Document:

EXHIBIT 10.43

 

ASPEN TECHNOLOGY, INC. DIRECTOR
COMPENSATION POLICY

 

We
shall pay our non-employee directors an annual fee of $25,000 for their
services as directors, and we shall pay retainers as set forth in the table
below. All annual retainers shall be payable in monthly installments.

 

	
   

  	
  Position

  	
   

  	
  Retainer

  	
   

  	
   

  
	
   

  	
  Chairman of the Board

  	
   

  	
  $

  	
  75,000

  	
   

  	
   

  
	
   

  	
  Audit Committee Chair

  	
   

  	
  30,000

  	
   

  	
   

  
	
   

  	
  Audit Committee Member

  	
   

  	
  20,000

  	
   

  	
   

  
	
   

  	
  Compensation Committee Chair

  	
   

  	
  15,000

  	
   

  	
   

  
	
   

  	
  Compensation Committee Member

  	
   

  	
  7,500

  	
   

  	
   

  
							

 

We
shall also pay each director $2,500 for participation in our quarterly board
meetings, and $2,000 for participation in all other board of directors or
committee meetings of at least one hour duration.  All participation fees shall be payable
quarterly.

 

The
foregoing policy may be modified by the board of directors at any time.EXHIBIT 10.52

 

 

June 24,
2009

 

Mr. Mark
Sullivan

10 Hawthorne Street

Natick, Massachusetts 01760

 

Dear
Mark,

 

I
am pleased to confirm our offer of employment to you for the position of Senior
Vice President and Chief Financial Officer, reporting to Mark Fusco, President
and Chief Executive Officer at Aspen Technology, Inc. (the “Company” or “Aspen
Technology”). I am confident that you will enjoy working at Aspen Technology, Inc.

 

The
following is a summary of the terms of your employment with Aspen Technology:

 

COMPENSATION:

 

·                  You will receive an initial base salary of
$12,500. semi-monthly, or $300,000 annualized, subject to applicable taxes and
deductions. Such base salary may be adjusted from time to time in accordance
with normal business practices and in the sole discretion of the Company.

 

·                  You will be eligible to participate in the
Company’s FY 10 Executive Annual Incentive Bonus Plan, in accordance with the
terms of such plan. Your FY 10 target bonus will be $175,000. In FY 10 your
annual bonus will be guaranteed at a minimum of $175,000, and any
overachievement will be paid according to the Plan. You will receive more
information about this plan from Human Resources after your start date. Please
note that Aspen Technology reserves the right to modify and/or amend its
incentive and bonus plans from time to time in its sole discretion and/or in
accordance with business needs with or without prior notice to employees.

 

·                  Subject to the approval of the Compensation
Committee of the Board of Directors of the Company, the Company may grant to
you restricted stock units (the “RSUs”) under the 2005 Stock Incentive Plan
(the “Plan”) in the aggregate of 65,000 shares. The RSUs shall be subject to
all terms, vesting schedules, limitations, restrictions and termination
provisions set forth in the Plan and in the separate option agreement that
shall be executed to evidence the grant of any option.

 

BENEFITS:

 

You
may participate in any and all benefit programs that the Company establishes
and makes available to its employees from time to time, provided you are
eligible under (and subject to all terms and provisions of) the plan documents
governing those programs. A summary of the benefits offered by the Company for
the period through December 31, 2009 is enclosed.

 

·                  Provided you are eligible under (and subject
to all terms and provisions of) the plan documents, you will be eligible for
medical, dental and vision coverage on your first day of active employment and
the Company pays a portion of the premium of these benefits.

 

·                  In addition, provided you are eligible under
(and subject to all terms and provisions of) the plan documents, you will be
eligible for Basic Life and Basic Disability insurance and the Company
currently pays the full premiums for these benefits.

 

 

·                  You will be eligible to participate in the
Aspen Technology 401(k) Plan on your first day of employment, subject to
the terms and provisions of such plan.

 

·                  You will be eligible to accrue paid vacation
time on a monthly basis from your date of hire in accordance with Aspen
Technology’s policies and procedures. Your initial vacation eligibility is 4
weeks per year, accrued at a monthly rate of 1.66 days per month.

 

Please
note that Aspen Technology reserves the right to modify and/or amend its
benefits plans and programs from time to time in its sole discretion and/or in
accordance with business needs with or without prior notice to employees.

 

RETENTION AGREEMENT:

 

In
consideration of your joining the Company and remaining in its employ, the
Company will enter into an executive retention agreement with you which will
provide severance benefits in the event of your termination by the Company for
reasons other than cause as well as in the event of a change in control. The
benefits provided are detailed in the agreement which will be provided to you
on your start date.

 

ADMINISTRATIVE ISSUES

 

You
will be required to execute an AspenTech Confidentiality and Non-Disclosure Agreement
in the form attached as a condition of employment. As an employee, you will
also be required to abide by AspenTech’s Code of Business Conduct and Ethics,
which is also attached.

