Document:

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                                                                   EXHIBIT 10.47

                              TRANSITION AGREEMENT

                  THIS TRANSITION AGREEMENT (this "Agreement") is made and
entered into by and between Vern Hanzlik ("Hanzlik"), a resident of Minnesota,
and Stellent, Inc. (the "Company"), a Minnesota corporation.

                                   BACKGROUND

         A. Hanzlik was employed by the Company as its President and Chief
Executive Officer, pursuant to an Employment Agreement effective as of November
1, 2001 (the "Employment Agreement"). Hanzlik was eligible to participate in
various plans and programs of the Company, including but not limited to the
Company's stock option plan.

         B. Hanzlik and the Company are parties to stock option agreements (the
"Option Agreements"), which grant to Hanzlik certain options to purchase shares
of the Company's common stock (the "Options") under certain circumstances
specified in the Option Agreements.

         C. Hanzlik has tendered and the Company has accepted his resignation as
a director and as President and Chief Executive Officer, to be effective as of
the dates set forth below.

         D. The parties are concluding their current relationship amicably, but
mutually recognize that such a relationship may give rise to potential claims or
liabilities.

         E. The parties expressly deny that they may be liable to each other on
any basis or that they have engaged in any unlawful or improper conduct toward
each other or treated each other unfairly.

         F. The parties desire to resolve all issues now in dispute between them
and have agreed to a full settlement of such issues.

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                  NOW, THEREFORE, in consideration of the mutual promises and
provisions contained in this Agreement and the Release referred to below, the
parties, intending to be legally bound, agree as follows:

                                   AGREEMENTS

         1. RESIGNATIONS. Hanzlik confirms his resignation, effective March 31,
2003 (the "Transition Date"), as President and Chief Executive Officer and from
all positions held by him as an officer of the Company. Hanzlik also confirms
his resignation, effective as of the Transition Date, from the Company's Board
of Directors. At the same time as he signs this Agreement Hanzlik will sign a
resignation in the form attached to this Agreement as Exhibit A. Hanzlik shall
be paid his base salary and any accrued and unused paid time off through the
Transition Date, in accordance with the regular payroll practices of the
Company. Hanzlik acknowledges and agrees that he is not entitled to any bonus
compensation.

         2. RESIGNATIONS FROM COMPANY AFFILIATES. Hanzlik will resign each
position he may hold as an employee, officer, or director of any affiliate of
the Company, effective upon such dates to be agreed upon by Hanzlik and the
Company, but in no event later than May 15, 2003. Hanzlik will sign resignations
in the form attached to this Agreement as Exhibit B with respect to such
resignations from each affiliate of the Company. Hanzlik shall not receive any
compensation for service as an officer or director of any affiliate after the
Transition Date, except such compensation as is provided under this Agreement.

         3. CONTINUING EMPLOYMENT WITH THE COMPANY. Notwithstanding Hanzlik's
resignations pursuant to paragraphs 1 and 2 of this Agreement, Hanzlik will
continue to be employed by the Company after March 31, 2003 as a Business
Development Specialist

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pursuant to the terms and conditions of a separate employment agreement (the
"Transitional Employment Agreement") to be agreed upon by the parties.

         4. RELEASE BY HANZLIK. At the same time that Hanzlik executes this
Agreement, but no earlier than the Transition Date, he shall execute a Release
in the form attached to this Agreement as Exhibit C (the "Release"). This
Agreement will not be interpreted or construed to limit the Release in any
manner.

         5. PAYMENTS. The Company will make the payments to Hanzlik or on his
behalf as set forth in paragraphs 5.a. and 5.b. below in lieu of any further
payments or compensation under the Employment Agreement or that Hanzlik would
otherwise be entitled to receive as an employee, officer or director of the
Company. The Company will make such payments only if (i) Hanzlik has not
rescinded this Agreement or the Release within the rescission period set forth
in paragraph 22 below (the "Rescission Period"), (ii) the Company has received
written confirmation from Hanzlik, in the form attached to this Agreement as
Exhibit D, dated not earlier than the day after the expiration of the Rescission
Period, that Hanzlik has not rescinded and will not rescind this Agreement or
the Release, (iii) Hanzlik has not breached any of his obligations pursuant to
this Agreement or the Release (or, if a breach has occurred, such breach has
been cured within five (5) days after notice from the Company), and (iv) Hanzlik
has not breached any of his obligations pursuant to the Transitional Employment
Agreement (or, if a breach has occurred, such breach has been cured within any
cure period set forth in the Transitional Employment Agreement).

                  a. SALARY CONTINUATION. The Company will pay Hanzlik two
hundred forty thousand dollars ($240,000), such amount being equal to twelve
months' base salary, less all legally required and authorized withholdings. The
pay will be paid in equal

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installments in accordance with the Company's regular payroll practices, for the
period from the Transition Date through March 31, 2004, commencing on the first
regular payroll date of the Company following the expiration of the applicable
rescission period. The salary continuation provided in this subparagraph is in
addition to any payments to which Hanzlik may be entitled under the Transitional
Employment Agreement.

                  b. HEALTH AND DENTAL INSURANCE REIMBURSEMENT. If Hanzlik
elects to continue his group health and dental insurance under the terms of
paragraph 6 below, the Company shall reimburse Hanzlik for a portion of the cost
of the premiums that he is required to pay to maintain such COBRA coverage for a
period of up to twelve (12) months following the Transition Date. Such portion
shall be equal to the Company's portion of the health and dental insurance
premiums that would be paid by the Company if Hanzlik was an employee of the
Company, at the same level of coverage that was in effect on the Transition
Date, less all legally required and authorized withholding. Reimbursement for
insurance coverage under this paragraph will be provided until the earliest of
the following dates: (i) March 31, 2004, (ii) the date on which Hanzlik becomes
eligible for comparable group health or dental insurance coverage from any other
employer, or (iii) the date that COBRA continuation coverage ends under the
applicable plan or laws. Any amount that Hanzlik is entitled to receive by way
of reimbursement under this subparagraph shall be paid to Hanzlik by the Company
in approximately equal installments commencing on the first normal payroll date
of the Company following the expiration of all applicable rescission periods
provided by law and continuing monthly thereafter. For purposes of mitigation
and reduction of the Company's financial obligations to Hanzlik, Hanzlik shall
promptly and fully disclose to the Company in writing the fact that he has
become eligible for comparable group health or

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dental insurance coverage from any other employer. Hanzlik shall be liable to
repay any amounts to the Company that should have been so mitigated or reduced
but for Hanzlik's failure or unwillingness to make such disclosure.

