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Exhibit 10.72    
    

  

February 23,
2005 

Executive

(hand delivered) 

Re:    Notice
of Participation in Retention Bonus Plan 

Dear
Executive: 

        I
am pleased to confirm that the Company has selected you as a Participant in the Peregrine Systems, Inc. Retention Bonus Plan (the "Plan"). The Plan is designed to aid in the
retention of the Company's most crucial employees in the event of a Change of Control of the Company by providing for the award of retention bonuses. 

General terms  

        Your Retention Bonus Amount under the Plan is $    . This is the amount you are eligible to receive under the Plan so long as you remain employed with
the Company through the
six-month anniversary of the consummation of a Change in Control of the Company or if your employment is terminated in connection with, in anticipation of or following a Change of Control
under certain circumstances as described in this Notice of Participation and the Plan. 

        The
basic terms of your participation in the Plan are set forth in this Notice of Participation, but other important terms and conditions are described in the Plan. We encourage you to
carefully review the Plan, a copy of which is included with this Notice. Capitalized words in this Notice of Participation which are not defined herein are defined in the Plan. In the event of any
conflict between the provisions of this Notice of Participation and the provisions of the Plan, the terms of the Plan shall control. This letter constitutes the Notice of Participation called for in
the Plan. 

Payment Terms  

        In accordance with Section 4(a)(i) of the Plan, except as set forth below, your Retention Bonus Amount shall be payable (a) fifty percent
(50%) upon the consummation of a Change of Control, and (b) fifty percent (50%) upon the date that is six months after the consummation of a Change of Control. If any scheduled payment date is
not a business day, the applicable payment shall be made on the first business day following the applicable payment date. 

Termination of Your Employment  

        In accordance with Section 4(a)(ii) of the Plan, if your employment with the Company is terminated prior to receiving one or both of the payments
described above, your right to receive such payments shall be determined as follows: 

        (A)  Subject
to clause (B) below, if your employment with the Company terminates for any reason prior to the consummation of a Change of Control, you will immediately
forfeit without consideration any right to any payments under the Plan and this Notice of Participation; 

        (B)  Notwithstanding
clause (A) above, if your employment is terminated by the Company without Cause, or by you with Good Reason, in connection with or in anticipation
of a Change of Control, both of the payments described above will be payable upon the consummation of the Change of Control, unless you are rehired prior to the consummation of the Change of Control,
in which case the payments will be made as if your employment had never terminated; 

        (C)  If
your employment is terminated by the Company for Cause, or by you without Good Reason, following the consummation of the Change of Control but prior to the date that
is six months after the consummation of the Change of Control, the second payment described above will be immediately forfeited without consideration; and 

        (D)  If
your employment is terminated by the Company without Cause, or by you for Good Reason, following the consummation of the Change of Control but prior to the date that
is six months after the consummation of the Change of Control, the second payment described above will be payable on the effective date of such termination. 

Nontransferability  

        As set forth in the Plan, none of your rights or obligations under the Plan and this Notice of Participation may be assigned or transferred by you other than
rights to payments or benefits under the Plan, which may be transferred only by will or the laws of descent and distribution. In the event of your death or a judicial determination of your
incompetence, reference in the Plan and this Notice of Participation to you shall be deemed, where appropriate, to refer to your estate or other legal representative(s). 

Miscellaneous Provisions  

        Successors and Assigns.    Subject to the limitations set forth in this Notice of Participation, the
benefits and obligations of this letter agreement will be binding on the executors, administrators, heirs, legal representatives, successors, and assigns of the parties. 

        Governing Law.    This letter agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware excluding those laws that direct the application of the laws of another jurisdiction. 

        Amendment.    Prior to a Change of Control, the Board and the Committee shall each have the right to
amend this Notice of Participation in any manner not materially adverse to your rights under the Plan. Following a Change of Control, this Notice of Participation may only be amended with your
consent. 

        Withholding.    The Company may withhold and deduct from any payment under the Plan and this Notice of
Participation all legally required amounts necessary to satisfy any and all federal, state, local and foreign withholding and employment-related tax requirements. 

        This is not an employment contract.    This Notice of Participation is not to be interpreted as a
guarantee or contract of continuing employment. 

        We
value your efforts and look forward to your continued contribution. 

	

 	
 	

Sincerely,
	

 	
 	

John Mutch

CEO

I accept and agree to the terms of this Notice of Participation and the Plan.  

	 	 	 	, 2005
	
 Executive	 	
 Date	 

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Exhibit 10.73    
    

         

  

March 3,
2005 

Mr. Craig
Ryall

945 Dove Run

Olivenhain, CA 92024 

RE:
Amendment to Executive Employment Agreement 

Dear
Craig: 

        This
letter sets forth the agreement between you and Peregrine Systems, Inc. (the "Company") to amend the terms of the Executive
Employment Agreement between you and the Company, dated as of July 1, 2002 (the "Employment Agreement"), as set forth herein (the
"Amendment"). 

        The
Company and the Executive hereby agree that effective as of February 22, 2005: 

        1.     The
second sentence of Section 7.2 of the Employment Agreement shall be deleted in its entirety and replaced with the following: 

"In
the event of such termination without Cause, Executive will be entitled to receive a "Severance Payment" equivalent to the sum of (i) twelve months of Executive's Base Salary then in effect
on the date of termination plus (ii) Executive's target annual bonus under the MICP or successor plan, payable in accordance with Company's regular payroll cycle, provided that Executive:
(a) complies with all surviving provisions of this Agreement as specified in subsection 13.8 below; (b) executes a full general release acceptable to Company, releasing all claims, known
or unknown, that Executive may have against Company arising out of or any way related to Executive's employment or termination of employment with Company; (c) agrees to provide transition
assistance to Company, without further compensation, for three months following the termination of the employment relationship by Company; and (d) agrees, without further compensation, to
provide information and assistance as may reasonably be required in connection with litigation in which the Company or Executive is a party." 

        2.     A
new Section 7.4 shall be added to the Employment Agreement and shall provide the following: 

"Section 7.4    Termination By Executive For Good Reason/Severance.    Executive may terminate Executive's employment upon
thirty (30) days' advance written notice for Good Reason (as defined below). In the event of such termination for Good Reason, Executive will be entitled to receive the Severance Payment
described in subsection 7.2, provided that Executive: (a) complies with all surviving provisions of this Agreement as specified in subsection 13.8 below; (b) executes a full general
release acceptable to Company, releasing all claims, known or unknown, that Executive may have against Company arising out of or any way related to Executive's employment or termination of employment
with Company; and (c) agrees, without further compensation, to provide information and assistance as may reasonably be required in connection with litigation in which the Company or Executive
is a party. In addition to the Severance Payment, Company shall pay for Executive's COBRA coverage during the payout period of the Severance Payment. All other Company obligations to Executive will be
automatically terminated and completely extinguished. 

For
purposes of this Agreement, "Good Reason" is defined as: (a) a relocation of Executive's principal place of employment of more than 50 miles without consent of Executive; (b) a
material diminution of Executive's duties or responsibilities; provided that a mere change in the Executive's title or reporting relationships will not be Good Reason or (c) a material 

 

reduction
in Executive's compensation (other than equity-based compensation) or employee benefits other than as part of general reduction compensation or benefits of all similarly situated Company
executives." 

        3.     Except
as modified by this Amendment, the Employment Agreement shall remain unchanged and shall remain in full force and effect. 

	 	Sincerely,
	

 	

John Mutch

Chief Executive Officer
	

Acknowledged and agreed

to as of March    , 2005	

 
	

    
 Craig Ryall	

 

2

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Exhibit 10.73

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