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Exhibit 10.1  

 
 

TWELFTH LOAN MODIFICATION AGREEMENT    
    

        This Twelfth Loan Modification Agreement (this "Loan Modification Agreement") is entered into on January 12, 2007 by and between 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 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 Loan and Security Agreement dated as
of January 30, 2003 between Borrower, Aspentech, Inc. and Bank, as amended by a certain letter agreement dated February 14, 2003, a
certain First Loan Modification Agreement dated June 27, 2003, a certain Second Loan Modification Agreement dated September 10, 2004, a certain Third Loan Modification Agreement dated
January 28, 2005, a certain Fourth Loan Modification Agreement dated April 1, 2005, a certain Fifth Loan Modification Agreement dated May 6, 2005, a certain Sixth Loan
Modification Agreement dated June 15, 2005, a certain Seventh Loan Modification Agreement dated September, 2005, a certain Eighth Amendment to Loan and Security Agreement dated
November 22, 2005, a certain Ninth Loan Modification Agreement dated July 17, 2006, a certain Tenth Loan Modification Agreement dated September 15, 2006, and a certain Eleventh
Loan Modification Agreement dated September 27, 2006 (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 including the Export-Import Bank Loan and Security Agreement dated as of
January 30, 2003, as amended, shall be referred to as the "Existing Loan Documents". 

	3.
	DESCRIPTION OF CHANGE IN TERMS.

Modifications to Loan Agreement.

	(i)
	The
Loan Agreement shall be amended by deleting the following text appearing in Section 4 of the Schedule to the Loan Agreement: 

"MATURITY
DATE 

(Section 6.1):    January 15,
2007" 

and
inserting in lieu thereof the folio ng: 

"MATURITY
DATE 

(Section 6.1):    April 16,
2007" 

 

	(ii)
	The
Loan Agreement shall be amended by deleting Section 5(a) of the Schedule thereto in its entirety and inserting in lieu thereof the following: 

"a. Minimum Tangible Net Worth:

Borrower
shall at all times maintain, to be tested monthly, as of the last day of each month, a Tangible Net Worth of not less than the sum of (i) plus (ii) below: 

(i)

	(a)
	from
April 1, 2005 through and including April 30, 2005—$35,000,000;

	(b)
	from
May 1, 2005 through and including May 31, 2005—$25,000,000;

	(c)
	from
June 1, 2005 through and including June 30, 2005—$21,000,000;

	(d)
	from
July 1, 2005 through and including July 31, 2005—$14,000,000;

	(e)
	from
August 1, 2005 through and including August 31, 2005—$7,000,000;

	(f)
	from
September 1, 2005 through and including September 30, 2005—$21,000,000;

	(g)
	from
October 1, 2005 through and including October 31, 2005—$14,000,000;

	(h)
	from
November 1, 2005 through and including November 30, 2005—$7,000,000;

	(i)
	from
December 1, 2005 through and including December 31, 2005—$26,000,000;

	(j)
	from
January 1, 2006 through and including January 31, 2006—$19,000,000;

	(k)
	from
February 1, 2006 through and including February 28, 2006—$12,000,000;

	(l)
	from
March 1, 2006 through and including March 31, 2006—$31,000,000;

	(m)
	from
April 1, 2006 through and including April 30, 2006—$24,000,000;

	(n)
	from
May 1, 2006 through and including May 31, 2006—$17,000,000;

	(o)
	from
June 1, 2006 through and including June 30, 2006—$36,000,000;

	(p)
	from
July 1, 2006 through and including July 31, 2006—$29,000,000;

	(q)
	from
August 1, 2006 through and including August 31, 2006—$22,000,000;

	(r)
	from
September 1, 2006 through and including September 30, 2006—$41,000,000;

	(s)
	from
October 1, 2006 through and including October 31, 2006—$34,000,000;

	(t)
	from
November 1, 2006 through and including November 30, 2006—$27,000,000;

	(u)
	from
December 1, 2006 through and including December 31, 2006—$40,000,000;

	(v)
	from
January 1, 2007 through and including January 31, 2007—$32,000,000;

	(w)
	from
February 1, 2007 through and including February 28, 2007—$24,000,000;

	(x)
	from
March 1, 2007 through and including March 31, 2007—$40,000,000; and

	(z)
	from
April 1, 2007 and thereafter—$32,000,000.

