Document:

Employment Agreement, dated September 1, 2003

  
 EXHIBIT 10.48

  
 September 1, 2003 
  
 Mr. Ray Rike 
 1400 Marina Way South 
 Richmond, CA 94804 
  
 Dear Ray, 
  
 It is a pleasure for me to provide you with this letter agreement setting forth the terms of your continuing employment with QRS Corporation (“QRS” or the
“Company”). This letter supersedes and replaces all prior agreements between you and QRS regarding the terms of your continuing employment with the Company. This letter does not affect the terms of the written Indemnification Agreement
between you and QRS or the stock options previously granted to you. 
  
 POSITION: Senior Vice President, Worldwide Sales & Field Operations 
  
 REPORTING TO: Elizabeth A. Fetter, President and CEO 
  
 LOCATION: 1400 Marina Way South, Richmond, CA 
  
 ANNUAL
COMPENSATION: 
  
 Your annual compensation, incentive compensation and
performance evaluation will be administered by QRS’ Chief Executive Officer and reviewed by the Compensation Committee of the Board of Directors. Effective as of September 1, 2003, your annual compensation shall be as follows: 
  
 1. Your annual base compensation will be US$250,000 or $20,833 per month. QRS employees are
paid semi-monthly (i.e., on the fifteenth and last working day of each month). 
  
 2. In addition, your annual target incentive compensation shall be 100% of your base compensation or $250,000. The actual incentive compensation that you receive shall be based 75% on the terms of your commission plan and 25% on fulfillment
of your specific objectives as Senior Vice President, Worldwide Sales & Field Operations as identified from time to time by QRS’ Chief Executive Officer. Such factors may include the overall performance of you and your direct reporting
organization in meeting Company and individual responsibilities, adhering to QRS’ Guiding Principles, developing and executing appropriate Company strategies, achieving a high degree of customer service and loyalty, ensuring employee
satisfaction and retention, and supporting overall Company objectives. 
  

 1 

 REIMBURSEMENT OF REASONABLE BUSINESS EXPENSES: 
  
 QRS will reimburse you for all business expenses reasonably incurred by you in the performance of your duties hereunder. You will adhere to
QRS’ travel and entertainment polices and procedures, submit expense reports with appropriate vouchers, receipts, and other substantiation of such expenses within thirty (30) days after they are incurred. You should expect prompt reimbursement.

  
 BENEFITS: 
  
 In addition to the benefits available to all QRS associates as defined in the Employee
Handbook; as Senior Vice President, Worldwide Sales & Field Operations you are provided with additional benefits as follows: 
  
 Life Insurance-The Company shall purchase and maintain in effect term life insurance sufficient to provide a benefit equal to two times your annual base salary.

  
 Long-Term Disability Insurance-The Company shall purchase and maintain in
effect long-term disability insurance sufficient to provide you with an income equal to 66% of your base compensation while you are disabled and unable to perform the duties of your current employment with QRS. You will have the option of continuing
this additional disability insurance coverage at your own expense in the event of the termination of your employment. This additional insurance benefit is taxable and will be reported for tax purposes as additional income to you. The Company shall
adjust your base compensation to include an amount sufficient to compensate you for the federal and state taxes for which you will be responsible on account of the additional income reported on account of this disability insurance benefit.

  
 Liability Insurance-The Company shall purchase and maintain in effect for the
period of relevant statute(s) of limitation, sufficient Director’s and Officer’s liability insurance to provide you with reasonable coverage, including the provision of legal counsel and/or reimbursement of appropriate legal fees you pay
personally, against all liability claims and judgments arising from your legal exercise of your duties as a Director or Officer of QRS, including any actions filed after you cease your duties as a Director or Officer or in the event of the
termination of your employment. The Company shall also provide in its bylaws, a full indemnification for you as a QRS officer, to the maximum extent permissible under Delaware law. The Company shall retain the sole discretion to determine the amount
and form of Director’ s and Officer’s liability insurance that is sufficient to provide you with reasonable coverage. 
  
 PTO- You will be entitled to 10 holidays per calendar year and 20 PTO (Personal Time Off) days per calendar year. A prorated portion of PTO is accrued each pay period.
PTO may be used for vacation, illness, or other purposes at your discretion. A maximum of 10 days of unused PTO may be carried over from one calendar year to the next. It is expected that you will claim your PTO time as you use it. 
  
