Document:

EXHIBIT 10.54

ASPEN TECHNOLOGY, INC.

RESTATED 2001 STOCK OPTION PLAN

1.             Definitions.  As used in this Restated 2001 Stock Option
Plan of Aspen Technology, Inc., the following terms shall have the following
meanings:

1.1           [Reserved]

1.2           Cause
means (a) any willful act or grossly negligent act which results in material
injury to the Company or any Related Corporation or any employee or advisor
thereof, or (b) any conviction, guilty plea or nolo contendre plea to any crime
involving moral turpitude.

1.3           [Reserved]

1.4           Code
means the Internal Revenue Code of 1986, as amended.

1.5           Committee
means the Compensation Committee of the Company’s Board of Directors.

1.6           Company
means Aspen Technology, Inc.

1.7           Grant
Date means the date on which an Option is granted, as specified in
Section 7.

1.8           Incentive
Option means an option which qualifies for tax treatment under Section
422 of the Code.

1.9           Major
 Shareholder means a person
who, within the meaning of Section 422(b)(6) of the Code, is deemed to own
stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or a related Corporation.

1.10         Market
Value means the value of a share of Stock of the Company on any date as
determined by the Committee.

1.11         Option
means an option to purchase shares of the Stock granted under the Plan.

1.12         Option
Agreement means an agreement between the Company and an Optionee,
setting forth the terms and conditions of an Option.

1.13         Option
Price means the price paid by an Optionee for an Option under this Plan.

1.14         Option
 Share means any share of Stock of
the Company transferred to an Optionee upon exercise of an Option pursuant to
this Plan.

 

 

1.15         Optionee
means a person eligible to receive an Option, as provided in Section 6, to whom
an Option shall have been granted under the Plan.

1.16         Plan
means this 2001 Stock Option Plan of the Company.

1.17         Related
Corporation means a Parent Corporation or a Subsidiary Corporation, each
as defined in Section 424 of the Code.

1.18         Stock
means common stock, $.10 par value, of the Company.

1.19         Stock
Purchase  Agreement means an agreement between the Company and the
Optionee or other person exercising an Option, as contemplated by Section 14.

2.             Purpose.  This 2001 Stock Option Plan is intended to
encourage ownership of the Stock by employees and advisors of the Company and
its Related Corporations and to provide additional incentive for them to
promote the success of the Company’s business. The Plan is intended to be an
incentive stock option plan within the meaning of Section 422 of the Code, but
not all the Options must be Incentive Options.

3.             Term  of  the  Plan.  Options under the Plan may be granted after
June 30, 2001 and before July 1, 2010.

4.             Stock  Subject  to
the  Plan.  Subject to the
provisions of Section 16 of the Plan, the number of shares of the Stock
attributable to the exercise of Options granted under the Plan plus the number
of shares then issuable upon exercise of outstanding options granted under the
Plan shall at no time exceed 4,000,000 increased automatically at each of July
1, 2002, July 1, 2003 and July 1, 2004 by the number equal to 5% of the Stock
outstanding on the preceding June 30 rounded down to the largest even multiple
of 10,000. Unless and until the Plan is amended, however, at no time may the
number of shares purchasable under Options which are Incentive Options exceed
8,000,000 shares. Shares to be issued upon the exercise of Options granted
under the Plan may be either authorized but unissued shares or shares held by
the Company in its treasury. If any Option expires or terminates for any reason
without having been exercised in full, the shares not purchased thereunder
shall again be available for Options thereafter to be granted.