         6. HEALTH AND DENTAL INSURANCE CONTINUATION. Hanzlik will have the
right to continue his group health and dental insurance coverage after March 31,
2003 under such terms as are made available to similarly-situated employees of
the Company, pursuant to the terms and conditions of the applicable plan and
laws.

         7. RETIREMENT PLANS. To the extent that Hanzlik is currently a
participant in any retirement, pension, or profit sharing plans of the Company,
Hanzlik will be entitled to begin drawing benefits at the times and under the
terms and conditions set forth in any such plan.

         8. STOCK OPTIONS. Hanzlik acknowledges and agrees that the Options
listed in this paragraph are his only Options to purchase shares of the
Company's Common Stock and that such Options are exercisable, or will become
exercisable, in accordance with the plans under which the options were granted
and the Option Agreements and only to the extent such Options currently are
vested, or become vested by virtue of Hanzlik's continued employment with the
Company pursuant to the Transitional Employment Agreement. Hanzlik further
agrees and acknowledges that all of these Options to purchase the Company's
Common Stock will expire and cease to be outstanding in accordance with the
plans under which the options were granted and the applicable Option Agreements.
Nothing in this Agreement is intended to modify in any way the terms and
conditions of the Option Agreements and it is the intent of Hanzlik and the
Company that the Options continue to vest in accordance with the Option
Agreements while Hanzlik is employed pursuant to the Transitional Employment
Agreement.

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<Table>
<Caption>
                Date of                 Exercise             Shares Originally
 Plan            Grant                   Price                   Granted
-----          --------                 --------             -----------------
<S>            <C>                      <C>                  <C>
94-97          05/17/94                  $0.200                  269,065
94-97          01/13/99                  $5.125                   52,000
94-97          09/30/99                  $8.625                   17,030
94-97          09/30/99                  $8.625                   57,970
94-97          04/03/01                 $17.125                   10,000
94-97          04/03/01                 $17.125                   25,000
94-97          02/18/00                 $29.375                   25,000
 2000          05/21/02                  $6.280                  150,000
 2000          10/01/01                 $13.590                   75,000
 2000          01/08/01                 $35.438                   75,000
 2000          02/25/03                  $4.470                  110,000
</Table>

         9. NON-DISCLOSURE AND NON-COMPETITION.

                  a. CONFIDENTIAL INFORMATION. Except as permitted by the
Company's Board of Directors, Hanzlik will not at any time divulge, furnish, or
make accessible to anyone or use in any way any confidential, proprietary, or
secret knowledge or information of the Company or any Affiliate (as defined in
paragraph 9.e. below) that Hanzlik has acquired during the period of his
employment by the Company, whether developed by himself or by others, concerning
(i) any trade secrets, (ii) any confidential, proprietary, or secret designs,
processes, programs, computer code, formulae, plans, devices, or material
(whether or not patented or patentable) directly or indirectly useful in any
aspect of the business of the Company or any Affiliate, (iii) any customer or
supplier lists of the Company or any Affiliate, (iv) any confidential,
proprietary, or secret development or research work of the Company or any
Affiliate, (v) any strategic or other business, marketing, or sales plans of the
Company or any Affiliate, (vi) any financial or personnel data or plans
respecting the Company or any Affiliate, or (vii) any other confidential or
proprietary information or secret

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aspects of the business of the Company or any Affiliate. Hanzlik acknowledges
that the above-described knowledge or information constitutes a unique and
valuable asset of the Company and its Affiliates and represents a substantial
investment of time and expense by the Company and its Affiliates, and that any
disclosure or other use of such knowledge or information other than for the sole
benefit of the Company or its Affiliates would be wrongful and would cause
irreparable harm to the Company or its Affiliates and would also constitute a
breach of his obligations pursuant to this Agreement for purposes of paragraph 5
above. The foregoing obligations of confidentiality will not apply to any
knowledge or information that (i) is now or subsequently becomes generally
publicly known in the form in which it was obtained from the Company or any
Affiliate, other than as a direct or indirect result of the breach of this
Agreement by Hanzlik, (ii) is independently made available to Hanzlik in good
faith by a third party who, to Hanzlik's knowledge, has not violated a
confidential relationship with the Company, or (iii) is required to be disclosed
by law or legal process or to enforce Hanzlik's rights against the Company,
provided that Hanzlik provides advance notice to the Company of his intent to
disclose Confidential Information and allows the Company sufficient time to
initiate action to protect the Confidential Information. Hanzlik understands and
agrees that his obligations under this Agreement to maintain the confidentiality
of the Company's confidential information are in addition to any obligations of
Hanzlik under applicable statutory or common law.

                  b. NON-COMPETITION. Hanzlik shall not, for twelve (12) months
following the termination of his employment with the Company:

                        (i)   directly or indirectly (including without
                              limitation as a proprietor, principal, agent,
                              partner, officer, director, stockholder, employee,
                              member of any association, consultant,

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                              or otherwise), engage in any business, in the
                              United States or in any other location in which
                              the Company or any Affiliate is then doing
                              business or actively planning to do business (A)
                              that designs, develops, markets, distributes, or
                              sells web content management services or products,
                              or (B) that designs, develops, markets,
                              distributes, or sells services or products similar
                              to and competitive with any service or product
                              then being developed, marketed, or distributed by
                              the Company or any Affiliate; provided, however,
                              nothing contained herein shall prohibit Hanzlik
                              from owning less than 3% of any class of
                              securities listed on a national securities
                              exchange or traded publicly in the
                              over-the-counter market; or