 TERMINATION AND SEVERANCE: 
  
 This position is for no set period or term and just as you have the right to resign your
position at any time, for any reason, QRS reserves the right to tem1inate your employment at any time, with or without good cause, with or without advance notice. 
  

 2 

 If the Company terminates your employment without cause within twelve (12) months after the date of this letter under
circumstances not entitling you to severance and accelerated vesting under “Change of Control” below, you will become entitled to severance pay equal in the aggregate to six months of your total annual targeted compensation at the level in
effect at the time of your termination. Such severance pay will be made in four equal installments with the first payment occurring within ten days following the termination of your employment and the remaining three payments to be made two, four
and six months following the date that the Company terminates your employment. All such payments will be subject to applicable deductions and withholding taxes. The Company will also make COBRA payments on your behalf for six (6) months following
your termination. You shall receive no severance benefits under this paragraph if the Company terminates your employment for cause or you voluntarily resign your position. As a condition of receiving the severance benefits set forth in this
paragraph, the Company may require you to sign a written release in a form acceptable to the Company of any known and unknown claims by you against the Company arising out of your employment, excluding any claims for indemnification against claims
made by third parties, in which case no payment will be made to you under this paragraph until you have executed such release and any time period during which you may revoke such release has lapsed. 
  
 For purposes of this agreement, termination “for cause” shall mean the
Company’s termination of your employment for any of the following reasons: (1) your failure to perform in a diligent or competent fashion consistent with your position as Senior Vice President, Worldwide Sales & Field Operations the
material duties of your job after a written demand for such performance is delivered to you by the Company that identifies the manner in which you have not substantially performed those duties and that provides a reasonable period for you to cure
those deficiencies; (2) a material breach by you of your obligations under any confidential or proprietary information agreements with the Company or of any of your fiduciary or legal obligations as a director or officer of the Company, (3) your
failure to follow in a material respect Company policies or directives applicable to your position, (4) any willful misconduct on your part or (5) any unauthorized activity on your part that creates a material conflict of interest between you and
the Company after you have been provided a reasonable opportunity to refrain from that activity. 
  
 CHANGE OF CONTROL BENEFITS: 
  
 1. Should
there occur a Corporate Transaction or a Change in Control (as those terms are defined in the Company’s 1993 Stock Option/Stock Issuance Plan) and either (i) your employment is subsequently involuntarily terminated other than for
“Misconduct” (as defined below) within twelve (12) months or (ii) you subsequently resign within twelve (12) months by reason of a material reduction in your base compensation, your annual total target compensation, or your benefits (for
this purpose, 15% will be deemed a material reduction of base compensation, total target compensation and benefits), a material reduction in your duties or responsibilities, or a change in your principal place of employment that increases your
commute by more than 25 miles, then you will be entitled to severance pay equal in the aggregate to the amount of your targeted total annual compensation at the level in effect at the time of your termination or resignation or (if greater) at the
level in effect immediately prior to the Corporate Transaction or Change in Control. The payments set forth in this paragraph shall be made in four equal installments with the first payment occurring within ten days following the termination of your
employment and the remaining three payments to be made two, four and six months following the date that the Company terminates your employment. 
  

 3 

 The Company shall also make COBRA payments on your behalf for a period of 12 months from the date you resign or are
terminated. 
  
 2. Except to the extent otherwise provided in paragraph 3 below,
should a Corporate Transaction or Change in Control occur during your period of employment with the Company, then (i) all of your outstanding options will, immediately prior to the specified effective date for the Corporate Transaction or Change in
Control, become exercisable for all the shares at the time subject to those options, whether or not those options are to be assumed or replaced with a cash incentive program, and those accelerated options may be exercised for all or any portion of
the option shares as fully vested shares; and (ii) all of your unvested restricted share rights for QRS stock will immediately vest at the time of such Corporate Transaction or Change in Control. 
  
 3. However, the following limitation will be in effect for (i) all of your unvested
restricted share rights for QRS stock and (ii) any unvested options that are to be assumed by the successor entity (or parent company) or otherwise continued in effect or which are to be replaced with a cash incentive program that preserves the
spread existing at the time of such Corporate Transaction or Change in Control on any shares for which your options are not otherwise at that time exercisable (the excess of the fair market value of those shares over the exercise price): The
accelerated vesting of those unvested restricted share rights and options will be limited to the extent and only to the extent necessary to assure that the parachute payment attributable to the accelerated vesting of those shares and options, when
aggregated with any other compensation that constitutes a parachute payment, would not constitute an excess parachute payment under Internal Revenue Code Section 280G(b). 
  
