Document:

Fourth Amended and Restated Unsecured Revolving Demand Promissory Note

 Exhibit 10.12 
 FOURTH AMENDED AND RESTATED 
 UNSECURED REVOLVING 

DEMAND PROMISSORY NOTE 
  

			
	 $90,000,000.00
	  	December 13, 2011

 Section 1. Promise to Pay. For and in consideration
of value received, the undersigned, CONTRAN CORPORATION, a corporation duly organized under the laws of the state of Delaware (“Borrower”), promises to pay to the order of TIMET FINANCE
MANAGEMENT COMPANY, a corporation duly organized under the laws of the state of Delaware (“TFMC”), or the holder hereof (as applicable, TFMC or such holder shall be referred to as the
“Noteholder”), the principal sum of NINETY MILLION and NO/100ths United States Dollars ($90,000,000.00) or such lesser amount as shall equal the unpaid principal amount of the loan made by the Noteholder to Borrower together with
interest on the unpaid principal balance from time to time pursuant to the terms of this Fourth Amended and Restated Unsecured Revolving Demand Promissory Note, as it may be amended from time to time (this “Note”). This Note shall
be unsecured and will bear interest on the terms set forth in Section 7 below. Capitalized terms not otherwise defined shall have the meanings given to such terms in Section 18 of this Note. 

Section 2. Amendment and Restatement This Note renews and replaces, amends and restates in
its entirety the Third Amended and Restated Unsecured Revolving Demand Promissory Note dated December 22, 2010 in the original principal amount of $90,000,000.00 payable to the order of the Noteholder and executed by the Borrower (the
“Third Amended Note”). The Third Amended Note replaced, amended and restated in its entirety the Second Amended and Restated Unsecured Revolving Demand Promissory Note dated April 15, 2010 in the original principal amount of
$90,000,000.00 payable to the order of the Noteholder and executed by the Borrower (the “Second Amended Note”). The Second Amended Note replaced, amended and restated in its entirety the First Amended and Restated Unsecured
Revolving Demand Promissory Note dated December 11, 2009 in the original principal amount of $60,000,000.00 payable to the order of the Noteholder and executed by the Borrower (the “First Amended Note”). The First Amended Note
replaced, amended and restated in its entirety the Unsecured Revolving Demand Promissory Note dated November 4, 2009 in the original principal amount of $30,000,000.00 payable to the order of the Noteholder and executed by the Borrower (the
“Original Note”). This Note amends and restates in its entirety the Third Amended Note, the Second Amended Note, the First Amended Note and the Original Note (collectively, the “Prior Notes”); provided that
(a) such amendment and restatement shall operate to renew, amend and modify the rights and obligations of the parties under each Prior Note, as provided herein, but shall not extinguish the obligations under each Prior Note, nor effect a
novation thereof,. As of the close of business on December 12, 2011, the unpaid principal balance of the Third Amended Note was $28,800,000.00 and the accrued and unpaid interest thereon was $88,243.87, which principal and accrued and unpaid
interest is the principal and accrued and unpaid interest owed, respectively, under this Note as of the beginning of business on the date of this Note. 
 Section 3. Place of Payment. All payments will be made at Noteholder’s address at Nemours Building, Suite 1410, 1007 Orange Street, Wilmington, Delaware 19801,
Attention: President or such other place as the Noteholder may from time to time appoint in writing. 

Section 4. Payments. The unpaid principal balance of this Note and any unpaid and accrued
interest thereon shall be due and payable on the Final Payment Date. Prior to the Final Payment Date, any unpaid and accrued interest on an unpaid principal balance shall be paid in arrears quarterly on the last day of each March, June, September
and December, commencing December 31, 2011. All payments on this Note shall be applied first to accrued and unpaid interest, next to accrued interest not yet payable and then to principal. If any payment of principal or interest on this Note
shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and the payment shall be the amount owed on the original payment date. 

Section 5. Prepayments. This Note may be prepaid in part or in full at any time without
penalty. 
 Section 6. Borrowings. Prior to the Final Payment Date, Noteholder
expressly authorizes Borrower to borrow, repay and re-borrow principal under this Note in increments of $100,000 on a daily basis so long as: 

  
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	 	•	 	 the aggregate outstanding principal balance does not exceed $90,000,000.00; 

 

	 	•	 	 no written demand for payment has been made by the Noteholder; and 

 

	 	•	 	 no Event of Default has occurred and is continuing. 