                       (ii)   directly or indirectly, alone or with others,
                              hire, engage or solicit any person who is then an
                              employee or contractor of the Company or any
                              Affiliate, or who was an employee or contractor of
                              the Company or any Affiliate at any time during
                              the six (6) month period immediately preceding the
                              Transition Date, in any manner or capacity, to
                              terminate their relationship with the Company or
                              to become employed by any business enterprise with
                              which Hanzlik may then be associated, affiliated
                              or connected; or

                      (iii)   directly or indirectly, alone or with others,
                              solicit, request, advise, or induce or assist
                              anyone else in soliciting, requesting, advising,
                              or inducing any current or potential customer,
                              supplier or other business contact of the Company
                              or any Affiliate at any time during the twelve
                              (12) month period immediately preceding Hanzlik's
                              termination of employment, to cancel, curtail, or
                              otherwise adversely change its relationship with
                              the Company or any Affiliate in any manner or
                              capacity.

Prior to accepting any employment, consulting or similar contract or agreement
with any third party, Hanzlik shall inform that party of this Agreement and
provide that party with a copy of this paragraph 9 of this Agreement.

                  c. ACKNOWLEDGMENT/INJUNCTIVE RELIEF. Hanzlik acknowledges that
the provisions of this paragraph 9 are reasonable and necessary to protect the
legitimate interests of the Company and its Affiliates and that any violation of
this paragraph 9 by Hanzlik will cause substantial and irreparable harm to the
Company or its Affiliates to such an extent that

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monetary damages alone would be an inadequate remedy therefor. Therefore, in the
event of any actual or threatened breach by Hanzlik of any provision of this
paragraph 9, Hanzlik agrees that the Company will be entitled to an injunction,
in addition to all the other remedies it may have, restraining Hanzlik from
violating or continuing to violate such provision and that such relief may be
granted without the necessity of proving actual monetary damages.

                  d. BLUE PENCIL DOCTRINE. If the duration of, scope of, or any
business activity covered by this paragraph 9 is in excess of what is valid and
enforceable under applicable law, such provision will be construed to cover only
that duration, scope, or activity that is valid and enforceable. Hanzlik
acknowledges that this paragraph 9 will be given the construction which renders
its provisions valid and enforceable to the maximum extent, not exceeding its
express terms, possible under applicable laws.

                  e. AFFILIATED ENTITIES. As used in this Agreement, "Affiliate"
shall include the Company and any corporation, partnership, or other entity that
controls the Company, is controlled by the Company, or is under common control
with the Company (in each case, "control" meaning the direct or indirect
ownership of 50% or more of all outstanding interests).

         10. RECORDS, DOCUMENTS, AND PROPERTY. On or before the Transition Date,
Hanzlik will deliver to the Company any and all records and any and property of
the Company or any Affiliate in his possession or under his control, including
without limitation, manuals, books, blank forms, documents, letters, memoranda,
notes, notebooks, reports, printouts, computer disks, computer tapes, data,
tables, or calculations and all copies thereof, documents that in whole or in
part contain any trade secrets or confidential, proprietary, or other secret
information of the Company or any Affiliate and all copies thereof, and keys,

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access cards, access codes, source codes, passwords, credit cards, personal
computers, telephones, and other electronic equipment belonging to the Company
or any Affiliate.

         11. NON-DISPARAGEMENT. Hanzlik will not malign, defame, or disparage
the reputation, character, image, products, or services of the Company, or the
reputation or character of the Company's directors, officers, employees, or
agents. The Company will not authorize or permit any statements that malign,
defame, or disparage the reputation, character, or image of Hanzlik.

         12. INDEMNIFICATION. Hanzlik will be entitled, as a current or former
employee, officer, or director, to the same rights to indemnification and
advancement of expenses provided in the applicable charter documents of the
Company and under applicable Minnesota law and to indemnity and a legal defense
under any applicable general liability or directors' and officers' liability
insurance policies maintained by the Company, as such rights exist now or in the
future, and as such rights are afforded to other current or former employees,
officers, or directors of the Company, as applicable.

         13. HANZLIK'S FUTURE COOPERATION. Hanzlik and Stellent acknowledge that
during his employment with the Company he served as an officer and director of
the Company and its Affiliates. At the Company's reasonable request and upon
reasonable notice, Hanzlik will, from time to time and without further
consideration, timely execute and deliver such acknowledgements, instruments,
certificates, and other ministerial documents (including without limitation,
certification as to specific actions performed by Hanzlik in his capacity as an
officer or director of the Company) as may be necessary or appropriate to
formalize and complete the Company's corporate records.

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<PAGE>

         14. FULL COMPENSATION. Hanzlik understands that the payments made and
other consideration provided by the Company under this Agreement will fully
compensate Hanzlik for and extinguish any and all of the potential claims
Hanzlik is releasing in the Release, including without limitation, his claims
for attorneys' fees and costs and any and all claims for any type of legal or
equitable relief.

         15. NO ADMISSION OF WRONGDOING. Hanzlik understands that this Agreement
does not constitute an admission that the Company has violated any local
ordinance, state or federal statute, or principle of common law, or that the
Company has engaged in any unlawful or improper conduct toward Hanzlik. Hanzlik
will not characterize this Agreement or the payment of any money or other
consideration in accordance with this Agreement as an admission that the Company
has engaged in any unlawful or improper conduct toward him or treated him
unfairly.

         16. AUTHORITY. Hanzlik represents and warrants that he has the
authority to enter into this Agreement and the Release, and that no causes of
action, claims, or demands released pursuant to this Agreement and the Release
have been assigned to any person or entity not a party to this Agreement and the
Release. The Company represents that the undersigned director has the authority
to enter into this Agreement on behalf of the Company.

