Document:

Deferred Stock Unit Agreement

 EXHIBIT 10.4 
 DEFERRED STOCK UNIT AGREEMENT 
 UNDER THE 
 THIRD AMENDED AND RESTATED 
 ANSYS,
INC. 
 1996 STOCK OPTION AND GRANT PLAN 
  

			
	Name of Grantee:	    	[                    ]
	No. of Deferred Stock Units Granted:	    	[                    ]
	Grant Date:	    	[                    ]

 Pursuant to the Third Amended and Restated ANSYS, Inc. 1996 Stock Option and Grant Plan (the “Plan”) as
amended through the date hereof, ANSYS, Inc. (the “Company”) hereby grants the number of Deferred Stock Units listed above (the “Award”) to the Grantee named above. Each “Deferred Stock Unit” shall relate to one share
of Common Stock par value $.01 per share (the “Stock”) of the Company, subject to the restrictions and conditions set forth herein and in the Plan. 
  

	 	1.	Restrictions on Transfer of Award. The Award shall not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, until shares of Stock
have been issued pursuant to Section 3 hereof. 

  

	 	2.	Vesting of Deferred Stock Units. The Deferred Stock Units shall be fully vested upon the Grant Date specified above. 

  

	 	3.	Issuance of Shares of Stock. 

  

	 	(a)	Subject to the terms of the Plan and this Award, each Deferred Stock Unit entitles the Grantee to receive one share of Stock as soon as reasonably practicable following the
Settlement Date. The “Settlement Date” shall be the date of the cessation of the Grantee’s service as a director of the Company. 

  

	 	(b)	As soon as reasonably practicable following the Settlement Date, but in no event later than 10 days after the Settlement Date, the Company shall direct its transfer agent to issue
to the Grantee in book entry form the number of shares of Stock equal to the number of Deferred Stock Units credited to the Grantee in satisfaction of the Award. 

  

	 	(c)	Shares of Stock shall be issued and delivered to the Grantee in accordance with Section 3(b) upon compliance to the satisfaction of the Committee with all requirements under
applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Committee as to such compliance shall be final and binding on the Grantee. 

	 	(d)	Until such time as shares of Stock are issued to the Grantee pursuant to Section 3(b), the Grantee shall have no rights as a stockholder with respect to any shares of Stock
underlying the Deferred Stock Units, including but not limited to any voting rights, provided, however, that any dividends or other distributions paid with respect to the shares of Stock underlying the Deferred Stock Units shall accrue and shall be
converted into additional Deferred Stock Units based on the closing price of the Stock on any such distribution date and any such additional Deferred Stock Units shall be subject to the same conditions and restrictions as are the Deferred Stock
Units with respect to which they were paid. 

  

	 	(e)	Notwithstanding anything to the contrary herein or in the Plan, if the Grantee is a “key employee” (as defined in Section 416(i) of the Code, without regard to
paragraph 5 thereof), any issuance of shares of Stock on account of such Grantee’s cessation of service shall be delayed until at least six months after such cessation of service to the extent necessary to avoid any penalty taxes under
Section 409A of the Code. 

  

	 	4.	Incorporation of Plan. Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions of the Plan, including the
powers of the Committee set forth in Section 2(b) of the Plan. Capitalized terms in this Award shall have the meaning specified in the Plan, unless a different meaning is specified herein. 

  

	 	5.	Transferability of this Award. This Award is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by
will or the laws of descent and distribution. 

  

	 	6.	Miscellaneous. 

  

	 	(a)	Notice hereunder shall be given to the Company at its principal place of business, and shall be given to the Grantee at the address set forth below, or in either case at such other
address as one party may subsequently furnish to the other party in writing. 

  

	 	(b)	This Award does not confer upon the Grantee any rights with respect to continuation of service as a director of the Company. 

  

									
		 		 	ANSYS, INC.
					
	Dated: 	 	 	 		 	By:	 	 
					
		 		 		 	Name:	 	 
					
		 		 		 	Title:	 	 

 The foregoing Award is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.

  

									
				
	Dated: 	 	 	 		 	GRANTEE
				
		 		 		 	 
		 		 		 	[                    ]
				
		 		 		 	Grantee’s Address:Amended and Restated ANSYS, Inc. Cash Bonus Plan

 EXHIBIT 10.5 
 AMENDED AND RESTATED ANSYS, INC. 
 CASH BONUS PLAN 
 The provisions of the ANSYS, Inc. Cash Bonus Plan are hereby amended and restated as follows to read in its entirety as follows: 
 This Amended and Restated Cash Bonus Plan (the “Plan”) is hereby adopted as of November 6, 2008. The Plan is administered by the Committee. All
determinations as to bonuses and awards are made by the Committee, subject to ratification by the Company’s Board of Directors (the “Board”). The Plan is available for those executive officers and other senior managers determined by
the Committee in its sole discretion (the “Participants”). 
  