Section 7. Interest. The unpaid principal balance of this Note up to and including
$15,000,000.00 shall bear interest at the rate per annum of the Prime Rate less one and one half percent (1.50%). The unpaid principal balance of this Note in excess of $15,000,000.00 shall bear interest at the rate per annum of the Prime Rate. In
the event that principal or interest is not paid within five Business Days after such payment was due or declared due, all past due principal under this Note will bear interest at the rate per annum of the Prime Rate plus four percent (4.00%).
Accrued interest on the unpaid principal of this Note shall be computed on the basis of a 365- or 366-day year for actual days (including the first, but excluding the last day) elapsed, but in no event shall such computation result in an amount of
accrued interest that would exceed accrued interest on the unpaid principal balance during the same period at the Maximum Rate. Notwithstanding anything to the contrary, this Note is expressly limited so that in no contingency or event whatsoever
shall the amount paid or agreed to be paid to the Noteholder exceed the Maximum Rate. If, from any circumstances whatsoever, the Noteholder shall ever receive as interest an amount that would exceed the Maximum Rate, such amount that would be
excessive interest shall be applied to the reduction of the unpaid principal balance and not to the payment of interest, and if the principal amount of this Note is paid in full, any remaining excess shall be paid to Borrower, and in such event, the
Noteholder shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the highest lawful rate permissible under applicable law. All sums paid or agreed to be paid to
Noteholder for the use, forbearance or detention of the indebtedness of the Borrower to Noteholder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until
payment in full of the principal (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the Maximum Rate. If at any time the Contract Rate is limited to the Maximum Rate, any
subsequent reductions in the Contract Rate shall not reduce the rate of interest on this Note below the Maximum Rate until the total amount of interest accrued equals the amount of interest that would have accrued if the Contract Rate had at all
times been in effect. In the event that, upon demand or acceleration of this Note or at final payment of this Note, the total amount of interest paid or accrued on this Note is less than the amount of interest that would have accrued if the Contract
Rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by law, in addition to the principal and any other amounts Borrower owes to the Noteholder, the Borrower shall pay to the Noteholder an amount
equal to the difference between: (i) the lesser of the amount of interest that would have accrued if the Contract Rate had at all times been in effect or the amount of interest that would have accrued if the Maximum Rate had at all times been
in effect; and (ii) the amount of interest actually paid on this Note. 
 Section 8.
Remedy. Upon the occurrence and during the continuation of an Event of Default, the Noteholder shall have all of the rights and remedies provided in the applicable Uniform Commercial Code, this Note or any other agreement
among Borrower and in favor of the Noteholder, as well as those rights and remedies provided by any other applicable law, rule or regulation. In conjunction with and in addition to the foregoing rights and remedies of the Noteholder, the Noteholder
may declare all indebtedness due under this Note, although otherwise unmatured, to be due and payable immediately without notice or demand whatsoever. All rights and remedies of the Noteholder are cumulative and may be exercised singly or
concurrently. The failure to exercise any right or remedy will not be a waiver of such right or remedy. 

Section 9. Right of Offset. The Noteholder shall have the right of offset against amounts
that may be due by the Noteholder now or in the future to Borrower against amounts due under this Note. 

Section 10. Record of Outstanding Indebtedness. The date and amount of each repayment of
principal outstanding under this Note or interest thereon shall be recorded by Noteholder in its records. The principal balance outstanding and all accrued or accruing interest owed under this Note as recorded by Noteholder in its records shall be
the best evidence of the principal balance outstanding and all accrued or accruing interest owed under this Note; provided that the failure of Noteholder to so record or any error in so recording or computing any such amount owed shall not
limit or otherwise affect the obligations of the Borrower under this Note to repay the principal balance outstanding and all accrued or accruing interest. 

  
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 Section 11. Waiver. Borrower and each surety,
endorser, guarantor, and other party now or subsequently liable for payment of this Note, severally waive demand, presentment for payment, notice of nonpayment, notice of dishonor, protest, notice of protest, notice of the intention to accelerate,
notice of acceleration, diligence in collecting or bringing suit against any party liable on this Note, and further agree to any and all extensions, renewals, modifications, partial payments, substitutions of evidence of indebtedness, and the taking
or release of any collateral with or without notice before or after demand by the Noteholder for payment under this Note. 
 Section 12. Costs and Attorneys’ Fees. In the event the Noteholder incurs costs in collecting on this Note, this Note is placed in the hands of any attorney for
collection, suit is filed on this Note or if proceedings are had in bankruptcy, receivership, reorganization, or other legal or judicial proceedings for the collection of this Note, Borrower and any guarantor jointly and severally agree to pay on
demand to the Noteholder all expenses and costs of collection, including, but not limited to, reasonable attorneys’ fees incurred in connection with any such collection, suit, or proceeding, in addition to the principal and interest then due.