         17. LEGAL REPRESENTATION. Hanzlik acknowledges that he has been advised
by the Company to consult with his own attorney before executing this Agreement
and the Release, that he has had a full opportunity to consider this Agreement
and the Release, that he has had a full opportunity to ask any questions that he
may have concerning this Agreement, the Release, or the settlement of his
potential claims against the Company, and that he has not

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relied upon any statements or representations made by the Company or its
attorneys, written or oral, other than the statements and representations that
are explicitly set forth in this Agreement, the Release, and any qualified
employee benefit plans sponsored by the Company in which Hanzlik is a
participant.

         18. ASSIGNMENT. This Agreement shall not be assignable, in whole or in
part, by either party without the prior written consent of the other party.

         19. INVALIDITY. In the event that any provision of this Agreement is
determined by a court of competent jurisdiction to be invalid, illegal, or
unenforceable in any respect, such a determination will not affect the validity,
legality, or enforceability of the remaining provisions of this Agreement and
the remaining provisions of this Agreement will continue to be valid and
enforceable, and any court of competent jurisdiction may modify the
objectionable provision so as to make it valid and enforceable.

         20. ENTIRE AGREEMENT. This Agreement, the Release, the Option
Agreements, and any qualified employee benefit plans sponsored by the Company in
which Hanzlik is a participant are intended to define the full extent of the
legally enforceable undertakings of the parties, and no promises or
representations, written or oral, that are not set forth explicitly in this
Agreement, the Release, the Option Agreements, or any qualified employee benefit
plans sponsored by the Company in which Hanzlik is a participant are intended by
either party to be legally binding. All other agreements and understandings
between the parties are hereby cancelled, terminated, and superseded. The
parties acknowledge that they will also be entering into a Transitional
Employment Agreement, the terms of which shall be in addition to the terms of
this Agreement.

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         21. PERIOD TO CONSIDER THE RELEASE AND THE AGREEMENT. Hanzlik
understands that he has 21 days to consider whether to sign this Agreement and
the Release. If Hanzlik signs this Agreement and the Release before the end of
the 21-day period, it will be his voluntary decision to do so because he has
decided he does not need any additional time to decide whether to sign this
Agreement and the Release.

         22. RIGHT TO RESCIND OR REVOKE. Hanzlik understands that he has the
right to rescind or revoke this Agreement and the Release for any reason within
fifteen (15) calendar days after he signs them. Hanzlik understands that this
Agreement will not become effective or enforceable unless and until he has not
rescinded this Agreement or the Release and the Rescission Period has expired.
Hanzlik understands that if he wishes to rescind, the rescission must be in
writing and hand-delivered or mailed to the Company. If hand-delivered, the
rescission must be (a) addressed to Gregg A. Waldon, Stellent, Inc., 7777 Golden
Triangle Drive, Eden Prairie, MN 55344 and (b) delivered to Gregg A. Waldon
within the fifteen-day period. If mailed, the rescission must be (a) postmarked
within the fifteen-day period and (b) addressed to Gregg A. Waldon, Stellent,
Inc., 7777 Golden Triangle Drive, Eden Prairie, MN 55344.

         23. HEADINGS. The descriptive headings of the paragraphs and
subparagraphs of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement.

         24. COUNTERPARTS. This Agreement may be executed simultaneously in two
or more counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

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         25. GOVERNING LAW. This Agreement and the Release will be interpreted
and construed in accordance with, and any dispute or controversy arising from
any breach or asserted breach of this Agreement or the Release will be governed
by, the laws of the State of Minnesota.

           IN WITNESS WHEREOF, the parties have executed this Agreement on the
date stated below.

Dated:                      , 2003
      ----------------------             --------------------------------------
                                         Vern Hanzlik

Dated:                      , 2003       STELLENT, INC.
      ----------------------

                                         BY:
                                            --------------------------
                                            Robert Olson
                                            Its Chairman of the Board

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                                                                   EXHIBIT 10.47

                                 March 31, 2003

Robert Olson
Chairman
Stellent, Inc.
7777 Golden Triangle Drive
Eden Prairie, MN 55344

Dear Bob:

                  This will confirm my resignations, effective March 31, 2003,
as President and Chief Executive Officer of Stellent, Inc. (the "Company"), as
director of the Company, and of all other positions I may hold as an officer or
director of the Company.

                                            Sincerely,

                                            Vern Hanzlik

                                                                       EXHIBIT A
<PAGE>

                                                                   EXHIBIT 10.47

                                 _____ __, 2003

Robert Olson
Chairman
Stellent, Inc.
7777 Golden Triangle Drive
Eden Prairie, MN 55344

Dear Bob:

                  This will confirm my resignations, effective as of ____ __,
2003, as [titles] of [affiliate name] (the "Company"), and of all other
positions I may hold as employee, officer, or director of the Company.

                                            Sincerely,

                                            Vern Hanzlik

                                                                       EXHIBIT B
<PAGE>

                             RELEASE BY VERN HANZLIK

DEFINITIONS. I intend all words used in this Release to have their plain
meanings in ordinary English. Specific terms that I use in this Release have the
following meanings:

         A.       I, me, and my include both me (Vern Hanzlik) and anyone who
                  has or obtains any legal rights or claims through me.

         B.       Stellent means Stellent, Inc., any company related to
                  Stellent, Inc. in the present or past (including without
                  limitation, its predecessors, parents, subsidiaries,
                  affiliates, joint venture partners, and divisions), and any
                  successor of Stellent, Inc.

         C.       Company means Stellent; the present and past officers,
                  directors, committees, shareholders, and employees of
                  Stellent; any company providing insurance to Stellent in the
                  present or past; the present and past fiduciaries of any
                  employee benefit plan sponsored or maintained by Stellent
                  (other than multiemployer plans); the attorneys for Stellent;
                  and anyone who acted on behalf of Stellent or on instructions
                  from Stellent.

         D.       Agreement means the Transition Agreement between Stellent and
                  me that I am executing on the same date on which I execute
                  this Release, including all of the documents attached to or
                  referred to in the Agreement.

