Document:

Employment Agreement

  Exhibit 10(b)
 EMPLOYMENT
AGREEMENT
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of January 10, 2002, between First Century Bankshares, Inc. (the
“Company”), and Byron K. Satterfield (the “Executive”), provides:
 1.        Employment and Term.
 (a)      The Company shall employ the Executive part-time to perform for First Century Bank, National Association (the “Bank”) various banking services similar and related to those he
has performed heretofore with the title and duties set forth in Section 2 below beginning on the date set forth above and continuing through April 1, 2004, subject to Section 1(c) below (the “Term”).
 (b)      Subject to Section 1(c) below, beginning on April 2, 2004 and continuing until April 1, 2009 (the
“Consulting Period”), the Company shall retain Executive part-time as a consultant for the Bank performing tasks as set forth in Section 2(c) below.
 (c)      Notwithstanding the foregoing, the Term or Consulting Period shall be immediately terminated by the first to occur of the following: (i) Executive’s
death, (ii) resignation by Executive, (iii) fraudulent or criminal conduct of a material nature by Executive, (iv) Executive’s wilful material malfeasance or material neglect of duties assigned by the Bank, provided such willful
malfeasance or neglect is not cured by Executive within seven (7) days after written notice thereof by the Company, (v) Executive moving his primary domicile outside of the Bluefield, West Virginia area (vi) failure by Executive to support
Bank’s or Company’s strategic plans or any other management policies after such plans or policies have been approved by the Bank’s or Company’s Board of Directors as appropriate, or (vii) the incapacity of Executive by reason of
a physical or mental condition that prevents Executive from performing his duties as set forth herein for either (a) a period of 180 consecutive days or (b) a total of 180 days out of any 360-day period. To the extent the parties may disagree
as to the nature and/or extent of whether Executive is incapacitated by a physical or mental condition as set forth above, the parties shall defer to the opinion of a physician selected by mutual agreement of the Bank and Executive or
Executive’s guardian, as the case may be.
 (d)      In the event the Term or the
Consulting Period shall be terminated under subsections (c)(ii-vi) above, no further compensation shall accrue or benefits of any kind shall be payable to Executive hereunder except for any vested benefits or other benefits payable to Executive
under any employee benefit plan.
  
 
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  (e)      Company hereby guarantees Bank’s obligations and
duties under this Agreement.
 2.        Duties.
 (a)      During the Term, the Executive agrees to use his best efforts to serve
as Executive Vice President of Bank, Chairman of the Bank’s Trust Investment Committee, member of the Bank’s Administrative Committee and to perform such other reasonable duties and assignments relating to the business of the Bank as the
Bank may request, except that the Executive shall not be required to hold any office or to perform any duties or assignments inconsistent with the Executive’s experience and qualification.
 (b)      During the Term, the Executive shall, except during periods of illness, devote reasonable time, attention and energies
to the diligent performance of his duties hereunder.
 (c)      During the Consulting
Period, the Executive shall perform such consulting tasks on a part-time basis relating to the business of the Bank as the Bank and Executive agree.
 (d)      Executive may (i) invest his personal assets and provide services to other business interests, provided they are not competitive with the Bank in its normal trade
areas, and (ii) devote such time as may be reasonably required for him to continue to maintain his current level of participation in and for various civic and charitable activities and organizations. Notwithstanding the foregoing, Executive may
not provide services in the Bank’s normal trade areas to any other financial institution during the term and/or Consulting Period. Executive acknowledges that the Bank’s business relationship with these various civic and charitable
activities and organizations is significant. Accordingly, Executive agrees to use his reasonable best efforts in good faith and commensurate with his fiduciary duty, to take, or cause to be taken, all actions, and to do or cause to be done, all
things necessary, proper or desirable so as to support and promote the Bank’s continuing business relationships.
 3.        Compensation.
 (a)      Term Compensation. The Bank shall pay to Executive as compensation for his services during the Term hereunder an annual salary equal to his current salary with
the Bank, which annual salary shall be paid in regular installments in accordance with the Bank’s general payroll practices, including those related to withholding for taxes, insurance and similar items. In no event shall Executive’s
annual salary for any year be less than his annual salary in effect for the year 2001.
  