 To the extent one of more of your options or unvested restricted share rights do not vest on an accelerated basis upon a Corporate
Transaction or Change in Control by reason of such limitation, those options will continue to become exercisable in accordance with the exercise schedule indicated in the respective grant notices for those options, and those unvested restricted
share rights will continue to vest in accordance with the vesting schedule set forth in the applicable Restricted Share Right Agreements. However, following a Corporate Transaction or Change in Control should either (i) your employment be
involuntarily terminated other than for Misconduct within twelve (12) months after the Corporate Transaction or Change in Control or (ii) you resign within twelve (12) months after the Corporate Transaction or Change in Control by reason of a
material reduction in your base compensation, your annual total target compensation, or your benefits (for this purpose, 15% will be deemed a material reduction), a material reduction in your duties or responsibilities, or a change in your principal
place of employment that increases your commute by more than 25 miles, then each of your outstanding options, to the extent not otherwise fully exercisable at that time, shall automatically accelerate and become immediately exercisable for all the
option shares and may be exercised for any or all of those shares as fully vested shares at any time prior to the expiration or sooner tenl1ination of the option tenl1. In addition, all of your unvested restricted share rights will immediately vest
upon such a termination of employment or your resignation. 
  
 4. Any of your
options or restricted share rights that are assumed by the successor entity (or parent company) in the Corporate Transaction or are otherwise continued in effect following the Change in Control transaction shall be appropriately adjusted to apply
and pertain to the number and class of securities that would have been issued to you in the consummation of such Corporate Transaction or Change in Control had the options been exercised or the restricted share rights settled immediately prior to
such event. Appropriate adjustments shall also be made to the option prices payable per share under the options, provided the aggregate option prices payable shall remain the same. 
  

 4 

 5. For purposes of this Agreement, Misconduct means (i) your willful engagement in gross misconduct injurious to the
Company or your commission of any act of gross negligence or malfeasance with respect to your duties incident to your employment; (ii) your willful failure to attend to the material duties assigned to you by the Chief Executive Officer; (iii) your
commission of any act of fraud, embezzlement or dishonesty against the Company or any affiliate thereof, or (iv) your conviction for any criminal offense involving fraud or dishonesty or any similar conduct that is injurious to the reputation of the
Company. For purposes of this Agreement, a Corporate Transaction shall not include any merger, whether forward or reverse, if, immediately after the merger, securities possessing 50% or more of the total combined voting power of the surviving entity
or parent thereof are beneficially owned, directly or indirectly, by those persons who were the Company’s stockholders immediately before the merger in substantially the same proportion as their stockholdings immediately before the merger.

  
 EMPLOYMENT AT WILL: 
  
 Your employment in the position of Senior Vice President, Worldwide Sales & Field
Operations will remain an Employment At Will. This means that your position is for no set period or term and just as you have the right to resign your position at any time, for any reason, QRS reserves the right to terminate your employment at any
time, with or without cause and with or without advance notice. If any contrary representation has been made to you, this letter supersedes it. Neither subsequent agreement contrary to this nor any amendment to this term can be made unless it is in
writing and signed by both of us and copied to QRS’ Senior Vice President, Human Resources. 
  
 I trust the above meets your approval. However, should you have any questions or concerns; you should not hesitate to contact me or Fred Ruffin, Senior Vice President of Human Resources. For our part we look forward
to your continuing employment with QRS and our ongoing relationship. 
  
 Sincerely, 
  

	
	 /s/ Elizabeth A. Fetter

	

	 Elizabeth A. Fetter,
 President and Chief Executive Officer

  
 cc: Fred Ruffin 
  
 I accept this ongoing position with QRS Corporation on the terms and conditions above and
understand and agree that it supersedes any other agreement, written or oral, I may have with QRS with respect to employment or compensation by QRS, including salary, incentive, options, termination and severance. 
  

