Document:

EXHIBIT
10.1

 

NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT (the
“Agreement”), dated as of December 31, 2003, is between SILICON VALLEY BANK (“Buyer”) having a
place of business at 3003 Tasman Drive, Santa Clara, California  95054 and
ASPEN TECHNOLOGY, INC. (“Seller”), a Delaware corporation with
offices at Ten Canal Park, Cambridge, Massachusetts 02141.

 

1                                         DEFINITIONS.

 

When used herein,
the following terms have the following meanings.

1.1                               “Account Debtor” has the meaning set forth
in the Massachusetts Uniform Commercial Code and shall include any person
liable on any Purchased Receivable, including without limitation, any guarantor
of the Purchased Receivable and any issuer of a letter of credit or banker’s acceptance.

 

1.2                               “Adjustments” means all discounts,
allowances, returns, disputes, counterclaims, offsets, defenses, rights of
recoupment, rights of return, warranty claims, or short payments, asserted by
or on behalf of any Account Debtor with respect to any Purchased Receivable.

 

1.3                               “Administrative Fee” means for any Purchase
the percentage of the Total Purchased Receivables Amount set forth in the
Schedule for such Purchase.

 

1.4                               “Business Day” means any day other than a
Saturday, Sunday, or other day on which banks in California or Massachusetts
are required or authorized by law to close.

 

1.5                               “Discount Rate” means for any Purchase the
“Discount Rate” set forth in the Schedule for such Purchase.

 

1.6                               “Due Date” means for any Purchase the “Due
Date” set forth in the Schedule for such Purchase.

 

1.7                               “Event of Default” has the meaning set forth
in Section 10 hereof.

 

1.8                               “Insolvency Event” means, with respect to
any Account Debtor, (a) the commencement of a case, action or proceeding with
respect to such Account Debtor before any court or other governmental authority
relating to bankruptcy, reorganization, insolvency, liquidation, receivership,
dissolution, winding-up or relief of debtors, (b) such Account Debtor is
generally not paying its debts when due, or (c) the making or commencement of
any general assignment for the benefit of creditors, composition, marshaling of
assets for creditors, or other similar arrangement in respect of the creditors
generally or any substantial portion of the creditors of such Account Debtor.

 

1.9                               “Invoice
Amount” means for any Purchase, the “Invoice Amount” set forth in the
Schedule for such Purchase.

 

1.10                        “Late Payment Settlement Fee” has the
meaning set forth in Section 2.2.

 

1.11                        “Late Payment Settlement Period” has the meaning
set forth in Section 2.2.

 

1.12                        “Open Amount” means the portion of any
Purchased Receivable which has been pre-paid to the Seller.

 

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1.13                        “Payment in Full” means for any Purchase
that Buyer has received payments on account of the Purchased Receivables under
such Purchase equal to the Total Purchased Receivables Amount for such
Purchase.

 

1.14                        “Prime Rate” means per annum rate of
interest from time to time announced and made effective by Buyer as its Prime
Rate (which rate may or may not be the lowest rate available from Buyer at any
given time).

 

1.15                        “Purchase” means the purchase by Buyer from
Seller of one or more Purchased Receivables on a Purchase Date as listed in the
Schedule applicable to such Purchase.

 

1.16                        “Purchase Date” means for any Purchase the
date set forth as the “Purchase Date” in the Schedule for such Purchase.

 

1.17                        “Purchase Price” means for any Purchase the
“Purchase Price” set forth on the Schedule for such Purchase.

 

1.18                        “Purchased Receivables” means for any
Purchase all those Receivables arising out of the invoices and other agreements
identified on the Schedule for such Purchase.

 

1.19                        “Purchased Receivable Amount” means for any
Purchased Receivable, the”Invoice Amount” set forth with respect to such
Purchased Receivable on the applicable Schedule minus the Open Amount.

 

1.20                        “Receivables” means accounts, receivables,
chattel paper, instruments, contract rights, documents, general intangibles,
letters of credit, drafts, bankers acceptances, and other rights to payment,
and all proceeds thereof.

 

1.21                        “Related Property” has the meaning as set
forth in Section 9 hereof.

 

1.22                        “Repurchase Amount” has the meaning set
forth in Section 4.2 hereof.

 

1.23                        “Repurchase Event” has the meaning set forth
in Section 4.2 hereof.

 

1.24                        “Schedule” means for each Purchase a
schedule executed by the parties in the form of Exhibit A hereto
identifying the Purchased Receivables subject to such Purchase and setting
forth financial and other details relating to such Purchase, all as
contemplated by Exhibit A.

