Document:

exhibit1025tsrpsu

1  AWARD NOTICE  UNDER THE ANSYS, INC.  FIFTH AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN  Name of Participant:    Target Units:    Grant Date of Target Award:  Performance Measurement Period:       January 1, 2021 to December 31, 2023  Pursuant to the ANSYS, Inc. Fifth Amended and Restated Long-Term Incentive Plan (the  “Plan”), ANSYS, Inc. (the “Company”) has selected the Participant named above to be awarded the  Target Award specified above, subject to the terms and conditions of the Plan and this Award Notice.   Capitalized terms used but not defined in this Award Notice shall have the meaning given such terms in  the Plan.  A copy of the Plan is attached hereto as Exhibit A.   1. Acceptance of Award.  The total number of Restricted Stock Units that may be credited to the Participant (if any) shall be determined by the Company’s performance during the Performance  Measurement Period specified above and as set forth in Section 4(b) of the Plan.  The Measurement  Period Target for the Performance Measurement Period shall be equal to the Target Award.  The actual  number of Restricted Stock Units that may be credited could be up to 200% of such Target Award and  could also be lower than the Target Award and could be zero.  2. Termination of Employment.  Subject to Section 3 below, if at any time prior to the conclusion of the Performance Measurement Period, the Participant’s employment with the Company  terminates for any reason, the Participant shall automatically forfeit the right to receive any portion of  the Award.    Notwithstanding the foregoing, if the Participant’s employment with the Company is  terminated on account of the Participant’s death or Disability (as defined below), any Restricted Stock  Units that are not vested will remain eligible to vest in accordance with their terms based upon  achievement of the applicable performance condition and subject to the Company’s certification of the  performance metric attainment but on a prorated basis based upon the number of months that the  Participant provided services as a Participant to the Company prior to the Participant’s death or  Disability during the applicable performance period. For purposes hereof, “Disability” shall mean the  Participant’s termination of employment with the Company: (i) after becoming eligible to receive  benefits under the Company’s then current long-term disability plan that is applicable to the Participant;  (ii) where the Participant is not eligible under a Company long-term disability plan, after being officially declared permanently disabled under the mandatorily applicable health or welfare regulations of the applicable jurisdiction; or, (iii) in the absence of such a determination under said regulations, after being officially declared permanently disabled by a physician appointed by the Company in its sole discretion. Exhibit 10.25 

 

   2  3. Change in Control.  Upon a Change in Control, the Award shall be treated as specified in  Section 6 of the Plan.  4. Issuance of Shares.  (a) Each Restricted Stock Unit relates to one share of the Company’s Stock.  Shares  of Stock (if any) shall be issued and delivered to the Participant in accordance with the terms of this  Award Notice and of the Plan upon compliance to the satisfaction of the Committee with all  requirements under applicable laws or regulations in connection with such issuance and with the  requirements hereof and of the Plan.  The determination of the Committee as to such compliance shall  be final and binding on the Participant.  (b) Until such time as shares of Stock are issued to the Participant pursuant to the  terms hereof and of the Plan, the Participant shall have no rights as a stockholder with respect to any  shares of Stock underlying the Restricted Stock Units, including but not limited to any voting rights.  5. Non-Competition and Non-Solicitation.  As additional consideration for the grant of this  Award to the Participant, the Participant hereby agrees that he or she shall not, at any time during his or  her employment with the Company, and for a period of one year immediately after the termination of  such employment (no matter if terminated by the Participant or the Company and no matter what the  reason for that termination), engage for any reason, directly or indirectly, whether as owner, part-owner,  shareholder, member, partner, director, officer, trustee, employee, agent or consultant, or in any other  capacity, on behalf of himself or herself or any firm, corporation or other business organization other  than the Company and its subsidiaries, in any one or more of the following activities:  (a) the development, marketing, solicitation, or selling of any product or service that  is competitive with the products or services of the Company, or products or services that the Company  has under development or that are subject to active planning at any time during Participant’s  employment;  (b) the use of any of the Company’s confidential or proprietary information,  copyrights, patents or trade secrets which was acquired by the Participant as an employee of the  Company and its subsidiaries; or   (c) any activity for the purpose of inducing, encouraging, or arranging for the  employment or engagement by anyone other than the Company and its subsidiaries of any employee,  officer, director, agent, consultant, or sales representative of the Company and its subsidiaries or attempt  to engage any of them in a manner which would deprive the Company and its subsidiaries of their  services or place them in a conflict of interest with the Company and its subsidiaries.  The Participant acknowledges and agrees that the activities set forth in (a)-(c) (above) are  adverse to the Company’s interests, and that it would be inequitable for Participant to benefit from this  Award should Participant engage in any such activities during or within one year after termination of his  or her employment with the Company.  The Participant may be released from his or her obligations as  stated above only if the Committee (or its duly appointed agent) determines in its sole discretion that  such action is in the best interests of the Company and its subsidiaries. The one year post-employment  non-compete provision set forth in this Agreement does not apply to residents of California.  6. Claw-Back of Award Proceeds.  The Committee shall have the authority to unilaterally  terminate this Award and/or cause some or all of the proceeds relating to this Award that have been  

 

   3  received by the Participant to become immediately due and payable by the Participant to the Company  upon the occurrence of any of the following events:  (a) the Participant’s violation of Section 5 of this Agreement (entitled Non- Competition and Non-Solicitation);  (b) the material restatement of the Company’s financial statements due to misconduct  by the Participant;  (c) the material restatement of the Company’s financial statements that results in the  Participant receiving more compensation under the Award than the Participant would have received  absent the incorrect financial statements.  The determination of whether any of the foregoing events has occurred and the extent of the application  of this Section to the Participant and this Award shall be determined by the Committee in its sole  discretion.  7. Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award  Notice shall be subject to and governed by all the terms and conditions of the Plan, including the powers  of the Committee set forth in Section 3 of the Plan.  8. Transferability.  This Award is personal to the Participant, is non-assignable and is not  transferable by Participant in any manner, by operation of law or otherwise, other than by will or the  laws of descent and distribution.  The Stock to be issued upon the settlement of this Award to the  Participant shall be issued, during the Participant’s lifetime, only to the Participant, and thereafter, only  to the Participant’s beneficiary.  The Participant may designate a beneficiary by providing written notice  of the name of such beneficiary to the Company, and may revoke or change such designation at any time  by filing written notice of revocation or change with the Company.  9. No Contract for Continuing Services.  Neither the Plan nor this Award Notice shall be  construed as creating any contract for continued services between the Company or any of its subsidiaries  and the Participant and nothing herein contained shall give the Participant the right to be retained as an  employee or consultant of the Company or any of its subsidiaries.  10. Integration.  This Agreement constitutes the entire agreement between the parties with  respect to this Award and supersedes all prior agreements and discussions between the parties  concerning such subject matter.  11. Mandatory Arbitration.  The Participant and the Company agree that any dispute or claim  arising out of or in any way related to (i) the Participant’s employment with the Company, and/or (ii)  this Agreement or any breach hereof, this Award, the Plan and/or any actions taken under the Plan, to  the fullest extent permitted by law, shall be submitted to and resolved by confidential, binding  arbitration by a single, neutral arbitrator.  The arbitration shall be held in the county where the Company  has an office at which the Participant provides services (for remote Participants, the nearest county  where the Company has an office) or any other locale to which the parties jointly agree.  The arbitration  shall be administered by and under the auspices of JAMS in accordance with the then-current  Employment Arbitration Rules & Procedures of JAMS (which are available at www.jamsadr.com/rules- employment).  Arbitrator selection and discovery shall be conducted pursuant to the JAMS Rules.  The  arbitrator shall issue a written award setting forth the essential findings and conclusions on which the  award is based, which shall be final and binding and judgment thereon may be entered in any court of  

 

   4  competent jurisdiction. Other than an amount equal to the fee for filing such an action in the local state  court, which amount the Participant shall pay toward the costs of the arbitration, the Company shall bear  the administrative, filing and forum costs of the arbitration, including the JAMS administrative fees and  the arbitrator’s fees. Except as otherwise provided by law or in the arbitrator’s ruling, each party shall  otherwise bear its own respective attorneys’ fees and costs of the arbitration.  The Participant and the  Company agree that each may bring claims against the other only in an individual capacity, and not as a  plaintiff, claimant or class member in any purported class action, collective action or other  representative proceeding, or otherwise seeking to represent the interests of any other person.  This  agreement to arbitrate shall survive any separation of the Participant’s employment.  Notwithstanding  the foregoing, nothing herein or otherwise shall preclude the Company from pursuing a court action for  the purpose of obtaining a temporary restraining order or other injunctive relief to enforce any restrictive  covenants the Participant has with or for the benefit of the Company.  12. General Release of Claims by the Participant.   (a) As a condition of and in consideration for the promises made by the Company  herein, including without limitation to provide the Award hereunder, the Participant hereby knowingly  and voluntarily releases and discharges to the fullest extent permitted by law the Company and its past,  present and future parents, subsidiaries, affiliates, and related entities, any and all of its or their past,  present or future directors, shareholders, officers, executives, employees, and/or agents, and/or its and  their respective predecessors, successors, and assigns (individually and collectively, the “Company  Releasees”), from and with respect to any and all claims and causes of action whatsoever, in law or in  equity, known or unknown, which the Participant ever had, has or may have against the Company and/or  any or all of the other Company Releasees for, upon, or by reason of any matter whatsoever up to the  date on which the Participant accepts this Agreement (individually and collectively, “Claims”).  The  parties intend the foregoing to be a general release of any and all Claims to the fullest extent permissible  by law.  Notwithstanding the foregoing, nothing herein is a release by the Participant of (A) any rights or  Claims with respect to accrued and vested benefits and/or previously awarded equity interests, subject in  each instance to the terms and conditions of any applicable plan, grant, and/or agreement pertaining to  such benefits, awards or interests and applicable law, (B) any rights or Claims arising under or to  enforce this Agreement, or (C) any rights or Claims that, under applicable law, cannot lawfully be  released by private agreement or otherwise.  (b) FOR CALIFORNIA RESIDENTS ONLY:  In granting the foregoing release,  the Participant acknowledges that he/she has been advised to consult with legal counsel and is familiar  with the provision of California Civil Code Section 1542, a statute that otherwise prohibits the release of  unknown claims, which provides as follows:  “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE  CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE  TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE  MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”   Being aware of said Code section, the Participant hereby expressly waives any rights the Participant may  have thereunder, as well as under any other state or federal statutes or common law principles of similar effect.  (c) Nothing contained in this Agreement (including the foregoing general release)  limits the Participant’s ability to file a charge or complaint with any federal, state or local governmental  agency, commission or regulatory entity (a “Government Agency”).  If the Participant files any charge  

 

