<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange
  Commission March 19, 2004,<BR>
  <BR>
Registration
No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="center" style="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549


<P align="center" style="font-size: 10pt">REGISTRATION STATEMENT<BR>
ON FORM S-8<BR>
Under<BR>
THE SECURITIES ACT OF 1933


<P align="center" style="font-size: 10pt"><B>SAFENET, INC.</B><BR>
(Exact Name of Registrant as Specified in Charter)

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-1287752</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State of other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S Employer Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4690 Millennium Drive<BR>
Belcamp, MD 21017<BR>
(Address of Principal Executive Offices)(Zip Code)


<P align="center" style="font-size: 10pt">COMMON STOCK OF SAFENET, INC. ISSUABLE UPON EXERCISE OF OPTIONS<BR>
ASSUMED BY SAFENET, INC. IN CONNECTION WITH THAT CERTAIN AGREEMENT<BR>
AND PLAN OF REORGANIZATION BY AND AMONG SAFENET, INC., RAVENS<BR>
ACQUISITION CORP. AND RAINBOW TECHNOLOGIES, INC., DATED AS OF<BR>
OCTOBER 22, 2003 (THE &#147;MERGER AGREEMENT&#148;), WHICH WERE ORIGINALLY ISSUED UNDER<BR>
THE FOLLOWING STOCK OPTION PLANS:


<P align="center" style="font-size: 10pt">RAINBOW TECHNOLOGIES, INC. 2003 STOCK OPTION PLAN<BR>
RAINBOW TECHNOLOGIES, INC. 2001 NONSTATUTORY STOCK OPTION PLAN<BR>
RAINBOW TECHNOLOGIES, INC. 2000 STOCK OPTION PLAN<BR>
RAINBOW TECHNOLOGIES, INC. RESTATED 1990 STOCK OPTION PLAN<BR>
(Full titles of the plans)


<P align="center" style="font-size: 10pt">Mr.&nbsp;Anthony A. Caputo<BR>
Chairman, Chief Executive Officer and President<BR>
SAFENET, INC.<BR>
4690 Millenium Drive<BR>
Belcamp, MD 21017<BR>
(443)&nbsp;327-7500<BR>
(Name, address and telephone number of agent for service)


<P align="center" style="font-size: 10pt">Copies to:<BR>
Elizabeth R. Hughes, Esq.<BR>
Venable LLP<BR>
Two Hopkins Plaza<BR>
Baltimore, MD 21201<BR>
(410)&nbsp;244-7608


<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><U>Calculation of Registration Fee</U>
 <P>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Titles of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Securities to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price Per</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Registered(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Price</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Registration Fee</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Common Stock,<BR>
$.01 par value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44,880 Shares (2)
</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$23.21 (3) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$1,041,665. (3) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$132.</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="9" nowrap align="left"><HR noshade size="1" width="100%" align="left">
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Common Stock,<BR>
$.01 par value
</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">756,131 Shares (4) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$ 15.79 (3) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$11,939,308 (3) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$1,513</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="9" nowrap align="left"><HR noshade size="1" width="100%" align="left">
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Common Stock,<BR>
$.01 par value
</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">497,531 Shares(5) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$31.24 (3)
        </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$15,542,868 (3) </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,970</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="9" nowrap align="left"><HR noshade size="1" width="100%" align="left">
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Common Stock,<BR>
$.01 par value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">673,489 Shares(6)
</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$17.23 (3)
        </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$11,604,215 (3) </TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">$1,471</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="9" nowrap align="left"><HR noshade size="1" width="100%" align="left">
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Total
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">1,972,031 Shares&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">$40,128,056 &nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>