 

·                  You agree to provide to the Company, within
three days of your hire date, documentation of your eligibility to work in the
United States, as required by the Immigration Reform and Control Act of 1986.
You may need to obtain a work visa in order to be eligible to work in the
United States. If that is the case, your employment with the Company will be
conditioned upon your obtaining a work visa in a timely manner as determined by
the Company.

 

·                  The Company’s offer of at-will employment is
contingent upon your authorization and successful completion of employment
references and a background check.

 

·                  You represent that you are not bound by any
employment contract, restrictive covenant or other restriction preventing you
from entering into employment with or carrying out your responsibilities for
the Company, or which is in any way inconsistent with the terms of this letter.

 

EMPLOYMENT STATUS

 

While
I have every hope that you will have a successful career at Aspen Technology,
should you accept the Company’s offer of employment, your employment will be “at
will” in accordance with our standard employment practices. As an at will
employee, either you or Aspen Technology may terminate the employment relationship
at any time, for any reason, with or without cause and with or without notice.
This letter shall not be construed as an agreement, either express or implied,
to employ you for any stated term, and shall in no way alter the Company’s
policy of employment at will. This letter supercedes all prior understandings,
whether oral or written, relating to the terms of your employment.

 

Mark, I
am delighted to be able to extend this opportunity to you and look forward to
you joining our executive team. I believe you will find this position to be
rewarding and satisfying. If you accept Aspen Technology’s offer of employment,
your anticipated start date is July 1, 2009.

 

Please
confirm your acceptance of this employment offer by signing the enclosed
duplicate of this letter and returning it to me by this Friday, June 26,
2009.

 

 

We
look forward to having you join us at Aspen Technology! Please feel free to
call me if you have any questions.

 

Sincerely,

 

	
  /s/
  Joanna Nikka

  	
   

  
	
   

  	
   

  
	
  Joanna
  Nikka

  	
   

  
	
  Senior
  Vice President, Human Resources

  	
   

  

 

 

	
  CC:

  	
  Mark
  Fusco

  
	
   

  	
  President
  and Chief Executive Officer

  

 

The
foregoing correctly sets forth the terms of my employment with Aspen Technology, Inc.
I am not relying on any representations other than as set out above.

 

	
  /s/ Mark P. Sullivan

  	
   

  	
  Date:

  	
  7/1/2009

  
	
  Mark
  SullivanExhibit 4.44

 

AMENDMENT NO. 4 TO SERIES 2009-1 SUPPLEMENT

 

THIS
AMENDMENT NO. 4, dated as of June 21, 2010 (the “Amendment”), to the
Agreement (as defined below), is entered into by TAL Advantage III LLC, a
Delaware limited liability company (the “Issuer”), Wells Fargo Bank,
National Association, as indenture trustee (the “Indenture Trustee”),
and consented to by Wells Fargo Bank, National Association, as Control Party
for Series 2009-1 (“WFBNA”).

 

WITNESSETH:

 

WHEREAS,
the Issuer and the Indenture Trustee have previously entered into the Series
2009-1 Supplement, dated as of October 23, 2009 (as amended, supplemented and
otherwise modified from time to time, the “Agreement”); and

 

WHEREAS,
the parties hereto desire to amend the Agreement as set forth herein;

 

NOW
THEREFORE, in consideration of the premises and mutual covenants herein
contained, the parties hereto agree as follows:

 

SECTION 1.               Defined
Terms.  Unless otherwise amended by
the terms of this Amendment, capitalized terms used in this Amendment shall
have the meanings assigned in the Agreement.

 

SECTION 2.               Amendments
to Agreement.

 

(a)                               The
second sentence of Section 201 of the Supplement is hereby amended to read as
follows:

 

“The Series 2009-1 Notes will be issued in the aggregate maximum
principal balance not to exceed Four Hundred Million Dollars ($400,000,000).”

 

(b)                               Section
205(d) of the Agreement is hereby amended and restated as follows:

 

“(d)         On June 21, 2010, an additional Series
2009-1 Noteholder (the “June Noteholder”) shall become a party to the Series
2009-1 Supplement with an initial Series 2009-1 Note Existing Commitment of
Seventy Five Million Dollars ($75,000,000). 
Such increase in the aggregate Series 2009-1 Note Existing Commitment
will be accomplished without any assignment or adjustment of the Series 2009-1
Note Existing Commitment of any other Series 2009-1 Noteholder as of such
date.  In addition, the Issuer may, by
means of a letter delivered to the Administrative Agent and the Indenture Trustee
(with a copy to each Interest Rate Hedge Counterparty) on not more than one
occasion after June 21, 2010 and prior to April 9, 2011, request that the
aggregate Series 2009-1 Note Existing Commitments be increased by an aggregate
amount not to exceed Thirty Million Dollars ($30,000,000), by issuing
additional Series 2009-1 Notes to one or more commercial banks, finance
companies or other Persons (each an “Additional Series 2009-1 Noteholder”).  In the event that one or more Additional
Series 2009-1 Noteholders shall subsequently become a party to the Note
Purchase Agreement pursuant to Section 2.3(c)