 
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  (b)      Consulting Period Compensation.
During the Consulting Period, Bank shall pay Executive compensation in the amount of $50,000 per year, payable in substantially equal monthly installments and consistent with general payroll practices of the Company.
 (c)      Additional Compensation in the Event of Death or Disability. In the event
of the death or disability of Executive during the Term, Executive or his estate shall be entitled to compensation in the amount of $250,000 to be paid in five equal annual installments of $50,000 each. In the event of the death or disability of the
Executive during the Consulting Period, Executive or his estate shall be entitled to the difference between $250,000 and the gross amount of compensation paid to Executive pursuant to Section 3(b) above. The first annual installment of payments
hereunder shall be due no later than six (6) months after the date of Executive’s death or disability. 
 (d)      Withholding Taxes. The Bank may withhold from any benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant
to any law or governmental regulation or ruling.
 (e)      Satisfaction of Obligations
Under Split Dollar Insurance Agreement. Executive and Bank agree that Bank’s compliance with the terms of Paragraph 4 of Exhibit A hereto and the compensation provided for in this Paragraph 3 fully satisfy the
Bank’s obligations under the Executive Split Dollar Life Agreement and Plan.
 4.        Benefits.
 (a)      Fringe Benefits. During the Term, the Executive shall continue to receive or participate in all “fringe benefits” and employee benefit plans,
including any retirement plans, health insurance plans and disability insurance plans, now or hereafter provided or made available to Executive and the Bank’s executives or management personnel generally in similar positions, subject to the
terms and conditions of such plans. In addition to any plans described in the preceding sentence, Executive shall continue to receive the fringe benefits listed on Exhibit A attached hereto and incorporated herein by reference, subject to the
limitations set forth therein.
 (b)      Reimbursement of Expenses. During the Term and the Consulting Period, the Executive shall be entitled to reimbursement for all expenses, including travel, promotion and entertainment expenses, which are reasonably incurred by the Executive in furtherance of the
Bank’s business in accordance with policies from time to time adopted by the Bank; provided that Executive maintains records thereof, and submits vouchers therefor, in form reasonably satisfactory to Bank. In addition to any expenses described
in the preceding sentence, during the Term the
  
 
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  Bank shall pay any and all expenses incurred by Executive and his spouse to attend the annual National Trust Conference and annual West Virginia State
Banker’s Conference.
 5.        Position as Director of
Bank. During the Term, the Company shall promptly take all reasonable steps to enable Executive to continue to serve as a voting director on the Board of Directors of the Bank and of the Company.
 6.        Office. During the Term, the Bank shall continue to provide
Executive with reasonable office space at the Bank’s offices at Bluefield, West Virginia. Bank shall provide Executive with secretarial assistance sufficient to permit Executive to perform his duties as set forth above during the
Term.
 7.        Covenants of Executive.

(a)      Bank Property. Upon termination of the Term or the Consulting
Period, Executive, or his guardian or estate, as the case may be, shall deliver promptly to the Bank all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof
that relate in any way to the business, products, practices or techniques of the Bank, and all other property, trade secrets and confidential information of the Bank, including, but not limited to, all documents that in whole or in part contain any
trade secrets or confidential information of the Bank, which in any of these cases are in Executive’s possession or under Executive’s control.
 (b)      Confidential Information. Except as permitted or directed by the Bank’s Board of Directors, during the Term or at any time
thereafter, Executive shall not divulge, furnish or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Bank) any confidential or secret knowledge or information of the Bank that Executive has
acquired or become acquainted with or will acquire or become acquainted with prior to the termination of the period of his employment by the Bank, whether developed by himself or by others, concerning any trade secrets, any customer or supplier
lists of the Bank or any other confidential information or secret aspects of the business of the Bank. The foregoing obligations of confidentiality shall not apply to any knowledge or information that is now published or which subsequently becomes
generally publicly known, other than as a direct or indirect result of the breach of this Agreement by Executive.
 8.        Bank’s Representations. Bank hereby represents and warrants to Employee that (i) the execution, delivery and performance of this
Agreement by the Bank does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Bank is a party or by which the Bank is bound, and (ii) upon the
execution and delivery of this Agreement by Employee, this Agreement shall be the valid and binding obligation of the Bank, enforceable in accordance with its terms.
  