   5  or complaint with any Government Agency, if any Government Agency pursues any charge or claim on  the Participant’s behalf, or if any other third party pursues any claim or charge on the Participant’s  behalf, the Participant waives any right to monetary or other individualized relief (either individually, or  as part of any collective or class action); provided, however, that nothing in this Agreement limits any  right the Participant may have to receive a whistleblower award or bounty for information provided to  the Securities and Exchange Commission.  The Participant represents that he/she is not aware of any  unlawful conduct or violations of any federal, state or local law, rule or regulation by the Company  and/or any other Company Releasees or any basis to bring a charge or complaint to any Government  Agency.  13. Notices.  Notices hereunder shall be mailed or delivered to the Company at its principal  place of business and shall be mailed or delivered to the Participant at the address on file with the  Company or, in either case, at such other address as one party may subsequently furnish to the other  party in writing.  14. Severability.  If any provision(s) hereof shall be determined to be illegal or  unenforceable, such determination shall in no manner affect the legality or enforceability of any other  provision hereof.  15. Counterparts.  For the convenience of the parties and to facilitate execution, this  document may be executed in two or more counterparts, each of which shall be deemed an original, but  all of which shall constitute one and the same document.  16. Time to Review and Accept; Right to Revoke; Effective Date.  The Participant is advised  by the Company to consult with an attorney in connection with this Agreement.  The Participant  understands that as part of his/her agreement to release Claims against the Company and the other  Company Releasees, the Participant is releasing Claims for age discrimination under the federal Age  Discrimination in Employment Act (the “ADEA”).  ACCORDINGLY, THE PARTICIPANT HAS  THE RIGHT, AND ACKNOWLEDGES THAT HE/SHE HAS BEEN GIVEN THE  OPPORTUNITY, TO REVIEW AND CONSIDER THIS AGREEMENT FOR A PERIOD OF  TWENTY-ONE (21) DAYS FROM THE PARTICIPANT’S RECEIPT OF THIS AGREEMENT  BEFORE SIGNING IT (THE “REVIEW PERIOD”).  To accept this Agreement and the Award  granted hereunder, the Participant must accept the agreement online via his/her E*TRADE employee  stock plan account at any time before the end of the Review Period.  If the Participant accepts this  Agreement before the end of the Review Period, the Participant acknowledges that such decision was  voluntary and that he/she had the opportunity to consider this Agreement for the full Review Period.   For the period of seven (7) days from the date when the Participant accepts this Agreement, the  Participant has the right to revoke this Agreement by written notice via email to human- resources@ansys.com and addressing stock administration, provided such notice is delivered so that it is  received at or before the expiration of the 7-day revocation period.  This Agreement shall not become  effective or enforceable during the revocation period.  If timely accepted and not revoked by the  Participant prior to the end of the revocation period, this Agreement shall become effective on the first  business day following the expiration of the revocation period (the “Effective Date”).  If not timely  accepted or if (after timely acceptance) the Participant revokes prior to the expiration of the revocation  period, this Agreement shall not become effective and the Participant will not be entitled to or receive  the Award granted hereunder and/or such Award shall be rescinded.  17. Knowing and Voluntary Agreement.  By accepting this Agreement, the Participant  acknowledges and represents that the Participant (a) has carefully read this Agreement in its entirety; (b)  

 

   6  is hereby advised by the Company in writing to consult with an attorney of the Participant’s choice  before accepting this Agreement; (c) has been afforded and has had a full and reasonable opportunity  and period of time of at least 21 days to consider the terms and conditions of this Agreement; (d) fully  understands the meaning and significance, and consequences, of all of the terms and conditions of this  Agreement (including without limitation the general release given by the Participant in this Agreement);  and (e) is accepting this Agreement knowingly, voluntarily and of the Participant’s own free will and  with the intent to be fully bound hereby.    ANSYS, Inc.    By:  /s/ Ajei S. Gopal    Name:  Ajei S. Gopal    Title:    President and CEO   The foregoing Award is hereby accepted and the terms and conditions of this Agreement are hereby  agreed to by the Participant.  Electronic acceptance of this Award pursuant to the Company’s  instructions to the Participant (including through an online acceptance process) is acceptable and the  Participant agrees that documentation from E*TRADE showing online acceptance is valid evidence of  acceptance.  Dated:                              Participant’s signature    Participant’s name and address:                   

 

   7    Exhibit A  ANSYS, INC.  FIFTH AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN  1. Purpose  This Fifth Amended and Restated Long-Term Incentive Plan (the “Plan”) is intended to provide  an incentive for superior work and to motivate executives and employees of ANSYS, Inc. (the  “Company”) toward even higher achievement and business results, to tie their goals and interests to  those of the Company and its stockholders and to enable the Company to attract and retain highly  qualified executives and employees.  The Plan is for the benefit of Participants (as defined below).   Awards made under this Plan constitute Restricted Stock Unit Awards under Section 11 of the  Company’s Fifth Amended and Restated 1996 Stock Option and Grant Plan (the “1996 Option Plan”)  and shall be granted under, and subject to, the terms of the 1996 Option Plan.  2. Definitions  For purposes of this Plan:  (a) “Award” means a grant to a Participant hereunder.  From and after a Change in Control,  any references to an Award shall mean the fixed number of Restricted Stock Units  eligible to be earned by a Participant, as determined by the Committee pursuant to  Section 6 hereof.  (b) “Award Notice” means a notice or agreement provided to a Participant that sets forth the  terms, conditions and limitations of the Participant’s participation in this Plan, including,  without limitation, the Participant’s Target Award.  (c) “Board” means the Board of Directors of the Company.  (d) “Cause” means, and shall be limited to a determination by the Company that the  Participant’s employment shall be terminated as a result of any one or more of the  following events:   (i) any material breach by the Participant of any agreement between the Participant  and the Company; or  (ii) the conviction of, indictment for or plea of nolo contendere by the Participant to a  felony or a crime involving moral turpitude; or   (iii) any material misconduct or willful and deliberate non-performance (other than by  reason of disability) by the Participant of the Participant’s duties to the Company; or  (iv) willful failure to cooperate with a bona fide internal investigation or an  investigation by regulatory or law enforcement authorities, after being instructed by the  Company to cooperate, or the willful destruction or failure to preserve documents or other  

 

   8  materials known to be relevant to such investigation or the willful inducement of others to fail to  cooperate or to produce documents or other materials in connection with such investigation.  (e) “Change in Control” means any of the following:  (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities  Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its subsidiaries,  or any trustee, fiduciary or other person or entity holding securities under any employee benefit  plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and  “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall  become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or  indirectly, of securities of the Company representing 50 percent or more of the combined voting  power of the Company’s then outstanding securities having the right to vote in an election of the  Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities  directly from the Company); or  (ii) the consummation of (A) any consolidation or merger of the Company where the  stockholders of the Company, immediately prior to the consolidation or merger, would not,  immediately after the consolidation or merger, beneficially own (as such term is defined in Rule  13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50  percent of the voting shares of the Company issuing cash or securities in the consolidation or  merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one  transaction or a series of transactions contemplated or arranged by any party as a single plan) of  all or substantially all of the assets of the Company.  Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for  purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company  which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate  number of Voting Securities beneficially owned by any person to 50 percent or more of the combined  voting power of all of the then outstanding Voting Securities; provided, however, that if any person  referred to in this sentence shall thereafter become the beneficial owner of any additional shares of  Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a  result of an acquisition of securities directly from the Company) and immediately thereafter beneficially  owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities,  then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i).  (f) “Change in Control Date” means with respect to each Change in Control Performance  Measurement Period, the last day of the month immediately preceding the effective date  of the Change in Control.  (g) “Change in Control Performance Measurement Period” means the Performance  Measurement Period that is shortened by the Committee such that such period shall be  deemed to have concluded as of the Change in Control Date.  (h) “Change in Control Terminating Event” means during the 18-month period following the  occurrence of a Change in Control, any of the following events: (i) termination by the  Company of the Participant’s employment for any reason other than for Cause, death or  disability; or (ii) the termination by the Participant of his or her employment with the  Company for Good Reason.  Notwithstanding the foregoing, a Change in Control  

 

   9  Terminating Event shall not be deemed to have occurred herein solely as a result of the  Participant being an employee of any direct or indirect successor to the business or assets  of the Company.  (i) “Closing Index Value” means the Performance Measurement Index Value as of the last  day of the Performance Measurement Period.  (j) “Closing Stock Price” means the Stock Price as of the last day of the Performance  Measurement Period.  (k) “Code” means Internal Revenue Code of 1986, as amended.  (l) “Committee” means the Compensation Committee of the Board.  (m) “Effective Date” means as of January 1, 2019.   (n) “Good Reason” means that the Participant has complied with the “Good Reason Process”  (hereinafter defined) following the occurrence of any of the following events:  (i) a material diminution in the Participant’s responsibilities, authority or duties; or  (ii) a material reduction in the Participant’s Base Salary and Target Bonus except for  across-the-board salary reductions similarly affecting all or substantially all management  employees; or  (iii) a material change in the geographic location at which the Participant is principally  employed.  For purposes of this Section 2(n)(i), a change in the reporting relationship, or a change in a title  will not, by itself, be sufficient to constitute a material diminution of responsibilities, authority or duty.  (o) “Good Reason Process” means:  (i) the Participant reasonably determines in good faith that a “Good Reason”  condition has occurred;   (ii) the Participant notifies the Company in writing of the occurrence of the Good  Reason condition within 60 days of the first occurrence of such condition;   (iii) the Participant cooperates in good faith with the Company’s efforts, for a period  not less than 30 days following such notice (the “Cure Period”), to remedy the condition;   (iv) notwithstanding such efforts, the Good Reason condition continues to exist  following the Cure Period; and   (v) the Participant terminates his or her employment within 30 days after the end of  the Cure Period.    If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be  deemed not to have occurred.  

 

   10  (p) “Initial Index Value” means, the Performance Measurement Index Value as of January 1  of the first calendar year in any Performance Measurement Period.  (q) “Initial Stock Price” means the Stock Price as of January 1 of the first calendar year in  any Performance Measurement Period.    (r) “Participant” means an executive or employee of the Company selected by the  Committee to participate in the Plan.  (s) “Performance Measurement Index” means the NASDAQ Composite Index (^IXIC), or,  in the event such index is discontinued or its methodology significantly changed, a  comparable index selected by the Committee in good faith.   (t) “Performance Measurement Index Value” means, with respect to any date, the average  value of the Performance Measurement Index for the ten consecutive trading days  immediately preceding such date.  (u) “Performance Measurement Period” means a three-year period commencing on January 1  and ending on the third December 31 thereafter. There shall be overlapping Performance  Measurement Periods.  The first Performance Measurement Period under the Plan will  commence on January 1, 2019 and subsequent Performance Measurement Periods will  commence on each January 1 thereafter while the Plan is effective.    (v) “Performance Multiplier” means the percentage between 0% and 200% by which the  applicable portion of the Target Award is multiplied to determine the number of credited  Restricted Stock Units for the Performance Measurement Period.    (w)  “Restricted Stock Units” means the stock units of the Company to be settled in shares of  Stock.  (x) “Stock” means the Company’s common stock, par value $0.01 per share.  (y) “Stock Price” means, as of a particular date, the average closing price of one share of  Stock for the ten consecutive trading days ending on, and including, such date; provided  however, that in the event of a Change in Control of the Company, the Stock Price shall  equal the fair market value, as determined by the Committee in its discretion, of the total  consideration paid or payable in the transaction resulting in the Change in Control for one  share of Stock.   (z) “Target Award” means the target number of Restricted Stock Units that comprise a  Participant’s Award for each Performance Measurement Period, as set forth in the  Participant’s Award Notice.  (aa) “Total Shareholder Return” means, with respect to a Performance Measurement Period,  the total percentage return per share, achieved by the Stock assuming contemporaneous  reinvestment in the Stock of all dividends and other distributions (excluding dividends  and distributions paid in the form of additional shares of Stock) at the closing price of one  share of Stock on the date such dividend or other distribution was paid, based on the  Initial Stock Price, and the Closing Stock Price for the last day of the applicable  Performance Measurement Period.  

