Document:

exv10w24

 

Exhibit 10.24

PAID UP

OIL AND GAS LEASE

     This lease made this                      day of                     , 2005, by and between
                                                            
having an address at
                                        
hereinafter collectively called “Lessor” and The Keeton Group,
LLC, 3012 Merideth Circle, Lexington, Kentucky 40613 hereinafter called “Lessee”.

     WITNESSETH, That for and in consideration of the premises, and all of the mutual covenants and
agreements hereinafter set forth, the Lessor and Lessee agree as follows:

     LEASING CLAUSE: Lessor hereby leases exclusively to Lessee all the oil, gas and
coalbed methane and their constituents, whether hydrocarbon or non-hydrocarbon, underlying the land
herein leased, together with such exclusive rights as may be necessary or convenient for Lessee, at
its election, to explore for, develop, produce, measure, and market production from the Leasehold,
and from adjoining lands, using methods and techniques which are not restricted to current
technology, including the right to conduct geophysical and other exploration tests; to drill,
maintain, operate, cease to operate, plug, abandon, and remove wells; to use or install roads,
electric power and telephone facilities, and to construct pipelines with appurtenant facilities,
including data acquisition, compression and collection facilities for use in the production and
transportation of products from the Leasehold and from neighboring lands across the Leasehold, and
such right shall survive the term of this agreement for so long thereafter as operations are
continued, to use oil, gas, and non-domestic water sources, free of cost, to store gas of any kind
underground, regardless of the source thereof, including the injection of gas therein and removing
same therefrom, to protect stored gas, to operate, maintain, repair, and remove material and
equipment.

     DESCRIPTION: The Leasehold is located, all or part, in the County of                                         
in the State of Kentucky, on the waters of                                          and described as follows:
bounded whether now or formerly

     FOR A DETAILED DESCRIPTION SEE EXHIBIT “A” ATTACHED HERETO AND BY THIS REFERENCE MADE A PART
HEREOF

     Including lands acquired; by Instrument from                      dated                     ,
and recorded in Book                     , Page                    , and described for the purposes of this agreement as
containing                      acres, whether actually more or less, and including all contiguous or
appurtenant lands owned by Lessor.

     LEASE TERM: This Lease shall remain in force for a primary term of five (5) years
from                     , 2005, and for as long thereafter as prescribed payments are made, or for as
long thereafter as operations are conducted on the Leasehold in search of production of oil, gas,
or their constituents, or for as long as a well capable of production is located on the Leasehold,
or for as long as extended by other provisions

 

 

herein, or for as long as the Leasehold is used for the underground storage of gas of or for
the protection of stored gas. If after the primary term the last producing well on the Leasehold
is plugged and abandoned, the Leasehold will remain under lease for an additional period of one
year from the date of plugging and abandonment, subject to the payment of Delay Rental.

     EXTENSION OF TERM: Lessee may extend the primary term for one additional period equal
to the primary term by paying to Lessor, at any time within the primary-term, proportionate to
Lessor’s percentage of ownership an Extension Payment equal in amount to the annual Delay Rental as
herein described, or by drilling a well on the Leasehold which is not capable of commercial
production.

     PAYMENT TO LESSOR: Lessee covenants to pay Lessor, proportionate to Lessor’s
percentage of ownership as follows:

     (A.) DELAY RENTAL: To pay Lessor as Delay Rental at the rate of Two and 00/100ths dollars
($2.00) per net mineral acre per year payable annually in advance, beginning on PAID-UP,
2006, and continuing thereafter until the commencement of Royalty payments. Delay Rental paid for
time beyond the commencement date of Royalty payment shall be credited upon the Royalty payment.
Upon conversion to Storage, Delay Rental payment shall be reestablished.

     (B.) ROYALTY: It is agreed that the total Royalty that will be paid by Lessee shall be one
eighth (1/8th) and that any Royalty conveyance or reservation in Lessor’s chain of title shall be
subtracted from the one eighth (1/8th) royalty proved herein. To pay Lessor as Royalty, less all
taxes, assessments, and adjustments on production from the Leasehold as follows:

     1. OIL: To deliver to the credit of Lessor, free of cost, a Royalty of the equal one-eighth
part of all oil and constituents thereof produced and marketed from the Leasehold.

     2. GAS: To pay Lessor an amount equal to one-eighth of the revenue realized by the Lessee
for all gas and the constituents thereof produced and marketed from the Leasehold. Lessee may
withhold Royalty payment until such time as the total withhold exceeds one hundred dollars
($100.00).

     (C.) DELAY IN MARKETING: In the event that Lessee does not market producible gas, oil, or
their constituents from the Leasehold, Lessee shall continue to pay Delay Rental until such time as
marketing is established, and such payment shall maintain this lease in full force and effect to
the same extent as payment of Royalty.

