EHIBIT 10.46

 

AGREEMENT BETWEEN

THE COMPANY

AND

PHIL SCHLEIN

 

THIS AGREEMENT (the “Agreement”) is dated as of the 23rd day of September, 2003,
by and between QRS Corporation, a Delaware corporation (the “Company”), and Phil
Schlein (“Mr. Schlein”).

 

RECITALS

 

WHEREAS, on September 23, 2003, Mr. Schlein resigned as a member of the Board of
Directors of the Company (the “Board”);

 

WHEREAS the Company previously granted to Mr. Schlein the non-qualified stock
options (the “Options”) set forth in Exhibit A hereto pursuant to the Company’s
1993 Stock Option/Stock Issuance Plan (as amended and restated, the “Plan”) and
the stock option agreements dated as of the date of each grant, respectively
(collectively, the “Option Agreements”); and

 

WHEREAS, in connection with Mr. Schlein’s resignation as a member of the Board,
Mr. Schlein and the Company desire to amend the terms of the Option Agreements
to provide for accelerated vesting of certain of the Options, and the extension
of the termination date for such options:

 

--------------------------------------------------------------------------------

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Notwithstanding anything to the contrary set forth in the Plan or in any of
the Option Agreements, the vesting of Mr. Schlein’s option to purchase an
aggregate of 40,000 shares of Common Stock of the Company, pursuant to the
Options dated January 2, 2001, July 26, 2001, January 2, 2002 and May 15, 2003
(collectively, the “Accelerated Options”), shall be accelerated as of the date
of this Agreement such that he shall be entitled to exercise such Accelerated
Options for that number of shares that would have vested had he continued to
serve on the Board through August 31, 2004. For the sake of clarity, (a) Mr.
Schlein shall be entitled to purchase up to 36,666 shares of the Common Stock
granted pursuant to the Accelerated Options, and (b) his option to purchase the
remaining 3,334 shares that would have been unvested as of August 31, 2004 under
the Accelerated Options shall immediately terminate.

 

2. Notwithstanding anything to the contrary in the Plan or the Option
Agreements, unless previously exercised, the Accelerated Options shall
terminate, and Mr. Schlein shall have no further right to exercise the
Accelerated Options, at any time after November 30, 2004.

 

3. Except as otherwise set forth herein, the terms of the Option Agreements
shall survive the execution and delivery of this Agreement.

 

4. As part of this Agreement, QRS Corporation has agreed that director
indemnification provided by the Company will remain in force covering the period
of Mr. Schlein’s Board services in accordance with the terms of his written
Indemnification Agreement with the Company and the Company’s Bylaws.

 

5. This Agreement shall be construed in accordance with, and governed in all
respects by, the laws of the State of California, as applied to agreements
entered into, and to be performed entirely in such state, between residents of
such state.

 

--------------------------------------------------------------------------------

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

 

QRS CORPORATION By:  

/S/    ELIZABETH A. FETTER        

 

--------------------------------------------------------------------------------

   

Elizabeth A. Fetter

President and CEO

 

   

/S/    PHIL SCHLEIN        

 

--------------------------------------------------------------------------------

   

Phil Schlein

 

--------------------------------------------------------------------------------

Exhibit A

 

Options (not reflecting acceleration pursuant to this Agreement)

 

Number

--------------------------------------------------------------------------------

   Grant Date

--------------------------------------------------------------------------------

   Plan

--------------------------------------------------------------------------------

   Shares Granted

--------------------------------------------------------------------------------

   Price

--------------------------------------------------------------------------------

   Shares Exercised

--------------------------------------------------------------------------------

   Shares Vested and
Exercisable

--------------------------------------------------------------------------------

00000423

   2/16/1996    1993      7,500    $ 14.583333    5,625    1,875

00000489

   5/30/1997    1993      7,500    $ 25.166667    3,750    3,750

00000666

   5/5/1998    1993      7,500    $ 30.583333    0    7,500

00001973

   1/2/2001    1993    10,000    $ 12.750000    0    7,916

00002065

   7/26/2001    1993    10,000    $ 15.850000    0    6,458

00002126

   1/2/2002    1993    10,000    $ 13.600000    0    5,416

00002797

   5/15/2003    1993    10,000    $ 4.640000    0    0

Total

             62,500           9,375    32,915

 

Options (reflecting acceleration pursuant to this Agreement)

 

Exercisable Options

 

Number

--------------------------------------------------------------------------------

   Grant Date

--------------------------------------------------------------------------------

   Plan

--------------------------------------------------------------------------------

   Shares Granted

--------------------------------------------------------------------------------

   Price

--------------------------------------------------------------------------------

   Shares Exercised

--------------------------------------------------------------------------------

   Shares Vested and
Exercisable

--------------------------------------------------------------------------------

00000423

   2/16/1996    1993      7,500    $ 14.583333    5,625    1,875

00000489

   5/30/1997    1993      7,500    $ 25.166667    3,750    3,750

00000666

   5/5/1998    1993      7,500    $ 30.583333    0    7,500

00001973

   1/2/2001    1993    10,000    $ 12.750000    0    10,000

00002065

   7/26/2001    1993    10,000    $ 15.850000    0    8,958

00002126

   1/2/2002    1993    10,000    $ 13.600000    0    7,708

00002797

   5/15/2003    1993    10,000    $ 4.640000    0    10,000      TOTALS        
62,500           9,375    49,791