 

   11  3. Administration  (a) The Plan shall be administered by the Committee.  The Committee shall have the  discretionary authority to make all determinations (including, without limitation, the interpretation and  construction of the Plan and the determination of relevant facts) regarding the entitlement to any Award  hereunder and the amount of any Award to be paid under the Plan (including the number of shares of  Stock issuable to any Participant), provided such determinations are made in good faith and are  consistent with the purpose and intent of the Plan.  In particular, but without limitation and subject to the  foregoing, the Committee shall have the authority:  (i) to select Participants under the Plan;  (ii) to determine the number and length of each Performance Measurement Period;  (iii) to determine the Target Award and any formula or criteria for the determination  of the Target Award for each Participant;  (iv) to determine the terms and conditions, not inconsistent with the terms of this Plan,  which shall govern Award Notices and all other written instruments evidencing an Award  hereunder, including the waiver or modification of any such conditions;  (v) to adopt, alter and repeal such administrative rules, guidelines and practices  governing the Plan as it shall from time to time deem advisable; and  (vi) to interpret the terms and provisions of the Plan and any Award granted under the  Plan (and any Award Notices or other agreements relating thereto) and to otherwise supervise the  administration of the Plan.  (b) Notwithstanding anything herein to the contrary, the Committee may, in its discretion,  make appropriate adjustments to any Award, any Target Award, any Initial Stock Price, any Closing  Stock Price or the Total Shareholder Return for any period in connection with or as a result of any of the  following events which occur or have occurred after the Effective Date: reorganization, recapitalization,  reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s  capital stock, if the outstanding shares of Stock are increased or decreased or are exchanged for a  different number or kind of shares or other securities of the Company, or additional shares or new or  different shares or other securities of the Company or other non-cash assets are distributed with respect  to such shares of Stock or other securities or as otherwise determined by the Committee as permitted  under the terms and conditions of the 1996 Option Plan.  (c) Subject to the terms hereof, all decisions made by the Committee pursuant to the Plan  shall be final, conclusive and binding on all persons, including the Company and the Participants.  No  member of the Board or the Committee, nor any officer or employee of the Company acting on behalf of  the Board or the Committee shall be personally liable for any action, determination or interpretation  taken or made in good faith with respect to the Plan, and all members of the Board or Committee and  each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by  law, be fully indemnified and protected by the Company in respect of any such action, determination or  interpretation.  

 

   12  4. Determination and Payment of Awards  (a) Measurement Period Target.  Each Participant’s Award Notice shall specify such  Participant’s Target Award, and the portion of which shall be eligible to be credited for the Performance  Measurement Period (the “Measurement Period Target”).  The Target Award shall be expressed as a  number of Restricted Stock Units.  The percentage of the Measurement Period Target that is eligible to  be credited shall be determined by reference to the Company’s performance for the Performance  Measurement Period as measured by the Total Shareholder Return relative to the percentage  appreciation of the Performance Measurement Index for such calendar year or years.   The percentage  appreciation of the Performance Measurement Index shall be established by comparing the Initial Index  Value to the Closing Index Value.    (b) Performance Multiplier: If Total Shareholder Return for a Performance Measurement  Period is less than the Performance Measurement Index, the Performance Multiplier shall be 100%  minus A, where A is (the amount by which the Performance Measurement Index exceeds Total  Shareholder Return) times three; provided however that the Performance Multiplier shall be zero if A  results in a number greater than 75.  If Total Shareholder Return for a Performance Measurement Period,  is equal to the Performance Measurement Index, the Performance Multiplier shall be 100%.   If Total  Shareholder Return for a Performance Measurement Period is greater than the Performance  Measurement Index, the Performance Multiplier is 100% plus B, where B is (the amount by which Total  Shareholder Return exceeds the Performance Measurement Index) times four.  In no event will any portion of a Participant’s Target Award be credited for a Performance  Measurement Period in which the Performance Multiplier calculates to a number of less than 25% (i.e.,  in such event the Performance Multiplier shall be 0% for such Performance Measurement Period).     Notwithstanding the foregoing, in no event shall the Performance Multiplier be less than 0% or  exceed 200%, regardless of a Total Shareholder Return that would result in a Performance Multiplier of  less than 0% or in excess of 200%.     Notwithstanding the foregoing, if the Total Shareholder Return in a Performance Measurement  Period is a negative percentage, then a maximum of 100% of the Measurement Period Target may be  credited for such period, even if the Total Shareholder Return relative to the median percentage  appreciation (depreciation) of the Performance Measurement Index would result in a greater  Performance Multiplier.    (c) Committee Determination.  The Committee, at its first meeting following the conclusion  of a Performance Measurement Period, shall determine the actual number of Restricted Stock Units that  will be deemed to have been credited as of the final day of such Performance Measurement Period. The  number of Restricted Stock Units credited for such period shall equal the Measurement Period Target  multiplied by the Performance Multiplier, subject to the terms and conditions hereof.    (d) Vesting and Settlement.  Subject to Section 6, as soon as practicable (but in no event later  than 74 days) following the conclusion of the Performance Measurement Period, the Restricted Stock  Units that were credited, if any, for the Performance Measurement Period will be vested and settled in  an equal number of shares of Stock.  5. Termination of Employment.  Unless otherwise provided in any Award Notice or as provided in  Section 6 below, if at any time prior to the conclusion of a Performance Measurement Period, a  

 

   13  Participant’s employment with the Company terminates for any reason, such Participant shall  automatically forfeit the right to receive any Award credited as of the date of termination of  employment.  6. Change in Control.  Unless otherwise provided in any Award Notice, upon a Change in Control  of the Company, the following shall occur:  (a) With respect to each Change In Control Performance Measurement Period, the  Committee, in accordance with Section 4, shall determine the actual number of Restricted Stock Units  that are eligible to be credited based on the Total Shareholder Return for the Change in Control  Performance Measurement Period relative to the median percentage appreciation of the Performance  Measurement Index for such Change in Control Performance Measurement Period and such Award shall  not be deemed fully vested until the conclusion of the Performance Measurement Period, subject to the  continued employment of the Participant through such date.  For example, if a Change in Control occurs  during the eleventh month of the Performance Measurement Period, the Committee shall determine the  number of Restricted Stock Units that are eligible to be credited with respect to the applicable Change in  Control Performance Measurement Period based on performance for such period, but the Award shall  not be deemed vested and will not be settled until the end of the full 36 month Performance  Measurement Period.  For the avoidance of doubt, since the Plan contemplates overlapping Performance  Measurement Periods, there may be up to three different Change In Control Performance Measurement  Periods.    (b) In the event that subsequent to a Change in Control, a Participant’s employment with the  Company terminates for any reason other than a Change in Control Terminating Event, such Participant  shall automatically forfeit the right to receive all outstanding Awards that have been credited as of the  date of termination of employment.    (c) In the event a Change in Control Terminating Event occurs with respect to a Participant,  all outstanding Awards held by such Participant shall immediately vest and become payable.  (d) If as a result of a Change in Control, no Stock remains outstanding and the surviving  corporation (or its ultimate parent) does not agree to convert the Awards into a number of restricted  stock units of equivalent value of the surviving corporation (or its ultimate parent), then the Awards  shall be converted to a dollar value based on the Stock Price.   7. Miscellaneous  (a) Amendment and Termination.  The Company reserves the right to amend or terminate the  Plan at any time in its discretion without the consent of any Participants, but no such  amendment shall adversely affect the rights of the Participants with regard to outstanding  Awards.  In the event the Plan is terminated, the Company shall determine the Awards  payable to Participants based on the Total Shareholder Return relative to the Performance  Measurement Index for each Performance Measurement Period ending on the date of  Plan termination.  The Awards for each Performance Measurement Period shall be  further prorated to reflect the shortened Performance Measurement Period.  (b) No Contract for Continuing Services.  This Plan shall not be construed as creating any  contract for continued services between the Company or any of its subsidiaries and any  

 

   14  Participant and nothing herein contained shall give any Participant the right to be retained  as an employee or consultant of the Company or any of its subsidiaries.  (c) No Transfers. A Participant’s rights in an interest under the Plan may not be assigned or  transferred.  (d) Unfunded Plan.  The Plan shall be unfunded and shall not create (or be construed to  create) a trust or separate fund.  Likewise, the Plan shall not establish any fiduciary  relationship between the Company or any of subsidiaries or affiliates and any Participant.  To the extent that any Participant holds any rights by virtue of an Award under the Plan,  such right shall be no greater than the right of an unsecured general creditor of the  Company or any of its subsidiaries.  (e) Governing Law.  The Plan and each Award Notice awarded under the Plan shall be  construed in accordance with and governed the laws of the State of Delaware, without  regard to principles of conflict of laws of such state.  (f) Tax Withholding.  Any issuance of shares of Stock to a Participant shall be subject to tax  withholding.  The minimum tax withholding obligation shall be satisfied through a net  issuance of shares.  The Company shall withhold from shares of Stock to be issued to the  Participant a number of shares of Stock with an aggregate fair market value that would  satisfy the minimum withholding amount due.  (g) Construction.  Wherever appropriate, the use of the masculine gender shall be extended  to include the feminine and/or neuter or vice versa; and the singular form of words shall  be extended to include the plural; and the plural shall be restricted to mean the singular.  (h) Headings.  The Section headings and Section numbers are included solely for ease of  reference.  If there is any conflict between such headings or numbers and the text of this  Plan, the text shall control.  (i) Effect on Other Plans.  Nothing in this Plan shall be construed to limit the rights of  Participants under the Company’s or its subsidiaries’ benefit plans, programs or policies.  (j) Effective Date.  The Plan shall be effective as of the Effective Date.  8. Section 409A.  (a) All payments  described in this Plan are intended to constitute a short term deferral for  purposes of Section 409A of the Code  and shall be made within the short term deferral  period set forth in Section 409A of the Code.    To the extent that any payment or benefit  described in this Plan constitutes “non-qualified deferred compensation” under Section  409A of the Code, and to the extent that such payment or benefit is payable upon the  Participant’s termination of employment, then such payments or benefits shall be payable  only upon the Participant’s “separation from service.”  The determination of whether and  when a separation from service has occurred shall be made in accordance with the  presumptions set forth in Treasury Regulation Section 1.409A-1(h).  (b) The parties intend that this Plan will be administered in accordance with Section 409A of  the Code.  To the extent that any provision of this Plan is ambiguous as to its compliance  

 

   15  with Section 409A of the Code, the provision shall be read in such a manner so that all  payments hereunder comply with Section 409A of the Code.  The parties agree that this  Plan may be amended, as reasonably requested by either party, and as may be necessary  to fully comply with Section 409A of the Code and all related rules and regulations in  order to preserve the payments and benefits provided hereunder without additional cost to  either party.  (c) The Company makes no representation or warranty and shall have no liability to the  Participant or any other person if any provisions of this Plan are determined to constitute  deferred compensation subject to Section 409A of the Code but do not satisfy an  exemption from, or the conditions of, such Section.       