5.             Administration. The Plan
shall be administered by the Committee, provided,
that the Committee may delegate to an executive officer or officers the
authority to grant Options to employees who are not officers in accordance with
such guidelines as the Committee shall set forth at any time or from time to time.
Subject to the provisions of the Plan, the Committee shall have complete
authority, in its discretion, to make the following determinations with respect
to each Option to be granted by the Company: (a) the employee or advisor to
receive the Option; (b) the time of granting the Option; (c) the number of
shares subject thereto; (d) the Option Price; (e) the Option period; and (f) if
the Optionee is an employee, whether the Option is an Incentive Option. In
making such determinations, the Committee may take into account the nature of
the services rendered by the employees and advisors, their present and
potential contributions to the success of the Company and its Related
Corporations, and such other factors as the Committee in its discretion shall
deem relevant. Subject to the provisions of the Plan, the Committee shall also
have complete authority to interpret the Plan, to prescribe, amend and rescind
rules and 

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regulations relating to it, to determine the terms and
provisions of the respective Option Agreements (which need not be identical),
and to make all other determinations necessary or advisable for the
administration of the Plan. The Committee’s determinations on the matters
referred to in this Section 5 shall be conclusive.

6.             Eligibility.  An Option may be granted only to an employee
or advisor of one or more of the Company and its Related Corporations. A
director of one or more of the Company and its Related Corporations who is not
also an employee of one or more of the Company and its Related Corporations
shall not be eligible to receive an Option. A Major Shareholder shall be
eligible to receive an Incentive Option only if the Option Price is at least
110% of the Market Value on the Grant Date and only if the Incentive Option
expires, to the extent not theretofore exercised, on the fifth anniversary of
the Grant Date.

7.             Time  of  Granting
Options.  The granting of an
Option shall take place at the time specified by the Committee. Only if
expressly so provided by the Committee, shall the Grant Date be the date on
which an Option Agreement shall have been duly executed and delivered by the
Company and the Optionee.

8.             Option  Price.  The Option Price under each Incentive Option
shall be not less than 100% of the Market Value of the Stock on the Grant Date
except that the Option Price under an Incentive Option granted to a Major
Shareholder must be not less than 110% of the Market Value.

9.             Option  Period;  Exercisability.  No Option may be exercised later than the
tenth anniversary of the Grant Date or, for an Incentive Option granted to a
Major Shareholder, the fifth anniversary of the Grant Date. An Option may be
immediately exercisable or become exercisable in such installments, cumulative
or non-cumulative, as the Committee may determine. In the case of an Option not
otherwise immediately exercisable in full, the Committee may accelerate the
exercisability of the Option in whole or in part at any time, but only if (a)
the acceleration of any Incentive Option would not cause the Option to fail to
comply with the provisions of Section 422 of the Code, or (b) the Optionee
consents to the acceleration.

10.           Maximum  Size  of  Option.  No person shall be granted Options to
purchase more than 1,000,000 shares of Stock. To the extent that the aggregate
Market Value of Stock for which one or more Incentive Options become
exercisable by an Optionee for the first time in any calendar year exceeds
$100,000, the most recent Option shall be treated as a nonstatutory option, and
not an Incentive Option. For purposes of this Section 10, all Options granted
to an Optionee by the Company shall be considered in the order in which they
were granted, and the Fair Market Value shall be determined as of the Grant
Dates.

11.           Exercise  of  Option.  An Option may be exercised only by giving
written notice, in the manner provided in Section 20 hereof, specifying the
number of shares as to which the Option is being exercised, accompanied by (a)
full payment for such shares in the form of (X) a check or bank draft payable
to the order of the Company, (Y) certificates representing shares of the Stock
with a current Market Value equal to the Option Price of the shares to be
purchased, or (Z) irrevocable instructions to a brokerage firm to sell a
sufficient number of the Option Shares to generate the full exercise price plus
all applicable withholding taxes and to pay over to the 

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Company such proceeds of sale, and (b) such additional
amount in one or more of the foregoing forms as the Company may reasonably
require to permit the Company to comply with applicable withholding tax
requirements. Receipt by the Company of such notice and payment shall
constitute the exercise of the Option or a part thereof. The Company shall
thereafter deliver or cause to be delivered to the Optionee a certificate or
certificates for the number of shares then being purchased by the Optionee.
Such shares shall be fully paid and nonassessable. If any law or applicable
regulation of the Securities and Exchange Commission or other body having
jurisdiction in the premises shall require the Company or the Optionee to take
any action in connection with shares being purchased upon exercise of the
option, exercise of the option and delivery of the certificate or certificates
for such shares shall be postponed until completion of the necessary action,
which shall be taken at the Company’s expense.