 Section 13. Time of Essence. Time is of the essence with respect to all of
Borrower’s obligations and agreements under this Note. 
 Section 14. Jurisdiction and
Venue. THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, AND BORROWER CONSENTS TO JURISDICTION IN THE COURTS LOCATED IN THE STATE OF DELAWARE. 

Section 15. Notice. Any notice or demand required by this Note shall be deemed to have
been given and received on the earlier of (i) when the notice or demand is actually received by the recipient or (ii) 72 hours after the notice is deposited in the United States mail, certified or registered, with postage
prepaid, and addressed to the recipient. The address for giving notice or demand under this Note (i) to the Noteholder shall be the place of payment specified in Section 3 or such other place as the Noteholder may specify in
writing to the Borrower and (ii) to Borrower shall be the address below the Borrower’s signature or such other place as the Borrower may specify in writing to the Noteholder. 

Section 16. Successors and Assigns. All of the covenants, obligations, promises and
agreements contained in this Note made by Borrower shall be binding upon its successors and permitted assigns, as applicable. Notwithstanding the foregoing, Borrower shall not assign this Note or its performance under this Note without the prior
written consent of the Noteholder. 
 Section 17. Periodic Reporting. Borrower
agrees to provide to the Noteholder the following: 
 (a) within sixty (60) days
after the end of each of Borrower’s first three fiscal quarters each year, the consolidated balance sheets of Borrower and its consolidated subsidiaries as of the end of such quarter, and the related consolidated statements of income and cash
flows for the year-to-date interim period then ended, prepared in accordance with accounting principles generally accepted in the United States of America; and 

(b) within one hundred twenty (120) days following the end of each fiscal year of Borrower, a
copy of the annual audit report for such year for Borrower and its consolidated subsidiaries, including therein consolidated balance sheets of Borrower and its consolidated subsidiaries as of the end of such fiscal year and the related consolidated
statements of income and cash flows for the year then ended, accompanied by a report and opinion of PricewaterhouseCoopers LLP, or another independent certified public accountant of recognized standing acceptable to the Noteholder in its reasonable
discretion, which report and opinion shall be prepared in accordance with accounting principles generally accepted in the United States of America and shall not be subject to any “going concern” or like qualification or exception, or any
exception or qualification as to scope of audit. 

  
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 Section 18. Definitions. For purposes of this
Note, the following terms shall have the following meanings: 
 (a) “Business
Day” shall mean any day banks are open in the state of Delaware. 
 (b)
“Contract Rate” means the amount of any interest (including fees, charges or expenses or any other amounts that, under applicable law, are deemed interest) contracted for, charged or received by or for the account of
Noteholder. 
 (c) “Final Payment Date” shall mean the earlier
of: 
  

	 	•	 	 written demand by the Noteholder for payment of all or part of the principal and interest accrued and unpaid thereon; 

 

	 	•	 	 March 31, 2013; or 

  

	 	•	 	 acceleration as provided herein. 

(d) “Event of Default” wherever used herein, means any one of the
following events: 
 (i) the Borrower fails to pay any amount due on this Note and/or any
fees or sums due under or in connection with this Note after any such payment otherwise becomes due and payable and three Business Days after demand for such payment; 

(ii) the Borrower otherwise fails to perform or observe any other provision contained in this Note
and such breach or failure to perform shall continue for a period of thirty days after notice thereof shall have been given to the Borrower by the Noteholder; 

(iii) a case shall be commenced against Borrower, or Borrower shall file a petition commencing a
case, under any provision of the Federal Bankruptcy Code of 1978, as amended, or shall seek relief under any provision of any other bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any
jurisdiction, whether now or hereafter in effect, or shall consent to the filing of any petition against it under such law, or Borrower shall make an assignment for the benefit of its creditors, or shall admit in writing its inability to pay its
debts generally as they become due, or shall consent to the appointment of a receiver, trustee or liquidator of Borrower or all or any part of its property; or 

(iv) an event occurs that, with notice or lapse of time, or both, would become any of the
foregoing Events of Default. 
 (e) “Maximum Rate” shall mean the
highest lawful rate permissible under applicable law for the use, forbearance or detention of money. 
 (f) “Prime Rate” shall mean the fluctuating interest rate per annum in effect from time to time equal to the base rate on corporate loans as reported as the Prime Rate in
the Money Rates column of The Wall Street Journal or other reliable source. 