        <TD align="center" valign="top">&nbsp;&nbsp;&nbsp;$1,471 (7)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This registration statement shall also cover pursuant to Rule 416(a)
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), any
additional shares of common stock that may become issuable in accordance
with the provisions of the plans described herein as a result of any
future stock split, stock dividend or similar adjustment of the
Registrant&#146;s outstanding common stock that results in an increase in the
number of shares of common stock outstanding.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents the number of shares subject to the outstanding options
assumed by Registrant pursuant to the Merger Agreement which were
originally issued under the Rainbow Technologies, Inc. 2003 Stock Option
Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purposes of calculating the registration fee in
accordance with Rule 457(h) under the Securities Act on the basis of the
weighted average exercise price of the outstanding options assumed by the
Registrant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents the number of shares subject to the outstanding options
assumed by Registrant pursuant to the Merger Agreement which were
originally issued under the Rainbow Technologies, Inc, 2001 Nonstatutory
Stock Option Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents the number of shares subject to outstanding options assumed by
Registrant pursuant to the Merger Agreement which were originally issued
under the Rainbow Technologies, Inc., 2000 Stock Option Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents the number of shares subject to outstanding options assumed by
Registrant pursuant to the Merger Agreement which were originally issued
under the Rainbow Technologies, Inc., Restated 1990 Stock Option Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="4%" nowrap align="right">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total filing fee for all securities registered herein of $5,086 is
      offset pursuant to Rule 457(p) of the Securities Act by $132 of the filing
      fee of $&nbsp;364. &nbsp;previously paid with respect to unsold securities
      registered pursuant to the Registration Statement on Form S-8 (File No.&nbsp;333-107429)
      filed by Rainbow Technologies, Inc. on July&nbsp;29, 2003, by $1,513 of
      the filing fee of $3,756 previously paid with respect to unsold securities
      registered pursuant to the Registration Statement on Form S-8 (File No.
      333-59738) filed by Rainbow Technologies, Inc. on April 27, 2001, and by
      $1,970 of the filing fee of $9,355 previously paid with respect to unsold
      securities registered pursuant to the Registration Statement on Form S-8
      (File No. 333-41430) filed by Rainbow Technologies, Inc. on July 14, 2000.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SafeNet,
  Inc., a Delaware corporation (the &#147;Registrant&#148;), filed a Registration
  Statement on Form S-4 (File Number 333-110520) with the Securities and Exchange
  Commission (the &#147;SEC&#148; or &#147;Commission&#148;) November&nbsp;14,
  2003, as amended by Pre-Effective Amendment No.1 thereto filed with the SEC
  on January 15, 2004, and as amended by Pre-Effective Amendment No.&nbsp;2 filed
  with the SEC on February&nbsp;11, 2004 pursuant to which it registered the offer
  and sale of shares of common stock, par value $0.01 per share, of the Registrant
  (the &#147;Common Stock&#148;) in connection with its proposed acquisition by
  merger of Rainbow Technologies, Inc., a Delaware corporation (&#147;Rainbow&#148;).
  The closing of the Rainbow acquisition occurred on March&nbsp;15, 2004. Pursuant
  to this registration statement on Form S-8, the Registrant registers 1,972,031
  shares of common stock for issuance upon exercise of stock options outstanding
  as of the date hereof assumed by Registrant pursuant to the Merger Agreement,
  which were originally issued under the Rainbow 2003 Stock Option Plan, the Rainbow
  2001 Nonstatutory Stock Option Plan, the Rainbow 2000 Stock Option Plan, and
  the Rainbow Restated 1990 Stock Option Plan (collectively, the &#147;Plans&#148;).
  In addition, pursuant to Rule 416(c) under the Securities Act of 1933, as amended
  (the &#147;Securities Act&#148;), this registration statement covers an indeterminate
  amount of interests to be offered or sold pursuant to the Plans described herein.

<P align="center" style="font-size: 10pt"><B>PART I</B>


<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I will be sent
or given to employees participating in the Plans, as specified by Rule
428(b)(1) promulgated under the Securities Act. In accordance with the
instructions to Part&nbsp;I of Form S-8, such documents will not be filed with the
SEC either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule&nbsp;424 promulgated under the Securities
Act. These documents and the documents incorporated by reference pursuant to
Item&nbsp;3 of Part&nbsp;II of this registration statement, taken together, constitute
the prospectus as required by Section 10(a) of the Securities Act.