 
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  9.        Miscellaneous.

 (a)      Governing Law: Venue. This Agreement shall be
governed by and construed in accordance with the laws of the State of West Virginia, without regard to choice of law rules. Any action at law, suit in equity or judicial proceeding arising directly, indirectly or otherwise in connection with, out
of, related to or from this Agreement, or any provision hereof, shall be litigated only in the courts of the State of West Virginia. Each party to this Agreement hereby consents to the jurisdiction of such courts over the subject matter hereof and
waives any right to transfer or change the venue of any litigation brought against such party.
 (b)      Expenses. Should any party breach this Agreement, in addition to all other remedies available at law or in equity, such party shall pay all of any other
party’s costs and expenses resulting therefrom and/or incurred in enforcing this Agreement, including legal fees awarded by a court of competent jurisdiction.
 (c)      Binding Upon Successors. This Agreement shall be binding on the parties, their assigns and successors in interest.
 (d)      Entire Agreement. This instrument contains the entire Agreement of the
parties and shall supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. No modification or revocation hereof shall be effective unless in writing, referring to this
Agreement and signed by both parties hereto.
 (e)      Notices. All notices given hereunder shall be in writing and shall be sent by registered or certified mail or delivered by hand and, if intended for the Bank, shall be addressed to the Company at its Bluefield office at Post Office Box 1559,
Bluefield, West Virginia 24701, for the attention of R.W. “Buz” Wilkinson. If intended for the Executive, notices shall be delivered personally or shall be addressed (if sent by mail) to the Executive’s then current residence address
on file with the Bank, or to such other address as the Executive directs in a notice to the Bank. All notices shall be deemed to be given on the date received at the address of the addresses or, if delivered personally, on the date
delivered.
 (f)      Severability and Reformation. This
Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. In the event any provision of this Agreement shall be judged unenforceable to the full extent as
written, the parties hereby consent and agree that the scope of such clause or provision may be modified in any enforcement proceeding to the extent necessary 
  

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  to permit the broadest enforcement permitted in equity or law as most nearly effectuates the understanding of the parties as set forth in the language herein
agreed upon. If any provision is adjudged void or unenforceable, or is modified as provided herein, all other clauses and provisions shall, in any case, be deemed severable and shall remain in full force and effect.
 (g)      Headings. The headings contained in this Agreement are for reference
purposes only and shall not in any way affect the meaning or interpretation of this Agreement.
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date and year first above written.
  

	  
 	  
 	 FIRST CENTURY BANKSHARES, INC.
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 Its:
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 
 
 
 
 
	  
 	  
 	 
 
	  
 	  
 	 Byron K. Satterfield 
 

  
 
