Document:

exhibit101v3

DocuSign Envelope ID: A0045866-9C8C-40E1-A3B7-6182A75FC3FD  Aspen Technology, Inc. [phone] 781-221-5400 [world wide web] www.aspentech.com   20 Crosby Drive [fax] 781-221-5213 [e-mail] info@aspentech.com   Bedford, MA 01730 USA    August 29, 2022  Mr. Frederic G. Hammond     Dear Fritz:  This letter confirms our agreement with respect to your continued employment with  Aspen Technology, Inc. (the “Company”) through the Retirement Date (as defined  below) and certain compensation and benefit matters related to your retirement. For  purposes of this letter agreement, the “Retirement Date” shall mean January 6, 2023, or  such later date (not later than April 3, 2023) as may be designated by the Chief Executive  Officer or Chief Human Resources Officer in a written communication delivered to you  between November 1 and November 18, 2022. For the avoidance of doubt, if such  communication is not timely delivered, the Retirement Date shall remain January 6,  2023. The period from the date hereof through the Retirement Date shall be referred to  as the “Transition Period”.  Reference is hereby made to the Amended and Restated Executive Retention  Agreement dated as of January 31, 2019 between you and the Company (as amended  hereby, the “ERA”). Capitalized terms used but not defined in this letter agreement and  defined in the ERA shall have the respective meanings ascribed to them in the ERA.  Except as otherwise provided herein, the ERA and your rights and obligations  thereunder shall remain and continue in effect.  Your employment with the Company will terminate automatically on the Retirement Date  and you shall be deemed to have resigned from all positions with the Company and its  affiliates of which you are then an officer or director or other representative at such time.  The Retirement Date will be your last day of employment with the Company for all  purposes, including for purposes of participation in and coverage under benefit plans and  programs sponsored by the Company and its affiliates, except as otherwise provided  herein or required by law. Following the Retirement Date (or, if earlier, a termination of  your employment), you may not represent yourself as being an employee, officer, agent  or other representative of the Company or any of its affiliates.  During the Transition Period, you will remain in your current position; provided that, at  the option of the Company, you may be placed on “garden leave” for any remaining  balance of the Transition Period. While you are employed by the Company during the  Transition Period (including for the avoidance of doubt if you are placed on “garden  leave”), you will continue to be entitled to the following:  1  

 

DocuSign Envelope ID: A0045866-9C8C-40E1-A3B7-6182A75FC3FD    (a) continued base salary and annual target bonus at the FY 2023 level  currently in effect;  (b) continued participation in the Company benefits in which you currently  participate, as may be in effect or amended from time to time; and  (c) continued vesting of your outstanding equity awards in accordance  with, and subject to, their terms and conditions (including, for  avoidance of doubt, any equity awards scheduled to vest on the  Retirement Date).  Upon any termination of your employment during the Transition Period or upon your  retirement on the Retirement Date, you will be entitled to (without duplication) any  accrued but unpaid compensation and vested benefits specified in clauses (a) through  (c) above through the last day of your employment, and the payments and benefits  described in Section 4.1(d) of the ERA, including any accrued vacation pay.  In addition, upon (i) termination of your employment on the Retirement Date, if you  remain continuously employed with the Company through the Retirement Date, or (ii)  the date of a termination of your employment during the Transition Period and prior to  the Retirement Date (a) due to your death or Disability, (b) by the Company without  Cause, (c) by resignation by you for Good Reason (as defined below), or (d) if the  Company timely shall have elected to extend the Retirement Date beyond January 6,  2023 as provided above, your resignation other than for Good Reason from the  Company after January 6, 2023 and prior to such extended Retirement Date, then (1)  the vesting of all of your then-outstanding and unvested Company equity awards  (including for the avoidance of doubt the retention grant made to you on October 10,  2021 (the “Retention Grant”) but not including the FY2023 program equity grant to be  made on or about September 1, 2022, which grant shall vest or be forfeited in  accordance with its terms), will accelerate in full on the Retirement Date, and (2) you  shall be entitled to the other payments and benefits described under Section 4.2(a) of  the ERA, subject to the terms of the ERA.  In addition, if the Company timely elects to extend the Retirement Date beyond January  6, 2023 as provided above, you will be entitled to a grant of $250,000 in RSUs (valued  based on the fair market value of the Company’s common stock at the time of grant,  hereinafter, the “Extension RSU Grant”) which shall be made as soon as practicable  following the time of such extension and which shall vest in full on any subsequent  termination of your employment described in the preceding paragraph (other than clause  (d) describing your resignation after January 6, 2023 and prior to the extended  Retirement Date), subject to your execution of the release described below. In the event  of any termination of your employment that is not described in  2  