 

   16  INTERNATIONAL APPENDIX    Additional Terms and Conditions      Terms and Conditions    This International Appendix includes additional terms and conditions that govern the award granted to  you under the Plan for your country.  Certain capitalized terms used but not defined in this International  Appendix have the meanings set forth in the Plan and the Agreement that relate to your award.  By  acceptance of the award you agree to be bound by the terms and conditions contained in the paragraphs  below in addition to the terms of the Plan and the Agreement and the terms of any other document that  may apply to you and your award.      Notifications    This International Appendix also includes information regarding issues of which you should be aware  with respect to participation in the Plan.  The information is based on the securities, exchange control, and  other laws in effect in the respective countries as of the date set forth above.  Such laws are often complex  and change frequently.  As a result, it is strongly recommended that you not rely on the information in this  International Appendix as the only source of information relating to the consequences of your participation  in the Plan because the information may be out of date at the time you vest in your award or sell shares  acquired under the Plan.    The information contained herein is general in nature and may not apply to your particular situation, and  the Company is not in a position to assure you of a particular result.  In addition, please note that the  requirements may differ for residents and non-residents.  Accordingly, you are advised to seek appropriate  professional advice as to how the relevant laws in your country may apply to your situation.    Finally, if you are a citizen or resident of a country other than the one in which you are currently working,  transferred employment to another country after the award was granted to you, or are considered a resident  of another country for local law purposes, the information contained herein may not apply.    Provisions Applicable to all International Awards    Data Privacy.  The Participant explicitly and unambiguously consents to the  collection, use and transfer, in electronic or other form, of the Participant’s  personal data by and among, as applicable, the Company, its subsidiaries  and affiliates, for the exclusive purpose of implementing, administering and  managing the Participant’s participation in the Plan.  The Participant hereby  understands that the Company, its subsidiaries and affiliates hold (but only  process or transfer to the extent required or permitted by local law) certain  personal information about the Participant, including, but not limited to, the  Participant’s name, home address and telephone number, date of birth,  social insurance number or other identification number, salary, nationality,  job title, any Shares or directorships held in the Company, details of all  Restricted Stock Units or any other entitlement to Shares awarded,  canceled, exercised, vested, unvested or outstanding in the Participant’s  

 

   17  favor, for the purpose of implementing, administering and managing the  Plan (“Data”).  The Participant hereby understands that Data may be  transferred to any third parties assisting in the implementation,  administration and management of the Plan, that these recipients may be  located in the Participant’s country or elsewhere (including countries  outside of the European Economic Area such as the United States of  America), and that the recipient’s country may have different data privacy  laws and protections than the Participant’s country.  The Participant hereby  understands that the Participant may request a list with the names and  addresses of any potential recipients of the Data by contacting the  Participant’s local human resources representative.  The Participant  authorizes the recipients to receive, possess, use, retain and transfer the  Data, in electronic or other form, for the purposes of implementing,  administering and managing the Participant’s participation in the Plan,  including any requisite transfer of such Data as may be required to a broker  or other third party with whom the Participant may elect to deposit any  Shares acquired upon exercise.  The Participant hereby understands that  Data will be held only as long as is necessary to implement, administer and  manage the Participant’s participation in the Plan and in accordance with  local law.  The Participant hereby understands that the Participant may, at  any time, view Data, request additional information about the storage and  processing of Data, require any necessary amendments to Data or refuse or  withdraw the consents herein, in any case without cost, by contacting in  writing the Participant’s local human resources representative.  The  Participant hereby understands, however, that refusing or withdrawing the  Participant’s consent may affect the Participant’s ability to participate in the  Plan.  For more information on the consequences of the Participant’s refusal  to consent or withdrawal of consent, the Participant hereby understands that  the Participant may contact the Participant’s local human resources  representative.  Nature of Grant.  In accepting the grant of Restricted Stock Units, the  Participant acknowledges that:   (a) the Plan is established voluntarily by the Company, is discretionary in nature and  may be modified, amended, suspended or terminated by the Company at any time, unless otherwise  provided in the Plan and this Agreement;  (b) the grant of Restricted Stock Units is voluntary and occasional and does not create  any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of  Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly in the past;   (c) all decisions with respect to future Restricted Stock Units, if any, will be at the sole  discretion of the Company;   (d) the Participant’s participation in the Plan will not create a right to further  employment with the Participant’s employer (the “Employer”) and shall not interfere with the ability of  the Employer to terminate the Participant’s employment relationship;   

 

   18  (e) the Participant is voluntarily participating in the Plan;   (f) the Restricted Stock Units are an extraordinary item that does not constitute  compensation of any kind for services of any kind rendered to the Company or the Employer, and which  is outside the scope of the Participant’s employment contract, if any;   (g) the Restricted Stock Units are not part of normal or expected compensation or  salary for any purposes, including, but not limited to, calculating any severance, resignation, termination,  redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or  similar payments and in no event should be considered as compensation for, or relating in any way to,  past services for the Company or the Employer;   (h) in the event that the Participant is not an employee of the Company, the grant of  Restricted Stock Units will not be interpreted to form an employment contract or relationship with the  Company; and furthermore, the grant of Restricted Stock Units will not be interpreted to form an  employment contract with the Employer or any subsidiary or affiliate of the Company;   (i) the future value of the underlying Shares is unknown and cannot be predicted with  certainty;   (j) if the Participant vests in the Restricted Stock Units and obtains Shares, the value  of those Shares may increase or decrease in value;  (k) in consideration of the grant of the Restricted Stock Units, no claim or entitlement  to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in  value of the Restricted Stock Units or Shares acquired resulting from termination of the Participant’s  employment by the Company or the Employer, and the Participant irrevocably releases the Company and  the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is  found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, the Participant  will be deemed irrevocably to have waived his or her entitlement to pursue such claim; and   (l) in the event of termination of the Participant’s employment, Participant’s right to  receive the Restricted Stock Units and vest in the Restricted Stock Units under the Plan, if any, will  terminate effective as of the date that the Participant is no longer actively employed.  Country-Specific Language  Below please find country-specific language that applies to you if you are  a citizen or resident of one of the following countries: Belgium, Canada,  China, France, Germany, Greece, India, Ireland, Italy, Japan, Poland,  Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan and United  Kingdom.  BELGIUM    Notifications    Tax Reporting Information.  Participants are required to report any bank accounts opened and  maintained outside Belgium on their annual tax return.    

 

   19    CANADA    Terms and Conditions    Restricted Stock Units Settled in Shares Only.  Notwithstanding anything to the contrary in the Plan  and/or the Agreement, you understand that any Restricted Stock Units granted to you shall be paid in  shares only and do not provide any right for you to receive a cash payment.    The following provision will apply to residents of Quebec:    Language Consent.  The parties to the Agreement have expressly required that the Agreement and all  documents and notices relating to the Agreement be drafted in English.     Les parties aux présentes ont expressément exigé que la présente convention et tous les documents et avis  qui y sont afférents soient rédigés en anglais.     Notifications    Additional Restrictions on Resale.  In addition to the restrictions on resale and transfer noted in Plan  materials, securities purchased under the Plan may be subject to certain restrictions on resale imposed by  Canadian provincial securities laws.  Participants are encouraged to seek legal advice prior to any resale  of such securities.  In general, Participants resident in Canada may resell their securities in transactions  carried out on exchanges outside of Canada.    Tax Reporting.  The Tax Act and the regulations thereunder require a Canadian resident individual (among  others) to file an information return disclosing prescribed information where, at any time in a tax year, the  total cost amount of such individual’s “specified foreign property” (which includes shares) exceeds  Cdn.$100,000.  Participants should consult their own tax advisor regarding this reporting requirement.      CHINA    Due to Chinese legal requirements, Shares of ANSYS, Inc. acquired under any company equity plans  must be maintained in the designated brokerage account until the Shares are sold through the designated  brokerage account with the net sales proceeds being paid to you through your current or most recent  PRC employer.  As a condition of the grant of PSUs, to the extent that you hold any Shares on the date  that is six (6) months after the date of your termination of active employment with ANSYS and its  subsidiaries and affiliates, you authorize E*TRADE Financial Corporate Services, Inc. (or any successor  broker designated by ANSYS) to sell such Shares on your behalf at that time or as soon as is  administratively practical thereafter.     Under local law, Participant is required to repatriate to China the proceeds from your participation in  any company equity Plans, including proceeds from the sale of Shares acquired through PSU lapses and  any dividends or dividend equivalents paid to you through a special exchange control account  established by ANSYS or one of its subsidiaries or affiliates in China.  You hereby agree that any  proceeds from your participation in the Plan may be transferred to such special account prior to being  delivered to you through your current or most recent PRC employer.  Further, if the proceeds from your  participation in the Plan are converted to local currency, you acknowledge that the Company (including  

 

   20  its subsidiaries and affiliates) are under no obligation to secure any currency conversion rate, and may  face delays in converting the proceeds to local currency due to exchange control restrictions in  China.  You agree to bear the risk of any currency conversion rate fluctuation between the date that your  proceeds are delivered to the special exchange control account and the date of conversion of the  proceeds to local currency.       ANSYS reserves the right to impose such further restrictions or conditions as may be necessary to  comply with changes in applicable local laws in China.     Please note that the above provisions will apply to all PSUs granted to you under a company equity  plan.      If you are not a PRC national, the above provision will apply to you to the extent approved by SAFE or  its local branch office in accordance with local laws.      FRANCE    Notifications    Exchange Control Information.  If a Participant imports or exports cash (e.g., sale proceeds received  under the Plan) with a value equal to or exceeding €10,000 and does not use a financial institution to do  so, Participant must submit a report to the customs and excise authorities.  If Participant maintains a  foreign bank account, Participant is required to report such account to the French tax authorities when  filing his/her annual tax return.      GERMANY    Notifications    Exchange Control Information.  Cross-border payments in excess of €12,500 must be reported monthly  to the German Federal Bank.  If a Participant uses a German bank to transfer a cross-border payment in  excess of €12,500 in connection with the sale of Shares acquired under the Plan, the bank will file the  report for the Participant.        INDIA    Terms and Conditions    Repatriation of Proceeds.  You understand that you must repatriate any proceeds from the sale of Shares  acquired upon vesting of the Restricted Stock Units to India and convert the proceeds into local currency  within 90 days of receipt.  You will receive a foreign inward remittance certificate (“FIRC”) from the  bank where you deposit the foreign currency.  You should maintain the FIRC as evidence of the  repatriation of funds in the event the Reserve Bank of India or your employer requests proof of  repatriation.    

 

   21  Notifications    Tax Information.  The amount subject to tax at vesting may partially be dependent upon a valuation of  Shares from a Merchant Banker in India.  The Company has no responsibility or obligation to obtain the  most favorable valuation possible nor obtain valuations more frequently than required under Indian tax  law.      IRELAND    Notifications    Director Notification Requirement.  If you are a director or a shadow director or secretary of an Irish  affiliate of Ansys, pursuant to Section 53 of the Irish Company Act of 1990, and you own more than a 1%  interest in Ansys, you must notify the Irish affiliate of Ansys in writing within five business days of  receiving or disposing of an interest in Ansys (e.g., stock options, RSUs, shares, etc.) or within five  business days of the event giving rise to the notification requirement, or within five days of becoming a  director, shadow director or secretary if such an interest exists at that time.  This notification requirement  also applies with respect to the interests of a spouse or minor child, whose interests will be attributed to  the director, shadow director or secretary.      ITALY    Notifications    Exchange Control Information.  By September 30th of each year, the Participants are required to report  on their annual tax return (Form RW) any foreign investments (including proceeds from the sale of Shares  acquired upon vesting) held outside of Italy if the investment may give rise to income in Italy.  However,  deposits and bank accounts held outside of Italy only need to be disclosed if the value of the assets exceeds  €10,000 during any part of the tax year.      With respect to Shares received upon vesting of the Restricted Stock Units, the Participants must report  (i) the value of the Shares at the beginning of the year or on the day the Participant acquired the Shares,  whichever is later; and (ii) the value of the Shares when sold, or if the Participant still owns the Shares at  the end of the year, the value of the Shares at the end of the year.  The value to be reported is the fair  market value of the Shares on the applicable dates mentioned above.      JAPAN    Notifications    Exchange Control Information.  If you acquire Shares valued at more than ¥100,000,000 in a single  transaction, you must file a Securities Acquisition Report with the Ministry of Finance through the Bank  of Japan within 20 days of the acquisition of the Shares.        