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  EXHIBIT A
 1.        Bank Car. Simultaneously with the execution of this Agreement, the Bank will sign over the title of the automobile presently used by Executive to
Executive at a value of $14,668.28. 
 2.        Dues. During the Term,
the Bank shall continue to pay Executive’s dues for the Rotary Club, the University Club, and Fincastle Country Club.
 3.        Defined Pension Benefit Plan. Executive shall continue to be eligible for and participate in the Bank’s Defined Pension Benefit Plan, subject
to the terms and conditions of the plan. During the Term, Executive shall be allowed to work such number of hours or time during each plan year of any employee benefit plan so as to remain eligible to participate in the Bank’s Defined Pension
Benefit Plan and 401(k) Plan.
 4.        Life Insurance. During the Term
and the Consulting Period, the Bank shall take all steps to maintain the Executive Split Dollar Life Insurance Agreement and Plan (the “Agreement and Plan”) in compliance with the terms of the Agreement and Plan. During the Term, Company
agrees to pay a bonus to the Executive equal to the cost of the premium for such policy as set forth on Internal Revenue Service Table PS-58 (the “PS-58 Premium”). During the Consulting Period, Executive shall be solely responsible for
payment of the PS-58 Premium. After the Consulting Period, the Bank shall take all steps to maintain in force the policy(ies) of life insurance in place on the last date of the Consulting Period so long as Executive pays the PS-58 Premium. At any
time during the Term or the Consulting Period, Executive or his designee shall have the right to purchase the Executive Split Dollar Life Insurance Agreement and Plan for its cash surrender value and Company shall have no further rights to payment
thereunder. Without in any way limiting the Bank’s express obligations under this paragraph, Executive and Bank agree that it is the intent of this paragraph that Bank shall be responsible for the administration of the Agreement and Plan under
the terms thereof. Bank’s obligation hereunder does not include responsibility or liability for the investment performance of the Executive Split Dollar Life Insurance policy purchased under the Agreement and Plan.
 5.        Other Benefits. During the Term, Executive shall continue to be eligible to
participate in the Bank’s 401(k) Plan and receive the benefit of matching contributions, if any, under such Plan pursuant to the normal provisions of said Plan.
 6.        Medical Physicals. During the Term, the Bank shall continue to provide Executive with an annual medical physical with a
doctor of his choice (less any such expenses payable by health insurance), a free checking account at the Bank similar to the one presently provided Executive, and a free safety deposit box at the Bank’s branch office in Bluefield, West
Virginia, identical to or similar in quality and size to that presently provided Executive.
 7.        Participation in Flexible Spending Plan. Executive shall continue during the Term to participate in the Flexible Spending Plan (Section 125 Plan) of Bank as he presently does.
 8.        Health Insurance. As stated above, the Executive shall continue to be covered under all health
insurance plans of the Bank during the Term. During the Consulting Period, Bank shall take all reasonable steps to allow Executive to elect to participate in such health insurance coverage as is made available to retired employees of the Bank,
including but not limited to continued health insurance and/or insurance supplemental to Medicare for Executive’s wife. In the event that Executive dies during the Term, the Bank shall provide Executive’s wife with coverage comparable to
that available to spouses of retired employees, under applicable terms and conditions.
 9.        Stock Option Plan. Nothing in this Agreement shall amend or modify Executive’s rights and obligations under the Company’s Stock Option Plan and/or the Executive’s Stock Option Agreement with the
company.
  
 
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                                                                   EXHIBIT 10.10

                              EMPLOYMENT AGREEMENT

MEMORANDUM OF AGREEMENT made in Waterloo, Ontario, as of February 20, 2003,
BETWEEN:

                    ANSYS - Canada Ltd, formerly known as AEA Technology
                    Engineering Software Ltd. ("AEA Canada") (the "Company")

                                    - and -

                    J. Christopher Reid of the city of Aurora in the Province of
                    Ontario (the "Employee").

     WHEREAS immediately prior to the date hereof, Employee was employed by AEA
Canada pursuant to an employment agreement dated May 11, 2002, as amended (the
"Former Agreement");

     AND WHEREAS the Employee and Company desire to terminate the Former
Agreement and enter into this Agreement which will set forth the terms and
conditions for the provision of the continuing services of the Employee as an
employee of the Company and its affiliate or related companies;

     AND WHEREAS the Employee has received additional consideration from the
Company in return for entering into this Agreement;

     NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE 1
                                      TERM

This Agreement is not, and shall not be construed as, an agreement to employ the
Employee for any specific term or period of time.

                                    ARTICLE 2
                                 EFFECTIVE DATE

The effective date of this Agreement is to be commensurate with the closing date
of the acquisition by ANSYS Inc. of AEA Canada. The time period of service with
AEA Canada prior to the effective date will be recognized by the Company for
purposes of service awards, vacation, termination and retirement entitlements,
where applicable.