<P align="center" style="font-size: 10pt"><B>PART II</B>


<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby incorporates by reference into this registration
statement the following documents filed by it with the SEC:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2003, filed with the SEC on March&nbsp;10, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Reports on Form 8-K filed with the SEC on March&nbsp;9, 2004, March&nbsp;11, 2004 and March&nbsp;16, 2004; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s common stock contained in the Form
8-A Registration Statement filed with the SEC on September&nbsp;16, 1992
and any amendment or report filed for the purpose of updating such
description.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed with the SEC pursuant
to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), prior to the termination of this offering shall
be deemed to be incorporated by reference in this registration statement and to
be a part of this registration statement from the date of filing thereof. Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this registration statement
to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.


<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is organized under the laws of the State of Delaware. The
Registrant&#146;s Certificate of Incorporation, as amended and restated, provides
that it shall indemnify its current and former directors, officers, employees
and agents against any and all liabilities and expenses incurred in connection
with their services in those capacities to the maximum extent permitted by
Delaware law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Delaware General Corporation Law (the &#147;DGCL&#148;) provides that a Delaware
corporation has the power generally to indemnify its current and former
directors, officers, employees and other agents (each, a &#147;Corporate Agent&#148;)
against expenses and liabilities (including amounts paid in settlement) in
connection with any proceeding involving such person by reason of his being a
Corporate Agent, other than a proceeding by or in the right of the corporation,
if such person acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the corporation and, with respect to
any criminal proceeding, such person had no reasonable cause to believe his
conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of an action brought by or in the right of the corporation,
indemnification of a Corporate Agent is permitted if such person acted in good
faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the corporation. However, no indemnification is permitted in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation, unless and only to the extent that
the court in which such proceeding was brought shall determine upon application
that despite the adjudication of liability, but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
such indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a Corporate Agent has been successful on the merits or
otherwise in the defense of such proceeding, whether or not by or in the right
of the corporation, or in the defense of any claim, issue or matter therein,
the corporation is required to indemnify such person for expenses in connection
therewith. Under the DGCL, the corporation may advance expenses incurred by a
Corporate Agent in connection with a proceeding, provided that the Corporate
Agent undertakes to repay such amount if it shall ultimately be determined that
such person is not entitled to indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to indemnify and advance the expenses under the DGCL does not
exclude other rights to which a Corporate Agent may be entitled to under the
Certificate of Incorporation, bylaws, agreement, vote of stockholders or
disinterested directors or otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has also obtained insurance policies that provide coverage
for its directors and officers in certain situations, including some situations
where the Registrant cannot directly indemnify the directors or officers under
Delaware law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of these provisions is to assist the Registrant in retaining
qualified individuals to serve as its directors, officers, employees and agents
by limiting their exposure to personal liability for serving as such.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the Certificate of Incorporation contains provisions to eliminate
the liability of the Registrant&#146;s directors to the Registrant or its
stockholders to the fullest extent permitted by Section&nbsp;102(b)(7) of the DGCL,
as amended from time to time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, is permitted to directors, officers or controlling
persons of the Registrant, pursuant to the above mentioned laws or otherwise,
the Registrant understands that the SEC is of the opinion that such
indemnification may contravene federal public policy, as expressed in said Act,
and therefore, may be unenforceable. Accordingly, in the event that a claim for
such indemnification is asserted by any director, officer or a controlling
person