12.           Notice  of  Disposition
of  Stock  Prior  to  Expiration  of  Specified
Holding  Period.  The
Company may require that the person exercising an Incentive Option give a
written representation to the Company, satisfactory in form and substance to
its counsel and upon which the Company may reasonably rely, that he or she will
report to the Company any disposition of shares purchased upon exercise prior
to the expiration of the holding periods specified by Section 422(a)(1) of the
Code. If and to the extent that the disposition imposes upon the Company
federal, state, local or other withholding tax requirements, or any such
withholding is required to secure for the Company an otherwise available tax
deduction, the Company shall have the right to require that the person making
the disposition remit to the Company an amount sufficient to satisfy those
requirements.

13.           Transferability  of  Options.
Except as provided in this Section 13, Options shall not be transferable,
otherwise than by will or the laws of descent and distribution, and may be
exercised during the life of the Optionee only by the Optionee. The Committee
may, at or after the grant of an Option that is not an Incentive Option provide
that the Option may be transferred by the recipient to an immediate family
member without payment of any consideration. For this purpose, “immediate
family member” means an Optionee’s parents, siblings, spouse and issue, spouses
of such issue and any trust for the benefit of, or the legal representative of,
any of the preceding persons, or any partnership substantially all of the
partners of which are one or more of such persons or the Optionee.

14.           Stock  Purchase  Agreement.  Each Optionee exercising an option, at the
request of the Company, will be required to sign a Stock Purchase Agreement
representing in form satisfactory to counsel for the Company that he or she
will not transfer, sell or otherwise dispose of the Option Shares at any time
purchased by him or her, upon the exercise of any portion of the Option, in a
manner which would violate the Securities Act of 1933, as amended, and the
regulations of the Securities and Exchange Commission thereunder; and the
Company may, at its discretion, make a notation on any certificates issued upon
exercise of options to the effect that such certificate may not be transferred
except after receipt by the Company of an opinion of counsel satisfactory to it
to the effect that such transfer will not violate such Act and such
regulations, and may issue “stop transfer” instructions to its transfer agent,
if any, and make a “stop transfer” notation on its books as appropriate. Such
Stock Purchase Agreement shall include such other provisions as the Company may
determine are appropriate.

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15.           Termination  of  Association.  Unless otherwise provided by the Committee
for any Option, in the event that the Optionee’s employment or other
association is terminated for any reason (other than retirement, death,
disability or Cause) or the Optionee’s employer or advised entity is no longer
the Company or a Related Corporation, the Option, to the extent exercisable at
termination, may be exercised by the Optionee at any time within 3 months after
termination unless terminated earlier by its terms. If termination results from
the retirement, death or disability of the Optionee, the Option, to the extent
exercisable at the date of termination, may be exercised by the Optionee or, in
the event of death, the person to whom the Option is transferred by will or the
applicable laws of descent and distribution, at any time within 12 months after
the date of termination, unless terminated earlier by its terms.  If termination is due to Cause, the Option shall
lapse immediately upon termination. Military or sick leave shall not be deemed
a termination of employment provided that it does not exceed the longer of 90
days or the period during which the absent employee’s re-employment rights are
guaranteed by statute or by contract.