                                    ARTICLE 3
                                    SERVICES

The Employee shall be employed in the position of Vice President, General
Manager, Fluids Business Unit and shall fulfill and shall be given the duties
and responsibilities outlined in Exhibit A (Job Description) which Exhibit A may
be amended from time to time to reflect the Reasonable Changes (as provided for
in Article 9 hereof).

                                    ARTICLE 4
                            EXCLUSIVITY AND STANDARDS

For so long as the Employee is employed pursuant to the terms of this Agreement,
the Employee shall devote his best professional efforts, skill and ability and
devote his business time to promote the interests of the Company and shall
perform his duties and responsibilities as described hereunder with a degree of
care and skill as could reasonably be expected of an employee in a comparable
position, and will not, without the prior consent of the Board of Directors of
the Company (which consent shall not be unreasonably withheld), engage in any
other business ventures, enterprises or activities which might conflict with his
obligations hereunder.

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                                    ARTICLE 5
                                    LOCATION

The Employee shall provide his services to the Company at the offices of the
Company in Waterloo, Ontario, subject to the travel that may reasonably be
required to perform his duties hereunder. The parties acknowledge that the
Company may from time to time request that the Employee relocate to another
location. The costs associated with relocation will be at the Company's expense
as determined by the corporate relocation policy or as by mutual consent.

                                    ARTICLE 6
                                  COMPENSATION
Section 6.1 Salary.

The Employee shall receive an annual salary of $267,000 CAD. The Employee's
salary shall be payable twice monthly and shall be less all statutory source
deductions. The Employee's salary will be reviewed annually beginning January
2004.

Section 6.2 Stock Option Grant.

The Employee will be granted options for 30,000 shares of common stock in ANSYS
Inc., subject to approval by the ANSYS Inc. Board of Directors. These stock
option shares will have a four-year vesting schedule and all rights in respect
thereof will be governed by the applicable stock option plan. Option price for
the shares will be market value at the time of formal Board of Directors
approval.

Section 6.3 Benefits.

The Employee shall be eligible to participate in the group insurance and
benefits plans set forth in Exhibit B attached hereto (the "Current Plans") in
accordance with the terms of the Current Plans. In the event that the Company
establishes group insurance or benefit plans (the "New Plans") which are
different from the Current Plans, the Employee shall at the time the Company
institutes such New Plans, participate in the New Plans, subject to the terms
thereof. In the unforeseen event the benefits provided under the New Plans, in
the aggregate are materially worse than the benefits provided under the Current
Plans, in the aggregate, the Company will provide a mutually agreeable benefit
supplement to Employee.

In the event of termination of the Employee's employment by the Company pursuant
to Section 10.4(a) or 10.5 hereof, the benefit coverage provided to the Employee
pursuant to the Current Plans or the New Plans, as applicable, shall, to the
extent that the Current Plans or New Plans so permit, excluding LTD and STD
coverage (except as specifically required by statute), continue for the period
of notice and the twelve (12) month period of severance pay required to be
provided by the Company pursuant to Section 10.4(a) or Section 10.5 hereof or
such greater period as may be required by applicable employment standards
legislation.

Section 6.4 Bonus.

In addition to the salary specified in Section 6.1 hereof, the Employee has the
opportunity to participate in the ANSYS Inc. Executive Variable Compensation
Plan in accordance with the terms of such plan, which plan will be issued for
each fiscal year. The parties acknowledge and agree that the nature, type or
quantum of bonus shall be set out in the plan for each fiscal year and shall be
selected at the sole discretion of the Board of Directors of ANSYS Inc. and may
vary from year to year.

Bonuses are paid on an earned quarterly basis. Employee participation will
commence in Q2 2003 (April 1, 2003). If the Company terminates the Employee for
any reason during the fiscal year no prorated bonus shall be deemed earned
except in respect of a completed quarter prior to the termination. The 30 day
period of notice of termination that is given in accordance with Section 10.4(a)
shall be utilized in determining any right to the bonus under the plan but no
other period of notice or severance which is given under this Agreement shall be
utilized in determining any right to the bonus.