 

 

thereof (but in any event
not including the June Noteholder), then, until a Successful Syndication is
completed, Wells Fargo Bank, National Association, as Series 2009-1 Noteholder
(“WFBNA”), shall assign to each such Additional Series 2009-1 Noteholder
(i) a portion of the then Series 2009-1 Note Existing Commitment of WFBNA in an
amount equal to the Series 2009-1 Note Existing Commitment of each such
Additional Series 2009-1 Noteholder (and WFBNA’s Series 2009-1 Note Existing
Commitment shall concurrently be reduced by a proportionate amount), and (ii) a
proportionate amount of the aggregate Series 2009-1 Principal Balance of the
Series 2009-1 Notes then owned by WFBNA (and WFBNA’s Series 2009-1 Principal
Balance shall concurrently be reduced by a payment in such amount from such
Additional Series 2009-1 Noteholder to WFBNA (which payment shall include any
accrued interest thereon)).  In this
regard, a “Successful Syndication” means the Series 2009-1 Note Existing
Commitment of Wells Fargo Bank, National Association shall be reduced to One
Hundred Fifty Million Dollars ($150,000,000) or less.

 

In
addition, to the extent that the Issuer issues prior to the occurrence of the
Conversion Date a Series of Term Notes and a Successful Syndication has not
occurred as of such Issuance Date, then the Series 2009-1 Existing Commitment
of WFBNA in accordance with the provisions of the preceding paragraph by an
amount such that, after giving effect to such reduction, the Series 2009-1 Note
Existing Commitment of WFNBA does not exceed One Hundred Fifty Million Dollars
($150,000,000).”

 

(c)           The Issuer hereby ratifies the
effectiveness of all Series 2009-1 Notes that are Outstanding on the date of
this Amendment.

 

SECTION 3.               Representations
and Warranties.  The Issuer hereby
confirms that each of the representations and warranties set forth in Article
VI of the Agreement is true and correct as of the date first written above with
the same effect as though each had been made as of such date, except to the
extent that any of such representations and warranties expressly relates to
earlier dates.

 

SECTION 4.               Effectiveness.

 

(a)           Except as expressly
amended by the terms of this Amendment, all terms and conditions of the
Agreement, as amended, shall remain in full force and effect and are hereby
ratified and confirmed by the parties hereto.

 

(b)           This Amendment shall
be effective upon execution and delivery hereof and shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

 

(c)           After the execution
and delivery hereof by the parties hereto, (i) this Amendment shall be a part
of the Agreement, and (ii) each reference in the Agreement to “this Agreement”
and “hereof”, “hereunder” or words of like import, and each reference in any
other document to the Agreement shall mean and be a reference to the Agreement
as amended or modified hereby.

 

(d)           Each party hereto
agrees and acknowledges that this Amendment constitutes a “Transaction Document”
under the Indenture.

 

2

 

SECTION 5.               Execution
in Counterparts. This Amendment may be executed by the parties hereto in
several counterparts (which may include facsimile or PDF file), each of which
shall be executed by the Issuer, the Indenture Trustee and the Control Party,
and be deemed an original and all of which shall constitute together but one
and the same agreement.

 

SECTION 6.               Governing
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (EXCEPT SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).

 

SECTION 7.               Consent
to Jurisdiction.  The parties hereto
hereby irrevocably consent to the personal jurisdiction of the state and
federal courts located in New York County, New York, in any action, claim or
other proceeding arising out of any dispute in connection with this Amendment,
any rights or obligations hereunder, or the performance of such rights and
obligations.

 

SECTION 8.               Entire
Agreement.  This Amendment
constitutes the entire agreement between the parties hereto pertaining to the
subject matter hereof.

 

[Signature Pages Follow]

 

3

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above
written.

 

	
   

  	
  TAL
  ADVANTAGE III LLC, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
   

  
	
   

  	
   

  	
  Name:
  

  
	
   

  	
   

  	
  Title:
  

  

 

Amendment 4 to Series 2009-1
Supplement

 

 

	
   

  	
  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  as Indenture Trustee 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Amendment 4 to Series 2009-1
Supplement

 

 

	
   

  	
  THE
  UNDERSIGNED SERIES 2009-1 NOTEHOLDER HEREBY CONSENTS TO THIS AMENDMENT NO. 4

   

  WELLS
  FARGO BANK, NATIONAL ASSOCIATION,

  as a Series 2009-1 Noteholder 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Amendment 4 to Series 2009-1
Supplement

 

 

	
   

  	
  THE
  UNDERSIGNED SERIES 2009-1 NOTEHOLDER HEREBY CONSENTS TO THIS AMENDMENT NO. 4

   

  DVB
  BANK SE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Amendment 4 to Series 2009-1
Supplement

 

 

	
   

  	
  THE
  UNDERSIGNED SERIES 2009-1 NOTEHOLDER HEREBY CONSENTS TO THIS AMENDMENT NO. 4

   

  FORTIS
  BANK (NEDERLAND) N.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Amendment 4 to Series 2009-1
Supplement

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