	 	1.	Annual Cash Bonus. An annual cash bonus is determined by the Committee based on the achievement of individually weighted corporate, individual and organizational goals and
criteria, as determined in the discretion of the Committee. The Committee will set individual targets for Participants ranging from 30% to 100% of base salary at the start of a fiscal year. Cash bonuses will be determined by the Committee quarterly
and annually, and may fall below, meet, or exceed the targets depending upon the achievement of a combination of (1) objective Company performance goals, appropriately tailored for plan participants, and (2) individual performance
criteria. 

  

	 	2.	Individual Criteria. The individual performance criteria for each Participant vary depending on the Participant’s responsibilities, and are based on the evaluation of
performance objectives including publicly disclosed business unit and departmental performance, functional excellence, operational excellence, organizational development, and such other criteria as determined at the discretion of the Committee.

  

	 	3.	Corporate Criteria. The objective Company performance goals for each participant are based on the Company’s publicly disclosed quarterly and annual financial
performance, including revenue growth, operating profit and earnings per share. 

  

	 	4.	Timing of Bonus Payments. Any bonus under this Plan will be paid to the recipient by no later than March 15 of the year following the year in which the bonus is earned.

  

	 	5.	Miscellaneous. The specific financial hurdles will be adjusted, as necessary, by the Committee to reflect subsequent stock splits, extraordinary dividends, offerings of
common shares, acquisitions, changes in accounting rules, etc. The individual performance target may be adjusted for job changes. Bonuses are paid in cash, based on financial statements and other data for the year being measured. The Company’s
Board of Directors and the Committee may modify the goals and criteria at any time. The Committee may grant bonuses to executive officers and other senior managers even if performance goals and criteria are not met. The Committee also retains the
ability not to award cash bonuses. 

  

	 	6.	Amendment and Termination. The Committee reserved the right to amend and terminate the Plan at any time. Participation in the plan shall in no event be deemed to be an offer
of continuing employment or to any bonus whatsoever, which bonuses shall be determined by the Committee in its sole discretion.First Amendment of Employment Agreement - James E. Cashman III

 EXHIBIT 10.6 
 First Amendment 
 To 
 Employment Agreement 
 WHEREAS, ANSYS, Inc., a Delaware corporation (the “Company”) entered into an Employment Agreement with James E. Cashman III (the “Employee”) as of the 21st day of April 2003 (the “Agreement”); and 
 WHEREAS, the
Company and the Employee each desire to amend the Agreement in order to reflect the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Section 409A”)

 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties hereto agree to amend the Agreement as
follows: 
 1. Section 6(f) (paragraph following the heading “Termination by the Employee with Good Reason”) is hereby amended to add the
following to the end of such paragraph: 
 “Employee must give notice of the Good Reason condition within sixty (60) days of the
occurrence of such condition and if the Good Reason condition is not cured by the Company within the thirty (30) day period following such notice, the Employee must terminate his employment within sixty (60) days after the end of such cure
period.” 
 2. Section 6(f) (first paragraph following the heading “Certain Termination Benefits”) is hereby amended by deleting the
second sentence of such paragraph and replacing it with the following: 
 “Notwithstanding the foregoing, in the event of termination of
Employee’s employment with the Company pursuant to Section 6(d) or 6(e) above, the Company shall provide to Employee the following termination benefits (“Termination Benefits”):” 
 3. Section 6(f) (first paragraph under the heading “Certain Termination Benefits”) is hereby amended by adding the following to the end of clause
(i) thereof: 
 “to be paid within thirty (30) days of the date of termination of Employee’s employment;” 