In addition to the above bonus plan eligibility, the Company will issue, April
1, 2003, a one time $US5,000 bonus, less all statutory source deductions, as a
means to offset current internal equity issues relative to the Employee's
current base salary.

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Recognizing bonus eligibility and timing issues relative to the Employee's
current annual bonus program with AEA Canada, the Employee remains eligible for
the annual bonus payout under that program for fiscal period beginning April 1,
2002 through March 31, 2003, and such amount will be determined by the Chief
Executive Officer and the Board of Directors of the Company, in accordance with
the agreed objectives, measurement, and payouts defined in Exhibit D.

Benefit Entitlement Not Limited.

Subject to applicable law, the Employee shall be eligible to participate in
other bonus, stock option, stock purchase and other incentive programs or plans
or benefits for the Canadian employees established from time to time in
accordance with the terms of such plans and at the discretion of the Board of
Directors of the Company.

                                    ARTICLE 7
                                    VACATION

The Employee shall be entitled to an annual vacation of up to 20 days vacation
at times to be mutually agreed upon with the President, Chief Executive Officer
(CEO) of the Company. Vacation will be accrued on a monthly basis at the rate of
1.67 days per month. The Employee shall be eligible to participate in the
vacation plan (the "Current Plan") in accordance with the terms of the Current
Plan. In the event that the Company establishes a new vacation plan (the "New
Plan") which is different from the Current Plan, the Employee shall at the time
the Company institutes such New Plan, participate in the New Plan, subject to
the terms thereof. The Employee will continue, under the New Plan, to be
entitled to a minimum of 20 days vacation.

                                    ARTICLE 8
                            REIMBURSEMENT OF EXPENSES

The Employee shall be reimbursed for all reasonable traveling and out-of-pocket
expenses incurred in the discharge of his duties under this Agreement, to the
extent authorized pursuant to the applicable Company travel policy (as such may
be amended from time to time, provided that the Employee accounts for those
costs and expenses in the manner prescribed from time to time by the Company).

                                    ARTICLE 9
                             REASSIGNMENT OF DUTIES

The Employee acknowledges that, from time to time, it may become necessary to
reorganize the Company, its affiliates and related companies, or to reassign
Employee's duties and positions. Accordingly, the Company may, upon written
notice to the Employee, assign this Agreement to any affiliate or related
company in connection with a transfer of all or substantially all of the assets
of the Company to such affiliate or related company. In addition, the Company
may from time to time reassign the Employee to another position or change the
Employee's position or duties, provided that such reassignments or changes are
reasonable, having regard to the experience and position of the Employee (such
reassignment and changes being referred to as "Reasonable Changes"). The
Employee shall accept any such assignment of this Agreement and any Reasonable
Changes, and no such assignment of this Agreement or Reasonable Changes shall
constitute a termination, a constructive dismissal or a deemed termination of
the Employee's employment with the Company.

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                                   ARTICLE 10
                    TERMINATION OF EMPLOYMENT BY THE COMPANY

Section 10.1 Death or Disability.

Subject to an earlier termination under this Section 10, the employment of the
Employee under this Agreement shall automatically terminate on the first to
occur of the following dates:

     (a)  the date of death of the Employee; and
     (b)  the date on which the Company gives the Employee notice of termination
          on account of his Disability (as defined below).

Section 10.2 Termination for Disability.

     (a)  The Company shall be entitled at any time, upon notice to the
          Employee, to terminate the employment of the Employee on account of
          Disability. Such termination shall take effect upon delivery of such
          notice and the Employee shall not be entitled to any additional notice
          or any payment in lieu of notice.

     (b)  For the purposes of this Agreement, the term "Disability" means a
          physical or mental condition, which prevents the Employee from
          substantially performing his customary duties at his customary
          standard for a period of six months whether or not consecutive in any
          12-month period or as otherwise mutually agreed by Company and
          Employee. The Employee agrees to submit to medical examinations by an
          independent medical practitioner mutually acceptable to the parties to
          determine whether a Disability exists pursuant to reasonable requests
          made by the Company from time to time. If the employment of the
          Employee is terminated on account of Disability, the Employee shall
          continue to be eligible for long-term disability benefits in
          accordance with the provisions of any long-term disability policy
          purchased by the Company on behalf of the Employee.

