EXHIBIT 10.45

 

AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is dated as of the 15th day of May, 2003, by
and between QRS Corporation, a Delaware corporation (the “Company”) and Garen
Staglin (“Mr. Staglin”).

 

RECITALS

 

WHEREAS, as of the Company’s annual meeting of stockholders on May 14, 2003, Mr.
Staglin ceased to be a member of the Board of Directors of the Company (the
“Board”);

 

WHEREAS the Company previously granted to Mr. Staglin 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. Staglin’s retirement as a member of the Board,
Mr. Staglin 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. Staglin’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 and January 2, 2002 (collectively,
the “Accelerated Options”), shall be accelerated as of the execution 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 until August 31, 2004. For the sake of clarity, effective upon the
execution of this Agreement (a) Mr. Staglin 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 July 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. Staglin 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. Staglin’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.

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

 

QRS CORPORATION

By:

 

        /s/

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Elizabeth A. Fetter

President and CEO

 

   

        /s/

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Garen Staglin

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Exhibit A

 

Options as of 5/15/03 and 8/31/04

 

Personnel Option Status

  

QRS Corporation

  

ID: 68-0102251

    

1400 Marina Way, South

    

Richmond, CA 94804

 

AS OF 5/15/03

 

Garen Staglin

1570 Bella Oaks Lane

Rutherford, CA USA 94573

 

Number

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   Option
Date

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   Plan

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   Type

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   Granted

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   Price

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   Exercised

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   Vested

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   Cancelled

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   Unvested

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   Outstanding

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   Exercisable

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00000287

   7/1/91    1990    NQ    72,000    $ 0.166667    72,000    72,000    0    0   
0    0

00000378

   7/22/94    1993    NQ    7,500    $ 6.913333    3,750    7,500    0    0   
3,750    3,750

00000390

   5/22/95    1993    NQ    7,500    $ 12.750000    1,875    7,500    0    0   
5,625    5,625

00000426

   5/24/96    1993    NQ    7,500    $ 24.375000    0    7,500    0    0   
7,500    7,500

00000492

   5/30/97    1993    NQ    7,500    $ 25.166667    0    7,500    0    0   
7,500    7,500

00000669

   5/5/98    1993    NQ    7,500    $ 30.583333    0    7,500    0    0    7,500
   7,500

00000940

   5/3/99    1993    NQ    15,000    $ 36.666667    0    15,000    0    0   
15,000    15,000

00000965

   5/11/99    1993    NQ    7,500    $ 43.166667    0    0    7,500    0    0   
0

00000979

   5/14/99    1993    NQ    22,500    $ 43.166667    0    0    22,500    0    0
   0

00001297

   1/3/00    1993    NQ    30,000    $ 103.000000    0    0    30,000    0    0
   0

00001988

   1/2/01    1993    NQ    20,000    $ 12.750000    0    14,166    0    5,834   
20,000    14,166

00002066

   7/26/01    1993    NQ    10,000    $ 15.850000    0    5,625    0    4,375   
10,000    5,625

002127

   1/2/02    1993    NQ    10,000    $ 13.600000    0    4,583    0    5,417   
10,000    4,583                    

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                    224,500           77,625    148,874    60,000    15,626   
86,875    71,249

 

Information Currently on File

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Tax

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   Rate
%

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   Option SDS Broker

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   Registration

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   Alternate Address

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QRS Corporation

  

PERSONNEL SUMMARY

    

AS OF 8/31/04

    

ID is equal to

 

Name

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   ID

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   Option
Number

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   Option
Date

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   Plan/
Type

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   Shares

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   Price

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   Exercised

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   Vested

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   Cancelled

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   Unvested

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   Outstanding

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   Exercisable

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Staglin, Garen

        00000287    7/1/91    1990/NQ    72,000    $ 0.166667    72,000   
72,000    0    0    0    0           00000378    7/22/94    1993/NQ    7,500   
$ 6.913333    3,750    3,750    3,750    0    0    0           00000390   
5/22/95    1993/NQ    7,500    $ 12.750000    1,875    7,500    0    0    5,625
   5,625           00000426    5/24/96    1993/NQ    7,500    $ 24.375000    0
   7,500    0    0    7,500    7,500           00000492    5/30/97    1993/NQ   
7,500    $ 25.166667    0    7,500    0    0    7,500    7,500          
00000669    5/5/98    1993/NQ    7,500    $ 30.583333    0    7,500    0    0   
7,500    7,500           00000940    5/3/99    1993/NQ    15,000    $ 36.666667
   0    15,000    0    0    15,000    15,000           00000965    5/11/99   
1993/NQ    7,500    $ 43.166667    0    0    7,500    0    0    0          
00000979    5/14/99    1993/NQ    22,500    $ 43.166667    0    0    22,500    0
   0    0           00001297    1/3/00    1993/NQ    30,000    $ 103.000000    0
   0    30,000    0    0    0           00001988    1/2/01    1993/NQ    20,000
   $ 12.750000    0    20,000    0    0    20,000    20,000           00002066
   7/26/01    1993/NQ    10,000    $ 15.850000    0    8,958    0    1,042   
10,000    8,958           002127    1/2/02    1993/NQ    10,000    $ 13.600000
   0    7,708    0    2,292    10,000    7,708                         

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Account Staglin, Garen

                       224,500           77,625    157,416    63,750    3,334   
83,125    79,791                         

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               TOTALS         224,500           77,625    157,416    63,750   
3,334    83,125    79,791