 

1.25                        “Settlement Date” has the meaning set forth
in Section 3.2 hereof.

 

1.26                        “Total Purchased Receivables Amount” means
for any Purchase the total of the Purchased Receivable Amounts for all Purchased
Receivables subject to such Purchase as set forth on the applicable Schedule.

 

2                                         PURCHASE
AND SALE OF RECEIVABLES.

 

2.1                               Sale
and Purchase.  Subject to the terms
and conditions of this Agreement, with respect to each Purchase, effective on
each applicable Purchase Date, Seller agrees to sell to Buyer and Buyer agrees
to buy from Seller all right, title, and interest (but none of the obligations
with respect to) of the Seller to the payment of all sums owing or to be owing
from the Account Debtors under each Purchased Receivable to the extent of the
Purchased Receivable Amount for such Purchased Receivable.

 

Each purchase and
sale hereunder shall be in the sole discretion of Buyer and Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding Thirty
Million Dollars ($30,000,000.00), or (ii) purchase any Receivables under this
Agreement after January 1, 2005. 
The

 

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purchase of each
Purchased Receivable may be evidenced by an assignment or bill of sale in a
form acceptable to Buyer.

 

2.2                               Purchase
Price and Related Matters.  With
respect to each Purchase:

 

(a)                                  Payment of Purchase Price.  On the Purchase Date, the Purchase Price, less  the Administrative Fee and legal fees, shall
be paid by Buyer to Seller.

 

(b)                                 Late Payment Settlement Fee.   If, for any reason, Payment in Full does
not occur on or before the Due Date for any Purchased Receivable, then, upon
the first to occur of Payment in Full, 90 days after the Due Date or the filing
of a bankruptcy proceeding by or against the applicable Account Debtor that
failed to pay in full by the Due Date, and in addition to any other obligations
of Seller hereunder, Seller shall pay to Buyer an amount which is equal to (i)
the product of the Discount Rate and the average daily balance of such
Purchased Receivable outstanding during the period from the Due Date until the
first to occur of Payment in Full, 90 days after the Due Date or the filing of
a bankruptcy proceeding by or against the applicable Account Debtor that failed
to pay in full by the Due Date (the “Late Payment Settlement Period”)
multiplied by (ii) a fraction the numerator of which is the number of days in
the Late Payment Settlement Period and the denominator of which is 360 (“Late
Payment Settlement Fee”).

 

2.3                               Facility
Fee. A fully earned, non-refundable facility fee of Seventy-Five Thousand
Dollars ($75,000.00) is due to Buyer from Seller upon execution of this
Agreement.

 

2.4                               Nature
of Transaction. It is the intent of the parties hereto that each purchase
and sale of Receivables hereunder is and shall be a true sale of such
Receivables for all purposes and not a loan arrangement.  Each such sale shall be, subject to the
terms hereof, absolute and irrevocable, providing Buyer with the full risks and
benefits of ownership of the Purchased Receivables (such that the Purchased
Receivables would not be property of the Seller’s estate in the event of the
Seller’s bankruptcy).  The parties agree
that appropriate UCC financing statements have been or shall promptly be filed
to reflect that Seller is the seller and Buyer is the purchaser of Receivables
hereunder.

 

3                                         COLLECTIONS,
CHARGES AND REMITTANCES.

 

3.1                               Application
of Payments.  All payments in respect
of any Purchased Receivable, whether received from an Account Debtor or any
other source and whether received by Seller or Buyer, shall be the property of
Buyer and Seller shall have no ownership interest therein.

 

3.2                               Collection
by Seller.  In order to facilitate
the collection of the Purchased Receivables in the ordinary course of business,
Seller agrees to act as Buyer’s agent for collection of the Purchased
Receivables.  Accordingly, Buyer hereby
appoints the Seller its attorney-in-fact to ask for, demand, take, collect, sue
for and receive all payments made in respect of the Purchased Receivables and
to enforce all rights and remedies thereunder and designates Seller as Buyer’s
assignee for collection; provided that such appointment of Seller as such
attorney-in-fact or assignee for collection may be revoked by Buyer at any
time.  Seller, as such attorney-in-fact,
shall use due diligence and commercially reasonable lawful efforts in
accordance with its usual policies and practices to collect all amounts owed by
the Account Debtors on each Purchased Receivable when the same become due.  In the enforcement or the collection of
Purchased Receivables, Seller shall commence any legal proceedings only in its
own name as an assignee for collection or on behalf of Buyer or, with Buyer’s
prior written consent, in Buyer’s name. 
Seller shall have no obligation to commence any such legal proceedings
unless Buyer has agreed to share the legal fees and other expenses to be
incurred in such proceedings on a basis which is acceptable to Seller.  In no event shall Seller take any action
which would make Buyer a party to any litigation or arbitration proceeding
without Buyer’s prior written consent. 
Until Buyer has received Payment in Full as to any Purchase, Seller shall
(i) hold in 