	
	 /s/ Ray Rike

	

  

 5<PAGE>

                                                                  EXHIBIT 10.121

              SECOND AMENDMENT TO FINANCING AND SECURITY AGREEMENT
              ----------------------------------------------------

     THIS SECOND AMENDMENT TO FINANCING AND SECURITY AGREEMENT (this
"Agreement") is made as of the 26th day of September, 2003, by SPACEHAB,
INCORPORATED, a corporation organized under the laws of the State of Washington,
SPACEHAB GOVERNMENT SERVICES, INCORPORATED, formerly known as Johnson
Engineering Corporation, a corporation organized under the laws of the State of
Colorado, ASTROTECH SPACE OPERATIONS, INC., a corporation organized under the
laws of the State of Delaware, jointly and severally (each a "Borrower" and
collectively, the "Borrowers"); and RIGGS BANK N.A., a national banking
association ("Lender").

                                    RECITALS
                                    --------

     A.   The Borrowers and the Lender entered into a Financing and Security
Agreement dated August 29, 2002, as modified by a First Amendment to Financing
Agreement dated May 13, 2003 (the same, as amended, modified, substituted,
extended, and renewed from time to time, collectively, the "Financing
Agreement").

     B.   The Financing Agreement provides for some of the agreements between
the Borrowers and the Lender with respect to the "Loans" (as defined in the
Financing Agreement), including a revolving credit facility in an amount not to
exceed $5,000,000.

     C.   The loss of the Space Shuttle Columbia has had a negative impact on
the financial condition of the Borrowers.

     D.   The Lender and the Borrowers have agreed to revise certain financial
covenants, cash secure the Obligations and suspend requirements related to the
Borrowing Base and desire to execute this Agreement to evidence these
agreements.

                                   AGREEMENTS
                                   ----------

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, receipt of which is hereby acknowledged, the Borrowers
and the Lender agree as follows:

     1.   The Borrowers and the Lender agree that the Recitals above are a part
of this Agreement. Unless otherwise expressly defined in this Agreement, terms
defined in the Financing Agreement shall have the same meaning under this
Agreement.

     2.   The Borrowers and the Lender agree that on the date hereof the
aggregate outstanding principal balance under the Revolving Credit Note (subject
to change for returned items and other adjustments made in the ordinary course
of business) is $450,000.00.

     3.   Each of the Borrowers represents and warrants to the Lender as
follows:

<PAGE>
          (a)  It is duly organized, and validly existing and in good standing
under the laws of the jurisdiction of its formation and is duly qualified to do
business as a foreign corporation in good standing in every other jurisdiction
wherein the conduct of its business or the ownership of its property requires
such qualification;

          (b)  It has the power and authority to execute and deliver this
Agreement and perform its obligations hereunder and has taken all necessary and
appropriate action to authorize the execution, delivery and performance of this
Agreement;

          (c)  The Financing Agreement, as heretofore amended and as amended by
this Agreement, and each of the other Financing Documents remains in full force
and effect, and each constitutes the valid and legally binding obligation of
Borrower, enforceable in accordance with its terms;

          (d)  All of Borrower's representations and warranties contained in the
Financing Agreement and the other Financing Documents are true and correct on
and as of the date of Borrower's execution of this Agreement; and

          (e)  No Event of Default and no event which, with notice, lapse of
time or both would constitute an Event of Default, has occurred and is
continuing under the Financing Agreement or the other Financing Documents which
has not been waived in writing by the Lender.

     4.   The Financing Agreement is hereby amended as follows:

          (a)  Section 1.1 (Certain Defined Terms) is modified by restating the
following defined term:

          "Financing Documents" means at any time collectively this Agreement,
     the Pledge Agreement, the Notes, the Security Documents, the Letter of
     Credit Documents, and any other instrument, agreement or document
     previously, simultaneously or hereafter executed and delivered by any
     Borrower and/or any other Person, singly or jointly with another Person or
     Persons, evidencing, securing, guarantying or in connection with this
     Agreement, any Note, any of the Security Documents, any of the Facilities,
     and/or any of the Obligations.

          (b) Section 1.1 (Certain Defined Terms) is modified by adding the
following defined term:

          "Pledge Agreement" means the Collateral Security Agreement dated
     September 26, 2003 executed by SpaceHab Incorporated in favor of Lender, as
     amended, modified, substituted, extended, and renewed from time to time."