<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left" style="font-size: 10pt">of the Company, and the SEC is still of the same opinion, the Registrant
(except insofar as such claim seeks reimbursement by the Registrant of expenses
paid or incurred by a director, officer of controlling person in successful
defense of any action, suit or proceeding) will, unless the matter has
theretofore been adjudicated by precedent deemed by counsel for the Registrant
to be controlling, submit to a court of appropriate jurisdiction the question
whether or not indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such issue.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">4.1</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Specimen of Common Stock Certificate of Registrant (1)</TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">4.2</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Restated Certificate of Incorporation of Registrant (2)</TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">4.3</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">By-laws of Registrant (1)</TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">5</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Opinion of Venable LLP as to the legality of securities being registered</TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">15</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">None</TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">23A</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Consent of Venable LLP (included in Exhibit&nbsp;5)</TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">23B</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Consent of Ernst &#038; Young LLP, Independent Auditors</TD>
</TR>
</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">24</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Power of Attorney &#151; See signature page</TD>
</TR>
</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">28</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">None</TD>
</TR>
</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">(1)</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Filed as an exhibit to the Registration Statement on Form&nbsp;S-18 (File No.
33-28673) of the Registrant and incorporated herein by reference.
&nbsp;</TD>
</TR>
</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: #FFFFFF; color: #000000">
<TR valign="top">
    <TD nowrap width="4%">(2)</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="95%">Filed as an exhibit to the Form&nbsp;10-Q for the quarterly period ended June
30, 2002 and incorporated herein by reference.</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: #FFFFFF">
    <TD width="5%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20&nbsp;percent change in the
maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="5%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">provided, however, that paragraphs (a) (1) (i)&nbsp;and (a) (1) (ii)&nbsp;do not apply if
the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act that are incorporated by reference in this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">(b)&nbsp;The Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to any provision or arrangement, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
  to the requirements of the Securities Act of 1933, as amended, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this Registration Statement
  to be signed on its behalf by the undersigned, thereunto duly authorized, at
  Belcamp, Maryland on the 19th day of March, 2004.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">SAFENET,
INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left">/s/Anthony A. Caputo</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ANTHONY A. CAPUTO, Chairman,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">KNOW ALL MEN BY THESE PRESENT, that each of the undersigned whose signature
appears below constitutes and appoints Anthony A. Caputo and Carole D. Argo,
and each of them (with full power of each of them to act alone), his true and
lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution for him and on his behalf, and in his name, place and stead, in
any and all capacities to execute and sign any and all amendments or
post-effective amendments to this registration statement, or subsequent
registration statements related to the shares registered hereby and to file the
same, with all exhibits thereto, and all other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite or necessary to be done in
and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agents or any of them or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof and the
Registrant hereby confers like authority on its behalf.