 

   22  POLAND    Notifications    Exchange Control Information.  While you are responsible for any exchange control filings, no advance  foreign exchange permit is required for the acquisition, holding or disposal of Shares.  However, if the  value of your Shares exceeds the equivalent of PLN 7,000,000, you will have to notify the National Bank  of Poland of such holdings on a quarterly basis.  If such reporting obligation applies to you and your  shareholding exceeds 10% of the Company’s total voting stock, you will also be required to notify the  National Bank of Poland by the end of May of each subsequent year.    Exchange Control Information.  If a Polish resident transfers funds in excess of €15,000 into Poland,  the funds must be transferred via a Polish bank account or financial institution. Polish residents are  required to retain the documents connected with a foreign exchange transaction for a period of five years,  as measured from the end of the year in which such transaction occurred.    SINGAPORE    Notifications    Director Notification Requirement - If you are a director, associate director or shadow director of a  Singapore affiliate of the Company, you are subject to certain notification requirements under the  Singapore Companies Act.  Among these requirements is an obligation to notify the Singaporean affiliate  in writing when you receive an interest in shares (e.g., RSUs or Shares) in the Company or any related  companies.  In addition, you must notify the Singapore affiliate when you sell Shares or any related  company (including when you sell Shares acquired through vesting of your RSU or pursuant to any other  Award granted under the Plan).  These notifications must be made within two business days of acquiring  or disposing of any interest in shares of the Company or any related company.  In addition, a notification  must be made of your interests in shares of the Company or any related company within two business days  of becoming a director.  Securities Law Information - The grant of the Awards is being made pursuant to the “Qualifying Person”  exemption” under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.)  (“SFA”).  As a result, the grant is exempt from the prospectus and registration requirements under  Singaporean law and is not made with a view to the underlying Shares being subsequently offered for sale  to any other party. The Plan has not been, and will not be, lodged or registered as a prospectus with the  Monetary Authority of Singapore.    SOUTH KOREA    Notifications    Exchange Control Information.  If you receive US$500,000 or more from the sale of underlying  Shares, Korean exchange control laws require you to repatriate the proceeds to South Korea within 18  months of sale.        SPAIN  

 

   23    Notifications    Exchange Control Information.  All acquisitions of foreign shares by Spanish residents must comply  with exchange control regulations in Spain.  Because of foreign investment requirements, the acquisition  of Shares upon vesting of the Restricted Stock Units must be declared for statistical purposes to the  Spanish Direccion General de Politica Comercial y de Inversiones Extranjeras (the “DGPCIE”).  If you  acquire Shares through the use of a Spanish financial institution, that institution will automatically make  the declaration to the DGPCIE for you.  Otherwise, you must make the declaration by filing a form with  the DGPCIE.      If you import the Shares acquired upon vesting of the Restricted Stock Units into Spain, you must declare  the importation of the share certificates to the DGPCIE.     In addition, you must also file a declaration of the ownership of the Shares with the Directorate of Foreign  Transactions each January while the shares are owned.  These filings are made on standard forms furnished  by the Directorate of Foreign Transactions.     When you receive any foreign currency payments (i.e., as a result of the sale of the Shares), you must  inform the institution receiving the payment of the basis upon which such payment is made and provide  certain specific information (e.g., name, address, and fiscal identification number; the name and corporate  domicile of the company; the amount of the payment; the type of foreign currency received; the country  of origin; and the reason for the payment).    Tax Reporting.  If you hold assets (e.g., cash or shares in a bank or brokerage account) or rights outside  Spain that exceed €50,000 per type of asset, you must file a Form 720 with the Spanish Tax Authorities  by April 30th of each year.        SWITZERLAND    Notifications    Securities Law Information.  The offer of the Restricted Stock Units is considered a private offering in  Switzerland and is not subject to registration in Switzerland.      TAIWAN    Notifications    Exchange Control Information.  Taiwan’s foreign exchange control regulations may have an impact on  the grant and vesting of the Restricted Stock Units as well as the repatriation of capital gains realized from  the holding or sale of the underlying Shares.  Under current foreign exchange regulations, a Taiwanese  resident can remit up to US $5 million (or an equivalent amount of other foreign currencies) per year into  or out of Taiwan without prior approval from the Taiwan Central Bank.    

 

   24  If the transaction amount is TWD500,000 or more in a single transaction, you must submit a Foreign  Exchange Transaction Form.  If the transaction amount is US$500,000 or more in a single transaction,  you must also provide supporting documentation to the satisfaction of the remitting bank.      UNITED KINGDOM    Terms and Conditions    (i) Purpose.  This section is to modify those provisions of the Plan in order for  awards made under the Plan, and communications concerning those awards, to be exempt from  provisions of the United Kingdom Financial Services and Markets Act 2000 (the "FSMA").  (ii) Application.  These provisions shall be used solely to grant awards to  employees of the Company or any member of the same group as the Company resident and  providing services in the United Kingdom.  (The term "group" in relation to the Company shall  bear the meaning given to such term in section 421 of the FSMA.)  (iii) Restricted Delivery of Awards.  Payments of benefits under these  provisions shall be made only in Shares or such other securities of the Company that may arise  from such Shares under the adjustment provisions of the Plan.  For the avoidance of doubt, and  without limitation, no cash settlement of awards (including dividends or dividend equivalent  payments in cash) shall be permissible.  (iv) Exercise of Restricted Stock Units/Vesting of Awards.  The Administrator  may specify, in its discretion, any other conditions of exercise and/or vesting of awards that will  be specified in the award agreement.  (v) Restricted Transfer of Rights.  The persons to whom rights under awards  may be assigned or transferred, whether by will or the laws of descent and distribution or any  transferability of awards shall be limited to a Participant's children and step-children under the age  of eighteen, spouses and surviving spouses and civil partners and civil partners (within the meaning  of the United Kingdom Civil Partnerships Act 2004) and surviving partners.  (vi) Tax.  All awards will be subject to tax withholding and all references to  "tax" shall be read and construed as including, without limitation, United Kingdom income tax and  primary class 1 (employee's) national insurance contributions that the Participant's employer is  liable to account for and, if so agreed between the Company and the Participant, secondary class  1 (employer's) national insurance contributions that the Participant's employer is liable to account  for.exhibit1026rsu

RESTRICTED STOCK UNIT AGREEMENT  UNDER THE FIFTH AMENDED AND RESTATED ANSYS, INC.  1996 STOCK OPTION AND GRANT PLAN  Name of Grantee:   No. of Restricted Stock Units Granted:   Grant Date:   Pursuant to the Fifth Amended and Restated ANSYS, Inc. 1996 Stock Option and Grant Plan (the  “Plan”) as amended through the date hereof, ANSYS, Inc. (the “Company”) hereby grants the number of  Restricted Stock Units listed above (the “Award”) to the Grantee named above.  Each “Restricted Stock  Unit” shall relate to one share of Common Stock, par value $.01 per share (the “Stock”), of the Company,  subject to the restrictions and conditions set forth in this Restricted Stock Unit Agreement (the  “Agreement”) and in the Plan.    1. Restrictions on Transfer of Award.  The Award shall not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, until shares of Stock have been issued  pursuant to Section 3 hereof.  2. Vesting of Restricted Stock Units. (a) The Restricted Stock Units shall become vested pursuant to the following schedule or as otherwise provided in Section 2 (each, a “Vesting Date”), so long as the Grantee continues to be  employed by the Company on each such date:  Incremental Number of  Restricted Stock Units Vested Vest Date  Notwithstanding the foregoing, if the Grantee’s employment with the Company is terminated  on account of the Grantee’s death or Disability (as defined below), any Restricted Stock Units that are not  vested shall automatically vest in full as of the date that the Grantee’s employment terminates by reason of  death or Disability. For purposes hereof, “Disability” shall mean the Grantee’s termination of employment  with the Company: (i) after becoming eligible to receive benefits under the Company’s then current long- term disability plan that is applicable to Grantee; (ii)  where Grantee is not eligible under a Company long- term disability plan, after being officially declared permanently disabled under the mandatorily applicable  health or welfare  regulations of the applicable jurisdiction; or, (iii) in the absence of such a determination  under said regulations, after being officially declared permanently disabled by a physician appointed by the  Company in its sole discretion.  (b) Notwithstanding anything herein to the contrary, in the event that this Award is assumed in the sole discretion of the parties to a Transaction (as defined in Section 3 of the Plan) or is  Exhibit 10.26 

 

2 continued by the Company and thereafter remains in effect following such Transaction, then this Award  shall be deemed vested in full upon the date on which the Grantee’s  employment with the Company and its  subsidiaries or successor entities terminates if (i) such termination occurs within 18 months after such  Transaction and (ii) such termination is by either the Company without Cause (as defined below), or by the  Grantee if such termination by the Grantee is preceded during such 18-month period by any material  adverse modification of the duties, principal employment location or compensation of the Grantee without  his or her consent, subject, however, to the following sentence.  In addition and notwithstanding anything  herein to the contrary, in the event that the Grantee is not offered employment by the Company and its  subsidiaries or any successor entities following a Transaction on substantially the same or better terms  (including, without limitation, duties and compensation) than those in effect immediately prior to such  Transaction, then this Award shall be deemed vested in full upon the date on which the Grantee’s  employment with the Company and its subsidiaries terminates.  For this purpose, “Cause” shall have the  meaning given such term in the employment, severance or similar agreement between the Company and the  Grantee and, in the absence of any such agreement, shall mean a determination by the Company that the  Grantee shall be dismissed as a result of (i) any material breach by the Grantee of any agreement between  the Grantee and the Company; (ii) the conviction of, indictment for or plea of nolo contendere by the  Grantee to a felony or a crime involving moral turpitude; or (iii) any material misconduct or willful and  deliberate non-performance (other than by reason of disability) by the Grantee of the Grantee’s duties to the  Company.  3. Issuance of Shares of Stock. (a) Subject to the terms of the Plan and this Agreement, each Restricted Stock Unit entitles the Grantee to receive one share of Stock as soon as reasonably practicable following the Vesting  Date.  (b) As soon as reasonably practicable following each Vesting Date, but in no event later than 60 days after the end of the year in which such Vesting Date occurs, the Company shall direct its  transfer agent to issue to the Grantee the number of shares of Stock equal to the incremental number of  Restricted Stock Units that became vested on such Vesting Date in satisfaction of the Award via the  Company’s dedicated on-line broker.  (c) Shares of Stock shall be issued and delivered to the Grantee in accordance with Section 3(b) upon compliance to the satisfaction of the Committee with all requirements under applicable  laws or regulations in connection with such issuance and with the requirements hereof and of the Plan.  The  determination of the Committee as to such compliance shall be final and binding on the Grantee.  (d) Until such time as shares of Stock are issued to the Grantee pursuant to Section 3(b), the Grantee shall have no rights as a stockholder with respect to any shares of Stock underlying the  Restricted Stock Units, including but not limited to any voting rights.    