     (D) SHUT-IN: In the event that production of oil, gas, or their constituents is interrupted
and not marketed for a period of six months, and there is no producing well on the Leasehold,
Lessee shall thereafter, as Royalty for constructive production, pay a Shut-In Royalty equal in
frequency and amount to the Delay Rental until such time as production is re-established and said
payment shall maintain the Lease in full force and effect to the same extent as payment of Royalty.
During Shut-In, Lessee shall have the

 

 

right to re-work, stimulate, or deepen any well on the Leasehold or drill a new well on the
Leasehold in an effort to re-establish production, whether from an original producing formation or
from a different formation. In the event that the production from the only producing well on the
Leasehold is interrupted for a period of less than six months, this Lease shall remain in full
force and effect without payment of Royalty or Shut-In Royalty.

     (E.) DAMAGES: Lessee shall remove unnecessary equipment and materials and grade, reseed, and
mulch the drill site area at the completion of activities, and Lessee agrees to repair any damaged
improvements to the land and pay for the loss of crops or marketable timber.

     (F.) MANNER OF PAYMENT: Lessee shall make or tender all payments due hereunder by check,
payable to Lessor, at Lessor’s last known address, and Lessee may withhold any payment pending
written notification by Lessor of a change in address.

     (G.) CHANGES IN LAND OWNERSHIP: Lessee shall not be bound by any change in the ownership of
the Leasehold until furnished with such documentation as Lessee may reasonably require. Pending
the receipt of documentation, Lessee may elect either to continue to make or withhold payments as
if such a change had not occurred.

     (H.) TITLE: If Lessee receives evidence that Lessor does not have title to all or any part
of the rights herein leased, Lessee may immediately withhold payments that would be otherwise due
and payable hereunder to Lessor until the adverse claim is fully resolved.

     (I.) LIENS: Lessee may at its option pay and discharge, any past due taxes, mortgages,
judgments, or other liens and encumbrances on or against any land or interest included in the
Leasehold; and Lessee shall be entitled to recover from the debtor, with legal interest and cost,
by deduction from any future payments to Lessor or by any other lawful means.

     (J.) LIMITATION OF FORFEITURE: This lease shall never be subject to civil action or other
proceeding to enforce a claim of forfeiture due to Lessee’s alleged failure to perform as specified
herein, unless, Lessee has received written notice of Lessor’s demand and thereafter falls or
refuses to satisfy Lessor’s demand within 60 days from receipt of the notice.

     UNITIZATION: Lessor grants Lessee the right to pool, unitize, or combine all or part
of the Leasehold with other lands, whether contiguous or not contiguous, leased, or un-leased,
whether owned by Lessee or by others, at a time before or after drilling to create drilling or
production units either by contract right or pursuant to governmental authorization. Lessee is
granted the right to change the size, shape and conditions of operations or payment of any unit
created. Lessor agrees to accept and receive out of the production or the revenue realized from
production of such unit, such proportional share of the Royalty from each unit well as the number
of Leasehold acres included in the unit bears to the total number of acres in the unit. Otherwise,
except for Free Gas, the

 

 

drilling, operations in preparation for drilling, production from, or payment for Royalty,
Shut-In Royalty, or Delay in Marketing for a well on such a unit shall have the same effect upon
the terms of this Lease as if the well were located on the Leasehold.

     FREE GAS: Upon approval of Lessee’s written request for free gas and his execution of
an Agreement for Delivery of Free Gas and Overburn Gas, one Lessor may lay a line to any producing
gas well on the leased premises and take two hundred thousand (200,000) cubic feet of gas per year
free of cost for domestic use in one dwelling on said lands at Lessor’s own risk and subject to the
use and right of abandonment of the well by the Lessee. All overburn gas shall be paid for by said
Lessor at the current established retail rate in the area.

     FACILITIES: Lessee shall not drill a well within 200 feet of any structure located on
the Leasehold without Lessor’s written consent. Lessor shall not erect any building or structure,
or plant any trees within 200 feet of a well or within 28 feet of a pipeline without Lessee’s
written consent. Lessor shall not improve, modify, degrade or restrict roads and facilities built
by Lessee without written consent.

     CONVERSION TO STORAGE: Lessee is hereby granted the right to convert the Leasehold to
gas storage. At the time of conversion, Lessee shall pay Lessor’s proportionate part for the
estimated recoverable gas remaining in the well using methods of calculating gas reserves as are
generally accepted by the natural gas industry, and Lessor shall be paid Delay Rental far as long
thereafter as the Leasehold is used for gas storage or for protection of gas storage.

     TITLE AND INTEREST: Lessor hereby warrants generally and agrees to defend title to
the Leasehold and covenants that Lessee shall have quiet enjoyment hereunder and shall have benefit
of the doctrine of after acquired title. Should any person having title to the Leasehold fail to
execute this Lease, the Lease shall nevertheless be binding upon all person who do execute it as
Lessor.

