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Exhibit 10.33  

 
 

PROMISSORY NOTE    
  

	$125,000.00	 	May 22, 2002

Richmond, California

        FOR
VALUE RECEIVED, the undersigned, Jack C. Parsons, Jr. (the "Maker") unconditionally promises to pay to the order of QRS Corporation, a Delaware corporation (the "Company"), at its
principal offices at Richmond, California, the principal sum of One Hundred Twenty-Five Thousand Dollars ($125,000.00), upon the terms and conditions specified below. 

        1.    Use of Proceeds.    The Maker shall use the funds received from the Company in connection with this Note solely
for the purchase of a principal residence in the San Francisco Bay area. 

        2.    Principal.    The entire principal balance of this Note shall become due and payable in one lump sum on
May 22, 2003. 

        3.    Interest.    Interest shall accrue at the rate of six and one eighth percent (6.125%) per annum, compounded
semi-annually, on the outstanding balance under this Note from the execution date of this Note until this Note is repaid. Any interest due and payable for a period of less than one full
month shall be calculated by multiplying the actual number of days elapsed in such period by the daily interest rate calculated on the basis of the number of days in the applicable calendar year. All
accrued and unpaid interest on this Note shall become due and payable in one lump sum on the due date for the payment of the principal balance of this Note. 

        4.    Payment.    All payments of principal and interest on this Note shall be made in lawful tender of the United
States and shall be applied first to the payment of all accrued and unpaid interest and then to the payment of principal. Prepayment of the principal balance of this Note, together with all accrued
and unpaid interest, may be made in whole or in part at any time without penalty. 

        5.    Representations, Warranties and Covenants.    

	A.
	The
Maker hereby represents and warrants to the Company that this Note does not contravene any contractual or judicial restriction binding on or affecting the Maker and that this Note
is the legal, valid and binding obligation of the Maker enforceable against the Maker in accordance with its terms.

	B.
	So
long as any amount payable by the Maker hereunder shall remain unpaid, the Maker shall furnish the Company from time to time such information respecting the Maker's financial
condition as the Company may from time to time request. 

        6.    Events of Acceleration.    The entire unpaid principal sum of this Note, together with all accrued and unpaid
interest, shall become immediately due and payable upon one or more of the following events: 

	A.
	the
cessation of the Maker's employment with the Company or its successor for any reason whatsoever; or

	B.
	the
sale, conveyance or other alienation of either the land in the Escala subdivision in Austin, Texas or the residence in Hyannisport, Massachusetts owned by the Maker and his spouse;
or

	C.
	the
insolvency of the Maker, the commission of any act of bankruptcy by the Maker, the execution by the Maker of a general assignment for the benefit of creditors, the filing by or
against the Maker of any petition in bankruptcy or any petition for relief under the provisions of the federal bankruptcy act or any other state or federal law for the relief of debtors and the
continuation of such petition without dismissal for a period of thirty (30) days or more, the appointment of a receiver or trustee to take possession of any property or assets of the Maker, or
the attachment of or execution against any property or assets of the Maker; or 

	D.
	the
breach by the Maker of any warranty, representation or covenant in this Note. 

        7.    Mandatory Prepayment.    In the event that the Maker is due or awarded any bonuses by the Company, the Maker
shall immediately prepay his obligations under this Note in the amount of such bonus less withholding of applicable taxes. 

        8.    Employment Requirement.    The benefits of the interest arrangements under this Note are not transferable by
Maker and are conditioned on the future performance of substantial services by the Maker. For purposes of this Note, the Maker shall be considered to remain in the employ of the Company for so long as
the Maker renders services as a full-time employee of the Company or one or more of its 50%-or-more owned (directly or indirectly) subsidiaries. Nothing in this
Note shall confer upon the Maker any right to continue as an employee or officer of the Company for a period of specific duration or interfere with or otherwise restrict in any way the rights of the
Company or the Maker, which rights are expressly reserved by each, to terminate the Maker's employment or tenure as an officer at any time for any reason with or without cause. 

        9.    Set-Off.    

	A.
	At
the time any bonus becomes or is awarded to the Maker, the Maker shall provide the Company with authorization to set-off the full amount of any such bonus less
withholding of applicable taxes against the Maker's obligations due under this Note, such authorization to be substantially in the form attached hereto as Exhibit A. Any set-off by
the Company pursuant to such an authorization by the Maker shall not limit the remedies available to the Company under applicable laws.