 

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trust for Buyer and turn
over to Buyer forthwith upon receipt all payments made to Seller by Account
Debtors with respect to the Purchased Receivables subject to such Purchase and
(ii) turn over to Buyer forthwith on receipt all instruments, chattel paper and
other proceeds of the Purchased Receivables; provided that unless an
Event of Default has occurred and is continuing, Seller shall remit amounts
received by Seller and due to Buyer on a weekly basis on Friday of each week
(each a “Settlement Date”) after the Purchase Date, commencing on the last
business day of the month after the Purchase Date.  On each Settlement Date, Seller shall deliver to Buyer a report,
in form and substance acceptable to Buyer, of the account activity (including
dates and amounts of payments) and changes in account status for each Purchased
Receivable.

 

3.3                               No
Obligation to Take Action.  Buyer
shall have no obligation to perform any of Seller’s obligations under any
Purchased Receivables or to take any action or commence any proceedings to
realize upon any Purchased Receivables (including without limitation any
defaulted Purchased Receivables), or to enforce any of its rights or remedies
with respect thereto.

 

4                                         NON-RECOURSE;
REPURCHASE OBLIGATIONS.

 

4.1                               Non-Recourse.  Except as otherwise set forth in this
Agreement, Buyer’s acquisition of Purchased Receivables from Seller hereunder
shall be without recourse against Seller.

 

4.2                               Seller’s
Agreement to Repurchase.  Seller
agrees to pay to Buyer on demand, the full face amount, or any unpaid portion,
of any Purchased Receivable: (A) with respect to such Purchased Receivable
there has been any breach of warranty or representation set forth in Section 6.1
hereof (except for breaches of warranty or representations which are permitted
to be, and have been, cured pursuant to Section 7 hereof) or any
breach of any covenant contained in this Agreement with respect to such
Purchased Receivable; or (B) with respect to such Purchased Receivable the
Account Debtor asserts any discount, allowance, return, dispute, counterclaim,
offset, defense, right of recoupment, right of return, warranty claim, or short
payment (except for (i) such matters as are permitted to be, and have been,
cured pursuant to Section 7 hereof or (ii) such matters with
respect to which Seller provides evidence satisfactory to Buyer in its
reasonable discretion that such assertion was not a legitimate claim made in
good faith; provided, however, in the event that subsequent to Seller providing
such satisfactory evidence to Buyer, Buyer determines that the discount,
allowance, return, dispute, counterclaim, offset, defense, right of recoupment,
right of return, warranty claim, or short payment was or is a legitimate claim,
then such Purchased Receivable shall be repurchased at such time) (each, a
“Repurchase Event”); together with, in the case of (A) or (B), all reasonable
attorneys’ and professional fees and expenses and all court costs incurred by
Buyer in collecting such Purchased Receivable and/or enforcing its rights
under, or collecting amounts owed by Seller in connection with this Agreement
(collectively, the “Repurchase Amount”). 
Upon such payment, the respective Purchased Receivables shall be deemed
property of and owned solely by the Seller (and shall not be deemed to be a
Purchased Receivable hereunder).

 

4.3                               Seller’s
Payment of the Amounts Due Buyer. 
All amounts due from Seller to Buyer shall be paid by Seller to Buyer in
immediately available funds by fedwire to Buyer’s address for notices.

 

5                                         POWER
OF ATTORNEY.

 

Seller does hereby
irrevocably appoint Buyer and its successors and assigns as Seller’s true and
lawful attorney-in-fact, and hereby authorizes Buyer: (a) to sell, assign,
transfer, pledge, compromise, or discharge the whole or any part of the
Purchased Receivables; (b) to demand, collect, receive, sue, and give releases
to any Account Debtor for the monies due or which may become due upon or with
respect to the Purchased Receivables and to compromise, prosecute, or defend
any action, claim, case or proceeding relating to the Purchased Receivables,
including the filing of a claim or the voting of such claims in any bankruptcy
case, all in Buyer’s name or Seller’s name, as Buyer may choose; (c) to
prepare, file and sign Seller’s name on any notice, claim, assignment, demand,
draft, or notice of or satisfaction of lien or mechanics’ lien or similar
document with respect to Purchased

 

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Receivables; (d) to
notify all Account Debtors with respect to the Purchased Receivables to pay
Buyer directly; (e) to receive, open, and dispose of all mail addressed to
Seller for the purpose of collecting the Purchased Receivables; (f) to endorse
Seller’s name on any checks or other forms of payment on the Purchased
Receivables; (g) to execute on behalf of Seller any and all instruments,
documents, financing statements and the like to perfect Buyer’s interests in
the Purchased Receivables; and (h) to do all acts and things necessary or
expedient, in furtherance of any such purposes.

