be and continue to refer to April 12, 2007, and not the
date of this Amendment No. 2. This Amendment No. 2 shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

B. Governing Law. THIS AMENDMENT NO. 2 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE
WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT NO. 2 MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN
EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT NO. 2, COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE
AFORESAID COURTS. 
 C. Counterparts. This Amendment No. 2 may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto
shall be lodged with Company and Administrative Agent. 
 D. Headings. The headings of the several sections and
subsections of this Amendment No. 2 are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment No. 2. 

E. Severability. Any provision of this Amendment No. 2 held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and 

 

 -11- 

 
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The
parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

  

 -12- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly
executed by their respective authorized officers as of the day and year first written above. 
  

			
	SAFENET, INC., as Company
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	VECTOR STEALTH HOLDINGS II, L.L.C., as Holdings
	
	By: Vector SA Holdings, LLC, its Managing Member
	
	By: Vector Capital Partners III, LLC, its General Partner
		
	By:	 	 /s/ Alexander R. Slusky

		 	Name: Alexander R. Slusky
		 	Title: Managing Member
	
	INGRIAN NETWORKS, LLC, as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	MEDIASENTRY, INC., as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President

  

 [Signature Page to Amendment No. 2 to Second Lien Credit Agreement] 

			
	RBNO CORPORATION, as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	SAFENET ASSURED DECISIONS, LLC, as a Guarantor
	
	By: SafeNet, Inc., its Managing Member
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	SAFENET GOVERNMENT SOLUTIONS, LLC, as a Guarantor
	
	By: SafeNet, Inc., its Managing Member
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President

  

 [Signature Page to Amendment No. 2 to Second Lien Credit Agreement] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly
executed by their respective authorized officers as of the clay and year first written above. 
  

			
	SAFENET, INC., as Company
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	VECTOR STEALTH HOLDINGS II, L.L.C., as Holdings
	
	By: Vector SA Holdings, LLC, its Managing Member
	
	By: Vector Capital Partners III, LLC, its General
		
	By:	 	 /s/ Alexander R. Slusky

		 	Name: Alexander R. Slusky
		 	Title: Managing Member
	
	INGRIAN NETWORKS, LLC, as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President
	
	MEDIASENTRY, INC., as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name: Chris Fedde
		 	Title: President

  

 [Signature Page to Amendment No. 2 to Second Lien Credit Agreement] 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
		
	By:	 	 /s/ Paul O’Leary

		 	Name: Paul O’Leary
		 	Title: Director
		
	By:	 	 /s/ Enrique Landaeta

		 	 Name: Enrique Landaeta

Title: Vice President

  

 [Signature Page to Amendment No. 2 to Second Lien Credit Agreement] 

			
	Deutsche Bank Trust Company Americas, as a Lender
		
	By:	 	 /s/ Paul O’Leary

		 	 Name: Paul O’Leary

		 	Title: Director
		
		 	 /s/ Evelyn Thierry

		 	Name: Evelyn Thierry
		 	Title: Vice President

  

 Signature Page to Amendment No. 2 to Second Lien Credit Agreement 

 BIockRock Floating Rate Income Trust 

BlackRock Senior Income Series IV 
 Magnetite V
CLO, Limited 
 Master Senior Floating Rate LLC 

 

			
		 	as a Lender
		
	By:	 	 /s/ Zachary Alpern

		 	Name: Zachary Alpern
		 	Title: Authorized Signatory

  

 Signature Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 Eagle Creek CLO, Ltd., as a Lender

		
	By:	 	 /s/ Bryan Higgins

		 	Name: Bryan Higgins
		 	Title: Authorized Signor

 Signature
Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 Fall Creek CLO, Ltd., as a Lender

		
	By:	 	 /s/ Bryan Higgins

		 	Name: Bryan Higgins
		 	Title: Authorized Signor

 Signature
Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 Deutsche Bank AG New York Branch, as a Lender

		
	By:	 	 /s/ Paul O’Leary

		 	Name: Paul O’Leary
		 	Title: Director
		
		 	 /s/ Evelyn Thierry

		 	Name: Evelyn Thierry
		 	Title: Vice President

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 Deutsche Bank AG New York Branch, as a Lender

		
		 	By: DB Services New Jersey, Inc.
		
	By:	 	 /s/ Edward Schaffer

		 	Name: Edward Schaffer
		 	Title: Vice President
		
	By:	 	 /s/ Alice L. Wagner

		 	Name: Alice L. Wagner
		 	Title: Vice President

 [Signature
Page to Amendment No. 2 to Second Lien Credit Agreement] 

			
	 DFR Middle Market CLO Ltd.,

as a Lender

		
	By:	 	 /s/ Dante Arciero

		 	Name: Dante Arciero
		 	Title: Vice President

 [Signature
Page to Amendment No. 2 to Second Lien Credit Agreement] 

			
	 FM LEVERAGED CAPITAL FUND I, as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Subadviser to FriedbergMilstein LLC

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 FRIEDBERGMILSTEIN PRIVATE CAPITAL FUND I, as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Subadviser to FriedbergMilstein LLC

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 FM LEVERAGED CAPITAL FUND II, as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Subadviser to FriedbergMilstein LLC

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 GALE FORCE 1 CLO, LTD., as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Collateral Manager

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 GALE FORCE 2 CLO, LTD., as a Lender

	 By GSO / Blackstone Debt Funds Management LLC as Collateral Manager

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 GALE FORCE 3 CLO, LTD., as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Collateral Manager

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 HUDSON STRAITS CLO 2004, LTD., as a Lender

	 By: GSO / Blackstone Debt Funds Management LLC as Collateral Manager

		
	By:	 	 /s/ Daniel H. Smith

	Name:	 	Daniel H. Smith
	Title:	 	Authorized Signatory

 Signature Page
to Amendment No. 2 to Second Lien Credit Agreement 

			
	 MidOcean Credit Opportunity Master Fund LP, as a Lender

		
	By:	 	 /s/ James M. Wiant

		 	Name: James M. Wiant
		 	Title: Principal

 [Signature Page to
Amendment No. 2 to Second Lien Credit Agreement] 
  

			
	 MidOcean Credit Opportunity, Master Fund LP, as a Lender

		
	By:	 	 /s/ Michael Apfel

		 	Name: Michael Apfel
		 	Title: Managing Director

 Signature
Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 ORIX Finance Corp., as a Lender

		
	By:	 	 /s/ Christopher L. Smith

		 	Name: Christopher L. Smith
		 	Title: Sr. Managing Director

Signature Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 SOL Loan Funding LLC, as a Lender

		
	By:	 	 /s/ Adam Kaiser

		 	Name: Adam Kaiser
		 	Title: ATTORNEY-IN-FACT

 Signature
Page to Amendment No. 2 to Second Lien Credit Agreement 

			
	 Valinor Capital Partners Offshore Master
Fund, L.P., as a
Lender

		
	By:	 	 David Angstreich

		 	Name: David Angstreich 
		 	Title: CFO

 [Signature Page to
Amendment No. 2 to Second Lien Credit Agreement] 

			
	 Valinor Capital Partners, L.P., as a Lender

		
	By:	 	 David Angstreich

		 	Name: David Angstreich
		 	Title: CFO

 [Signature Page to
Amendment No. 2 to Second Lien Credit Agreement]

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"}]]