  
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	BORROWER:
	
	CONTRAN CORPORATION
		
	By:	 	/s/    JOHN A. ST. WRBA        
		 	John A. St. Wrba
		 	Vice President and Treasurer
	
	Address:
	
	 5430 LBJ Freeway, Suite 1700
 Dallas, Texas 75240-2697

  
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 As of the date hereof, TIMET FINANCE
MANAGEMENT COMPANY, as the Noteholder, hereby agrees that this Note renews and replaces, amends and restates in its entirety the Third Amended Note, the Second Amended Note, the First Amended Note and the Original Note
(but shall not extinguish the obligations under each Prior Note, nor effect a novation thereof) and that the unpaid principal and accrued interest on the Third Amended Note as of the close of business on December 12, 2011 is the principal and
accrued interest owed under this Note as of the beginning of business on the date of this Note. 
  

			
	TIMET FINANCE MANAGEMENT COMPANY
		
	By: 	 	/s/ JOAN L. YORI
		 	Joan L. Yori, President

  
 Page 6 of 6.Indemnification Agreement

 Exhibit 10.1 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT made and entered
into this 27th day of February 2012 (“Agreement”), by and among ANSYS, Inc., a Delaware corporation (and where appropriate, any Entity (as hereinafter defined) controlled directly or indirectly by any it (collectively, the
“Companies,” and individually, a “Company”)), and Ronald W. Hovsepian (the “Indemnitee”): 

WHEREAS, it is essential to the Companies that they be able to retain and attract as directors and officers the most capable persons
available; 
 WHEREAS, increased corporate litigation has subjected directors and officers to litigation risks and expenses, and
the limitations on the availability of directors and officers liability insurance have made it increasingly difficult for the Companies to attract and retain such persons; 
 WHEREAS, their respective by-laws require the Companies to indemnify their directors and officers to the fullest extent permitted by law and permit them to make other indemnification arrangements and
agreements; 
 WHEREAS, the Companies desire to provide Indemnitee with specific contractual assurance of Indemnitee’s
rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of any of the Companies’ respective by-laws or any change in the ownership of any of the Companies or the
composition of any of their respective Boards of Directors), which indemnification is intended to be greater than that which is afforded by the Companies’ respective certificates of incorporation, by-laws and, to the extent insurance is
available, the coverage of Indemnitee under the Companies’ respective directors and officers liability insurance policies; and 
 WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement in continuing in Indemnitee’s position as an officer and/or director of each of the Companies. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Companies and Indemnitee do hereby covenant and
agree as follows: 
 1. Definitions. 
 (a) “Corporate Status” describes the status of a person who is serving or has served (i) as a director or officer of any of the Companies, (ii) in any capacity with respect to any
employee benefit plan of any of the Companies, or (iii) as a director, partner, manager, member, trustee, officer, employee or agent of any other Entity at the request of any of the Companies. 

(b) “Entity” shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association,
organization or other legal entity and any group or division of any Company or any of its subsidiaries. 

 (c) “Expenses” shall mean all reasonable fees, costs and expenses incurred in
connection with any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to
Sections 10 and 11(c) of this Agreement), fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of
experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses. 

(d) “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have the
meanings ascribed to those terms in Section 3(a) below. 
 (e) “Liabilities” shall mean judgments, damages,
liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement. 
 (f) “Proceeding” shall mean any
threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal
or informal, including a proceeding initiated by Indemnitee pursuant to Section 10 of this Agreement to enforce Indemnitee’s rights hereunder. 
 2. Services of Indemnitee. In consideration of each Company’s covenants and commitments hereunder, Indemnitee agrees to serve or continue to serve as a director or officer of such Company.
However, this Agreement shall not impose any obligation on Indemnitee or any Company to continue Indemnitee’s service to such Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 3. Agreement to Indemnify. The Companies agree to indemnify Indemnitee as follows: 

(a) Subject to the exceptions contained in Section 4(a) below, if Indemnitee was or is a party or is threatened to be made a party
to any Proceeding (other than an action by or in the right of one or more of the Companies) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Companies against all Expenses and Liabilities incurred or paid by
Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”). 

(b) Subject to the exceptions contained in Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party
to any Proceeding by or in the right of one or more of the Companies to procure a judgment in its favor by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Companies against all Indemnifiable Expenses. 