 

DocuSign Envelope ID: A0045866-9C8C-40E1-A3B7-6182A75FC3FD    clause (i) or (ii) (a), (b) or (c) of the preceding paragraph, the Extension RSU Grant shall  be forfeited as of such termination.  The foregoing benefits are also subject to (x) your having complied with the applicable  Proprietary and Confidential Information and Non-competition and Non-solicitation  Agreement and your obligations under the ERA and (y) your execution and non- revocation within seven days of signature of a release of claims substantially in the same  form as the Release described in the ERA within 60 days following the Retirement Date  or the applicable termination date. For the avoidance of doubt, during the Transition  Period you will remain eligible for the applicable payments and benefits (if any) provided  under Section 4 of the ERA, as applicable, subject, in each case, to the terms and  conditions stated therein, including your timely execution and non-revocation of the  Release described in the ERA; provided that in no event shall this letter agreement result  in a duplication of payments or benefits with those provided to you under the ERA.  For purposes of this letter agreement, “Good Reason” has the meaning set forth in the  ERA; provided that Good Reason shall not be deemed to exist for purposes of this letter  agreement unless you have properly provided a Notice of Termination to the Company  in the manner described in the ERA and you have otherwise complied with the notice  provisions set forth in Section 3 of the ERA (including Sections 3.1 and 3.4 thereof).  Notwithstanding anything to the contrary herein or in the ERA, you agree and  acknowledge that (i) neither (A) the consummation of the transactions contemplated by  the Transaction Agreement and Plan of Merger dated as of October 10, 2021 (the  “Transaction Agreement”) among the Company, Emerson Electric Co. (“Emerson”),  EMR Worldwide Inc., Emersub CX, Inc. and Emersub CXI, Inc., as amended or restated  from time to time (such transactions, the “Emerson Transactions”), by itself, nor (B)  your entry into this Agreement, constituted or shall constitute Good Reason for  purposes of this letter agreement, the ERA or any similar “good reason” protections  under any other employment, severance, retention, compensation or benefit agreement  or arrangement between you and the Company or any of its subsidiaries and (ii) the  Emerson Transactions, constituted a Change in Control under Section 1.1(c) of the  ERA and shall be the only Change in Control which shall be deemed to have occurred  for purposes of the ERA. In no event shall anything contained herein or otherwise result  in any duplication of any payments or benefits under this letter agreement and the ERA.  You agree that you will not, and you will take reasonable steps to seek to ensure that  none of your affiliates, representatives, attorneys or agents will, at any time, either  directly or indirectly, (a) defame, disparage, denigrate, criticize or speak poorly about  the Company or any of the Company’s successors, assigns, subsidiaries, affiliates,  3  

 