4. Section 6(f) (first paragraph under the heading “Certain Termination Benefits”) is hereby amended by deleting clause (ii) thereof and replacing
it with the following: 
 “subject to the Employee signing a general release of claims in favor of the Company in form and substance
reasonably satisfactory to the Employee and the Company within the thirty (30) day period following the date of termination of Employee’s employment and the expiration of the seven day revocation period for 

 
such release, continuation of Employee’s Base Salary at the rate then in effect pursuant to Section 4(a) plus an amount equal to Employee’s
target bonus amount ($200,000) or such higher bonus amount as may be the Employee’s target bonus for the current fiscal year under Section 4(b) (the “Current Target Bonus”) (with the Current Target Bonus amount payable for
each year or partial year that the Employee is entitled to such continuation payments, i.e., if the Employee is to receive such continuation payments for two years, the Employee is entitled to an amount equal to the Current Target Bonus multiplied
by two, payable over two years), with such continuation payments to be paid out in substantially equal installments in accordance with the Company’s payroll practices, beginning on the first payroll date that occurs thirty-seven (37) days
after the date of termination of the Employee’s employment and with such first payment including a catch-up payment, covering amounts that would otherwise have been paid during such thirty-seven (37) day waiting period. Solely for purposes
of Section 409A, each installment payment is considered a separate payment; 
 5. Section 6(f) (first paragraph under the heading “Certain
Termination Benefits”) is hereby amended by adding the following to the end of clause (iii) thereof: 
 “with such benefit
continuation commencing as soon as reasonably practicable (but in no event more than thirty (30) days after) the date of the Employee’s termination of employment; 
 6. Section 6(g) (paragraph under the heading “Disability”) is hereby amended by deleting the second sentence of such paragraph and replacing it with the following: 
 “Notwithstanding any such removal, reassignment or termination, Employee shall continue to receive an amount equal to his full Base Salary, Current
Target Bonus (pro rated for the portion of the year in which Employee serves as a full time employee) and benefits under Section 5 of this Agreement (except to the extent that Employee may be ineligible for one or more such benefits under
applicable plan terms) (collectively, the “Disability Benefits”), provided that such Disability Benefits shall be paid to the maximum extent permitted under the Company’s then current disability pay, sick pay or other benefit
plans and the Company shall make any necessary additional payments in order for the Employee to receive the full amount of the Disability Benefits. Such Disability Benefits shall continue for 12 months following the Employee’s date of such
disability, shall be payable in substantially equal installments in accordance with the Company’s payroll practices and shall be subject to any required withholding.” 
 7. Section 6(k) (paragraph under the heading “Termination Pursuant to a Change of Control”) is hereby amended by deleting the second sentence of such paragraph and replacing it with the following:

 “If, within one hundred eighty (180) days following a Change of Control, the Employee’s employment is terminated by the
Company with or without Cause for any reason other than death or disability or there is (i) a material diminution in the 

 
Employee’s responsibilities, authority or duties, (ii) a material diminution in the Employee’s Base Salary, (iii) a material change in
the geographic location at which the Employee provides services to the Company or (iv) a material breach of this Agreement by the Company and, in the case of (i), (ii), (iii) or (iv), the Employee notifies the Company in writing of the
occurrence of such event within sixty (60) days of its occurrence, the Employee cooperates in good faith with the Company’s efforts, for a period of not less than thirty (30) days following such notice (the “Cure
Period”) to remedy the condition, notwithstanding such efforts the condition continues to exist, and the Employee terminates his employment within sixty (60) days after the end of the Cure Period, then the Company shall provide to
Employee all of the payments and benefits that would be provided to Employee under Section 6(f) upon a termination of his employment by the Company without Cause.” 
 8. Section 6 is hereby amended by adding the following new subsection (l) to the end of such Section: 
 “Section 409A. Anything in this Agreement to the contrary notwithstanding, if at the time of the Employee’s separation from service within the meaning of Section 409A, the Company determines that the Employee is a
“specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), then to the extent any payment or benefit that the Employee becomes entitled to under
this Agreement on account of the Employee’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of
Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Employee’s separation from service, or
(B) the Employee’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period
but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 
 The parties intend that this Agreement will be administered in accordance with Section 409A. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in
such a manner so that all payments hereunder comply with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 The
determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

 The Company makes no representation or warranty and shall have no liability to the Employee or any other
person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A but do not satisfy an exemption from, or the conditions of, such Section.” 
 9. Except as amended herein, the terms of the Agreement shall remain in full force and effect. 
 [Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties have executed this First Amendment to Employment Agreement under seal as
of the 6th day of November, 2008. 
  

			
	COMPANY:
	
	ANSYS, INC.
		
	By: 	 	/s/ Peter J. Smith
		 	 Name: Peter J. Smith
 Title: Chairman of the Board

	
	EMPLOYEE:
	
	/s/ James E. Cashman III
	James E. Cashman III

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