     LEASE DEVELOPMENT: There is no covenant to develop the Leasehold within a certain
time frame, and there shall be no leasehold forfeiture for implied covenants to produce.
Provisions herein constitute full compensation for privileges herein granted.

     ARBITRATION: In the event of a disagreement between Lessor and Lessee concerning this
lease, performance hereunder, or damages caused by Lessee’s operations, settlement shall be
determined by a panel of three disinterested arbitrators. Lessor and Lessee shall appoint and pay
the fee of one each, and the two so appointed shall appoint the third, whose fee shall be borne
equally by Lessor and Lessee. The award shall be by unanimous decision of the arbitrators and
shall be final.

     SURRENDER: Lessee may surrender and cancel this lease as to all or any part of the
Leasehold by recording a Surrender of Lease and if partially surrendered, the Delay Rental provided
in the PAYMENTS clause shall be reduced in proportion to the acreage surrendered.

 

 

     SUCCESSORS: All rights, duties, and liabilities herein benefit and bind Lessor and
Lessee and their heirs, successors, and assigns.

     ENTIRE CONTRACT: The entire agreement between Lessor and Lessee is embodied herein.
No oral warranties, representation, or promises have been made or rolled upon by either party as an
inducement to or modification of this Lease.

NOTHWITHSTANDING ANYTHING PRIOR TO THE CONTRARY THIS LEASE IS PAID UP FOR THE PRIMARY TERM STATED
HEREIN.

IN WITNESS WHEREOF, this lease is entered into this the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	LESSOR

	 	 	 	 	 	LESSOR	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	LESSOR

	 	 	 	 	 	LESSOR	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	LESSOR

	 	 	 	 	 	LESSOR	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

ACKNOWLEDGMENT

STATE OF KENTUCKY

COUNTY OF                     

     On this                     , day of                     , 2006, before me,                
     , a Kentucky Notary
Public, Special Commission for acts performed in or outside Kentucky for recordation in Kentucky,
came                                                             , to me
known (or satisfactorily proven) to be the individual(s) described in, and who executed the
foregoing instrument, and acknowledged that he/she/they executed the same for the purposes therein
contained. In witness thereof, I hereunto set my hand and official seal.

	 	 	 	 	 	 	 
	My Commission Expires on:
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Notary Public — Special Commission

 

 

ACKNOWLEDGMENT

STATE OF KENTUCKY

COUNTY OF                     

     On this                      day of                     , 2008, before me,                  
   , a Notary Public,
came                                         , to me know (or satisfactorily proven) to be the
individual(s) described in, and who executed the foregoing instrument, and acknowledged that
he/she/they executed the same for the purposes therein contained. In witness thereof, I hereunto
set my hand and official seal.

	 	 	 	 	 	 	 
	My Commission Expires on:
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Notary Public — Special Commission

	Prepared by: 	 	 The Keeton Group, LLC
3012 Merideth Circle

Lexington, Kentucky, 40613exv10w24

 

EXHIBIT 10.24

CHANGE OF CONTROL AGREEMENT

     This CHANGE OF CONTROL AGREEMENT (“Agreement”) is made as of the 13th day of December, 2006
between Moldflow Corporation, a Delaware corporation (the “Company”), and Gregory W. Magoon
(“Employee”).

     WHEREAS, the Company and the Employee desire that the Employee receive certain benefits in the
event that his employment with the Company is terminated at or following a change of control of the
Company.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

1. Position and Duties. As of the date of this Agreement, Employee is serving as the Corporate
Controller and has such duties as may from time to time be prescribed by the Chief Executive
Officer or the Chief Financial Officer of the Company. Employee and the Company agree that his
position, title and duties may change from time to time and that the terms of this Agreement are
not dependent on any specific position, title or duties. Employee’s annual compensation plan shall
be determined in the normal course of business by the Company and shall not be modified by anything
in this Agreement. This Agreement is not designed as a guarantee or contract of employment and
Moldflow and Employee retains all rights to terminate the employment relationship for any reason at
any time.