16.           Adjustments for Changes in Common Stock and
Certain Other Events.

(a)          Changes
in Capitalization.  In the event of
any stock split, reverse stock split, stock dividend, recapitalization,
combination of shares, reclassification of shares, spin-off or other similar
change in capitalization or event, or any distribution to holders of Stock
other than a normal cash dividend, (i) the number and class of securities
available under the Plan, (ii) the per-person limit set forth in Section 10,
(iii) the number and class of securities and exercise price per share subject
to each outstanding Option, and (iv) the number that may be Incentive Options
shall be appropriately adjusted by the Company (or substituted awards may be
made, if applicable) to the extent the Committee shall determine, in good
faith, that such an adjustment (or substitution) is necessary and
appropriate.  If this Section 16(a)
applies and Section 16(c) also applies to any event, Section 16(c) shall be
applicable to such event, and this Section 16(a) shall not be applicable.

(b)   Liquidation or Dissolution. 
In the event of a proposed liquidation or dissolution of the Company,
the Committee shall upon written notice to the Optionees provide that all then
unexercised Options will (i) become exercisable in full as of a specified time
at least 10 business days prior to the effective date of such liquidation or
dissolution and (ii) terminate effective upon such liquidation or dissolution,
except to the extent exercised before such effective date.

(c)          Reorganization
and Change in Control Events.

(1)          Definitions

(a)          A “Reorganization Event” shall mean:

(i)             any merger or consolidation of the Company
with or into another entity as a result of which all of the Stock of the
Company is converted into or exchanged for the right to receive cash,
securities or other property; or

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(ii)          any exchange of all of the Stock of the
Company for cash, securities or other property pursuant to a share exchange
transaction.

(b)         A “Change in Control Event” shall mean:

(i)             the acquisition by an individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of beneficial ownership
of any capital stock of the Company if, after such acquisition, such Person beneficially
owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding
shares of common stock of the Company (the “Outstanding Company Common Stock”)
or (y) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions
shall not constitute a Change in Control Event: (A) any acquisition directly
from the Company (excluding an acquisition pursuant to the exercise, conversion
or exchange of any security exercisable for, convertible into or exchangeable
for common stock or voting securities of the Company, unless the Person
exercising, converting or exchanging such security acquired such security
directly from the Company or an underwriter or agent of the Company), (B) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company, or (C) any
acquisition by any corporation pursuant to a Business Combination (as defined
below) which complies with clauses (x) and (y) 
of subsection (iii) of this definition; or

 

(ii)          such time as the Continuing Directors (as
defined below) do not constitute a majority of the Company’s Board of Directors
(the “Board”) (or, if applicable, the Board of Directors of a successor
corporation to the Company), where the term “Continuing Director” means at any
date a member of the  Board (x) who was a
member of the Board on the date of the initial adoption of this Plan by the
Board or (y) who was nominated or elected subsequent to such date by at least a
majority of the directors who were Continuing Directors at the time of such
nomination or election or whose election to the Board was recommended or
endorsed by at least a majority of the directors who were Continuing Directors
at the time of such nomination or election; provided, however, that there shall be excluded from this
clause (y) any individual whose initial assumption of office occurred as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies
or consents, by or on behalf of a person other than the Board; or

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(iii)       the consummation of a merger, consolidation,
reorganization, recapitalization or share exchange involving the Company or a
sale or other disposition of all or substantially all of the assets of the
Company (a “Business Combination”), unless, immediately following such Business
Combination, each of the following two conditions is satisfied: (x) all or
substantially all of the individuals and entities who were the beneficial
owners of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the then-outstanding shares of common
stock and the combined voting power of the then-outstanding securities entitled
to vote generally in the election of directors, respectively, of the resulting
or acquiring corporation in such Business Combination (which shall include,
without limitation, a corporation which as a result of such transaction owns
the Company or substantially all of the Company’s assets either directly or
through one or more subsidiaries) (such resulting or acquiring corporation is
referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, respectively, immediately prior to such
Business Combination, excluding for all
purposes of this clause (x) any shares of common stock or other securities of
the Acquiring Corporation attributable to any such individual’s or entity’s
ownership of securities other than Outstanding Company Common Stock or
Outstanding Company Voting Securities immediately prior to the Business
Combination and (y) no Person (excluding the Acquiring Corporation or any
employee benefit plan (or related trust) maintained or sponsored by the Company
or by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of
common stock of the Acquiring Corporation, or of the combined voting power of
the then-outstanding securities of such corporation entitled to vote generally
in the election of directors (except to the extent that such ownership existed
prior to the Business Combination).