4. Exceptions to Indemnification. Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all
circumstances other than the following: 
 (a) If indemnification is requested under Section 3(a) and it has been
adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the 

  
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Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company with respect to which Indemnitee’s Corporate Status has given rise to a claim against Indemnitee (the “Relevant Company”), or, with respect to any criminal action or proceeding, Indemnitee had reasonable cause
to believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder. 
 (b) If indemnification is requested under Section 3(b) and: 

(i) it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the
Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Relevant Company, Indemnitee shall not be
entitled to payment of Indemnifiable Expenses hereunder; or 
 (ii) it has been adjudicated finally by a court of
competent jurisdiction that Indemnitee is liable to the Relevant Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that
Indemnitee received an improper personal benefit, no Indemnifiable Expenses shall be paid with respect to such claim, issue or matter unless the Court of Chancery or another court in which such Proceeding was brought shall determine upon application
that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper. 

5. Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Companies a written request specifying the
Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and the basis for the claim. The Companies shall pay such Indemnifiable Amounts to Indemnitee within twenty (20) calendar days of receipt of the
request. At the request of the Companies, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder. 

6. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this
Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified
against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Companies shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

  
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 7. Effect of Certain Resolutions. Neither the settlement or termination of any
Proceeding nor the failure of a Company to award indemnification or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not
opposed to the best interests of a Company or, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s action was unlawful. 
 8. Agreement to Advance Interim Expenses; Conditions. The Companies shall pay to Indemnitee all Indemnifiable Expenses incurred by Indemnitee in connection with any Proceeding, including a
Proceeding by or in the right of one or more of the Companies, in advance of the final disposition of such Proceeding, if Indemnitee furnishes the Companies with a written undertaking to repay the amount of such Indemnifiable Expenses paid to
Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Expenses. Such undertaking shall be an unlimited general obligation of
Indemnitee, shall be accepted by the Companies without regard to the financial ability of Indemnitee to make repayment, and in no event shall be required to be secured. 
 9. Procedure for Payment of Interim Expenses. Indemnitee shall submit to the Companies a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under
Section 8 of this Agreement, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8 shall be made no later than twenty (20) calendar days
after the Companies’ receipt of such request and the undertaking required by Section 8. 
 10. Remedies of
Indemnitee. 
 (a) Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable
Amounts under Sections 3 and 5 above or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 above and the Companies fail to make such payment or advancement in a timely manner pursuant to the terms of this Agreement,
Indemnitee may petition the Court of Chancery to enforce the Companies’ obligations under this Agreement. 
 (b) Burden
of Proof. In any judicial proceeding brought under Section 10(a) above, the Companies shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder. 

(c) Expenses. The Companies agree to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with
investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 10(a) above, or in connection with any claim or counterclaim brought by the Companies in connection therewith. 

  
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 (d) Validity of Agreement. The Companies shall be precluded from asserting in any
Proceeding, including, without limitation, an action under Section 10(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in
court that the Companies are bound by all the provisions of this Agreement. 
 (e) Failure to Act Not a Defense. The
failure of any of the Companies (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement
or Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 10(a) above, and shall not create a presumption that such payment or advancement is not permissible. 

11. Defense of the Underlying Proceeding. 
 (a) Notice by Indemnitee. Indemnitee agrees to notify the Companies promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating
to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right to receive
payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses unless the Companies’ ability to defend in such Proceeding is materially and adversely prejudiced. 

(b) Defense by Companies. Subject to the provisions of the last sentence of this Section 11(b) and of Section 11(c)
below, the Companies shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts hereunder; provided, however that the Companies shall notify Indemnitee of any such decision to defend
within ten (10) days of receipt of notice of any such Proceeding under Section 11(a) above. The Companies shall not, without the prior written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any
settlement or compromise which does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance satisfactory to Indemnitee. This
Section 11(b) shall not apply to a Proceeding brought by Indemnitee under Section 10(a) above or pursuant to Section 19 below. 
 (c) Indemnitee’s Right to Counsel. Notwithstanding the provisions of Section 11(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, Indemnitee has separate defenses or counterclaims to assert with respect to any issue which may not be consistent with the position of other defendants in such Proceeding, Indemnitee shall be entitled to be represented by separate legal
counsel of Indemnitee’s choice at the expense of the Companies. In addition, if any of the Companies fails to comply with any of its obligations under this Agreement or in the event that any of the Companies or any other person takes any action
to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of
Indemnitee’s choice, at the expense of the Companies, to represent Indemnitee in connection with any such matter. 