2. Change of Control Benefit: In the event that within six months of the closing of a Change of
Control, Employee’s employment with Moldflow Corporation or any entity that assumes this Agreement
as part of any Change of Control is terminated by Moldflow or such assuming entity for any reason
other than for gross negligence or willful misconduct, then Employee will be entitled to the
following benefits:

	 	a.	 	Upon termination and subject to the signing by Employee of a release in
the form presented by the Company or any successor entity, Employee will be
entitled to receive:

	 	i.	 	An amount equal to 24 weeks of his current base
salary.
	 
	 	ii.	 	An amount equal to Employee’s current “at plan”
bonus.
	 
	 	iii.	 	The amounts determined pursuant to Section (a) (i)
and (a) (ii) shall be referred to the Termination Amount, which
Termination Amount shall be paid in a lump sum within 30 days following
the effective date of the release.

	 	b.	 	In addition to payment of the Termination Amount, the Employee may
elect to continue the current group medical and dental insurance coverage for up to
18 months following the termination date provided that Employee or his eligible
dependent(s) remain eligible for such coverage under the federal law known as
“COBRA.” If Employee elects such continuation coverage and remains eligible, the
Company, or successor company, would continue to pay on his behalf for 24 weeks
following the Termination Date, 100% of the medical and dental premiums that it
pays for active employees with the same coverage (the “Benefit Continuation”).
	 
	 	c.	 	The payment of the Termination Amount and the Benefit Continuation will
be subject to all required withholdings and tax payments and is payable subject to
the continued compliance by Employee with the terms of the Confidentiality,
Non-Solicitation and

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	 	 	 	Non-Compete Agreement dated March 8, 2001. To the extent
required by Section 409A of the Internal Revenue Code and the regulations thereunder to avoid imposition of
the 20% additional tax, the Termination Amount may be delayed until at least six (6)
months after the date of termination.

3. Change in Control: For purposes of this Agreement, “Change in Control” shall mean any of
the following:

	 	a.	 	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 forty percent (40%)or more
of either (A) the combined voting power of the Company’s then outstanding
securities having the right to vote in an election of the Company’s Board (“Voting
Securities”) or (B) the then outstanding shares of Company’s common stock, par
value $0.01 per share (“Common Stock”) (other than as a result of an acquisition of
securities directly from the Company); or
	 
	 	b.	 	persons who, as of the Commencement Date, constitute the Company’s
Board (the “Incumbent Directors”) cease for any reason, including, without
limitation, as a result of a tender offer, proxy contest, merger or similar
transaction, to constitute at least a majority of the Board, provided that any
person becoming a director of the Company subsequent to the Commencement Date shall
be considered an Incumbent Director if such person’s election was approved by or
such person was nominated for election by a vote of at least a majority of the
Incumbent Directors; but provided further, that any such person whose initial
assumption of office is in connection with an actual or threatened election contest
relating to the election of members of the Board or other actual or threatened
solicitation of proxies or consents by or on behalf of a person other than the
Board, including by reason of agreement intended to avoid or settle any such actual
or threatened contest or solicitation, shall not be considered an Incumbent
Director; or
	 
	 	c.	 	the stockholders of the Company shall approve (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 fifty
percent (50%) of the voting shares of the Company issuing cash or securities in the
consolidation or merger (or of its ultimate parent corporation, if any), (B) any
sale, lease, exchange 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 or (C) any plan or proposal for the
liquidation or dissolution of the Company.

     Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have
occurred for purposes of the foregoing clause (a) solely as the result of an acquisition of
securities by the Company which, by reducing the number of shares of Common Stock or other Voting
Securities outstanding, increases the proportionate number of shares beneficially owned by any
person to forty percent (40%) or more of either (A) the combined voting power of all of the then
outstanding Voting Securities or

2

 

(B) Common Stock; provided, however, that if any
person referred to in this sentence shall thereafter become the beneficial owner of any additional
shares of Voting Securities or Common Stock (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 forty percent
(40%) or more of either (A) the combined voting power of all of the then outstanding Voting
Securities or (B) Common Stock, then a “Change of Control” shall be deemed to have occurred for
purposes of the foregoing clause (a).

4. Notice. For purposes of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given when delivered or
mailed by United States certified mail, return receipt requested, postage prepaid, addressed as
follows:

if to the Employee:

At his home address as shown

in the Company’s personnel records;

if to the Company:

Moldflow Corporation

492 Old Connecticut Path

Framingham, MA 01701

Attention: Chief Executive Officer

Copy to: General Counsel

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

5. Successor to Company. The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets
of the Company expressly to assume and agree to perform this Agreement to the same extent that the
Company would be required to perform it if no succession had taken place.

6. Miscellaneous. No provisions of this Agreement may be modified, waived, or discharged unless
such waiver, modification, or discharge is agreed to in writing and signed by Employee and such
officer of the Company. No agreements or representations, oral or otherwise, express or implied,
unless specifically referred to herein, with respect to the subject matter hereof have been made by
either party which are not set forth expressly in this Agreement. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the Commonwealth
of Massachusetts (without regard to principles of conflicts of laws).

7. Validity. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same instrument.

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     IN WITNESS WHEREOF, the parties have executed this Agreement is effective on the date and year
first above written.

	 	 	 	 	 	 	 
	 	 	MOLDFLOW CORPORATION
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Roland Thomas
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	President and Chief Executive Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 	 	 
	 	 	/s/ Gregory W. Magoon	 	 
	 	 	 	 	 
	 	 	Gregory W. Magoon

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