Document:

Exhibit 10.29(e)

 

FIFTH LOAN MODIFICATION AGREEMENT - EXIM

 

This Fifth Loan Modification
Agreement - Exim (this “Loan Modification Agreement’) is entered into as of July 17,
2006, by and among (i) SILICON VALLEY BANK,
a California chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Bank”) and (ii) ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 for itself and as successor by merger with
ASPENTECH, INC., a Texas corporation
with offices at Ten Canal Park, Cambridge, Massachusetts 02141 (“Borrower”)

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30,2003, evidenced
by, among other documents, a certain Export-Import Bank Loan and Security
Agreement dated as of January 30, 2003 between Borrower and Bank, as
amended from time to time (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement

 

2.                                       DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement
(together with any other collateral security granted to Bank, the “Security
Documents”).

 

Hereinafter, the Security
Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

Modification
to Loan Agreement.

 

(a)                                  The
Loan Agreement shall be amended by deleting the following text appearing in Section 13.1
of the Loan Agreement:

 

“                                          “Exim
Maturity Date” is July 15, 2006.”

 

and inserting in lieu thereof
the following:

 

“                                          “Exim
Maturity Date” is September 13, 2006.”

 

4.                                       FEES.  Borrower shall pay to Bank a modification fee
of $10,833.33, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof. 
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

 

5.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003
between Borrower and Bank, and 

 

 

acknowledges, confirms and agrees that said Negative Pledge Agreement
shall remain in full force and effect.

 

6.                                       CONSISTENT
CHANGES.  The Existing Loan Documents are
hereby amended wherever necessary to reflect the changes described above.

 

7.                                       RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness
secured thereby includes, without limitation, the Obligations.

 

8.                                       NO
DEFENSES OF BORROWER.  Borrower hereby
acknowledges and agrees that Borrower has no offsets, defenses, claims, or
counterclaims against Bank with respect to the Obligations, or otherwise, and
that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all
of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any
liability thereunder.

 

9.                                       CONTINUING
VALIDITY.  Borrower understands and agrees
that in modifying the existing Obligations, Bank is relying upon Borrower’s
representations, warranties, and agreements, as set forth in the Existing Loan
Documents.  Except as expressly modified
pursuant to this Loan Modification Agreement, the terms of the Existing Loan
Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this 
Loan Modification Agreement in no way shall obligate Bank to make any
future modifications to the Obligations. 
Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in
writing.

 

10.                                 COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

 

[Remainder of page intentionally
left blank.]

 

 

This Loan Modification
Agreement is executed as a sealed instrument under the laws of the Commonwealth
of Massachusetts as of the date first written above.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Leo S. Vannoni

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Leo S. Vannoni

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Michael Tramack

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Michael Tramack

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President

  	
   

  
												

 

 

The undersigned, ASPENTECH
SECURITIES CORP., a Massachusetts corporation, ratifies, confirms and
reaffirms, all and singular, the terms and conditions of a certain Unlimited
Guaranty dated January 30, 2003 (the “Guaranty”) and a certain Security
Agreement dated as of January 30, 2003 (the “Security Agreement”) and
acknowledges, confirms and agrees that the Guaranty and Security Agreement
shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents,
instruments and/or agreements executed and/or delivered in connection herewith.

 

	
  ASPENTECH
  SECURITIES CORP.

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Leo S.
  Vannoni

  	
   

  
	
  Name:

  	
   

  	
  Leo S.
  Vannoni

  	
   

  
	
  Title:

  	
   

  	
  TreasurerExhibit 10.37

 

ASPEN TECHNOLOGY, INC.

 

AMENDED AND RESTATED

1995 DIRECTORS STOCK OPTION PLAN

 

1.                                       Definitions.    As
used in this 1995 Directors Stock Option Plan of Aspen Technology, Inc.,
the following terms shall have the following meanings:

 

1.1   Change in Corporate Control means the date on which any
individual, corporation, partnership or other person or entity (together with
its “Affiliates” and “Associates,” as defined in Rule 12b-2 under the
Securities Exchange Act of 1934) “beneficially owns” (as defined in Rule 13d-3
under the Securities Exchange Act of 1934) in the aggregate 20% or more of the
outstanding shares of capital stock of the Company entitled to vote generally
in the election of directors of the Company.

 

1.2   Code means the Internal Revenue Code of 1986, as amended.

 

1.3   Company means Aspen Technology, Inc.

 

1.4   Fair Market Value at any date means the closing price on the
NASDAQ National Market on the last business day before that date.