         E.       My Claims mean all of my rights that I now have to any relief
                  of any kind from the Company, including without limitation:

                  1.       all claims arising out of or relating to my
                           employment with Stellent or the termination of my
                           employment as President and Chief Executive Officer;

                  2.       all claims arising out of or relating to the
                           statements, actions, or omissions of the Company;

                  3.       all claims for any alleged unlawful discrimination,
                           harassment, retaliation or reprisal, or other alleged
                           unlawful practices arising under any federal, state,
                           or local statute, ordinance, or regulation, including
                           without limitation, claims under Title VII of the
                           Civil Rights Act of 1964, the Age Discrimination in
                           Employment Act, the Americans with Disabilities Act,
                           42 U.S.C. Section 1981, the Employee Retirement
                           Income Security Act, the Equal Pay Act, the Worker
                           Adjustment and Retraining Notification Act, the
                           Minnesota Human Rights Act, the Fair Credit Reporting
                           Act, and workers' compensation non-interference or
                           non-retaliation statutes (such as Minn. Stat. Section
                           176.82);

                  4.       all claims for alleged wrongful discharge; breach of
                           contract; breach of implied contract; failure to keep
                           any promise; breach of a covenant of

                                                                       EXHIBIT C
<PAGE>

                           good faith and fair dealing; breach of fiduciary
                           duty; estoppel; my activities, if any, as a
                           "whistleblower"; defamation; infliction of emotional
                           distress; fraud; misrepresentation; negligence;
                           harassment; retaliation or reprisal; constructive
                           discharge; assault; battery; false imprisonment;
                           invasion of privacy; interference with contractual or
                           business relationships; any other wrongful employment
                           practices; and violation of any other principle of
                           common law;

                  5.       all claims for compensation of any kind, including
                           without limitation, bonuses, commissions, stock-based
                           compensation or stock options, vacation pay, and
                           expense reimbursements;

                  6.       all claims for back pay, front pay, reinstatement,
                           other equitable relief, compensatory damages, damages
                           for alleged personal injury, liquidated damages, and
                           punitive damages; and

                  7.       all claims for attorneys' fees, costs, and interest.

                  However, My Claims do not include any claims that the law does
                  not allow to be waived; any claims that may arise after the
                  date on which I sign this Release; any rights that I may have
                  as a current or former employee, officer or director of
                  Stellent to indemnification under Stellent by-laws, under any
                  directors and officers insurance policies or any errors and
                  omissions insurance policies that may be maintained by
                  Stellent, or under any applicable state or federal laws
                  providing for indemnification of corporate officers or
                  directors; any rights that I may have to benefits under any
                  employee benefit plan sponsored by Stellent in which I am
                  currently a participant; and any claims for breach of the
                  Agreement.

AGREEMENT TO RELEASE MY CLAIMS. I will receive consideration from Stellent as
set forth in the Agreement if I sign and do not rescind this Release as provided
below. I understand and acknowledge that that consideration is in addition to
anything of value that I would be entitled to receive from Stellent if I did not
sign this Release or if I rescinded this Release. In exchange for that
consideration I give up and release all of My Claims. I will not make any
demands or claims against the Company for compensation or damages relating to My
Claims. The consideration that I am receiving is a fair compromise for the
release of My Claims.

ADDITIONAL AGREEMENTS AND UNDERSTANDINGS. Even though Stellent will provide
consideration for me to settle and release My Claims, the Company does not admit
that it is responsible or legally obligated to me. In fact, the Company denies
that it is responsible or legally obligated to me for My Claims, denies that it
engaged in any unlawful or improper conduct toward me, and denies that it
treated me unfairly.

ADVICE TO CONSULT WITH AN ATTORNEY. I understand and acknowledge that I am
hereby being advised by the Company to consult with an attorney prior to signing
this Release. My decision whether to sign this Release is my own voluntary
decision made with full knowledge that the Company has advised me to consult
with an attorney.

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<PAGE>

PERIOD TO CONSIDER THE RELEASE. I understand that I have 21 days from the day
that I receive this Release, not counting the day upon which I receive it, to
consider whether I wish to sign this Release. If I sign this Release before the
end of the 21-day period, it will be my voluntary decision to do so because I
have decided that I do not need any additional time to decide whether to sign
this Release.

MY RIGHT TO RESCIND THE RELEASE. I understand that I may rescind this Release at
any time within 15 days after I sign it, not counting the day upon which I sign
it. This Release will not become effective or enforceable unless and until the
15-day rescission period has expired without my rescinding it.

PROCEDURE FOR ACCEPTING OR RESCINDING THE RELEASE. To accept the terms of this
Release, I must deliver the Release, after I have signed and dated it, to
Stellent by hand or by mail within the 21-day period that I have to consider the
Release. To rescind my acceptance of this Release, I must deliver a written,
signed statement that I rescind my acceptance to Stellent by hand or by mail
within the 15-day rescission period. All deliveries must be made to Stellent at
the following address:

                                    Gregg A. Waldon
                                    Stellent, Inc.
                                    7777 Golden Triangle Drive
                                    Eden Prairie, MN  55344

If I choose to deliver the rescission of my acceptance by mail, it must be
postmarked within the period stated above, and properly addressed to Stellent at
the address stated above.

INTERPRETATION OF THE RELEASE. This Release should be interpreted as broadly as
possible to achieve my intention to resolve all of My Claims against the
Company. If this Release is held by a court to be inadequate to release a
particular claim encompassed within My Claims, this Release will remain in full
force and effect with respect to all the rest of My Claims.

MY REPRESENTATIONS. I am legally able and entitled to receive the consideration
being provided to me in settlement of My Claims. I have not been involved in any
personal bankruptcy or other insolvency proceedings at any time since I began my
employment with Stellent. No child support orders, garnishment orders, or other
orders requiring that money owed to me by Stellent be paid to any other person
are now in effect.

I have read this Release carefully. I understand all of its terms. In signing
this Release, I have not relied on any statements or explanations made by the
Company except as specifically set forth in the Agreement. I am voluntarily
releasing My Claims against the Company. I intend this Release to be legally
binding.