 

 3    4. Termination of Employment.  Except as provided in Section 2(b) hereof, if the Grantee’s  employment by the Company or its subsidiaries is terminated for any reason or under any circumstances,  this Award shall no longer vest with respect to any unvested Restricted Stock Units.    5. Effect of Certain Transactions.  Subject to Section 2(b) hereof, in the case of a Transaction  (as defined in Section 3 of the Plan), the unvested portion of this Award shall terminate on the effective date  of such Transaction, unless provision is made in such Transaction in the sole discretion of the parties thereto  for the assumption or continuation of the unvested Award or the substitution for the unvested Award of new  restricted stock units of the successor person or entity or a parent or subsidiary thereof, with appropriate  adjustment as to the number and kind of shares, as provided in the Plan.    6. Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award shall be  subject to and governed by all the terms and conditions of the Plan, including the powers of the Committee  set forth in Section 2(b) of the Plan.  Capitalized terms used herein shall have the meaning specified in the  Plan, unless a different meaning is specified herein.  7. Transferability.  This Award is personal to the Grantee, is non-assignable and is not  transferable by Grantee in any manner, by operation of law or otherwise, other than by will or the laws of  descent and distribution.  The Stock to be issued upon the vesting of this Award to the Grantee shall be  issued, during the Grantee’s lifetime, only to the Grantee.  8. Tax Withholding.  Any issuance of shares of Stock to a Grantee pursuant to this Award shall  be subject to applicable tax withholding requirements.  The Grantee shall, not later than the date as of which  the transfer of shares of Stock pursuant to this Award becomes a taxable event for Federal income tax or  other applicable withholding tax purposes, pay to the Company or make arrangements satisfactory to the  Committee for payment of any Federal, state, local, non U.S., or other taxes required by law to be withheld  on account of such taxable event.  The Company shall have the authority to cause the required minimum tax  withholding amount to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to  the Grantee a number of shares of Stock with an aggregate Fair Market Value that would satisfy such  minimum withholding obligation.  9. No Obligation to Continue Employment.  Neither the Company nor any Subsidiary is  obligated by or as a result of the Plan or this Award to continue the Grantee in employment and neither the  Plan nor this Award shall interfere in any way with the right of the Company or any Subsidiary to terminate  the employment of the Grantee at any time, in accordance with applicable law.  10. Non-Competition, Non-Solicitation.  As additional consideration for this Award to the  Grantee, the Grantee hereby agrees that if he or she engages for any reason, directly or indirectly, whether  as owner, part-owner, shareholder, member, partner, director, officer, trustee, employee, agent or consultant,  or in any other capacity, on behalf of himself or herself or any firm, corporation or other business  organization other than the Company and its subsidiaries in any one or more of the following activities:  (a) at any time during his or her employment with the Company or any Subsidiary (the  “Employment Period”) and for a period of one year after the termination of his or her employment with the  Company or any Subsidiary no matter what the cause of that termination (the “Post-Employment Period”),  the development, marketing, solicitation, or selling of any product or service that is competitive with the  products or services of the Company, or products or services that the Company has under development or  

 

 4    that are subject to active planning at any time during Grantee’s employment; provided that the restrictions  set forth in this Section 10(a) for the Post-Employment Period shall not apply to any Grantee who is a  California-based employee;   (b) during the Employment Period and/or Post-Employment Period, the use of any of the  Company’s confidential or proprietary information, copyrights, patents or trade secrets which was acquired  by the Grantee as an employee of the Company and its subsidiaries; or   (c) during the Employment Period and/or Post-Employment Period, any activity for the  purpose of inducing, encouraging, or arranging for the employment or engagement by anyone other than the  Company and its subsidiaries of any employee, officer, director, agent, consultant, or sales representative of  the Company and its subsidiaries or attempt to engage any of them in a manner which would deprive the  Company and its subsidiaries of their services or place them in a conflict of interest with the Company and  its subsidiaries;   then (i) this Award shall terminate effective on the date on which he or she first engages in such activity,  unless terminated sooner by operation of any other term or condition of this Award or the Plan, and (ii) all  shares of Stock issued to the Grantee pursuant to this Award shall become immediately due and payable by  Grantee to the Company and if such shares of Stock have been sold by the Grantee, an amount equal to the  proceeds from such sale shall become immediately due and payable by the Grantee to the Company.   Grantee acknowledges and agrees that the activities set forth in this Section 10(a)-(c) are adverse to the  Company’s interests, and that it would be inequitable for Grantee to benefit from this Award should Grantee  engage in any such activities during or within one year after termination of his or her employment with the  Company.  Grantee acknowledges and agrees that the rights and remedies set forth in this Section 10 are in  addition to and are not intended to limit any other rights or remedies the Company may have available to it,  both during and at any time after the termination of Grantee’s employment with the Company, including  without limitation, any rights or remedies the Company may have under the ANSYS Intellectual Property  Protection Agreement or other similar agreements.    The Grantee may be released from his or her obligations as stated above only if the Committee (or  its duly appointed agent) determines in its sole discretion that such action is in the best interests of the  Company and its subsidiaries.  Notwithstanding the foregoing, if the Grantee has an agreement with the Company in which any of  the provisions therein are inconsistent with the covenants set forth in this Section 10, the terms of such other  agreement shall control and shall supersede the covenants of this Section 10 but only to the extent of such  inconsistency.  11. Section 409A of the Code.  This Agreement shall be interpreted in such a manner that the  Award shall be exempt from the requirements of Section 409A of the Code as a “short-term deferral” as  described in Section 409A of the Code.  12. Integration.  This Agreement constitutes the entire agreement between the parties with  respect to this Award and supersedes all prior agreements and discussions between the parties concerning  such subject matter.  

 

 5    13. Data Privacy.  Collection and use of Grantee’s personal data, as well as any personal data  belonging to Grantee’s permitted beneficiaries hereunder, for the purposes of implementing, administering,  and managing Grantee’s participation in the Plan shall be processed by Company in accordance with the  ANSYS Global Data Protection Notice. Additional details about the types of personal data used to  administer the Plan, including, where applicable, the Company’s policies on sharing of personal data with  third-party service providers and cross-border data transfer, may be found in the Global Data Protection  Notice.  14. Nature of Grant.  In accepting the Award, the Grantee acknowledges, understands and agrees  that:  (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it  may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by  the Plan;  (b) the grant of the Award is voluntary and occasional and does not create any  contractual or other right to receive future grants;   (c) all decisions with respect to future Awards or other grants, if any, will be at the sole  discretion of the Company;   (d) the Award and the Grantee’s participation in the Plan shall not be interpreted as  forming an employment contract with the Company;  (e) the Grantee is voluntarily participating in the Plan;  (f) the Award and any shares of Stock acquired under the Plan are not intended to  replace any pension rights or compensation;  (g) the Award and any shares of Stock acquired under the Plan, and the income and value  of same, are not part of normal or expected compensation for any purpose, including, without limitation,  calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments,  bonuses, long-service awards, pension or retirement benefits or payments or welfare benefits or similar  payments;  (h) the future value of the shares of Stock underlying the Award is unknown,  indeterminable, and cannot be predicted with certainty;  (i) no claim or entitlement to compensation or damages shall arise from forfeiture of the  Award resulting from the termination of the Grantee’s employment relationship (for any reason whatsoever,  whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the  Grantee is employed or the terms of the Grantee’s employment agreement, if any);  (j) unless otherwise provided in the Plan or by the Company in its discretion, the Award  and the benefits evidenced by this Agreement do not create any entitlement to have the  Award or any such  benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for,  in connection with any corporate transaction affecting the Company’s Stock; and  

 

 6    (k) neither the Employer, the Company nor any other Subsidiary shall be liable for any  foreign exchange rate fluctuation between the Grantee’s local currency and the United States Dollar that  may affect the value of the Award or of any amounts due to the Grantee pursuant to settlement of the Award  or the subsequent sale of any shares of Stock acquired upon settlement.  15. No Advice Regarding Grant.  The Company is not providing any tax, legal or financial  advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan,  or the Grantee’s acquisition or sale of the underlying shares of Stock.  The Grantee is hereby advised to  consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the  Plan before taking any action related to the Plan.   16. Language.  If the Grantee has received this Agreement, or any other document related to the  Award and/or the Plan translated into a language other than English and if the meaning of the translated  version is different than the English version, the English version will control.  17. Notices.  Notices hereunder shall be mailed or delivered to the Company at its principal place  of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in  either case, at such other address as one party may subsequently furnish to the other party in writing.  18. Amendment.  Pursuant to Section 18 of the Plan, the Committee may at any time amend or  cancel any unvested portion of this Award, but no such action may be taken that adversely affects the  Grantee’s rights under hereunder without the Grantee’s consent.  19. Severability.  If any provision(s) hereof shall be determined to be illegal or unenforceable,  such determination shall in no manner affect the legality or enforceability of any other provision hereof.  20. Counterparts.  For the convenience of the parties and to facilitate execution, this Agreement  may be executed in two or more counterparts, each of which shall be deemed an original, but all of which  shall constitute one and the same document.  21. Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to  deliver any documents related to Restricted Stock Units awarded under the Plan or future Restricted Stock  Units that may be awarded under the Plan by electronic means or request the Grantee’s consent to  participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by  electronic delivery and agrees to participate in the Plan through any on-line or electronic system established  and maintained by the Company or a third party designated by the Company.  22. Imposition of Other Requirements.  The Company reserves the right to impose other  requirements on the Restricted Stock Unit Award and the shares of Stock acquired pursuant to the Award, to  the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to  require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish  the foregoing.  23. Waiver.  The Grantee acknowledges that a waiver by the Company of breach of any  provision of this Agreement shall not operate or be construed as a waiver of any other provision of this  Agreement, or of any subsequent breach by the Grantee or any other Grantee.  

 

 7    24. Governing Law and Venue.  This Agreement and the Award will be governed by, and  construed in accordance with, the laws of the state of Delaware without giving effect to the conflict of law  principles thereof. For any dispute that may arise in connection with this Agreement or the Award, the  parties hereby submit to and consent to the jurisdiction of the Courts of the State of Delaware or the federal  courts of the United States for the Third District, and no other courts.  ANSYS, Inc.    By: /s/ Ajei S. Gopal   Name:  Ajei S. Gopal    Title:    President and CEO         The foregoing Award is hereby accepted and the terms and conditions of this Agreement are hereby agreed  to by the undersigned.  Electronic acceptance of this Award pursuant to the Company’s instructions to the  Grantee (including through an online acceptance process) is acceptable.  Dated:      Grantee’s signature    Grantee’s name and address:                 

 

 8    INTERNATIONAL APPENDIX    Additional Terms and Conditions      Terms and Conditions    This International Appendix includes additional terms and conditions that govern the award granted to you  under the Plan for your country.  Certain capitalized terms used but not defined in this International Appendix  have the meanings set forth in the Plan and the Agreement that relate to your award.  By acceptance of the  award you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the  terms of the Plan and the Agreement and the terms of any other document that may apply to you and your  award.      Notifications    This International Appendix also includes information regarding issues of which you should be aware with  respect to participation in the Plan.  The information is based on the securities, exchange control, and other  laws in effect in the respective countries as of the date set forth above.  Such laws are often complex and  change frequently.  As a result, it is strongly recommended that you not rely on the information in this  International Appendix as the only source of information relating to the consequences of your participation in  the Plan because the information may be out of date at the time you vest in your award or sell shares acquired  under the Plan.    The information contained herein is general in nature and may not apply to your particular situation, and the  Company is not in a position to assure you of a particular result.  In addition, please note that the requirements  may differ for residents and non-residents.  Accordingly, you are advised to seek appropriate professional  advice as to how the relevant laws in your country may apply to your situation.    Finally, if you are a citizen or resident of a country other than the one in which you are currently working,  transferred employment to another country after the award was granted to you, or are considered a resident of  another country for local law purposes, the information contained herein may not apply.    Provisions Applicable to all International Awards    Tax Obligations.  The following provision replaces Section 8 of the Agreement:   The Grantee acknowledges that, regardless of any action the Company or, if different, the subsidiary  employing or retaining the Grantee (the “Employer”) takes with respect to any or all income tax, social  insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items related to the  Grantee’s participation in the Plan and legally applicable to the Grantee (“Tax-Related Items”), the ultimate  liability for Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount, if  any, actually withheld by the Company or the Employer.  The Grantee further acknowledges that the  Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any  Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to,  the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of shares of Stock  