Section 10.3 Termination for Cause.

Notwithstanding anything herein contained, the Company shall be entitled at any
time, upon written notice to the Employee, to terminate the employment of the
Employee for Cause. Such termination shall take effect upon delivery of such
notice, and the Employee shall not be entitled to any additional notice or any
payment in lieu of notice. For purposes of this Agreement, the term "Cause"
means fraud or dishonesty, breach of fiduciary duty, criminal convictions that
might reasonably be expected to impair his ability to perform his duties
effectively, gross misconduct, willful failure to perform the duties and
responsibilities set forth in this Agreement, or any material and continuing
breach of this Agreement that has not been cured by the Employee to the
satisfaction of the Company after the giving of reasonable notice (a "Cure
Notice") of 30 days which Cure Notice shall set out the breach, provided,
however, that the Company shall not be required to give a Cure Notice in respect
of the Employee's fraud, dishonesty, breach of fiduciary duty, gross misconduct
or criminal convictions.

Section 10.4 Termination for other than Cause, and other than as a result of
Material Change of Ownership - (Section 10.5).

     (a)  In the absence of Cause, the Company may terminate the employment of
          the Employee at any time by providing to the Employee 30 days written
          notice or such greater period of notice as required by employment
          standards legislation (the "Notice Period"). In lieu of notice, the
          Company may pay the salary and any other amounts required by statute
          that are otherwise payable during the Notice Period, less applicable
          taxes and withholdings. The Employee shall also be entitled to
          vacation pay, if any, accrued to the date of termination together with
          expense reimbursement to the date of termination. The Company shall
          also pay to the Employee severance pay equal to 12 month's base salary
          at the time of termination which payment shall include any severance
          pay required by the Employment Standards Act (Ontario) as amended, or
          any similar legislation which may be in force from time to time.
          Benefits will be governed by Section 6.3.

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     (b)  If the Employee wishes to terminate his employment, the Employee is to
          provide one month's written notice to the Company. All salary and
          benefits will be paid as per standard employment conditions during the
          notice period. Bonuses will be paid in accordance with Section 6.4,
          there will be no prorating of bonuses. Any unused accrued vacation
          would be paid out up to the actual date of termination of employment
          together with expense reimbursement to the date of termination.

Section 10.5 Termination as a Result of Material Change in Ownership.

If Employee is terminated (other than for Cause) by the Company as a result of a
material change in ownership of the Company, the Company will, provide notice,
severance pay and benefits in accordance with the provisions of Section 10.4
above, together with expense reimbursement to the date of termination. The
payment provided for in Section 10.5 hereof includes any notice and severance
pay required by Employment Standards Act (Ontario), as amended, or any similar
legislation which may be in force from time to time.

Section 10.6 Upon Termination of Employment.

Except as specifically outlined in the specific sections of Section 10 or as
otherwise required by statute, the Employee shall not be entitled to any further
amounts upon termination of employment.

Section 10.7 Limitation.

     (a)  Upon compliance by the Company with the provisions of Sections 10.2,
          10.3, 10.4(a) or 10.5, as applicable, the Employee (or his estate, in
          the case of termination on death) shall have no claim against the
          Company for damages for failure to give reasonable notice, pay in lieu
          of notice or severance pay whether under statute, at common law or
          otherwise.

     (b)  The Employee agrees that the said notice periods or pay in lieu
          specified in Section 10.4 (a) and 10.5 are deemed conclusively to be
          reasonable notice or payment in lieu of reasonable notice in
          circumstances contemplated by such Sections and are made in
          recognition of the Employee's service. The Employee acknowledges that
          the Company has drawn his attention to the provisions contained herein
          and that the Employee has been given the opportunity to seek
          independent legal advice prior to executing this Agreement.