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Act of 1933, as amended, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Title</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Anthony A. Caputo
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President and Chief Executive
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANTHONY A. CAPUTO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Carole D. Argo
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Chief
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CAROLE D. ARGO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas A. Brooks
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THOMAS A. BROOKS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrew E. Clark
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ANDREW E. CLARK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Shelley A. Harrison
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SHELLEY A. HARRISON</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ira A Hunt, Jr.
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IRA A. HUNT, JR.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce R. Thaw
<HR size="1" noshade width="80%" align="left">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
      <TD align="left" valign="top">March &nbsp;19, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BRUCE R. THAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "w95087sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 44360}]
{"company-data": {"conformed-name": "SAFENET INC", "cik": "0000850313", "assigned-sic": "3663", "irs-number": "521287752", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-113784", "film-number": "04680821"}, "business-address": {"street1": "8029 CORPORATE DRIVE", "city": "BALTIMORE", "state": "MD", "zip": "21236", "phone": "4109317500"}, "mail-address": {"street1": "8029 CORPORATE DR", "city": "BALTIMORE", "state": "MD", "zip": "21236"}, "former-company": {"former-conformed-name": "INFORMATION RESOURCE ENGINEERING INC", "date-changed": "19920703"}}
sv8
As filed with the Securities and Exchange
  Commission March 19, 2004,
Registration
No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REGISTRATION STATEMENT
ON FORM S-8
Under
THE SECURITIES ACT OF 1933
SAFENET, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
52-1287752
(State of other jurisdiction of
(I.R.S Employer Identification No.)
incorporation or organization)
4690 Millennium Drive
Belcamp, MD 21017
(Address of Principal Executive Offices)(Zip Code)
COMMON STOCK OF SAFENET, INC. ISSUABLE UPON EXERCISE OF OPTIONS
ASSUMED BY SAFENET, INC. IN CONNECTION WITH THAT CERTAIN AGREEMENT
AND PLAN OF REORGANIZATION BY AND AMONG SAFENET, INC., RAVENS
ACQUISITION CORP. AND RAINBOW TECHNOLOGIES, INC., DATED AS OF
OCTOBER 22, 2003 (THE "MERGER AGREEMENT"), WHICH WERE ORIGINALLY ISSUED UNDER
THE FOLLOWING STOCK OPTION PLANS:
RAINBOW TECHNOLOGIES, INC. 2003 STOCK OPTION PLAN
RAINBOW TECHNOLOGIES, INC. 2001 NONSTATUTORY STOCK OPTION PLAN
RAINBOW TECHNOLOGIES, INC. 2000 STOCK OPTION PLAN
RAINBOW TECHNOLOGIES, INC. RESTATED 1990 STOCK OPTION PLAN
(Full titles of the plans)
Mr. Anthony A. Caputo
Chairman, Chief Executive Officer and President
SAFENET, INC.
4690 Millenium Drive
Belcamp, MD 21017
(443) 327-7500
(Name, address and telephone number of agent for service)
Copies to:
Elizabeth R. Hughes, Esq.
Venable LLP
Two Hopkins Plaza
Baltimore, MD 21201
(410) 244-7608
Calculation of Registration Fee
Titles of
Proposed Maximum
Proposed Maximum
Securities to be
Amount to be
Offering Price Per
Aggregate Offering
Amount of
Registered
Registered(1)
Share
Price
Registration Fee
Common Stock,
$.01 par value
44,880 Shares (2)
$23.21 (3)
$1,041,665. (3)
$132.
Common Stock,
$.01 par value
756,131 Shares (4)
$ 15.79 (3)
$11,939,308 (3)
$1,513
Common Stock,
$.01 par value
497,531 Shares(5)
$31.24 (3)
$15,542,868 (3)
$1,970
Common Stock,
$.01 par value
673,489 Shares(6)
$17.23 (3)
$11,604,215 (3)
$1,471
Total
1,972,031 Shares
—
$40,128,056
$1,471 (7)
(1)
This registration statement shall also cover pursuant to Rule 416(a)
under the Securities Act of 1933, as amended (the "Securities Act"), any
additional shares of common stock that may become issuable in accordance
with the provisions of the plans described herein as a result of any
future stock split, stock dividend or similar adjustment of the
Registrant's outstanding common stock that results in an increase in the
number of shares of common stock outstanding.
(2)
Represents the number of shares subject to the outstanding options
assumed by Registrant pursuant to the Merger Agreement which were
originally issued under the Rainbow Technologies, Inc. 2003 Stock Option
Plan.
(3)
Estimated solely for the purposes of calculating the registration fee in
accordance with Rule 457(h) under the Securities Act on the basis of the
weighted average exercise price of the outstanding options assumed by the
Registrant.
(4)
Represents the number of shares subject to the outstanding options
assumed by Registrant pursuant to the Merger Agreement which were
originally issued under the Rainbow Technologies, Inc, 2001 Nonstatutory
Stock Option Plan.
(5)
Represents the number of shares subject to outstanding options assumed by
Registrant pursuant to the Merger Agreement which were originally issued
under the Rainbow Technologies, Inc., 2000 Stock Option Plan.
(6)
Represents the number of shares subject to outstanding options assumed by
Registrant pursuant to the Merger Agreement which were originally issued
under the Rainbow Technologies, Inc., Restated 1990 Stock Option Plan.
(7)
The total filing fee for all securities registered herein of $5,086 is
      offset pursuant to Rule 457(p) of the Securities Act by $132 of the filing