 

1.5   Grant Date means the date on which an Option is granted, as
specified in Sections 5 and 6.

 

1.6   Option means an option to purchase shares of the Stock
granted under the Plan.

 

1.7   Option Agreement means an agreement between the Company and
an Optionee, setting forth the terms and conditions of an Option.

 

1.8   Option Price means the price paid by an Optionee for an
Option under this Plan.

 

1.9   Option Share means any share of Stock of the Company
transferred to an Optionee upon exercise of an Option pursuant to this Plan.

 

1.10 Optionee
means a person to whom an Option shall have been granted under the Plan.

 

1.11 Plan
means this 1995 Directors Stock Option Plan of the Company.

 

1.12 Stock
means common stock, $.10 par value, of the Company.

 

2.                                       Purpose.    This
1995 Directors Stock Option Plan is intended to encourage ownership of the
Stock by non-employee directors of the Company and to provide additional
incentive for them to promote the success of the Company’s business.

 

3.                                       Term of the Plan.    Options
under the Plan may be granted not later than November 30, 2005.

 

 

4.                                       Stock Subject to the Plan.    At
no time shall the number of shares of the Stock then outstanding which are
attributable to the exercise of Options granted under the Plan plus the number
of shares then issuable upon exercise of outstanding options granted under the
Plan exceed 440,000 shares, subject, however, to the provisions of Section 11
of the Plan. Shares to be issued upon the exercise of Options granted under the
Plan may be either authorized but unissued shares or shares held by the Company
in its treasury. If any Option expires or terminates for any reason without
having been exercised in full, the shares not purchased thereunder shall again
be available for Options thereafter to be granted.

 

5.                                       First Grants to Certain Directors.    Each
individual who was not, within the 12 months preceding his or her first
election to the Board of Directors, either an officer or employee of the
Company or any subsidiary of the Company and who is serving as a director immediately
after the 1995 Annual Meeting of Stockholders or who is first elected to the
Board of Directors during the term of the Plan (whether elected at an annual or
special stockholders’ meeting or by action of the Board of Directors) shall be
granted an Option to purchase 24,000 shares of Stock. Each Option shall (i) have
an exercise price equal to 100% of the Fair Market Value of the Stock on the
Grant Date, and (ii) become exercisable in 12 quarterly installments,
beginning with the last day of the calendar quarter following the Grant Date,
but only if the Optionee remains a director of the Company on the respective
dates. The Option Period shall be ten years from the Grant Date.

 

6.                                       Subsequent Grants to Certain Directors.    Each
individual who continues as a non-employee director following any Annual
Meeting of Stockholders of the Company shall be granted, on the date of that
Annual Meeting of Stockholders, an Option to purchase 8,000 shares of
Stock. Each Option shall (i) have an Exercise Price equal to 100% of the
Fair Market Value of the Stock on the Grant Date and (ii) become
exercisable in four quarterly installments, beginning with the third
anniversary of the Grant Date, but only if the Optionee remains a director of
the Company on the respective dates. The Option Period shall be ten years from
the Grant Date.

 

7.                                       Exercise of Option.    An
Option may be exercised only by giving written notice, in the manner provided
in Section 15 hereof, specifying the number of shares as to which the
Option is being exercised, accompanied by (a) full payment for such shares
in the form of check or bank draft payable to the order of the Company, or (b) certificates
representing shares of the Stock with a current Fair Market Value equal to the
Option Price of the shares to be purchased, or (c) irrevocable
instructions to a brokerage firm to sell a sufficient number of the Option
Shares to generate the full exercise price and to pay over to the Company such
proceeds of sale. Receipt by the Company of such notice and payment shall
constitute the exercise of the Option or a part thereof. The Company shall
thereafter deliver or cause to be delivered to the Optionee a certificate or
certificates for the number of shares then being purchased by the Optionee.
Such shares shall be fully paid and nonassessable. If any law or applicable
regulation of the Securities and Exchange Commission or other body having
jurisdiction in the premises shall require the Company or the Optionee to take
any action in connection with shares being purchased upon exercise of the
option, exercise of the option and delivery of the certificate or certificates
for such shares shall be postponed until completion of the necessary action,
which shall be taken at the Company’s expense. Upon a Change in Corporate Control,
each outstanding Option shall immediately become fully exercisable.

 

 

8.                                       Transferability of Options.    Options
shall not be transferable, otherwise than by will or the laws of descent and
distribution, and may be exercised during the life of the Optionee only by the
Optionee.