                                   ARTICLE 11
  OWNERSHIP OF INTELLECTUAL PROPERTY, NON-DISCLOSURE AND CONFIDENTIALITY; NON-
                        COMPETITION AND NON-SOLICITATION

It is a condition of Employment that you sign the Proprietary Information and
Employee Inventions Agreement attached as Exhibit C.

                                   ARTICLE 12
                             RESTRICTIONS REASONABLE

The parties acknowledge and agree that the restrictions imposed in the provision
of Exhibit C (Proprietary Information and Employee Inventions Agreement) hereof
are fair and reasonable and are reasonably required for the protection of the
Company, and the goodwill and business of the Company. If any of the covenants
contained herein, or any part thereof, is hereafter construed to be invalid or
unenforceable, it is the intention of the parties that the same shall not affect
the remainder of the covenant or covenants, which shall be given full effect,
without regard to the invalid portions.

                                   ARTICLE 13
                        ENFORCEMENT AND INJUNCTIVE RELIEF

In the event of a breach or anticipated beach by the Employee of the provisions
of Exhibit C (Proprietary Information and Employee Inventions Agreement) hereof,
the Company shall be entitled to immediate injunctive relief and shall have the
right to have provisions of this Agreement specifically enforced by any court of
competent jurisdiction without having to prove the inadequacy of any other
available remedies, it being acknowledged and agreed that any such breach will
cause irreparable harm to the Company and that damages will not provide an
adequate remedy to the Company. In addition, the Company may take all such other
actions and remedies available to it in law or in equity and shall be entitled
to such damages as it can show it has sustained by reason of such breach.

23

<PAGE>

                                   ARTICLE 14
                                   NO WAIVER

The failure of any party to require performance by another party of any
provisions hereunder shall in no way affect the right of that party thereafter
to enforce the same, nor shall it affect any other party's right to enforce the
same, or to enforce any of the provisions in the Agreement; nor shall the waiver
by either party of the breach of any provision here be taken or held to be a
waiver of any subsequent breach of such provision or as a waiver of the
provision itself. No provision of this Agreement may be waived by either party
without the prior written consent of the other party.

                                   ARTICLE 15
                                  MODIFICATION

This Agreement may not be cancelled, changed, modified or amended, and no
cancellation, change, modification or amendment shall be effective or binding,
unless in writing and signed by all parties to this Agreement.

                                   ARTICLE 16
                          GOVERNING LAW AND ATTORNMENT

This Agreement shall be construed in accordance with the laws of the Province of
Ontario and the laws of Canada applicable therein and shall be treated in all
aspects as an Ontario contract. The parties hereby attorn to the laws of Ontario
and the jurisdiction of Ontario courts and agree not to dispute the competence
or jurisdiction of such courts.

                                   ARTICLE 17
                                ENTIRE AGREEMENT

This Agreement represents the entire Agreement between the parties with respect
to the subject matter hereof and all prior agreements including the Former
Agreement, relating to the employment of the Employee, written, or oral, are
nullified and superseded by this Agreement.

                                   ARTICLE 18
                                   ASSIGNMENT

Subject to Section 9 hereof, this Agreement is not assignable and shall not be
assigned by the parties hereto without the prior written consent of all the
parties hereto, which consent shall not be unreasonably withheld.

                                   ARTICLE 19
                             SUCCESSORS AND ASSIGNS

This Agreement shall be binding upon the heirs, successors and permitted assigns
of the parties hereto.

                                   ARTICLE 20
                                    HEADINGS

The headings contained in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement.

IN WITNESS WHEREOF the parties have executed this Agreement on and as of the
effective date specified in Article 2:

/s/ Wilbur S. Harmon                      /s/ J. Christopher Reid
---------------------------------------   --------------------------------------
Wilbur S. Harmon                          J. Christopher Reid
Vice President Human Resources
ANSYS Inc.

---------------------------------------   --------------------------------------
Date: February 26, 2003                   Date: February 26, 2003

24

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