	B.
	Without
limiting any remedies available to the Company under applicable laws, the Company shall have the right to set-off against obligations of the Maker under this Note
any severance payments due the Maker under the employment letter agreement, dated January 30, 2002, among the Company and the Maker, as hereafter amended (the "Employment Agreement"), upon the
cessation of the Maker's employment with the Company or its successor. The Maker and the Company acknowledge that any severance payment due under the Employment Agreement shall not constitute
compensation for services performed by the Maker for the Company. 

        10.    Collection.    The Maker agrees to pay on demand all the losses, costs, and expenses (including, without
limitation, attorneys fees and disbursements) which the Company incurs in connection with enforcement or attempted enforcement of this Note, or the protection or preservation of the Company's rights
under this Note, whether by judicial proceedings or otherwise. 

        11.    Waiver.    The following provisions governing waivers shall be in effect for purposes of this Note: 

	A.
	A
waiver of any term of this Note must be made in writing and signed by a duly-authorized officer of the Company (other than the Maker), and such waiver shall be limited to
its express terms.

	B.
	No
previous waiver and no failure or delay by the Company in acting with respect to the terms of this Note shall constitute a waiver of any breach, default, or failure of condition
under this Note.

	C.
	The
Maker hereby waives presentment, demand for payment, notice of dishonor, default or delinquency, notice of acceleration, notice of protest and non-payment, notice of
costs, expense or losses and interest thereon, notice of interest on interest, and diligence in taking any action to collect any sums owing under this Note or in proceeding against any of the rights
or interests in or to properties securing payment of this Note.

	D.
	The
Maker agrees to make all payments under this Note without set-off or deduction and regardless of any counterclaim or defense. 

        12.    Conflicting Agreements.    In the event of any inconsistencies between the terms of this Note and the terms of
any other document related to the loan evidenced by the Note, the terms of this Note shall prevail. 

        13.    Governing Law.    This Note shall be construed in accordance with the laws of the State of California. 

        14.    Assignment.    This Note shall be binding on the Maker and the Maker's personal representatives, heirs and
legatees, and shall be binding upon and inure to the benefit of the Company, any future holder of this Note and their respective successors and assigns. The Maker may not assign or transfer this Note
or any of the Maker's obligations hereunder. 

	

 	
 	

/s/  JACK C. PARSONS, JR.      
 Jack C. Parsons, Jr.

ACCEPTED
AND AGREED TO BY: 

QRS
CORPORATION 

	

By:	
 	

/s/  ELIZABETH A. FETTER      	
 	

 	
 	

 
	 	 	
 Elizabeth A. Fetter	 	 	 	 

 
 

EXHIBIT A    
  

QRS
Corporation

1400 Marina Way South

Richmond, CA 94804 

Ladies
and Gentlemen: 

By
this letter, I hereby authorize QRS Corporation to set-off $                        of the bonus due and payable to me by QRS
Corporation, against my obligations under the Promissory Note,
dated May 22, 2002, by me in favor of QRS Corporation. 

Sincerely
yours, 

Jack
C. Parsons, Jr. 

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Exhibit 10.34  

 
 

SEPARATION AGREEMENT AND RELEASE    
  

        This Separation Agreement and Release ("Agreement") is entered into by and between QRS Corporation, its officers, directors, employees, representatives, agents,
attorneys, investors, shareholders, administrators, affiliates, predecessor and successor corporations and assigns (the "Company"), and Vince Morris, his/her heirs, executors, representatives and
assigns ("Employee"). 

        WHEREAS,
Employee has been employed by the Company; 

        WHEREAS,
the Employee's employment with the Company will terminate on the date set forth herein; 

        NOW,
THEREFORE, in consideration of the mutual promises made herein, the Company and Employee (collectively referred to as the "Parties") hereby agree as follows: 

        1.    Termination.    The Company and Employee acknowledge and agree that Employee's separation from the Company is
effective March 1, 2002 (the "Termination Date"). 

        2.    Consideration.    In consideration for Employee's release of claims set forth below and other obligations under
this Agreement, the Company and Employee agree as follows: 

	(a)
	Severance
Pay in the amount of twelve months' of your targeted total annual compensation, totaling $300,000, less applicable withholdings, payable over the next 12 months in
alignment with our QRS pay periods, after the Effective Date of this Agreement.