  
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 12. Representations and Warranties of the Companies. Each of the Companies hereby
represents and warrants to Indemnitee as follows: 
 (a) Authority. Such Company has all necessary power and authority to
enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company. 

(b) Enforceability. This Agreement, when executed and delivered by such Company in accordance with the provisions hereof, shall be
a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws
affecting the enforcement of creditors’ rights generally. 
 13. Insurance. The Companies shall, from time to time,
make the good faith determination whether or not it is practicable for the Companies to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the Indemnitee with coverage for losses from wrongful acts,
and to ensure the Companies’ performance of their indemnification obligations under this Agreement. Among other considerations, the Companies will weigh the costs of obtaining such insurance coverage against the protection afforded by such
coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Companies’ officers and directors. Notwithstanding the foregoing, the Companies shall have no obligation to obtain or maintain such insurance if the Companies determine in good faith that such insurance is not reasonably available, if the
premium costs for such insurance are disproportionate to the amount of coverage provided, or if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit. 

14. Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses
provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any Company’s by-laws or certificate of incorporation, or any other agreement, vote of
stockholders or directors, or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of Indemnitee’s serving as a director or officer of any of the Companies. 

15. Successors. This Agreement shall be (a) binding upon all successors and assigns of each of the Companies (including any
transferee of all or a substantial portion of the business, stock and/or assets of any Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit
of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee has ceased to
have Corporate Status. 
 16. Subrogation. In the event of any payment of Indemnifiable Amounts under this Agreement, the
Companies shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the 

  
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request of the Companies, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Companies to bring suit to enforce such
rights. 
 17. Change in Law. To the extent that a change in Delaware law (whether by statute or judicial decision) shall
permit broader indemnification than is provided under the terms of the by-laws of the Companies and this Agreement, Indemnitee shall be entitled to such broader indemnification and this Agreement shall be deemed to be amended to such extent.

 18. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause
shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on
the parties. 
 19. Indemnitee as Plaintiff. Except as provided in Section 10(c) of this Agreement and in the next
sentence, Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against any Company, any Entity which it controls, any director or officer
thereof, or any third party, unless such Company has consented to the initiation of such Proceeding. This Section shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee. 

20. Joint and Several Liability. The obligations of the Companies hereunder shall be joint and several. 

21. Modifications and Waiver. Except as provided in Section 17 above with respect to changes in Delaware law which broaden
the right of Indemnitee to be indemnified by the Companies, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. 
 22. General Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when
transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 

 

									
	(i)	  	If to Indemnitee, to:	  		  		  	
					
		  	  
	  		  		  	
		  	  
	  		  		  	
		  	  
	  		  		  	
		  	Attention: Ronald W. Hovsepian	  		  		  	

  
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	(ii)	  	If to the Companies, to:	  		  		  	
					
		  	ANSYS, Inc.	  		  		  	
		  	275 Technology Drive	  		  		  	
		  	Canonsburg, PA 15317	  		  		  	
		  	Attention: President	  		  		  	
		  	Facsimile No.: (724) 514-3091	  		  	

 or to such other address as may have been furnished in the same manner by any party to the others. 

23. Governing Law. This Agreement shall be governed by and construed and enforced under the laws of Delaware without giving effect
to the provisions thereof relating to conflicts of law. 
 24. Consent to Jurisdiction. The Companies hereby irrevocably
and unconditionally consent to the jurisdiction of the courts of the State of Delaware and the United States District Court for the District of Delaware. The Companies hereby irrevocably and unconditionally waive any objection to the laying of venue
of any Proceeding arising out of or relating to this Agreement in the courts of the State of Delaware or the United States District Court for the District of Delaware, and hereby irrevocably and unconditionally waive and agree not to plead or claim
that any such Proceeding brought in any such court has been brought in an inconvenient forum. 
 25. Agreement Governs.
This Agreement is to be deemed consistent wherever possible with relevant provisions of the Companies’ respective by-laws and certificates of incorporation; however, in the event of a conflict between this Agreement and such provisions, the
provisions of this Agreement shall control. 
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	ANSYS, INC.
	
	 /s/ James E. Cashman III

	Name: James E. Cashman III
	Title: President and CEO

  

	
	INDEMNITEE
	
	 /s/ Ronald W. Hovsepian

	Ronald W. Hovsepian

  
 9

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