      fee of $ 364.  previously paid with respect to unsold securities
      registered pursuant to the Registration Statement on Form S-8 (File No. 333-107429)
      filed by Rainbow Technologies, Inc. on July 29, 2003, by $1,513 of
      the filing fee of $3,756 previously paid with respect to unsold securities
      registered pursuant to the Registration Statement on Form S-8 (File No.
      333-59738) filed by Rainbow Technologies, Inc. on April 27, 2001, and by
      $1,970 of the filing fee of $9,355 previously paid with respect to unsold
      securities registered pursuant to the Registration Statement on Form S-8
      (File No. 333-41430) filed by Rainbow Technologies, Inc. on July 14, 2000.
SafeNet,
  Inc., a Delaware corporation (the "Registrant"), filed a Registration
  Statement on Form S-4 (File Number 333-110520) with the Securities and Exchange
  Commission (the "SEC" or "Commission") November 14,
  2003, as amended by Pre-Effective Amendment No.1 thereto filed with the SEC
  on January 15, 2004, and as amended by Pre-Effective Amendment No. 2 filed
  with the SEC on February 11, 2004 pursuant to which it registered the offer
  and sale of shares of common stock, par value $0.01 per share, of the Registrant
  (the "Common Stock") in connection with its proposed acquisition by
  merger of Rainbow Technologies, Inc., a Delaware corporation ("Rainbow").
  The closing of the Rainbow acquisition occurred on March 15, 2004. Pursuant
  to this registration statement on Form S-8, the Registrant registers 1,972,031
  shares of common stock for issuance upon exercise of stock options outstanding
  as of the date hereof assumed by Registrant pursuant to the Merger Agreement,
  which were originally issued under the Rainbow 2003 Stock Option Plan, the Rainbow
  2001 Nonstatutory Stock Option Plan, the Rainbow 2000 Stock Option Plan, and
  the Rainbow Restated 1990 Stock Option Plan (collectively, the "Plans").
  In addition, pursuant to Rule 416(c) under the Securities Act of 1933, as amended
  (the "Securities Act"), this registration statement covers an indeterminate
  amount of interests to be offered or sold pursuant to the Plans described herein.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I will be sent
or given to employees participating in the Plans, as specified by Rule
428(b)(1) promulgated under the Securities Act. In accordance with the
instructions to Part I of Form S-8, such documents will not be filed with the
SEC either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424 promulgated under the Securities
Act. These documents and the documents incorporated by reference pursuant to
Item 3 of Part II of this registration statement, taken together, constitute
the prospectus as required by Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The Registrant hereby incorporates by reference into this registration
statement the following documents filed by it with the SEC:
•
Annual Report on Form 10-K for the fiscal year ended December 31,
2003, filed with the SEC on March 10, 2004; and
•
Current Reports on Form 8-K filed with the SEC on March 9, 2004, March 11, 2004 and March 16, 2004; and
•
The description of the Registrant's common stock contained in the Form
8-A Registration Statement filed with the SEC on September 16, 1992
and any amendment or report filed for the purpose of updating such
description.
All reports and other documents subsequently filed with the SEC pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), prior to the termination of this offering shall
be deemed to be incorporated by reference in this registration statement and to
be a part of this registration statement from the date of filing thereof. Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this registration statement
to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.
Item 4. Description of Securities.
Not Applicable.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
Item 6. Indemnification of Directors and Officers.
The Registrant is organized under the laws of the State of Delaware. The
Registrant's Certificate of Incorporation, as amended and restated, provides
that it shall indemnify its current and former directors, officers, employees
and agents against any and all liabilities and expenses incurred in connection
with their services in those capacities to the maximum extent permitted by
Delaware law.
The Delaware General Corporation Law (the "DGCL") provides that a Delaware
corporation has the power generally to indemnify its current and former
directors, officers, employees and other agents (each, a "Corporate Agent")
against expenses and liabilities (including amounts paid in settlement) in
connection with any proceeding involving such person by reason of his being a
Corporate Agent, other than a proceeding by or in the right of the corporation,
if such person acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the corporation and, with respect to
any criminal proceeding, such person had no reasonable cause to believe his
conduct was unlawful.
In the case of an action brought by or in the right of the corporation,
indemnification of a Corporate Agent is permitted if such person acted in good
faith and in a manner he reasonably believed to be in or not opposed to the
best interests of the corporation. However, no indemnification is permitted in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation, unless and only to the extent that
the court in which such proceeding was brought shall determine upon application
that despite the adjudication of liability, but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
such indemnification.
To the extent that a Corporate Agent has been successful on the merits or
otherwise in the defense of such proceeding, whether or not by or in the right