	(ii)
	75%
of all consideration received after July 1, 2005 from proceeds from the issuance of any equity securities of the Borrower (other than (i) the issuance of stock
options, restricted stock or other stock-based awards under the Borrower's director or 

2

 

employee
stock incentive plans, or (ii) stock purchases under the Borrower's employee stock purchase plan)." 

	(iii)
	The
Loan Agreement shall be amended by deleting Section 5(c) of the Schedule thereto in its entirety and inserting in lieu thereof the following: 

"c. Adjusted Quick Ratio:

Borrower
shall maintain, at all times, to be tested monthly, an Adjusted Quick Ratio of at least: 

	(a)
	from
April 1, 2005 through and including April 30, 2005—1.35 to 1.0;

	(b)
	from
May 1, 2005 through and including May 31, 2005—1.20 to 1.0;

	(c)
	from
June 1, 2005 through and including June 30, 2005—1.15 to 1.0;

	(d)
	from
July 1, 2005 through and including July 31, 2005—1.05 to 1.0;

	(e)
	from
August 1, 2005 through and including August 31, 2005—0.95 to 1.0; (0 from September 1, 2005 through and including September 30,
2005—1.15 to 1.0;

	(g)
	from
October 1, 2005 through and including October 31, 2005—1.05 to 1.0;

	(h)
	from
November 1, 2005 through and including November 30, 2005—0.95 to 1.0;

	(i)
	from
December 1, 2005 through and including December 31, 2005—1.20 to 1.0

	(j)
	from
January 1, 2006 through and including January 31, 2006—1.10 to 1.0;

	(k)
	from
February 1, 2006 through and including February 28, 2006—1.00 to 1.0; (1) from March 1, 2006 through and including March 31,
2006—1.25 to 1.0;

	(m)
	from
April 1, 2006 through and including April 30, 2006—1.15 to 1.0;

	(n)
	from
May 1, 2006 through and including May 31, 2006—1.05 to 1.0;

	(o)
	from
June 1, 2006 through December 31, 2006—1.25 to 1.0;

	(p)
	from
January 1, 2007 through and including February 28, 2007—1.15 to 1.0;

	(q)
	from
March 1, 2007 through and including March 31, 2007—1.25 to 1.0; and

	(r)
	from
April 1, 2007 through April 30, 2007—1.15 to 1.0."

	4.
	FEES.    Borrower shall pay to Bank a modification fee of $6,300.00, 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.
	RATIFICATION OF PERFECTION CERTIFICATES.    Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of January 30, 2003, as amended and affected by Schedule 1 to the Fourth Amendment and Exhibit A to the
Fourth Amendment and acknowledges, confirms and agrees the disclosures and information therein, in Schedule 3.10 to the Loan Agreement, in on Schedule 1 annexed to the Tenth Loan
Modification Agreement, and/or in connection with the formation of subsidiaries as contemplated by the Guggenheim Transactions and the Key Transactions (as defined 

3

 

in
the Sixth Loan Modification Agreement and the Eleventh Loan Modification Agreement, respectively), have not changed as of the date hereof. 

	7.
	CONSISTENT CHANGES.    The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described
above.

	8.
	RATIFICATION OF LOAN DOCUMENTS.    Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security:
other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

	9.
	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.

	10.
	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.

	11.
	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]

4

 

        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 J. FELL

	 	 	Name:	Michael J. Fell

	 	 	Title:	Relationship Manager

        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:	Treasurer
	 	 

5

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Exhibit 10.2  

 
 

EIGHTH LOAN MODIFICATION AGREEMENT—EXIM    
    

        This Eighth Loan Modification Agreement—Exim (this "Loan Modification Agreement') is entered into on January 12, 2007, and made effective as of
September 13, 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, MC., 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 January 15, 2007." 

and
inserting in lieu thereof the following: 

"Exim
Maturity Date" is April 16, 2007." 

	4.
	FEES.    Borrower
shall pay to Bank a modification fee of $16,200.00, 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 J. FELL

	 	 	Name:	Michael J. Fell

	 	 	Title:	Relationship Manager

        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:	Treasurer
	 	 

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EIGHTH LOAN MODIFICATION AGREEMENT—EXIM

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