(c)          “Good Reason” shall mean any significant
diminution in the Optionee’s title, authority, or responsibilities from and
after such Reorganization Event or Change in Control Event, as the case may be,
or any reduction in the annual cash compensation payable to the Optionee from
and after such Reorganization Event or Change in Control Event, as the case may
be.

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(d)         “Cause” shall mean any (i) willful failure by
the Optionee, which failure is not cured within 30 days of written notice to
the Optionee from the Company, to perform his or her material responsibilities
to the Company or (ii) willful misconduct by the Optionee which affects the
business reputation of the Company.

(2)          Effect on Options

(a)          Reorganization Event.  Upon
the occurrence of a Reorganization Event (regardless of whether such event also
constitutes a Change in Control Event), or the execution by the Company of any
agreement with respect to a Reorganization Event (regardless of whether such
event will result in a Change in Control Event), the Committee shall provide
that all outstanding Options shall be assumed, or equivalent options shall be
substituted, by the acquiring or succeeding corporation (or an affiliate
thereof); provided that if such
Reorganization Event also constitutes a Change in Control Event, except to the
extent specifically provided to the contrary in the instrument evidencing any
Option or any other agreement between a Optionee and the Company, such assumed
or substituted options shall become immediately exercisable in full if, on or
prior to the first anniversary of the date of the consummation of the
Reorganization Event, the Optionee’s employment with the Company or the
acquiring or succeeding corporation is terminated for Good Reason by the
Optionee or is terminated without Cause by the Company or the acquiring or
succeeding corporation.  For purposes
hereof, an Option shall be considered to be assumed if, following consummation
of the Reorganization Event, the Option confers the right to purchase, for each
share of Stock subject to the Option immediately prior to the consummation of
the Reorganization Event, the consideration (whether cash, securities or other
property) received as a result of the Reorganization Event by holders of Stock
for each share of Stock held immediately prior to the consummation of the
Reorganization Event (and if holders were offered a choice of consideration,
the type of consideration chosen by the holders of a majority of the
outstanding shares of Stock); provided,
however, that if the consideration received as a result of the
Reorganization Event is not solely common stock of the acquiring or succeeding
corporation (or an affiliate thereof), the Company may, with the consent of the
acquiring or succeeding corporation, provide for the consideration to be
received upon the exercise of Options to consist solely of common stock of the
acquiring or succeeding corporation (or an affiliate thereof) equivalent in
fair market value to the per share consideration received by holders of outstanding
shares of Stock as a result of the Reorganization Event.

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Notwithstanding the foregoing, if the acquiring or succeeding
corporation (or an affiliate thereof) does not agree to assume, or substitute
for, such Options, then the Committee shall, upon written notice to the
Optionees, provide that all then unexercised Options will become exercisable in
full as of a specified time prior to the Reorganization Event and will
terminate immediately prior to the consummation of such Reorganization Event, except
to the extent exercised by the Optionees before the consummation of such
Reorganization Event; provided, however,
that in the event of a Reorganization Event under the terms of which holders of
Stock will receive upon consummation thereof a cash payment for each share of
Stock surrendered pursuant to such Reorganization Event (the “Acquisition Price”),
then the Committee may instead provide that all outstanding Options shall
terminate upon consummation of such Reorganization Event and that each Optionee
shall receive, in exchange therefor, a cash payment equal to the amount (if
any) by which (A) the Acquisition Price multiplied by the number of shares of
Stock subject to such outstanding Options (whether or not then exercisable),
exceeds (B) the aggregate exercise price of such Options.