DocuSign Envelope ID: A0045866-9C8C-40E1-A3B7-6182A75FC3FD    directors, officers, employees, representatives, attorneys and agents (including,  without limitation, Emerson and its affiliates) (collectively, “Company Affiliates”) or (b)  disclose, disseminate or provide to any third party any information or material that may  harm, disparage, demean or reflect poorly upon or cause injury to the image, reputation  or character of the Company or any of the Company Affiliates (subject to applicable  law).  The Company agrees to take reasonable steps to seek to ensure that none of the  Company’s executive officers will, at any time, either directly or indirectly, (a) defame,  disparage, denigrate, criticize or speak poorly about you or (b) disclose, disseminate or  provide to any third party any information or material that may harm, disparage, demean  or reflect poorly upon or cause injury to your image, reputation or character (subject to  applicable law).  Both parties understand and agree that truthful information and/or testimony may be  provided in response to a court order, subpoena, deposition, testimony under oath, or  any legally required process, even if such information would otherwise be in violation  of the two immediately preceding paragraphs.  This letter agreement shall inure the benefit of any successors of the Company, and  any such successor shall be entitled to the same rights and benefits of the Company  under this letter agreement to the same extent that the Company would be entitled to if  no such succession had taken place.  This letter agreement, the ERA, the most recent Proprietary and Confidential  Information and Non-competition and Non-solicitation Agreement between you and the  Company, your FY2023 Executive Bonus Plan and your equity award agreements from  the Company collectively set forth the complete and sole agreement between you and  the Company and supersede and replace any and all other agreements or  understandings, whether oral or written, between the parties concerning the subject  matter hereof. You acknowledge and reaffirm your continuing obligations to the  Company under the ERA and the Proprietary and Confidential Information and Non- competition and Non-solicitation Agreement.  Any payments provided for under this letter agreement shall be paid net of any  applicable tax withholding required under federal, state or local law.  This letter agreement is intended to comply with the provisions of Section 409A of the  Internal Revenue Code of 1986, as amended (“Section 409A”), and this letter  agreement shall, to the extent practicable, be construed in accordance therewith. In the  event that you become entitled to the payments and benefits described in Section 4.2(a)  of the ERA in connection with your retirement or other termination of  4  

 

DocuSign Envelope ID: A0045866-9C8C-40E1-A3B7-6182A75FC3FD    employment as described hereunder, it is agreed that such payments and benefits  shall be paid or provided in a manner intended to permit such payments and benefits  constitute short term deferrals for purposes of Section 409A.  This letter agreement shall be governed by the laws of the Commonwealth of  Massachusetts. This letter agreement may not be modified or amended except by a  written instrument executed by both parties. This letter agreement does not modify the  at-will nature of your employment.  If the terms of this letter agreement are acceptable, please sign this letter agreement  and return it to me by August 31, 2022.  We look forward to a mutually satisfactory Transition Period and wish you the best in  your future endeavors.  ACCEPTED AND AGREED:    Frederic G. Hammond  ASPEN TECHNOLOGY, INC.  By:  Antonio J. Pietri  President and Chief Executive Officer  5DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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August 29, 2022
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Gordon Scott Thanisch 
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Subject: Employment Offer
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Dear Scott,
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We are pleased to offer you the position of Executive Vice President, Chief Financial Officer and Treasurer at Orion Group Holdings, Inc. The position will be located at our corporate office in Houston, Texas and you will be responsible for the Accounting, FP&A, Treasury, IT, and Internal Audit functions of the Company, and for otherwise acting in the best interest of the Company’s stockholders.
Major provisions of this offer of employment include:
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Start Date:
Report to the Houston office on September 12, 2022, or as soon
thereafter as possible.
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Starting Salary:
$8,173.07 per week ($425,000 annualized)
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Annual Target Bonus:
You will be eligible for a target bonus of up to 75% of your base salary for achieving target or above, no payment below 80% of target achievement. Bonus achievement is based on the Company’s consolidated financial performance, operational performance, and individual performance.
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Stub Bonus:

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You will receive a $100,000 in stub bonus for the period of October to December 2022 if the Company achieves $25 million in EBITDA during the 2022 fiscal year and substantial progress is made in replacing the current Credit Facility.
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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Equity Awards:

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Long-Term Incentive Awards: currently 60% Restricted Stock, 40% Performance Units. You will receive an equity compensation award valued at $360,000 in Restricted Stock value with number of shares based on stock price on the start date of your employment.
You will also receive $240,000 Performance Unit value with the number of performance units based on the stock price on the start date of your employment. Three-year cliff vesting, dependent upon Performance based on 75% Return on Invested Capital and 25% Total Stockholders’ Value, as such values are determined upon approval of the 2023 Budget by the Board of Directors.
You will be eligible for annual equity award consideration, generally consistent with past practices. Such grants for NEO’s are typically granted as a combination of Restricted Stock and Performance Units but may vary at the Company’s sole and absolute discretion. Grants are based on the closing price of the Company’s stock on the date of grant and typically vest over a three-year period. All terms and conditions of Orion’s Long-Term Incentive Plan would apply. Please also note that the Board of Directors otherwise maintains considerable discretion as to all aspects of executive compensation.
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		Vehicle:
	A Company vehicle and a company gas card, or at your option, a vehicle allowance of $1,050.00 per month plus a company gas card will be provided for your use in accordance with all terms and conditions of Company policies.