 

6                                         REPRESENTATIONS,
WARRANTIES AND COVENANTS.

 

6.1                               Receivables’
Warranties, Representations and Covenants. 
To induce Buyer to purchase the Purchased Receivables and to render its
services to Seller, and with full knowledge that the truth and accuracy of the
following are being relied upon by the Buyer in determining whether to accept
receivables as Purchased Receivables, Seller represents, warrants, covenants
and agrees, with respect to each Purchased Receivable, that, as of the date of
the applicable Purchase pertaining to such Purchased Receivable:

 

(a)                                  Seller
is the absolute owner of each of the Purchased Receivables and has full legal
right to sell, transfer and assign such receivables;

 

(b)                                 The
correct amount of each Purchased Receivable is as set forth on the applicable
Schedule and is not in dispute;

 

(c)                                  The
payment of each Purchased Receivable is not contingent upon the fulfillment of
any obligation or contract, and any and all obligations required of the Seller
have been fulfilled as of the applicable Purchase Date;

 

(d)                                 Such
Purchased Receivable is based on an actual sale and delivery of goods and/or
services actually rendered, is due no later than the applicable Due Date and is
owing to Seller, is not past due or in default, has not been previously sold,
assigned, transferred, or pledged, and is free of any and all liens, security
interests and encumbrances other than liens, security interests or encumbrances
in favor of Buyer or any other division or affiliate of Silicon Valley Bank;

 

(e)                                  There
are no defenses, offsets, or counterclaims against such Purchased Receivable,
and no agreement has been made under which the Account Debtor may claim any
deduction or discount, except as otherwise stated on the applicable Schedule;

 

(f)                                    Seller
and, to Seller’s knowledge, each Account Debtor set forth on the applicable
Schedule with respect to such Purchased Receivable, is not insolvent as
that term is defined in the United States Bankruptcy Code and the Massachusetts
Uniform Commercial Code, and no such Account Debtor, to the knowledge of
Seller, has filed or had filed against it a voluntary or involuntary petition
for relief under the United States Bankruptcy Code; and

 

(g)                                 No
Account Debtor set forth on the applicable Schedule with respect to such
Purchased Receivable has objected to the payment for, or the quality or the
quantity of the subject matter of, the Purchased Receivable, each such Account
Debtor is liable for the amount set forth on such Schedule.

 

6.2                               Additional
Warranties, Representations and Covenants. 
In addition to the foregoing warranties, representations and covenants,
to induce Buyer to buy the Purchased Receivables, Seller hereby represents,
warrants, covenants and agrees that:

 

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(a)                                  Seller
will not assign, transfer, sell, or grant, or permit any lien or security
interest in any Purchased Receivables to or in favor of any other party,
without Buyer’s prior written consent.

 

(b)                                 The
Seller’s name, form of organization, chief executive office, and the place
where the records concerning all Purchased Receivables are kept is set forth at
the beginning of this Agreement or, if located at any additional location, as
set forth on a schedule attached to this Agreement, and Seller will give
Buyer at least 10 days prior written notice if such name, organization, chief
executive office or records concerning Purchased Receivables is changed or
added and shall execute any documents necessary to perfect Buyer’s interest in
the Purchased Receivables.

 

(c)                                  Seller
shall (i) pay all of its normal gross payroll for employees, and all federal
and state taxes, as and when due, including without limitation all payroll and
withholding taxes and state sales taxes; (ii) deliver at any time and from time
to time at Buyer’s request, evidence satisfactory to Buyer that all such
amounts have been paid to the proper taxing authorities.

 

(d)                                 Seller
has not filed a voluntary petition for relief under the United States
Bankruptcy Code or had filed against it an involuntary petition for relief and
is not contemplating or anticipating any such filing.

 

(e)                                  If
Payment in Full of any Purchased Receivable has not occurred by the applicable
Due Date, then Seller shall, within 10 days of Buyer’s request, provide a
written report to Buyer setting forth the reasons for such delay in payment.

 

(f)                                    So
long as any Purchased Receivable is outstanding, Seller shall deliver to Buyer:
(i) weekly, each Friday, a settlement report as detailed in
Section 3.2 hereof and  (ii) unless
otherwise immediately available to Buyer via public records online, within five
(5) days of filing, copies of all statements, reports and notices made available
to Seller’s security holders and all reports on Form 10-K, 10-Q and 8-K filed
with the Securities and Exchange Commission.