 

9.                                       Stock Purchase Agreement.    Each
Optionee exercising an option, at the request of the Company, will be required
to sign a Stock Purchase Agreement representing in form satisfactory to counsel
for the Company that he or she will not transfer, sell or otherwise dispose of
the Option Shares at any time purchased by him or her, upon the exercise of any
portion of the Option, in a manner which would violate the Securities Act of
1933, as amended, and the regulations of the Securities and Exchange Commission
thereunder; and the Company may, at its discretion, make a notation on any
certificates issued upon exercise of options to the effect that such
certificate may not be transferred except after receipt by the Company of an opinion
of counsel satisfactory to it to the effect that such transfer will not violate
such Act and such regulations, and may issue “stop transfer” instructions to
its transfer agent, if any, and make a “stop transfer” notation on its books as
appropriate. Such Stock Purchase Agreement shall include such other provisions
as the Committee may determine are appropriate.

 

10.                                 Termination of Service.    In
the event that the Optionee’s service as a director ends for any reason other
than death, the Option, to the extent exercisable at termination, may be
exercised by the Optionee at any time within 30 days after termination
unless terminated earlier by its terms. If termination of service results from
the death of the Optionee, the Option, to the extent exercisable at the date of
death, may be exercised by the person to whom the Option is transferred by will
or the applicable laws of descent and distribution, at any time within
12 months after the date of death, unless terminated earlier by its terms.

 

11.                                 Adjustment of Number of Shares.    Each
Option Agreement shall provide that in the event of any capital adjustments
including stock splits, stock contractions, stock dividends, reclassifications,
exchanges and substitutions, occurring after the date of the option and prior
to the exercise in full of the option, the number of shares for which the
option may be exercised and the price per share shall be proportionately
adjusted. In the event of any such change in the outstanding Stock, the Stock
available for the purpose of the Plan, as stated in Section 4 hereof, and
the grants provided by Sections 5 and 6 shall be correspondingly adjusted.

 

12.                                 Stock Reserved.    The
Company shall at all times during the term of the Option reserve and keep
available such number of shares of the Stock as will be sufficient to satisfy
the requirements of this Plan and shall pay all fees and expenses necessarily
incurred by the Company in connection therewith.

 

13.                                 Limitation of Rights in the Option Shares.    An
Optionee shall not be deemed for any purpose to be a stockholder of the Company
with respect to any of the Option Shares except to the extent that the Option
shall have been exercised with respect thereto and, in addition, a certificate
shall have been issued therefor and delivered to the Optionee.

 

14.                                 Termination and Amendment of the Plan.    The
Board of Directors of the Company may at any time terminate the Plan or make
such amendment to the Plan as it shall deem 

 

 

advisable, provided that, except as provided in Section 11,
it may not, without the approval by the holders of a majority of the Stock,
change the classes of persons eligible to receive Options, increase the maximum
number of shares available for option under the Plan or extend the period
during which Options may be granted or exercised and it may not amend the Plan
more than once in any six-month period except to the extent necessary to comply
with applicable Federal income tax laws and regulations. No termination or
amendment of the Plan may, without the consent of the Optionee to whom any
Option shall theretofore have been granted, adversely affect the rights of such
Optionee under such Option. The Company may also, in its discretion, permit any
option to be exercised prior to the date on which it vests.

 

15.                                 Notices.    Any
communication or notice required or permitted to be given under the Plan shall
be in writing, and mailed by registered or certified mail or delivered in hand,
if to the Company, to its Chief Financial Officer at Ten Canal Park, Cambridge,
MA 02141 and, if to the Optionee, to the address as the Optionee shall last
have furnished to the Company.

 

*    *    *    *    *

 

AMENDMENT TO

AMENDED AND RESTATED

1995 DIRECTORS STOCK OPTION PLAN

 

Section 4 of the Aspen Technologies, Inc.
Amended and Restated 1995 Directors Stock Option Plan is hereby amended,
subject to stockholder approval, by deleting the first sentence thereof and
replacing it with the following sentence:

 

“At no time shall the number of shares of the Stock then outstanding
which are attributable to the exercise of Options granted under the Plan plus
the number of shares then issuable upon exercise of outstanding options granted
under the Plan exceed 800,000 shares, subject,
however, to the provisions of Section 11 of the Plan.”                                                                                   

 

	
   

  	
   

  
	
   

  	
  Approved by the Board of Directors,

  May 29, 2003

  
	
   

  	
  Approved by the Stockholders, August 

  13, 2003

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