of the corporation, or in the defense of any claim, issue or matter therein,
the corporation is required to indemnify such person for expenses in connection
therewith. Under the DGCL, the corporation may advance expenses incurred by a
Corporate Agent in connection with a proceeding, provided that the Corporate
Agent undertakes to repay such amount if it shall ultimately be determined that
such person is not entitled to indemnification.
The power to indemnify and advance the expenses under the DGCL does not
exclude other rights to which a Corporate Agent may be entitled to under the
Certificate of Incorporation, bylaws, agreement, vote of stockholders or
disinterested directors or otherwise.
The Registrant has also obtained insurance policies that provide coverage
for its directors and officers in certain situations, including some situations
where the Registrant cannot directly indemnify the directors or officers under
Delaware law.
The purpose of these provisions is to assist the Registrant in retaining
qualified individuals to serve as its directors, officers, employees and agents
by limiting their exposure to personal liability for serving as such.
Further, the Certificate of Incorporation contains provisions to eliminate
the liability of the Registrant's directors to the Registrant or its
stockholders to the fullest extent permitted by Section 102(b)(7) of the DGCL,
as amended from time to time.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, is permitted to directors, officers or controlling
persons of the Registrant, pursuant to the above mentioned laws or otherwise,
the Registrant understands that the SEC is of the opinion that such
indemnification may contravene federal public policy, as expressed in said Act,
and therefore, may be unenforceable. Accordingly, in the event that a claim for
such indemnification is asserted by any director, officer or a controlling
person
of the Company, and the SEC is still of the same opinion, the Registrant
(except insofar as such claim seeks reimbursement by the Registrant of expenses
paid or incurred by a director, officer of controlling person in successful
defense of any action, suit or proceeding) will, unless the matter has
theretofore been adjudicated by precedent deemed by counsel for the Registrant
to be controlling, submit to a court of appropriate jurisdiction the question
whether or not indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such issue.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits.
4.1
Specimen of Common Stock Certificate of Registrant (1)
4.2
Restated Certificate of Incorporation of Registrant (2)
4.3
By-laws of Registrant (1)
5
Opinion of Venable LLP as to the legality of securities being registered
15
None
23A
Consent of Venable LLP (included in Exhibit 5)
23B
Consent of Ernst & Young LLP, Independent Auditors
24
Power of Attorney — See signature page
28
None
(1)
Filed as an exhibit to the Registration Statement on Form S-18 (File No.
33-28673) of the Registrant and incorporated herein by reference.
(2)
Filed as an exhibit to the Form 10-Q for the quarterly period ended June
30, 2002 and incorporated herein by reference.
Item 9. Undertakings
(a)     The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)   To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)   To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20 percent change in the
maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement;
(iii)  To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided, however, that paragraphs (a) (1) (i) and (a) (1) (ii) do not apply if
the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b) The Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to any provision or arrangement, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
  to the requirements of the Securities Act of 1933, as amended, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this Registration Statement
  to be signed on its behalf by the undersigned, thereunto duly authorized, at
  Belcamp, Maryland on the 19th day of March, 2004.
SAFENET,
INC.
By:
/s/Anthony A. Caputo
ANTHONY A. CAPUTO, Chairman,
President and Chief Executive Officer
KNOW ALL MEN BY THESE PRESENT, that each of the undersigned whose signature
appears below constitutes and appoints Anthony A. Caputo and Carole D. Argo,
and each of them (with full power of each of them to act alone), his true and
lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution for him and on his behalf, and in his name, place and stead, in
any and all capacities to execute and sign any and all amendments or
post-effective amendments to this registration statement, or subsequent
registration statements related to the shares registered hereby and to file the
same, with all exhibits thereto, and all other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite or necessary to be done in
and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agents or any of them or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof and the
Registrant hereby confers like authority on its behalf.
Pursuant to the requirements of the Securities Act of 1933, as amended, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated:
Signature
Title
Date
/s/ Anthony A. Caputo
Chairman, President and Chief Executive
March  19, 2004
ANTHONY A. CAPUTO
Officer (Principal Executive Officer)
/s/ Carole D. Argo
Senior Vice President and Chief
March  19, 2004
CAROLE D. ARGO
Financial Officer
(Principal Financial and Accounting Officer)
/s/ Thomas A. Brooks
Director
March  19 , 2004
THOMAS A. BROOKS
/s/ Andrew E. Clark
Director
March  19 , 2004
ANDREW E. CLARK
/s/ Shelley A. Harrison
Director
March  19, 2004
SHELLEY A. HARRISON
/s/ Ira A Hunt, Jr.
Director
March  19, 2004
IRA A. HUNT, JR.
/s/ Bruce R. Thaw
Director
March  19, 2004
BRUCE R. THAW