 

7                                         ADJUSTMENTS.

 

In the event any
Adjustment or dispute is asserted by any Account Debtor, Seller shall promptly
advise Buyer and Seller shall, subject to the Buyer’s approval, resolve such
disputes and advise Buyer of any Adjustments and promptly remit to Buyer the
difference between the Invoice Amount on the Purchase Date and the Invoice
Amount after such Adjustment.  Unless
Buyer has otherwise elected to exercise its rights under Section 4.2
hereof, Buyer shall remain the absolute owner of any Purchased Receivable which
is subject to Adjustment, and, until the amount of such adjustment (as set
forth above) is paid by Seller to Buyer, any rejected, returned, or recovered
personal property, with the right to take possession thereof at any time, and
if such possession is not taken by Buyer, Seller agrees to resell it for
Buyer’s account at Seller’s expense with the proceeds made payable to Buyer.  While Seller retains possession of said
returned goods and such goods are the property of Buyer, Seller shall segregate
said goods and mark them “property of Silicon Valley Bank.”

 

8                                         INDEMNIFICATION.

 

(a)                                  Seller
hereby agrees that in the event any Account Debtor is released from all or any
part of its payment obligations with respect to any Purchased Receivable by
reason of: (1) any act or omission of Seller not permitted by this Agreement or
consented to in writing by Buyer; or (2) the operation of any of the provisions
of the documentation pertaining to such Purchased Receivables, which result in
the termination of the Account Debtor’s obligation to pay all or any part of
the Purchased Receivables, then, upon the happening of any such event, Seller
shall thereafter pay to Buyer on the date when the Account Debtor would
otherwise have paid the Purchased Receivable to Buyer an amount equal to the
lesser of (a) the amount of the Purchased Receivable not payable by the

 

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Account Debtor as a
result of such event and (b) the unpaid portion of the Purchased Receivable
Amount for such Purchased Receivable.

 

(b)                                 Seller
hereby agrees to pay, and to indemnify and hold harmless Buyer from and
against, any taxes which may at any time be asserted in respect of this
transaction or the subject matter thereof (including, without limitation, any
sales, occupational, excise, gross receipts, general corporation, personal
property, privilege or license taxes, but not including taxes imposed upon the
Buyer with respect to its income arising out of this transaction) and costs,
expenses and reasonable counsel fees in defending against the same, whether
arising by reason of the acts to be performed by Seller hereunder or imposed
against Buyer, Seller, the property involved or otherwise; provided that
with respect to any of the foregoing for which Seller shall be liable, Seller
shall receive reasonably prompt notice from Buyer of this assertion of any such
taxes on Buyer of which Buyer has notice.

 

9                                         ADDITIONAL
RIGHTS.

 

To secure the
obligations of Seller hereunder, Seller hereby grants to Buyer a continuing
lien upon and security interest in all of Seller’s now existing or hereafter
arising rights and interest in the following, whether now owned or existing or
hereafter created, acquired, or arising, and wherever located (the “Related
Property”): (A) Seller’s rights to any returned or rejected goods in respect of
the Purchased Receivables, with respect to which Buyer has all the rights of
any unpaid seller, including the rights of replevin, claim and delivery,
reclamation, and stoppage in transit; (B) All books and records pertaining to
the Purchased Receivables or the foregoing goods; and (C) All proceeds of the
foregoing, whether due to voluntary or involuntary disposition, including
insurance proceeds.   Seller is not
authorized to sell, assign, transfer or otherwise convey any interest in any
Related Property without Buyer’s prior written consent.  Seller agrees to sign UCC financing
statements, in a form acceptable to Buyer, and any other instruments and
documents requested by Buyer to evidence, perfect, or protect the interests of
Buyer in the Purchased Receivables and the Related Property.  Seller agrees to deliver to Buyer the
originals of all instruments, chattel paper and documents evidencing or related
to Purchased Receivables and Related Property.