	(b)
	If
Employee elects COBRA coverage, the Company will pay for the first twelve (12) months of COBRA coverage. 

        Employee
acknowledges and agrees that but for his execution of this Agreement, he would not otherwise be entitled to the benefits described in paragraph 2(a) and 2(b) above. 

        3.    Stock Option.    Employee acknowledges and agrees that any unvested stock options and/or restricted stock
presently issued and outstanding will cease to vest on Termination Date. Employee agrees that he shall have no further rights to any shares which remain unvested as of Termination Date. 

        4.    No Other Payments Due.    Employee acknowledges and agrees that he/she has received all salary, accrued
vacation, bonuses, or other such sums due to Employee other than amounts to be paid and benefits provided pursuant to Section 2 of this Agreement. In light of the payment by the Company of all
wages due, or to become due to the Employee, the Parties further acknowledge and agree that California Labor Code section 206.5 is not applicable to the Parties hereto. That section provides in
pertinent part as follows: 

No
employer shall require the execution of any release of any claim or right on account of wages due, or to become due, or made as an advance on wages to be earned, unless payment of such wages has
been made. 

        5.    Employee Release of Claims.    In consideration for the obligations of both parties under this Agreement,
Employee hereby fully and forever releases the Company from any claim, duty, obligation or cause of action relating to any matters of any kind, whether known or unknown, suspected or unsuspected, that
he/she may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation: 

	(a)
	any
and all claims relating to or arising from Employee's employment relationship with the Company and termination of that relationship;

	(b)
	any
and all claims relating to, or arising from, Employee's right to purchase, or actual purchase of shares of stock of the Company; 

 

	(c)
	any
and all claims for wrongful discharge of employment; breach of contract, both express and implied; breach of the covenant of good faith and fair dealing, both express and implied;
negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage and
defamation;

	(d)
	any
and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967, and the California Fair Employment and Housing Act;

	(e)
	any
and all claims arising out of any other laws and regulations relating to employment or employment discrimination; and

	(f)
	any
and all claims for attorney's fees and costs. 

Employee
agrees that the release set forth in the section shall be and will remain in effect in all respects as a complete and general release as to the matters released. This release does not extend
to any obligations incurred under this Agreement nor does it abrogate any rights of Employee pursuant to California Labor Code section 2802. 

        6.    Waiver of Unknown or Future Claims.    Employee represents that he/she is not aware of any claim other than the
claims that are released by this Agreement. Employee acknowledges that he/she is familiar with the provisions of California Civil Code section 1542, which provides as follows: 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS/HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM/HER MUST HAVE MATERIALLY
AFFECTED HIS/HER SETTLEMENT WITH THE DEBTOR. 

        Employee,
being aware of such code section, agrees to waive any rights either party may have thereunder, as well as under any other statute or common law principles of similar effect. 

        7.    Nondisclosure of Confidential and Proprietary Information.    Employee agrees that he/she shall continue to
maintain the confidentiality of all confidential and propriety information of the Company as provided by the agreement regarding confidential information and ownership of inventions (the
"Confidentiality Agreement") between the Company and the Employee. Employee agrees that at all times hereafter, in accordance with the terms of the Confidentiality Agreement and applicable state and
federal law, Employee shall not divulge, furnish or make available to any party any confidential information, trade secrets, patents, patent applications, price decisions or determinations,
inventions, customers, proprietary information or other intellectual property rights of the Company, until after such time as such information has become publicly known otherwise than by act of
collusion of Employee. Employee further agrees that for a 12-month period commencing on the Termination Date, he/she will not solicit, recruit, or induce any employee of QRS Corporation to
terminate or alter his/her employment or consulting relationship with the Company. Employee further acknowledges and agrees that he/she has returned or will have returned all the Company's property
and confidential and proprietary information in his/her possession to the Company as of the Termination Date. 

        8.    Breach of this Agreement.    Employee acknowledges that breach of the confidential and proprietary information
provision contained in Section 8 of this Agreement would cause the Company to sustain irreparable harm from such breach, and, therefore, Employee agrees that in addition to any other remedies
which the Company may have for any breach of this Agreement or otherwise, including termination of the Company's obligations to provide benefits to Employee as described in Section 2 of this
Agreement, the Company shall be entitled to obtain equitable relief including specific performance 

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and injunctions, restraining Employee from committing or continuing any such violation of this Agreement. 