Dated:
      ----------------------------            ----------------------------------
                                              VERN HANZLIK

                                       3
<PAGE>

                                 April 17, 2003

Gregg A. Waldon
Stellent, Inc.
7777 Golden Triangle Drive
Eden Prairie, MN  55344

Dear Gregg:

         This is to confirm that I have not rescinded and will not take action
to rescind the Transition Agreement and Release that I executed in favor of
Stellent, Inc. and others on April 17, 2003.

                                                Very truly yours,

                                                Vern Hanzlik

                                                                       EXHIBIT D<PAGE>
                                                                   EXHIBIT 10.48

                              EMPLOYMENT AGREEMENT

                  THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into on
April 1, 2003 (the "Effective Date) by and between Stellent, Inc., a Minnesota
corporation (the "Company"), and Vern Hanzlik, a resident of Minnesota
("Employee").

                                    RECITALS

                  A. Employee is the Company's former President and Chief
Executive Officer and a former director of the Company, having resigned from
those positions pursuant to a separate Transition Agreement entered into on
March 31, 2003 (the "Transition Agreement").

                  B. Company desires to retain the services of Employee with
respect to certain transition matters and business development activities of the
Company, and Employee desires to accept such continued employment, subject to
the terms and conditions set forth in this Agreement.

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the foregoing premises and
the respective agreements of the Company and Employee set forth below, the
Company and Employee, intending to be legally bound, agree as follows:

                  1. POSITION AND DUTIES. Employee shall be employed during the
Term as a Business Development Specialist reporting to the Company's President
and shall, among other things, provide advice and assistance to the Company with
respect to (1) the Company's hosted solutions group, (2) companies and
technologies relating to new business development or mergers and acquisitions;
and (3) retention of existing large enterprise customers and generation of new
enterprise customers. Employee shall render such services to the Company when
and as requested by the Company and at such time or times and at such location
or locations (which may include off-site locations) as may be mutually
convenient to the Company and Employee, provided that Employee shall be
available to provide such services only during regular business hours and
subject to normal periods of vacation, sick leave or other occasional personal
time off. During the first year of this Agreement, Employee shall be available
to provide such services for a minimum of 130 hours per month. Employee's
required availability during the second year of this Agreement shall be agreed
upon by the parties, and, if no agreement is reached Employee shall be available
to provide services hereunder during the second year for a minimum of 40 hours
per month. Employee shall devote his best efforts to the performance of services
to the Company hereunder, but he may engage in other employment or business
activities during the Term so long as such employment and business activities do
not unreasonably interfere with Employee's duties and obligations hereunder.

                  2. TERM. The term of Employee's employment under this
Agreement shall commence on the Effective Date and shall continue until March
31, 2005 (the "Term"),

<PAGE>

unless earlier terminated or extended in accordance with this Section 2. This
Agreement and Employee's employment hereunder may be terminated as follows: (i)
by the Company without notice to Employee upon Employee's failure to execute the
Transition Agreement or upon Employee rescinding or attempting to rescind the
Transition Agreement or (ii) by either party pursuant to Section 14 hereof. In
the event this Agreement is terminated prior to expiration of the Term pursuant
to this Section 2, the Company shall be obligated to pay Employee only for
services rendered by Employee prior to such termination date at the rate set
forth in Section 3 hereof.

                  3. COMPENSATION. The Company shall pay Employee a salary at
the rate of $10,000 per month, less normal payroll deductions, from the
Effective Date through March 31, 2004. Employee's monthly salary for the period
from April 1, 2004 through March 31, 2005 shall be agreed upon by the parties,
and, if no agreement is reached Employee's salary during the second year shall
be $5,000 per month, provided, however, that as a condition to continuing his
employment after March 31, 2004, Employee must execute and not rescind a release
of claims in substantially the form attached as Exhibit C to the Transition
Agreement (the "Release"). The Release must be executed no earlier than March
31, 2004.

                  4. EMPLOYEE BENEFITS. While Employee is employed by the
Company hereunder, Employee shall be entitled to participate in all employee
benefit plans and programs of the Company to the extent that Employee meets the
eligibility requirements for each individual plan or program. The Company
provides no assurance as to the adoption or continuance of any particular
employee benefit plan or program, and Employee's participation in any such plan
or program shall be subject to the provisions, rules and regulations applicable
thereto. Notwithstanding the foregoing, Employee shall not be eligible for, and
Employee waives all right to, vacation benefits otherwise available to employees
of the Company.

                  5. EXPENSES. While Employee is employed by the Company
hereunder, the Company shall reimburse Employee for all reasonable and necessary
out-of-pocket business, travel and entertainment expenses incurred by Employee
in the performance of the duties and responsibilities hereunder, subject to the
Company's normal policies and procedures for expense verification and
documentation.

                  6. AFFILIATED ENTITIES. As used in this Agreement, "Affiliate"
shall include the Company and any corporation, partnership, or other entity,
which controls the Company, is controlled by the Company, or is under common
control with the Company (in each case "control" meaning the direct or indirect
ownership of 50% or more of all outstanding equity interests).

                  7. CONFIDENTIAL INFORMATION. Except as permitted by the
Company, Employee shall not at any time divulge, furnish or make accessible to
anyone or use in any way other than in the ordinary course of the business of
the Company or any Affiliate, any confidential, proprietary or secret knowledge
or information of the Company or any Affiliate that Employee has acquired or
shall acquire about the Company or any Affiliate, whether