 

10                                  DEFAULT.

 

The occurrence of
any one or more of the following shall constitute an Event of Default
hereunder:

(a)                                  Seller
fails to pay any amount owed to Buyer as and when due;

 

(b)                                 There
shall be commenced by or against Seller any voluntary or involuntary case under
the United States Bankruptcy Code, or any assignment for the benefit of
creditors, or appointment of a receiver or custodian for any of its assets;

 

(c)                                  Seller
shall become insolvent in that its debts are greater than the fair value of its
assets, or Seller is generally not paying its debts as they become due or is
left with unreasonably small capital;

 

(d)                                 Any
involuntary lien, garnishment, attachment or the like is issued against or
attaches to the Purchased Receivables or any Related Property;

 

(e)                                  Seller
shall breach any covenant, agreement, warranty, or representation set forth
herein, and the same is not cured (whether pursuant to the provisions of Section 6
hereof, if applicable, or otherwise) to Buyer’s satisfaction within 20 Business
Days after Buyer has given Seller oral or written notice thereof; provided,
that if such breach is incapable of being cured it shall constitute an
immediate default hereunder; or

 

(f)                                    An
event of default shall occur under any guaranty executed by any guarantor of
the obligations of Seller to Buyer under this Agreement, or any material
provision of any such guaranty shall for any 

 

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reason cease to be valid
or enforceable or any such guaranty shall be repudiated or terminated,
including by operation of law.

 

11                                  REMEDIES
UPON DEFAULT.

 

Upon the
occurrence and continuance of an Event of Default, Buyer has and may exercise
all the rights and remedies under this Agreement and under applicable law,
including the rights and remedies of a secured party under the Massachusetts
Uniform Commercial Code, all the power of attorney rights described in
Section 5 with respect to all Purchased Receivables and Related Property,
and the right to collect, dispose of, sell, lease, use, and realize upon all
Purchased Receivables and all Related Property.   Unless otherwise a Repurchase Event as described in
Section 4.2, an Event of Default shall not, by itself, be deemed a
Repurchase Event.

 

12                                  ACCRUAL
OF INTEREST.

 

If any amount owed
by Seller to Buyer hereunder is not paid when due, such amount shall bear
interest from such date until paid at a per annum rate equal to the Prime Rate
plus 3.0%.

 

13                                  FEES,
COSTS AND EXPENSES.

 

The Seller will
pay to Buyer immediately upon demand all reasonable fees, costs and expenses
(including reasonable fees of attorneys and professionals and their costs and
expenses) that Buyer incurs with any of the following: (a) preparing,
negotiating, and administering, and enforcing this Agreement or any other
agreement executed by Buyer and Seller in connection herewith, including any
amendments, waivers or consents in connection with any of the foregoing, (b)
enforcing Buyer’s rights under, or collecting amounts owed by Seller to Buyer
in connection with this Agreement, including, without limitation, to enforce
(i) Seller’s agreement to repurchase as set forth in Section 4.2, (ii)
Seller’s payment of any amounts owing by Seller pursuant to Section 7
hereof, or (iii) Seller’s payment of any amounts owing by Seller pursuant to
Section 8 hereof, (c) enforcing any other rights against Seller or any
guarantor, (d) protecting or enforcing its title to the Purchased Receivables
or its security interest in the Related Property, and (e) the representation of
Buyer in connection with any bankruptcy case or insolvency proceeding involving
Seller or any guarantor.  Seller shall
indemnify and hold Buyer harmless from and against any and all claims, actions,
damages, costs, expenses, and liabilities of any nature whatsoever arising in
connection with any of the foregoing, except to the extent arising as a result
of Buyer’s own gross negligence or willful misconduct.

 

14                                  SEVERABILITY,
WAIVER, AND CHOICE OF LAW.

 

In the event that
any provision of this Agreement is deemed invalid by reason of law, this
Agreement will be construed as not containing such provision and the remainder
of the Agreement shall remain in full force and effect.  If Buyer waives a default it may enforce a
later default.  Any consent or waiver
under, or amendment of, this Agreement must be in writing.  Nothing contained herein, or any action
taken or not taken by Buyer at any time, shall be construed at any time to be
indicative of any obligation or willingness on the part of Buyer to amend this
Agreement or to grant to Seller any waivers or consents.  This Agreement has been transmitted by
Seller to Buyer at Buyer’s office in the Commonwealth of Massachusetts and has been
executed and accepted by Buyer in the Commonwealth of Massachusetts.  This Agreement shall be governed by and
interpreted in accordance with the internal laws of the Commonwealth of
Massachusetts.

 

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15                                  NOTICES.

 

All notices shall
be given to Buyer and Seller at the addresses or faxes set forth on the first
page of this Agreement and shall be deemed to have been delivered and received:
(a) if mailed, three calendar days after deposited in the United States mail,
first class, postage pre-paid, (b) one calendar day after deposit with an
overnight mail or messenger service; or (c) on the same date of confirmed
transmission if sent by hand delivery, telecopy, telefax or telex.