(b)         Change
in Control Event that is not a Reorganization Event.  Upon the occurrence of a Change in Control
Event that does not also constitute a Reorganization Event, except to the
extent specifically provided to the contrary in the instrument evidencing any
Option or any other agreement between a Optionee and the Company, each such
Option shall be immediately exercisable in full if, on or prior to the first
anniversary of the date of the consummation of the Change in Control Event, the
Optionee’s employment with the Company or the acquiring or succeeding
corporation is terminated for Good Reason by the Optionee or is terminated
without Cause by the Company or the acquiring or succeeding corporation.

17.           Stock  Reserved.  The Company shall at all times during the
term of the Options reserve and keep available such number of shares of the
Stock as will be sufficient to satisfy the requirements of this Plan and shall
pay all fees and expenses necessarily incurred by the Company in connection
therewith.

18.           Limitation  of  Rights
in  the  Option  Shares.  An Optionee shall not be deemed for any
purpose to be a stockholder of the Company with respect to any of the Option
Shares except to the extent that the Option shall have been exercised with
respect thereto and, in addition, a certificate shall have been issued therefor
and delivered to the Optionee.

19.           Termination  and  Amendment
of  the  Plan.  The
Board of Directors of the Company may at any time terminate the Plan or make
such amendment to the Plan as it shall deem advisable, provided that, except as
provided in Section 16, it may not, without the approval by the holders of a
majority of the Stock, change the classes of persons eligible to receive
Options or increase the maximum number of shares available for option under the
Plan. No termination or amendment of the Plan may, without the consent of the
Optionee to whom any Option shall theretofore have been granted, adversely
affect the rights of such Optionee under 

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such Option. The Company may also, in its discretion,
permit any option to be exercised prior to the date on which it vests.

20.           Notices.  Any communication or notice required or
permitted to be given under the Plan shall be in writing, and mailed by
registered or certified mail or delivered in hand, if to the Company, to its
Chief Financial Officer at Ten Canal Park, Cambridge, MA 02141 and, if to the
Optionee, to the address as the Optionee shall last have furnished to the
Company.

 10EXHIBIT 10.84

TENTH LOAN MODIFICATION AGREEMENT

This Tenth Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into on September 15, 2006, and made
effective as of  September 13, 2006, by
and between SILICON VALLEY BANK, a
California chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 
02462 (“Bank”) and ASPEN TECHNOLOGY,
INC., a Delaware corporation with offices at Ten Canal Park,
Cambridge, Massachusetts 02141 for itself and as successor by merger with ASPENTECH, INC., a Texas corporation  with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (“Borrower”).

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30, 2003, evidenced by,
among other documents, a certain
Loan and Security Agreement dated as of January 30, 2003 between Borrower,
Aspentech, Inc. and Bank, as amended by a certain letter agreement dated
February 14, 2003, a certain First Loan Modification Agreement dated June 27,
2003, a certain Second Loan Modification Agreement dated September 10, 2004, a
certain Third Loan Modification Agreement dated January 28, 2005, a certain
Fourth Loan Modification Agreement dated April 1, 2005, a certain Fifth Loan
Modification Agreement dated May 6, 2005, a certain Sixth Loan Modification
Agreement dated June 15, 2005, a certain Seventh Loan Modification Agreement
dated September, 2005, a certain Eighth Amendment to Loan and Security
Agreement dated November 22, 2005, and as further amended by a certain Ninth
Loan Modification Agreement dated July 17, 2006 (as amended, the “Loan
Agreement”).  Capitalized terms used but
not otherwise defined herein shall have the same meaning as in the Loan
Agreement.

2.                                       DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement
(together with any other collateral security granted to Bank, the “Security
Documents”).

Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations including the
Export-Import Bank Loan and Security Agreement dated as of January 30, 2003, as
amended, shall be referred to as the “Existing Loan Documents”.

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

Modifications to
Loan Agreement.