                                        2
<PAGE>

developed by himself or by others, concerning (i) any trade secrets, (ii) any
confidential, proprietary or secret designs, programs, processes, formulae,
plans, devices or material (whether or not patented or patentable) directly or
indirectly useful in any aspect of the business of the Company or of any
Affiliate, (iii) any customer or supplier lists, (iv) any confidential,
proprietary or secret development or research work, (v) any strategic or other
business, marketing or sales plans, (vi) any financial or personnel data or
plans, or (viii) any other confidential or proprietary information or secret
aspects of the business of the Company or of any Affiliate. Employee
acknowledges that the above-described knowledge and information constitutes a
unique and valuable asset of the Company and represents a substantial investment
of time and expense by the Company, and that any disclosure or other use of such
knowledge or information other than for the sole benefit of the Company or its
Affiliates would be wrongful and would cause irreparable harm to the Company.
The foregoing obligations of confidentiality shall not apply to any knowledge or
information that (i) is now or subsequently becomes generally publicly known,
other than as a direct or indirect result of the breach of this Agreement, (ii)
is independently made available to Employee in good faith by a third party who,
to Employee's knowledge, has not violated a confidential relationship with the
Company or its Affiliates, or (iii) is required to be disclosed by law or legal
process or to enforce Employee's rights against the Company, provided that
Employee provides advance notice to the Company of his intent to disclose
Confidential Information and allows the Company sufficient time to initiate
action to protect the Confidential Information. Employee understands and agrees
that his obligations under this Agreement to maintain the confidentiality of the
Company's confidential information are in addition to any obligations of
Employee under applicable statutory or common law.

                  8. VENTURES. If, during Employee's employment with the
Company, Employee is engaged in or provides input into the planning or
implementing of any project, program or venture involving the Company, all
rights in such project, program or venture shall belong to the Company. Except
as approved in writing by the Board of Directors of the Company, Employee shall
not be entitled to any interest in any such project, program or venture or to
any commission, finder's fee or other compensation in connection therewith.
Employee shall have no interest, direct or indirect, in any customer or supplier
that conducts business with the Company.

                  9. CONFLICTS OF INTEREST. During Employee's employment with
the Company hereunder, Employee shall not, directly or indirectly, transact
business with the Company personally, or as agent, owner, partner, or
shareholder of any other entity unless any such transaction has been knowingly
approved by all disinterested members of the Company's Board of Directors.

                                        3
<PAGE>

                  10. NONCOMPETITION AND NONSOLICITATION COVENANTS.

                           (a) AGREEMENT NOT TO COMPETE. During Employee's
employment with the Company or any Affiliate and for a period of twelve (12)
consecutive months from and after the termination of Employee's employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Employee or the Company, Employee shall not, directly or
indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), engage in any business, in the United States or in any
other location in which the Company is then doing business or actively planning
to do business:

                           (i)      that designs, develops, markets,
                                    distributes, or sells web content management
                                    services or products, or

                           (II)     that designs, develops, markets,
                                    distributes, or sells services or products
                                    similar to and competitive with any service
                                    or product then being developed, marketed,
                                    or distributed by the Company.

Ownership by Employee, as a passive investment, of less than 3% of the
outstanding shares of capital stock of any corporation listed on a national
securities exchange or publicly traded in the over-the-counter market shall not
constitute a breach of this Section 10 (a).

                           (b) AGREEMENT NOT TO HIRE. During Employee's
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Employee's employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Employee or the Company, Employee shall not, directly or
indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), hire, engage or solicit any person who is then an
employee or contractor of the Company or who was an employee of the Company at
any time during the six (6) month period immediately preceding Employee's
termination of employment, in any manner or capacity.

                           (c) AGREEMENT NOT TO SOLICIT. During Employee's
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Employee's employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Employee or the Company, Employee shall not, directly or
indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), solicit, request, advise or induce any current or
potential customer, supplier or other business contact of the Company at any
time during the twelve (12) month period immediately preceding Employee's
termination of employment, to cancel, curtail or otherwise adversely change its
relationship with the Company, in any manner or capacity.

                                       4
<PAGE>

                           (d) ACKNOWLEDGMENT. Employee hereby acknowledges that
the provisions of this Section 10 are reasonable and necessary to protect the
legitimate interests of the Company and that any violation of this Section 10 by
Employee shall cause substantial and irreparable harm to the Company to such an
extent that monetary damages alone would be an inadequate remedy therefor.

                           (e) BLUE PENCIL DOCTRINE. If the duration of, the
scope of or any business activity covered by any provision of this Section 10 is
in excess of what is determined to be valid and enforceable under applicable
law, such provision shall be construed to cover only that duration, scope or
activity that is determined to be valid and enforceable. Employee hereby
acknowledges that this Section 10 shall be given the construction which renders
its provisions valid and enforceable to the maximum extent, not exceeding its
express terms, possible under applicable law.

                  11. PATENTS, COPYRIGHTS AND RELATED MATTERS.

                           (a) DISCLOSURE AND ASSIGNMENT. Employee shall
immediately disclose to the Company any and all improvements and inventions that
Employee may conceive and/or reduce to practice individually or jointly or
commonly with others while he is employed with the Company or any of its
Affiliates with respect to (i) any methods, processes or apparatus concerned
with the development, use or production of any type of products, goods or
services sold or used by the Company or its Affiliates, and (ii) any type of
products, goods or services sold or used by the Company or its Affiliates. Any
such improvements and inventions shall be the sole and exclusive property of the
Company and Employee shall immediately assign, transfer and set over to the
Company his entire right, title and interest in and to any and all of such
improvement and inventions as are specified in this Section 11(a), and in and to
any and all applications for letters patent that may be filed on such
inventions, and in and to any and all letters patent that may issue, or be
issued, upon such applications. In connection therewith and for no additional
compensation therefor, but at no expense to Employee, Employee shall sign any
and all instruments deemed necessary by the Company for:

                           (i)      the filing and prosecution of any
                                    applications for letters patent of the
                                    United States or of any foreign country that
                                    the Company may desire to file upon such
                                    inventions as are specified in this Section
                                    12(a);

                           (ii)     the filing and prosecution of any
                                    divisional, continuation,
                                    continuation-in-part or reissue applications
                                    that the Company may desire to file upon
                                    such applications for letters patent; and

                           (iii)    the reviving, re-examining or renewing of
                                    any of such applications for letters patent.