 

 9    acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (ii) do not  commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted  Stock Units to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax  result.  Further, if the Grantee is subject to Tax-Related Items in more than one jurisdiction, the Grantee  acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required  to withhold or account for Tax-Related Items in more than one jurisdiction.  If the Grantee fails to make  satisfactory arrangements for the payment of any required Tax-Related Items hereunder at the time of the  applicable taxable event, the Grantee acknowledges and agrees that the Company may refuse to issue or  deliver the shares of Stock or the proceeds of the sale of shares of Stock.   Prior to the relevant taxable or tax withholding event, as applicable, the Grantee agrees to make  adequate arrangements satisfactory to the Company or the Employer to satisfy all Tax-Related Items.  In  this regard, the Grantee authorizes the Company and the Employer, or their respective agents, at their  discretion, to satisfy their withholding obligations with regard to all Tax-Related Items, if any, by  withholding from proceeds of the sale of shares of Stock acquired at vesting of the Restricted Stock Units,  either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee’s  behalf pursuant to this authorization) without further consent.  Alternatively, the Company and the  Employer, or their respective agents, in their sole discretion and pursuant to such procedures as they may  specify from time to time, may satisfy their withholding obligations with regard to all Tax-Related Items, if  any, in whole or in part (without limitation) by:  (i) requiring the Grantee to deliver cash or a check to the Company or the Employer,  (ii) withholding from the Grantee’s wages or other cash compensation paid to the Grantee by the  Company or the Employer, or   (iii) withholding in shares of Stock to be issued upon settlement of the Restricted Stock Units;  provided, however, that if the Grantee is a Section 16 officer of the Company under the Exchange  Act, then the Company will withhold from proceeds of the sale of shares of Stock acquired at vesting  of the Restricted Stock Units, unless the use of such withholding method is inadvisable under  applicable laws or has materially adverse accounting consequences, in which case, the withholding  obligation for Tax-Related Items, if any, may be satisfied by one or a combination of methods (i)  and (ii) above.   Further, depending on the withholding method, the Company or the Employer may withhold or  account for Tax-Related Items by considering applicable statutory rates or other applicable withholding  rates, including the maximum rates applicable in the Grantee’s jurisdiction, in which case the Grantee may  receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent.1  If the obligation for Tax-Related Items is satisfied by withholding a number of shares of Stock, for tax  purposes, the Grantee will be deemed to have been issued the full number of shares of Stock subject to the  vested Restricted Stock Units, notwithstanding that a number of the shares of Stock is held back solely for  the purpose of paying the Tax-Related Items.  The Grantee agrees to pay to the Company and/or the  Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold      

 

 10    or account for as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means  previously described.  The Company shall not be obligated to deliver any shares of Stock to the Grantee or the Grantee’s  legal representative unless and until the Grantee or the Grantee’s legal representative shall have paid or  otherwise satisfied the Grantee’s obligations in connection with the Tax-Related Items resulting from the  Restricted Stock Units or the shares of Stock subject to the Restricted Stock Units.    Nature of Grant.  The following provision replaces Section 14 of the Agreement:2   In accepting the grant of Restricted Stock Units, the Grantee acknowledges that:   (a) the Plan is established voluntarily by the Company, is discretionary in nature and may  be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in  the Plan and this Agreement;  (b) the grant of Restricted Stock Units is voluntary and occasional and does not create any  contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted  Stock Units, even if Restricted Stock Units have been granted repeatedly in the past;   (c) all decisions with respect to future Restricted Stock Units, if any, will be at the sole  discretion of the Company;   (d) the Grantee’s participation in the Plan will not create a right to further employment  with the Grantee’s employer (the “Employer”) and shall not interfere with the ability of the Employer to  terminate the Grantee’s employment relationship;   (e) the Grantee is voluntarily participating in the Plan;   (f) the Restricted Stock Units are an extraordinary item that does not constitute  compensation of any kind for services of any kind rendered to the Company or the Employer, and which is  outside the scope of the Grantee’s employment contract, if any;   (g) the Restricted Stock Units are not part of normal or expected compensation or salary  for any purposes, including, but not limited to, calculating any severance, resignation, termination,  redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar  payments and in no event should be considered as compensation for, or relating in any way to, past services  for the Company or the Employer;   (h) in the event that the Grantee is not an employee of the Company, the grant of Restricted  Stock Units will not be interpreted to form an employment contract or relationship with the Company; and  furthermore, the grant of Restricted Stock Units will not be interpreted to form an employment contract with  the Employer or any subsidiary or affiliate of the Company;       

 

 11    (i) the future value of the underlying Shares is unknown and cannot be predicted with  certainty;   (j) if the Grantee vests in the Restricted Stock Units and obtains Shares, the value of those  Shares may increase or decrease in value;  (k) in consideration of the grant of the Restricted Stock Units, no claim or entitlement to  compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of  the Restricted Stock Units or Shares acquired resulting from termination of the Grantee’s employment by the  Company or the Employer; and   (l) in the event of termination of the Grantee’s employment, Grantee’s right to receive the  Restricted Stock Units and vest in the Restricted Stock Units under the Plan, if any, will terminate effective  as of the date that the Grantee is no longer actively providing services to the Company or any subsidiary  (regardless of the reason for such termination and whether or not later to be found invalid or in breach of  employment laws in the jurisdiction where the Grantee is employed or the terms of the Grantee’s employment  or service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by  the Committee, the Grantee’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate  as of such date and will not be extended by any notice period (e.g., the Grantee’s period of service would not  include any contractual notice period or any period of “garden leave” or similar period mandated under  employment laws in the jurisdiction where the Grantee is employed or the terms of the Grantee’s employment  or service agreement, if any, unless the Grantee is providing bona fide services during such time); the  Committee shall have the exclusive discretion to determine when the Grantee is no longer actively providing  services for purposes of the Restricted Stock Units grant (including whether the Grantee may still be  considered to be providing services while on a leave of absence).    Country-Specific Language  Below please find country-specific language that applies to you if you are a  citizen or resident of one of the following countries: Belgium, Canada, China.  France, Germany, Greece, India, Ireland, Italy, Japan, Poland, Singapore,  South Korea, Spain, Sweden, Switzerland, Taiwan and United Kingdom.    BELGIUM    Notifications    Tax Reporting Information.  Grantees are required to report any bank accounts opened and maintained  outside Belgium on their annual tax return.      CANADA    Terms and Conditions  

 

 12      Restricted Stock Units Settled in Shares Only.  Notwithstanding anything to the contrary in the Plan and/or  the Agreement, you understand that any Restricted Stock Units granted to you shall be paid in shares only and  do not provide any right for you to receive a cash payment.    The following provision will apply to residents of Quebec:    Language Consent.  The parties to the Agreement have expressly required that the Agreement and all  documents and notices relating to the Agreement be drafted in English.     Les parties aux présentes ont expressément exigé que la présente convention et tous les documents et avis qui  y sont afférents soient rédigés en anglais.     Notifications    Additional Restrictions on Resale.  In addition to the restrictions on resale and transfer noted in Plan materials,  securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian  provincial securities laws.  Grantees are encouraged to seek legal advice prior to any resale of such securities.   In general, Grantees resident in Canada may resell their securities in transactions carried out on exchanges  outside of Canada.    Tax Reporting.  The Tax Act and the regulations thereunder require a Canadian resident individual (among  others) to file an information return disclosing prescribed information where, at any time in a tax year, the  total cost amount of such individual’s “specified foreign property” (which includes shares) exceeds  Cdn.$100,000.  Grantees should consult their own tax advisor regarding this reporting requirement.      CHINA    Due to Chinese legal requirements, Shares of ANSYS, Inc. acquired under any company equity plans must  be maintained in the designated brokerage account until the Shares are sold through the designated  brokerage account with the net sales proceeds being paid to you through your current or most recent PRC  employer.  As a condition of the grant of RSUs, to the extent that you hold any Shares on the date that is six  (6) months after the date of your termination of active employment with ANSYS and its subsidiaries and  affiliates, you authorize E*Trade Financial Corporate Services, Inc. (or any successor broker designated by  ANSYS) to sell such Shares on your behalf at that time or as soon as is administratively practical thereafter.     Under local law, Grantee is required to repatriate to China the proceeds from your participation in any  company equity Plans, including proceeds from the sale of Shares acquired through RSU lapses and any  dividends or dividend equivalents paid to you through a special exchange control account established by  ANSYS or one of its subsidiaries or affiliates in China.  You hereby agree that any proceeds from your  participation in the Plan may be transferred to such special account prior to being delivered to you through  your current or most recent PRC employer.  Further, if the proceeds from your participation in the Plan are  converted to local currency, you acknowledge that the Company (including its subsidiaries and affiliates)  are under no obligation to secure any currency conversion rate, and may face delays in converting the  proceeds to local currency due to exchange control restrictions in China.  You agree to bear the risk of any  currency conversion rate fluctuation between the date that your proceeds are delivered to the special  

 

 13    exchange control account and the date of conversion of the proceeds to local currency.       ANSYS reserves the right to impose such further restrictions or conditions as may be necessary to comply  with changes in applicable local laws in China.     Please note that the above provisions will apply to all RSUs granted to you under a company equity plan.      If you are not a PRC national, the above provision will apply to you to the extent approved by SAFE or its  local branch office in accordance with local laws.      FRANCE    Terms and Conditions    French Sub-Plan.  The Restricted Stock Units are intended to qualify for the special tax and social security  treatment in France applicable to shares granted for no consideration under Sections L. 225-197-1 to L. 225- 197-6 of the French Commercial Code, as amended, and are subject to the provisions below and the Rules of  the Fifth Amended and Restated ANSYS, Inc. 1996 Stock Option and Grant Plan for Restricted Stock Units  Granted to French Grantees (the “French Sub-Plan”), which has been provided to the Grantee and is  incorporated herein.  The Company does not undertake to maintain the qualified status of the Restricted Stock  Units and the Grantee will not be entitled to damages of any nature whatsoever if the Restricted Stock Units  become disqualified.  Capitalized terms not defined herein will have the same meanings as set forth in the  French Sub-Plan and the Agreement.     Consent to Receive Information in English.  By accepting the Restricted Stock Units, the Grantee  confirms having read and understood the Agreement and the Plan, including all terms and conditions  included therein, which were provided in the English language.  The Grantee accepts the terms of those  documents accordingly.    Consentement relatif à la réception d'informations en langue anglaise. En acceptant les droits sur des  actions assujetties à des restrictions, le Grantee confirme avoir lu et compris le Contrat et le Plan, y  compris tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Grantee accepte les  dispositions de ces documents en connaissance de cause.    Vesting of Restricted Stock Units.  This provision supplements Section 2 of the Agreement:     Notwithstanding the vesting schedule set forth in Section 2 of the Agreement, the Restricted Stock Units will  not vest and the underlying shares of Stock will not be delivered to the Grantee prior to the expiration of any  specific period calculated from the Grant Date as may be required to comply with the minimum mandatory  vesting period applicable to French-Qualified RSUs under Section L. 225-197-1 of the French Commercial  Code, as amended, or under the relevant sections of the French Tax Code or the French Social Security Code,  as amended, to benefit from the special tax and social security treatment in France.  The applicable minimum  mandatory vesting period currently is one year from the Grant Date.        Termination Due to Death.  This provision supplements Section 2 of the Agreement:  