(i)                                     The Loan Agreement
shall be amended by deleting the following text appearing in Section 4 of the
Schedule to the Loan Agreement:

“MATURITY DATE

(Section 6.1):                September
13, 2006”

and inserting in lieu thereof the following:

“MATURITY DATE

(Section 6.1):                January
15, 2007”

 

 

(ii)                                  The Loan Agreement
shall be amended by deleting Section 5(a) of the Schedule thereto in its
entirety and inserting in lieu thereof the following:

“a.
Minimum Tangible Net Worth:

Borrower shall at all
times maintain, to be tested monthly, as of the last day of each month, a
Tangible Net Worth of not less than the sum of (i) plus (ii) below:

(i)

(a) from April 1, 2005
through and including April 30, 2005 - $35,000,000;

(b) from May 1, 2005
through and including May 31, 2005 - $25,000,000;

(c) from June 1, 2005
through and including June 30, 2005 - $21,000,000;

(d) from July 1, 2005
through and including July 31, 2005 - $14,000,000;

(e) from August 1, 2005
through and including August 31, 2005 - $7,000,000;

(f) from September 1,
2005 through and including September 30, 2005 - $21,000,000;

(g) from October 1, 2005 through
and including October 31, 2005 - $14,000,000;

(h) from November 1, 2005
through and including November 30, 2005 - $7,000,000;

(i) from December 1, 2005
through and including December 31, 2005 - $26,000,000;

(j) from January 1, 2006
through and including January 31, 2006 - $19,000,000;

(k) from February 1, 2006
through and including February 28, 2006 - $12,000,000;

(l) from March 1, 2006
through and including March 31, 2006 - $31,000,000;

(m) from April 1, 2006
through and including April 30, 2006 - $24,000,000;

(n) from May 1, 2006
through and including May 31, 2006 - $17,000,000;

(o) from June 1, 2006
through and including June 30, 2006 - $36,000,000;

(p) from July 1, 2006
through and including July 31, 2006 - $29,000,000;

(q) from August 1, 2006
through and including August 31, 2006 - $22,000,000;

(r) from September 1,
2006 through and including September 30, 2006 - $41,000,000;

(s) from October 1, 2006
through and including October 31, 2006 - $34,000,000;

(t) from November 1, 2006
through and including November 30, 2006 - $27,000,000; and

(u) from December 1, 2006
through and including December 31, 2006 - $46,000,000;          .

 (ii) 75% of all consideration received after July
1, 2005 from proceeds from the issuance of any equity securities of the
Borrower (other than (i) the issuance of stock options, restricted stock or
other stock-based awards under the Borrower’s director or employee stock incentive
plans, or (ii) stock purchases under the Borrower’s employee stock purchase
plan).”

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(iii)                               The Loan Agreement shall
be amended by deleting Section 5(c) of the Schedule thereto in its entirety and
inserting in lieu thereof the following:

 “c. Adjusted Quick Ratio:

Borrower shall maintain,
at all times, to be tested monthly, an Adjusted Quick Ratio of at least:

(a) from April 1, 2005
through and including April 30, 2005 - 1.35 to 1.0;

(b) from May 1, 2005
through and including May 31, 2005 - 1.20 to 1.0;

(c) from June 1, 2005
through and including June 30, 2005 - 1.15 to 1.0;

(d) from July 1, 2005
through and including July 31, 2005 - 1.05 to 1.0;

(e) from August 1, 2005
through and including August 31, 2005 - 0.95 to 1.0;

(f) from September 1,
2005 through and including September 30, 2005 - 1.15 to 1.0;

(g) from October 1, 2005
through and including October 31, 2005 - 1.05 to 1.0;

(h) from November 1, 2005
through and including November 30, 2005 - 0.95 to 1.0;

(i) from December 1, 2005
through and including December 31, 2005 - 1.20 to 1.0

(j) from January 1, 2006
through and including January 31, 2006 - 1.10 to 1.0;

(k) from February 1, 2006
through and including February 28, 2006 - 1.00 to 1.0;

(l) from March 1, 2006
through and including March 31, 2006 - 1.25 to 1.0;

(m) from April 1, 2006
through and including April 30, 2006 - 1.15 to 1.0;

(n) from May 1, 2006
through and including May 31, 2006 - 1.05 to 1.0; and

(o) from June 1, 2006 and
thereafter - 1.25 to 1.0.”