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Group Healthcare:

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You will be eligible to participate in the Company’s medical, dental, vision, prescription drug, life, accidental death and disability, short term, and long-term disability plans on the first day of the next month following your date of hire. You will also be eligible to participate in the Medical Expense Reimbursement Plan (MERP) which is designed to pay healthcare expenses not paid by the Cigna OAS Plus plan.
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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401(k) Plan:

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You will be eligible to participate in the Orion 401(k) Retirement Plan upon your date of hire. Your entry date into the plan will be the first day of the month following your enrollment. After six (6) months of employment, the Company matches 100% of the first 2% of your eligible contributions and 50% of the next 2% of your eligible contributions.
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Paid Time Off:

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You will earn 3.85 hours of paid time off per week starting on your date of hire. This is equivalent to 5 weeks of paid time off per year, with a maximum earned limit of 6 weeks.
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Mobile Stipend:

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You will receive a mobile phone stipend in the amount of $75.00 per month paid weekly in the amount of $17.30 via the Company’s normal payroll procedures.
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General:

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You will be eligible for 9 Holidays per year in accordance with Company policy.
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You will also be subject to a post-employment non-compete and non- solicitation obligation and the benefit of severance entitlements under certain circumstances, as described in the Company’s SEC filings made in respect of the Company’s former CFO, with the exception that such annual incentive would be restricted to that paid or payable in respect of the Company’s prior fiscal year. Please see the attached Exhibit A.
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The terms and conditions of all benefit plans and programs apply.
The guiding beliefs and core values of Orion are centered on Quality, Safety and Production (each of equal weight and importance) but, most importantly, with each built upon the all- important foundation of Integrity.
Quality
As Employees of Orion:

		●	We take pride in our personal workmanship and that of the entire Orion team;

		●	We are committed to ensuring that each task is properly and correctly performed the first time; and	

		●	We will continually improve upon everything we do, every day.

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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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Safety
As Employees of Orion:

		●	We are responsible and accountable for our own personal safety;

		●	We are equally responsible and accountable for the safety of all our co-workers and any others we come in contact with; and	

		●	We are authorized and obligated to stop work whenever an unsafe condition or situation is anticipated or is observed by us.	

Production
As Employees of Orion:

		●	We are to safely perform assigned tasks in the most efficient, timely and effective manner possible;	

		●	We are expected to safeguard all Company equipment and facilities; and

		●	We must always act in the best interest of the Company.

Integrity

		●	The foundation of Orion’s success and its commitment to Quality, Safety and

Production rests upon Integrity;

		●	We view integrity as our ability to be honest, ethical, sincere, and forthright in our dealings with others;	

		●	We will apply the foundation of integrity in everything we do; and

		●	Whenever we as individuals or the Company makes a commitment, that commitment must be kept.	

Your employment will be on an “at-will” basis, which means that, subject to the terms of your CFO employment agreement’s terms of separation, either you or the Company can terminate the employment relationship at any time with or without reason or prior notice. Your employment is contingent upon satisfactory results of our background check and pre- employment alcohol and drug screen. All employees, current and former, must maintain confidentiality by not disclosing to others any confidential, proprietary or trade secret information belonging to the Company.
We look forward to your positive response to our offer of employment and your participation as a member of the Orion team. If I can answer any questions or provide additional information, please do not hesitate to contact me at (941) 416-5365 or Pete Buchler at (504) 913-8487.
Please confirm your acceptance of our job offer and the terms of employment by signing the offer letter below and returning the signed original to me.
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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Best regards,
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Austin J. Shanfelter
Interim Chief Executive Officer
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AGREED AND ACCEPTED:
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August 29, 2022
Gordon Scott Thanisch
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Attachments:
Exhibit A: Relocation Expense Reimbursement Agreement
Exhibit B: Summary of Benefits Payable to the CFO in Various Termination Scenarios
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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Exhibit A
RELOCATION EXPENSE REIMBURSEMENT AGREEMENT
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This is a Relocation Expense Reimbursement Agreement between Gordon Scott Thanisch (hereinafter “Employee”) and Orion Group Holdings, Inc. (hereinafter referred to as the “Company”) (collectively referred to as the “Parties”).
Initially and until you have relocated to Houston, you will be provided with temporary housing allowance equal to the costs of leasing/maintaining an apartment or house until such time that you have relocated to Houston, which is anticipated to occur in mid- summer of 2023. During this transition period you also will be reimbursed for two “house hunting” trips to Houston. The Company will also provide reimbursement of actual out of pocket expenses for the movement of your household goods and personal effects from Roanoke, Texas to the Houston, TX area (budgeted at $10,000).
We hope and expect that you will have a lengthy career with the Company; however, the following information is for transparency regarding your relocation.