        9.    Authority.    The Company represents and warrants that the undersigned has the authority to act on behalf of the
Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he/she has the capacity to act on his/her own
behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or
assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 

        10.    No Representations.    Each party represents that it has carefully read and understands the scope and effect of
the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party which are not specifically set forth in this Agreement. 

        11.    Costs.    The Parties shall each bear their own costs, attorneys' fees and other fees incurred in connection
with this Agreement. 

        12.    Severability.    In the event that any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

        13.    Arbitration.    The Parties shall attempt, to settle all disputes arising in connection with this Agreement
through good faith consultation. In the event no agreement can be reached on such dispute within fifteen (15) days after notification in writing by either Party to the other concerning such
dispute, the dispute shall be settled by binding arbitration to be conducted in San Francisco before the American Arbitration Association under its National Employment Dispute Resolution Rules, or by
a judge to be mutually agreed upon. The arbitration decision shall be final, conclusive and binding on both Parties and any arbitration award or decision may be entered in any court having
jurisdiction. The Parties agree that the prevailing party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The Parties
further agree that the prevailing party in any such proceeding shall be awarded reasonable attorneys' fees and costs. The parties hereby waive any rights they may have to trial by jury in regard to
claims arising out of this Agreement or the enforcement of this Agreement. 

        14.    Entire Agreement.    This Agreement represents the entire agreement and understanding between the Company and
Employee concerning Employee's separation from the Company and supersedes and replaces any and all prior agreements and understandings concerning Employee's relationship with the Company and his/her
compensation by the Company other than the Confidentiality Agreement described above in Section 8. 

        15.    No Oral Modification.    This Agreement may only be amended in writing signed by Employee and the Company. 

        16.    Governing Law.    This Agreement shall be governed by the laws of the State of California without reference to
its conflict of laws provisions. 

        17.    Effective Date.    This Agreement shall be effective on the eighth day after it has been signed by the Employee
and the Employee has not revoked the Agreement as provided in Section 21 herein below. 

        18.    Counterparts.    This Agreement may be executed in counterparts, and each counterpart shall have the same force
and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

3

 

        19.    Assignment.    This Agreement may not be assigned by Employee or the Company without the prior written consent
of the other party. Notwithstanding the foregoing, this Agreement may be assigned by the Company to a corporation controlling, controlled by or under common control with the Company without the
consent of Employee. 

        20.    Acknowledgment of Waiver of Claims under ADEA.    Employee acknowledges that he/she is waiving and releasing
any rights he/she may have under the Age Discrimination in Employment Act of 1967 ("ADEA") and that this waiver and release is knowing and voluntary. Employee further acknowledges that he/she has been
advised by this writing that (a) he/she should consult with an attorney prior to executing this Agreement; (b) he/she has up to twenty-one (21) days within which to
consider this Agreement; (c) he/she has seven (7) days following the execution of this Agreement to revoke the Agreement (the "Revocation period"); and (d) this Agreement shall
not be effective until be Revocation Period has expired. Notice of revocation shall be made in writing by delivery to the Chief Executive Officer of the Company within the seven day period provided
for herein. 

        21.    Voluntary Execution of Agreement.    Employee agrees that he/she is executing this Agreement voluntarily and
without any duress or undue influence, with the full intent of releasing all claims. Employee acknowledges that: 

	(a)
	He/she
has read this Agreement;

	(b)
	He/she
has been advised by this writing to consult with legal counsel of his/her own choice or has voluntarily declined to seek such counsel;

	(c)
	He/she
understands the terms and consequences of this Agreement and of the releases it contains; and

	(d)
	He/she
is fully aware of the legal and binding effect of this Agreement. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement on the respective dates set forth below. 

	QRS CORPORATION	 	 	 	 
	

By:	
 	

/s/  JOANIE CREGER      
 Joanie Creger
 Director, Employee Relations & Staffing	
 	

/s/  VINCE MORRIS      
 Vince Morris

	Dated:	 	3-8-02
	 	Dated:	 	3-8-02

4

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SEPARATION AGREEMENT AND RELEASE

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