                                       5
<PAGE>

This Section 11(a) shall not apply to any invention for which no equipment,
supplies, facilities, confidential, proprietary or secret knowledge or
information, or other trade secret information of the Company was used and that
was developed entirely on Employee's own time, and (i) that does not relate (A)
directly to the business of the Company, or (B) to the Company's actual or
demonstrably anticipated research or development, or (ii) that does not result
from any work performed by Employee for the Company.

                           (b) COPYRIGHTABLE MATERIAL. All right, title and
interest in all copyrightable material that Employee shall conceive or originate
individually or jointly or commonly with others, and that arise in connection
with Employee's services hereunder or knowledge of confidential and proprietary
information of the Company, shall be the property of the Company and are hereby
assigned by Employee to the Company and its Affiliates along with ownership of
any and all copyrights in the copyrightable material. Where applicable, works of
authorship created by Employee relating to the Company or any Affiliate and
arising out of Employee's knowledge of confidential and proprietary information
of the Company shall be considered "works made for hire," as defined in the U.S.
Copyright Act, as amended.

                  12. RETURN OF RECORDS AND PROPERTY. Upon termination of
Employee's employment or at any time upon the Company's request, Employee shall
promptly deliver to the Company any and all Company and Affiliate records and
any and all Company and Affiliate property in his possession or under his
control, including without limitation manuals, books, blank forms, documents,
letters, memoranda, notes, notebooks, reports, printouts, computer disks,
computer tapes, source codes, data, tables or calculations and all copies
thereof, documents that in whole or in part contain any trade secrets or
confidential, proprietary or other secret information of the Company or any
Affiliate and all copies thereof, and keys, access cards, access codes,
passwords, credit cards, personal computers, telephones and other electronic
equipment belonging to the Company or its Affiliates.

                  13. REMEDIES. Employee acknowledges that it would be difficult
to fully compensate the Company for monetary damages resulting from any breach
by him of the provisions hereof. Accordingly, in the event of any actual or
threatened breach of any such provisions, the Company shall, in addition to any
other remedies it may have, be entitled to injunctive and other equitable relief
to enforce such provisions, and such relief may be granted without the necessity
of proving actual monetary damages.

                  14. TERMINATION OF EMPLOYMENT. If either party to this
Agreement defaults in the performance of any term or condition hereof or does or
permits anything to be done contrary to any term or condition hereof and such
default continues for fifteen (15) days (or in case of default by Employee under
Section 7 or Section 10, five (5) days) after such party's receipt of written
notice of such default specifying the nature of the default, then the
non-defaulting party may terminate the employment relationship and, consistent
with the terms of Section 2 of this Agreement, pursue any other remedy available
in law or in equity. The parties agree that the terms and conditions set forth
in Sections 7 through 15 of this Agreement shall survive termination of this
Agreement or termination of Employee's employment for any reason.

                                       6
<PAGE>

                  15. MISCELLANEOUS.

                           (a) GOVERNING LAW. All matters relating to the
interpretation, construction, application, validity and enforcement of this
Agreement shall be governed by the laws of the State of Minnesota without giving
effect to any choice or conflict of law provision or rule, whether of the State
of Minnesota or any other jurisdiction, that would cause the application of laws
of any jurisdiction other than the State of Minnesota.

                           (b) JURISDICTION AND VENUE. Employee and the Company
consent to jurisdiction of the courts of the State of Minnesota and/or the
federal district courts, District of Minnesota, for the purpose of resolving all
issues of law, equity, or fact arising out of or in connection with this
Agreement. Any action involving claims of a breach of this Agreement shall be
brought in such courts. Each party consents to personal jurisdiction over such
party in the state and/or federal courts of Minnesota and hereby waives any
defense of lack of personal jurisdiction. Venue, for the purpose of all such
suits, shall be in Hennepin County, State of Minnesota.

                           (c) ENTIRE AGREEMENT. This Agreement, the Transition
Agreement, and any stock option agreements entered into by the Company and
Employee contain the entire agreement of the parties relating to Employee's
employment with the Company and supersede all prior agreements and
understandings with respect to such subject matter, including without limitation
the Employment Agreement between Employee and the Company effective as of
November 1, 2001, and the parties hereto have made no agreements,
representations or warranties relating to the subject matter of this Agreement
that are not set forth herein.

                           (d) NO VIOLATION OF OTHER AGREEMENTS. Employee hereby
represents and agrees that neither (i) Employee's entering into this Agreement
nor (ii) Employee's carrying out the provisions of this Agreement, will violate
any other agreement (oral, written or other) to which Employee is a party or by
which Employee is bound.

                           (e) AMENDMENTS. No amendment or modification of this
Agreement shall be deemed effective unless made in writing and signed by the
parties hereto.

                           (f) NO WAIVER. No term or condition of this Agreement
shall be deemed to have been waived, except by a statement in writing signed by
the party against whom enforcement of the waiver is sought. Any written waiver
shall not be deemed a continuing waiver unless specifically stated, shall
operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived.

                           (g) ASSIGNMENT. This Agreement shall not be
assignable, in whole or in part, by either party without the prior written
consent of the other party.

                                        7
<PAGE>

                           (h) COUNTERPARTS. This Agreement may be executed in
any number of counterparts, and such counterparts executed and delivered, each
as an original, shall constitute but one and the same instrument.

                           (i) SEVERABILITY. Subject to Section 10(e) hereof, to
the extent that any portion of any provision of this Agreement shall be invalid
or unenforceable, it shall be considered deleted herefrom and the remainder of
such provision and of this Agreement shall be unaffected and shall continue in
full force and effect.

                           (j) CAPTIONS AND HEADINGS. The captions and paragraph
headings used in this Agreement are for convenience of reference only and shall
not affect the construction or interpretation of this Agreement or any of the
provisions hereof.

                  IN WITNESS WHEREOF, Employee and the Company have executed
this Agreement as of the date set forth in the first paragraph.

                                               Stellent, Inc.

                                               By
                                                  ------------------------------
                                                  Robert Olson
                                                  Its
                                                      --------------------------

                                               ---------------------------------
                                               Vern Hanzlik

                                       8

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