 

16                                  JURY
TRIAL.

 

SELLER AND BUYER EACH
HEREBY (a) WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL ON ANY CLAIM OR ACTION
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, ANY RELATED AGREEMENTS, OR
ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY; (b) RECOGNIZE AND AGREE
THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER
INTO THIS AGREEMENT; AND (c) REPRESENT AND WARRANT THAT IT HAS REVIEWED THIS
WAIVER, HAS DETERMINED FOR ITSELF THE NECESSITY TO REVIEW THE SAME WITH ITS
LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ALL RIGHTS TO A JURY TRIAL.

 

17                                  TITLES
AND SECTION HEADINGS.

 

The titles and
section headings used herein are for convenience only and shall not be
used in interpreting this Agreement.

 

[signature
page follows]

 

9

 

IN WITNESS WHEREOF,
Seller and Buyer have executed this Agreement under seal as of the date first
written above.

 

	
  SELLER:

  
	
   

  
	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  
	
  By

  	
    /s/ Charles
  F. Kane

  	
   

  
	
   

  
	
  Title

  	
  SVP & Chief
  Financial Officer

  	
   

  
	
   

  
	
  BUYER:

  
	
   

  
	
  SILICON
  VALLEY BANK

  
	
   

  
	
  By

  	
  /s/ John Atanasoff

  	
   

  
	
   

  
	
  Title

  	
  SVP

  	
   

  
						

 

10

 

EXHIBIT
A

SCHEDULE

 

11

 

SCHEDULE DATED
                    

TO

NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

DATED AS OF DECEMBER     , 2003

 

	
  Seller:

  	
   

  	
  Aspen Technology, Inc.

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Silicon Valley Bank

  
	
   

  	
   

  	
   

  
	
  Purchase
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Due
  Date:

  	
   

  	
                   
  days from Purchase Date (not less than 30 days)

  
	
   

  	
   

  	
   

  
	
  Total
  Purchased Receivables:

  	
   

  	
  $                        
  (List of Receivables total)

  
	
   

  	
   

  	
   

  
	
  Discount
  Rate:

  	
   

  	
               %

  
	
   

  	
   

  	
   

  
	
  Purchase
  Price:
   $                                
  (is                %
  of the Total Purchased Receivables which is the straight discount of the
  Total Purchased Receivables discounted from the Due Date to the Purchase Date
  at the Discount Rate).

  
	
   

  	
   

  	
   

  
	
  Administrative
  Fee:

  	
   

  	
           %
  multiplied by the Total Purchased Receivables.

  

 

Seller warrants and
represents that (a) its warranties and representations in the Agreement are
true and correct as of the date of this Schedule and (b) no Event of
Default has occurred under the Agreement.

 

	
  SELLER: ASPEN
  TECHNOLOGY, INC.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  
	
  BUYER:  SILICON VALLEY BANK

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  
	
  Title:

  	
   

  	
   

  
						

 

12Exhibit 10.1

 

Rule 10b5-1 Stock
Selling Plan

Water Pik Technologies, Inc. Common Stock

 

THIS STOCK SELLING PLAN (the
“Plan”) is executed
by                       (“Executive”),
an executive officer and stockholder of Water Pik Technologies, Inc. (“Water Pik”)
to meet the requirements of Rule 10b5-1 under the Securities Exchange Act of
1934, as amended.

 

Recitals

 

A. Pursuant to the terms of the
Water Pik Stock Acquisition and Retention Program (“SARP”) provisions of the
Water Pik Employee Stock Purchase Plan (“ESPP”), Executive purchased shares of
Water Pik Common Stock (the “Purchased Shares”) through loans from Water Pik
(the “SARP Loans”) and received matching grants of restricted shares of Water
Pik Common Stock (the “Restricted Shares”) as set forth on Annex A attached to
this Plan.  All terms not otherwise
defined in this Plan shall have the meanings set forth in the ESPP/SARP plan
document.

 

B. Pursuant to the terms of the
SARP, Executive is permitted to repay all or part of any SARP Loan by tendering
Purchased Shares to Water Pik, with such Purchased Shares being valued at the
average of the high and low trading prices of Water Pik Common Stock on the
business day preceding the tender of such Purchased Shares by Executive (“Fair
Market Value,” as more particularly defined in the ESPP/SARP plan document).

 

C. Pursuant to the terms of the
SARP, Executive is permitted to use Restricted Shares, valued as set forth
under Section B above, to satisfy any withholding or other tax required by law
to be withheld by Water Pik with respect to any income recognized upon the
lapse of restrictions applicable to the Restricted Shares.

 

D. Since the receipt of Purchased
Shares or Restricted Shares by Water Pik for the foregoing purposes does not
require involvement of a broker or other third-party trustee, Water Pik has
agreed to administer this Plan according to its terms without acknowledging any
influence from Executive other than as permitted under this Plan.