 

 14    Notwithstanding anything to the contrary in Section 2 of the Agreement or in the Plan, in the case of the  Grantee’s death, the shares of Stock subject to unvested Restricted Stock Units will vest only if the Grantee’s  heir or heirs request the delivery of the share of Stock subject to the Restricted Stock Units within a period of  six months following the Grantee’s death.  If a timely request is made, the Restricted Stock Units will be  settled in shares of Stock as soon as practicable following the request.  If no such request is made within six  months following the Grantee’s death, the Restricted Stock Units will be forfeited.      Mandatory Holding Period.  Notwithstanding anything to the contrary in the Agreement or in the Plan, any  shares of Stock issued to the Grantee upon settlement of the Restricted Stock Units must be held (and cannot  be sold or transferred) until the expiration of a period which currently shall not be less than two years from  the Grant Date, or such other period as is required to comply with the minimum mandatory holding period  applicable to French-Qualified Restricted Stock Units under Section L. 225-197-1 of the French Commercial  Code, as amended, or under the relevant sections of the French Tax Code or the French Social Security Code,  as amended, to benefit from the special tax and social security treatment in France; provided, however, that  this mandatory holding period will not apply in the event the Grantee dies or terminates his or her employment  due to Disability (as defined in the French Sub-Plan).  In order to enforce this provision, the Company may,  in its discretion, issue appropriate “stop transfer” instructions to its transfer agent or hold the shares of Stock  until the expiration of the mandatory holding period set forth above.  Such shares of Stock may be held by the  Company, a transfer agent designated by the Company or with a broker designated by the Company.  Closed Periods.  Notwithstanding the mandatory holding period and even after such holding period has  expired, any shares of Stock acquired upon vesting of the Restricted Stock Units may not be sold during  certain Closed Periods as provided for and defined by Section L. 225-197-1 of the French Commercial Code,  as amended, and by the French Sub-Plan, for so long as and to the extent that the Closed Periods are applicable  to the shares of Stock underlying French-Qualified Restricted Stock Units granted by the Company.    Notifications    Foreign Asset/Account Reporting Information.  French residents are required to report all foreign accounts  (whether open, current or closed) to the French tax authorities when filing their annual tax returns.  The  Grantee should consult his or her personal advisor to ensure compliance with applicable reporting obligations.      GERMANY    Notifications    Exchange Control Information.  Cross-border payments in excess of €12,500 must be reported monthly to  the German Federal Bank.  If a Grantee uses a German bank to transfer a cross-border payment in excess of  €12,500 in connection with the sale of Shares acquired under the Plan, the bank will file the report for the  Grantee.        INDIA    Terms and Conditions    

 

 15    Repatriation of Proceeds.  You understand that you must repatriate any proceeds from the sale of Shares  acquired upon vesting of the Restricted Stock Units to India and convert the proceeds into local currency  within 90 days of receipt.  You will receive a foreign inward remittance certificate (“FIRC”) from the bank  where you deposit the foreign currency.  You should maintain the FIRC as evidence of the repatriation of  funds in the event the Reserve Bank of India or your employer requests proof of repatriation.    Notifications    Tax Information.  The amount subject to tax at vesting may partially be dependent upon a valuation of Shares  from a Merchant Banker in India.  The Company has no responsibility or obligation to obtain the most  favorable valuation possible nor obtain valuations more frequently than required under Indian tax law.      IRELAND    Notifications    Director Notification Requirement.  If you are a director or a shadow director or secretary of an Irish  affiliate of Ansys, pursuant to Section 53 of the Irish Company Act of 1990, and you own more than a 1%  interest in Ansys, you must notify the Irish affiliate of Ansys in writing within five business days of receiving  or disposing of an interest in Ansys (e.g., stock options, RSUs, shares, etc.) or within five business days of  the event giving rise to the notification requirement, or within five days of becoming a director, shadow  director or secretary if such an interest exists at that time.  This notification requirement also applies with  respect to the interests of a spouse or minor child, whose interests will be attributed to the director, shadow  director or secretary.      ITALY    Notifications    Exchange Control Information.  By September 30th of each year, the Grantees are required to report on  their annual tax return (Form RW) any foreign investments (including proceeds from the sale of Shares  acquired upon vesting) held outside of Italy if the investment may give rise to income in Italy.  However,  deposits and bank accounts held outside of Italy only need to be disclosed if the value of the assets exceeds  €10,000 during any part of the tax year.      With respect to Shares received upon vesting of the Restricted Stock Units, the Grantees must report (i) the  value of the Shares at the beginning of the year or on the day the Grantee acquired the Shares, whichever is  later; and (ii) the value of the Shares when sold, or if the Grantee still owns the Shares at the end of the year,  the value of the Shares at the end of the year.  The value to be reported is the fair market value of the Shares  on the applicable dates mentioned above.      JAPAN    

 

 16    Notifications    Exchange Control Information.  If you acquire Shares valued at more than ¥100,000,000 in a single  transaction, you must file a Securities Acquisition Report with the Ministry of Finance through the Bank of  Japan within 20 days of the acquisition of the Shares.        POLAND    Notifications    Exchange Control Information.  While you are responsible for any exchange control filings, no advance  foreign exchange permit is required for the acquisition, holding or disposal of Shares.  However, if the value  of your Shares exceeds the equivalent of PLN 7,000,000, you will have to notify the National Bank of Poland  of such holdings on a quarterly basis.  If such reporting obligation applies to you and your shareholding  exceeds 10% of the Company’s total voting stock, you will also be required to notify the National Bank of  Poland by the end of May of each subsequent year.    Exchange Control Information.  If a Polish resident transfers funds in excess of €15,000 into Poland, the  funds must be transferred via a Polish bank account or financial institution. Polish residents are required to  retain the documents connected with a foreign exchange transaction for a period of five years, as measured  from the end of the year in which such transaction occurred.    SINGAPORE    Notifications    Director Notification Requirement - If you are a director, associate director or shadow director of a  Singapore affiliate of the Company, you are subject to certain notification requirements under the Singapore  Companies Act.  Among these requirements is an obligation to notify the Singaporean affiliate in writing  when you receive an interest in shares (e.g., RSUs or Shares) in the Company or any related companies.  In  addition, you must notify the Singapore affiliate when you sell Shares or any related company (including  when you sell Shares acquired through vesting of your RSU or pursuant to any other Award granted under  the Plan).  These notifications must be made within two business days of acquiring or disposing of any interest  in shares of the Company or any related company.  In addition, a notification must be made of your interests  in shares of the Company or any related company within two business days of becoming a director.  Securities Law Information - The grant of the Awards is being made pursuant to the “Qualifying Person”  exemption” under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”).  As a  result, the grant is exempt from the prospectus and registration requirements under Singaporean law and is  not made with a view to the underlying Shares being subsequently offered for sale to any other party. The  Plan has not been, and will not be, lodged or registered as a prospectus with the Monetary Authority of  Singapore.      

 

 17    SOUTH KOREA    Notifications    Exchange Control Information.  If you receive US$500,000 or more from the sale of underlying Shares,  Korean exchange control laws require you to repatriate the proceeds to South Korea within 18 months of  sale.        SPAIN    Notifications    Exchange Control Information.  All acquisitions of foreign shares by Spanish residents must comply with  exchange control regulations in Spain.  Because of foreign investment requirements, the acquisition of Shares  upon vesting of the Restricted Stock Units must be declared for statistical purposes to the Spanish Direccion  General de Politica Comercial y de Inversiones Extranjeras (the “DGPCIE”).  If you acquire Shares through  the use of a Spanish financial institution, that institution will automatically make the declaration to the  DGPCIE for you.  Otherwise, you must make the declaration by filing a form with the DGPCIE.      If you import the Shares acquired upon vesting of the Restricted Stock Units into Spain, you must declare the  importation of the share certificates to the DGPCIE.     In addition, you must also file a declaration of the ownership of the Shares with the Directorate of Foreign  Transactions each January while the shares are owned.  These filings are made on standard forms furnished  by the Directorate of Foreign Transactions.     When you receive any foreign currency payments (i.e., as a result of the sale of the Shares), you must inform  the institution receiving the payment of the basis upon which such payment is made and provide certain  specific information (e.g., name, address, and fiscal identification number; the name and corporate domicile  of the company; the amount of the payment; the type of foreign currency received; the country of origin; and  the reason for the payment).    Tax Reporting.  If you hold assets (e.g., cash or shares in a bank or brokerage account) or rights outside  Spain that exceed €50,000 per type of asset, you must file a Form 720 with the Spanish Tax Authorities by  April 30th of each year.        SWITZERLAND    Notifications    Securities Law Information.  The offer of the Restricted Stock Units is considered a private offering in  Switzerland and is not subject to registration in Switzerland.      

 

 18    TAIWAN    Notifications    Exchange Control Information.  Taiwan’s foreign exchange control regulations may have an impact on the  grant and vesting of the Restricted Stock Units as well as the repatriation of capital gains realized from the  holding or sale of the underlying Shares.  Under current foreign exchange regulations, a Taiwanese resident  can remit up to US $5 million (or an equivalent amount of other foreign currencies) per year into or out of  Taiwan without prior approval from the Taiwan Central Bank.    If the transaction amount is TWD500,000 or more in a single transaction, you must submit a Foreign  Exchange Transaction Form.  If the transaction amount is US$500,000 or more in a single transaction, you  must also provide supporting documentation to the satisfaction of the remitting bank.      UNITED KINGDOM    Terms and Conditions    Purpose.  This section is to modify those provisions of the Plan in order for awards  made under the Plan, and communications concerning those awards, to be exempt from provisions of  the United Kingdom Financial Services and Markets Act 2000 (the "FSMA").  Application.  These provisions shall be used solely to grant awards to employees of the  Company or any member of the same group as the Company resident and providing services in the  United Kingdom.  (The term "group" in relation to the Company shall bear the meaning given to such  term in section 421 of the FSMA.)  Restricted Delivery of Awards.  Payments of benefits under these provisions shall be  made only in Shares or such other securities of the Company that may arise from such Shares under  the adjustment provisions of the Plan.  For the avoidance of doubt, and without limitation, no cash  settlement of awards (including dividends or dividend equivalent payments in cash) shall be  permissible.  Exercise of Restricted Stock Units/Vesting of Awards.  The Administrator may specify,  in its discretion, any other conditions of exercise and/or vesting of awards that will be specified in the  award agreement.  Restricted Transfer of Rights.  The persons to whom rights under awards may be  assigned or transferred, whether by will or the laws of descent and distribution or any transferability  of awards shall be limited to a Grantee's children and step-children under the age of eighteen, spouses  and surviving spouses and civil partners and civil partners (within the meaning of the United Kingdom  Civil Partnerships Act 2004) and surviving partners.  Tax.  All awards will be subject to tax withholding and all references to "tax" shall be  read and construed as including, without limitation, United Kingdom income tax and primary class 1  (employee's) national insurance contributions that the Grantee's employer is liable to account for and,  

 

 19    if so agreed between the Company and the Grantee, secondary class 1 (employer's) national insurance  contributions that the Grantee's employer is liable to account for.

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