4.                                       FINANCIAL
STATEMENT RESTATEMENT/BANK ACKNOWLEDGEMENT AND MODIFICATION.  Borrower has furnished Bank with Borrower’s
press release relating to selected preliminary financial results for the fiscal
year ended June 30, 2006 issued on September 6, 2006 (the “Release Disclosure”).  Bank acknowledges that, to the extent a restatement
of certain financial statements is necessary with respect to the matters
disclosed in the Release Disclosure, such restatement and the matters disclosed
in the Release Disclosure (to the extent specifically disclosed in the Release
Disclosure) shall not be deemed to constitute a breach by Borrower of its representations,
warranties and covenants pursuant to Section 3.6, 3.7 or 3.9 of the Loan
Agreement (and such Sections shall be deemed to be modified to the extent
necessary to account for any required restatement and the matters disclosed in
the Release Disclosure) or otherwise be deemed by Bank to constitute an Event
of Default under the Loan Agreement.

5.                                       FEES.  Borrower shall pay to Bank a modification fee
of $8,611.11, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof.  Borrower
shall also reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

 3
 

 

 

6.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003 between
Borrower and Bank, and acknowledges, confirms and agrees that said Negative
Pledge Agreement  shall remain in full
force and effect.

7.                                       RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of January
30, 2003, as amended and affected by Schedule 1 to the Fourth Amendment and
Exhibit A to the Fourth Amendment and acknowledges, confirms and agrees the
disclosures and information therein and/or in Schedule 3.10 to the Loan
Agreement have not changed as of the date hereof, except as set forth on
Schedule 1 annexed hereto.

8.                                       CONSISTENT
CHANGES.  The Existing Loan Documents
are hereby amended wherever necessary to reflect the changes described above.

9.                                       RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby ratifies,
confirms, and reaffirms all terms and conditions of all security or other
collateral granted to the Bank, and confirms that the indebtedness secured
thereby includes, without limitation, the Obligations.

10.                                 NO
DEFENSES OF BORROWER.  Borrower hereby
acknowledges and agrees that Borrower has no offsets, defenses, claims, or
counterclaims against Bank with respect to the Obligations, or otherwise, and
that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all
of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any
liability thereunder.

11.                                 CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this 
Loan Modification Agreement in no way shall obligate Bank to make any
future modifications to the Obligations. 
Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in
writing.

12.                                 COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

[Remainder
of page intentionally left blank.]

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This Loan Modification Agreement is executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the
date first written above.

	
   

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Leo S. Vannoni

  
	
   

  	
   

  	
  Name: Leo S.
  Vannoni

  
	
   

  	
   

  	
  Title:VP &
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ Michael Fell

  
	
   

  	
   

  	
  Name:Michael
  Fell

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

The undersigned, ASPENTECH SECURITIES CORP., a
Massachusetts corporation,  ratifies,
confirms and reaffirms, all and singular, the terms and conditions of a certain
Unlimited Guaranty dated January 30, 2003 (the “Guaranty”) and a certain
Security Agreement dated as of January 30, 2003 (the “Security Agreement”) and
acknowledges, confirms and agrees that the Guaranty and Security Agreement
shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents,
instruments and/or agreements executed and/or delivered in connection herewith.

ASPENTECH
SECURITIES CORP.

	
  By:

  	
   

  	
  /s/ Leo S. Vannoni

  	
   

  	
   

  
	
  Name: Leo S. Vannoni

  	
   

  	
   

  
	
  Title: Treasurer

  	
   

  	
   

  

 

 5

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