 

Agreement

 

In consideration of the foregoing,
Executive agrees to enter into this Plan in accordance with the following terms
and conditions:

 

1.  Trading Plan.

 

Executive requests that Water Pik
execute the Trading Plan set forth on Annex B with respect to Executive’s
Purchased Shares and Restricted Shares. 
No transactions may occur under this Plan until at least thirty (30)
days have elapsed following the Execution Date.

 

1

 

2.  Term.

 

This Plan shall become effective on
the date executed by the Executive (the “Effective Date”).  This Plan shall be terminated and/or
suspended as follows:

 

(a)            Termination.  This Plan shall terminate on the earlier to
occur of:

	
  (i)

  	
   

  	
                    (date);

  
	
  (ii)

  	
   

  	
  Executive’s death;

  
	
  (iii)

  	
   

  	
  one day prior to completion of any merger, acquisition or
  reorganization in which Water Pik’s stock is exchanged or converted;

  
	
  (iv)

  	
   

  	
  satisfaction of all trading objectives set forth in Annex
  B; or

  
	
  (v)

  	
   

  	
  written notice by the Executive
  to Water Pik; provided, however, that such notice may not be provided earlier
  than six(6) months after the Effective Date of this Plan or during any
  “blackout period” with respect to trading in Water Pik stock.

  

 

(b)           Suspension. 
This Plan shall be suspended in the event of:

 

	
  (i)

  	
   

  	
  any sale or tender which would violate Section 16 or Rule
  144 of the Securities and Exchange Commission (“SEC”) or any other federal or
  state law or regulation;

  
	
  (ii)

  	
   

  	
  a vote of Water Pik’s Board of Directors to suspend all
  trading in Water Pik Common Stock; or

  
	
  (iii)

  	
   

  	
  the commencement of a secondary
  public offering by Water Pik, in which case the suspension shall last for the
  duration of any insider “blackout” period imposed.

  

 

3.  Covenants.

 

Executive acknowledges and agrees
that he/she:

 

(a)                                  is
entering into this Plan in good faith,

(b)                                 is not
currently in possession of any material non-public information regarding Water
Pik,

(c)                                  will
not exert any influence over how, when or whether to effect sales or tenders of
shares under this Plan subsequent to the Effective Date and during the time
period the Plan remains in effect,

(d)                                 is not, to the best of his or
her knowledge, subject to any contractual restriction or other obligation that
would prevent Water Pik from administering this Plan in accordance with its
terms, and

(e)                                  is
subject to Water Pik’s insider trading policy, as supplemented and amended from
time to time (the “Policy”).

 

2

 

4.  Filing of Plan.

 

Executive agrees to file a copy of
this Plan with the Secretary of Water Pik. 
Executive further acknowledges and agrees that a copy of this Plan may
be filed by Water Pik with the SEC and disclosed in reports filed by Water Pik
with the SEC in the event Water Pik determines it is necessary or prudent to do
so.

 

5.  Advice.

 

Executive acknowledges
responsibility for consulting with Executive’s own advisors as to the legal,
tax, business, financial and related aspects of, and has not relied upon Water
Pik or any person affiliated with Water Pik in connection with, Executive’s
adoption and implementation of this Plan. 
Executive acknowledges that Water Pik is not acting as a fiduciary or an
advisor for Executive.

 

 

IN WITNESS WHEREOF, this Plan is executed and effective as
of the date set forth under Executive’s signature below.

 

	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Type name here)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Receipt of this Plan is acknowledged

  as of
                                     

  Water Pik Technologies, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  
										

 

 

STATE
OF                   

COUNTY
OF               

 

On
this        day
of                       ,
appeared before me in person the above-named person,                                    ,
who acknowledged the above to be his/her signature and that he/she signed the
above instrument as his voluntary act and deed, and for the uses and purposes
therein set forth.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  	
   

  
	
  (seal)

  	
   

  	
   

  	
  My Commission
  expires:                       

  

 

3

 

Annex A

 

Purchased and
Restricted Shares under SARP Loans

For:

(Name of
Executive)

 

 

	
  Date
  of Share Purchase

  and SARP Loan

  	
   

  	
  Number of Purchased

  Shares

  	
   

  	
  Number of Restricted

  Shares

  	
   

  
	
     /   /   
  (“Loan No. 1”)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     /   /   
  (“Loan No. 2”)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     /   /   
  (“Loan No. 3”)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     /   /   
  (“Loan No. 4”)

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

4

 

Annex B

 

Trading Plan

For:

(Name of
Executive)

 

5

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