          (c) The second paragraph of Section 2.1.1 (Revolving Credit Facility)
is hereby deleted and the following is inserted in place thereof:

          "During the Revolving Credit Commitment Period, the Lender agrees to
     make advances under the Revolving Credit requested by the Company from time

                                        2

<PAGE>

     to time provided that after giving effect to the Company's request, the sum
     of (a) the outstanding principal balance of the Revolving Credit and (b)
     the Letter of Credit Obligations would not exceed the Revolving Credit
     Committed Amount."

          (d)  Sections 2.1.3 (Borrowing Base) and 2.1.4 (Borrowing Base Report)
are hereby deleted in their entirety. The defined terms Borrowing Base,
Borrowing Base Deficiency and Borrowing Base Report shall be deemed deleted in
their entirety and the Financing Agreement shall be read as those all references
thereto had been deleted.

          (e)  Section 6.1.1(e) (Monthly Statements and Certificates) is hereby
deleted in its entirety.

          (f)  Section 6.1.15 (Financial Covenants) is modified by deleting
subsections (a), (b) and (c) in their entirety.

          (g)  Section 6.1.15(e) (Liquidity Covenant) is deleted in its entirety
and the following section is inserted in its place:

          "(e) Liquidity Covenant. The Company and its Subsidiaries will at all
     times maintain Liquid Assets of not less than $5,600,000 on deposit with
     the Lender or any of its Subsidiaries or Affiliates."

     5.   The Lender hereby waives defaults under Section 6.1.15(a) (Tangible
Capital Funds), Section 6.1.15(b) (Leverage Ratio) and Section 6.1.15(c) (Debt
Service Coverage Ratio) as of June 30, 2003; provided, however, that this
Section shall not be deemed to waive any defaults under such sections after the
date of this Agreement or after the period stated, or any other defaults arising
out of non-compliance by the Borrowers with the Financing Agreement, whether or
not the events, facts or circumstances giving rise to such non-compliance
existed on or prior to the date hereof.

     6.   Each of the Borrowers hereby issues, ratifies and confirms the
representations, warranties and covenants contained in the Financing Agreement,
as amended hereby. The Borrowers agree that this Agreement is not intended to
and shall not cause a novation with respect to any or all of the Obligations.

     7.   The Borrowers acknowledge and warrant that the Lender has acted in
good faith and has conducted in a commercially reasonable manner its
relationships with the Borrowers in connection with this Agreement and generally
in connection with the Financing Agreement and the Obligations, the Borrowers
hereby waiving and releasing any claims to the contrary.

     8.   The Borrowers shall pay at the time this Agreement is executed and
delivered all fees, commissions, costs, charges, taxes and other expenses
incurred by the Lender and its counsel in connection with this Agreement,
including, but not limited to, reasonable fees and expenses of the Lender's
counsel and all recording fees, taxes and charges.

     9.   This Agreement may be executed in any number of duplicate originals or
counterparts, each of such duplicate originals or counterparts shall be deemed
to be an original and all taken together shall constitute but one and the same
instrument. The Borrowers agree

                                        3

<PAGE>

that the Lender may rely on a telecopy of any signature of the Borrowers. The
Lender agrees that the Borrowers may rely on a telecopy of this Agreement
executed by the Lender.

     IN WITNESS WHEREOF, the Borrowers and the Lender have executed this
Agreement under seal as of the date and year first written above.

WITNESS OR ATTEST:                      SPACEHAB, INCORPORATED

                                        By: /s/ Julia A. Pulzone          (Seal)
------------------------------             -------------------------------
                                            Name: Julia A. Pulzone
                                            Title: Chief Financial Officer

WITNESS OR ATTEST                       SPACEHAB GOVERNMENT SERVICES,
                                        INCORPORATED, formerly known as Johnson
                                        Engineering Corporation

                                        By: /s/ Julia A. Pulzone          (Seal)
------------------------------             -------------------------------
                                            Name: Julia A. Pulzone
                                            Title: Chief Financial Officer

WITNESS OR ATTEST:                      ASTROTECH SPACE OPERATIONS, INC.

                                        By: /s/ Julia A. Pulzone          (Seal)
------------------------------             -------------------------------
                                            Name: Julia A. Pulzone
                                            Title: Chief Financial Officer

WITNESS:                                RIGGS BANK N.A.

                                        By: /s/ Douglas T. Brown          (SEAL)
------------------------------             -------------------------------
                                            Douglas T. Brown
                                            Group Vice President

                                        4

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