		I.	Employee agrees that if he resigns or is terminated for cause (as determined in management’s discretion) within 12 months from the date of the move to the new work location. Employee will reimburse the Company the full amount of the transition and relocation monies paid to them.	

		II.	If Employee resigns or is terminated for cause (as determined in management’s discretion) between 13 and 24 months following the date of the move to the new work location, Employee agrees to pay the Company half, or 50%, of the transition and relocation monies paid to them.	

		III.	Employee expressly authorizes the Company to deduct the reimbursement owed by Employee from Employee’s final paycheck, and Employee further irrevocably, and unconditionally agrees to repay any remaining balance amount within 30 days following Employee’s employment separation. If Employee fails to repay the remaining balance amount within the time period allowed, and the Company institutes legal action to collect said amount, Employee further irrevocably, and unconditionally agrees to reimburse the Company for its reasonable attorneys’ fees and costs incurred in pursuing said collection.	

		IV.	This reimbursement agreement in no way constitutes a contract of employment

for any definite term. This agreement in no way alters Employee’s at-will status,
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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nor prohibits either Employee or the Company from ending the employment relationship at any time for any reason, with or without notice. It simply sets forth the Parties’ understanding of Employee’s financial obligations should Employee’s employment terminate within the referenced time periods.

		V.	Employee agrees to give the Company a full accounting of the relocation expenses paid and how same was utilized. Employee understands and agrees that he is solely responsible for any taxes that may be due for part or all of these relocation monies. Employee further agrees to indemnify, defend, and hold Employer harmless for any and all liability which may be asserted against Employer by the United States of America or the State of Texas for taxes or other withholdings, together with interest and penalties thereon, with respect to the payment herein to Employee.	

Agreed to this 29 the day of August 2022.
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Orion Group Holdings, Inc.

       By: ​ ​
Gordon Scott ThanischName: Austin J. Shanfelter
Title: Interim CEO
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DocuSign Envelope ID: 92250578-48D4-4750-B844-6BEA8AB27071

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Offer of Employment Gordon Scott Thanisch August 29, 2022
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Exhibit B
SUMMARY OF BENEFITS PAYABLE TO THE CFO IN VARIOUS TERMINATION SCENARIOS
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The table below summarizes the benefits payable to the CFO in various termination scenarios. No benefits are payable if the executive voluntarily terminates employment without good reason, or employment is terminated by Company for cause. Equity awards for which vesting has not occurred will be forfeited according to the provisions of the applicable Long-Term Incentive Plan, unless otherwise determined by the Compensation Committee. Protection period means three months before and twelve months after a Change in Control of the Company.
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Death or
Disability

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Involuntary termination without cause or for good reason, not during a protection period.
Paid in weekly installments, except bonus

Involuntary termination without cause or for good reason, and during a protection period (change of control).
Paid as a lump sum
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	Severance
	$-One year’s Base
Pay
	Annual Base Pay x 2.5

	Lump Sum Annual
	-Previous FY’s
	Previous FY Bonus

	Incentive
	Bonus
	x 2.5

	Car Allowance
	-One year’s auto
allowance
	Annual auto allowance x 2.5

	Transitional Health
Care Reimbursement
	-
$30,000
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$75,000

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End.
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