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                                                                   Exhibit 10.45

                         EXECUTIVE EMPLOYMENT AGREEMENT

       This EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement") is made as of the 1st
day of November, 2002 between Moldflow Pty. Ltd. an Australian corporation
("MPL") (ACN 005 647 496), which is a wholly owned subsidiary of Moldflow
Corporation, Moldflow Corporation, a Delaware corporation (the "Company"), and
IAN M. PENDLEBURY ("Executive").

       WHEREAS, the Company has appointed Executive as an officer and MPL
desires to employ Executive and Executive desires to be employed by MPL on the
terms contained herein.

       NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1. EMPLOYMENT. The term of this Agreement shall extend from the date hereof (the
"Commencement Date") until the first anniversary of the Commencement Date and
shall automatically be extended for one additional year on each anniversary
thereafter unless, not less than 30 days prior to each such date, either party
shall have given notice that it does not wish to extend this Agreement, or in
the case of MPL, has provided payment of 30 days Base Salary in lieu of such
notice; provided, further, that following a Change in Control the term of this
Agreement shall continue in effect for a period of not less than twelve (12)
months beyond the month in which the Change in Control occurred. The term of
this Agreement shall be subject to termination as provided in Paragraph 6 and
may be referred to herein as the "Period of Employment."

2. POSITION AND DUTIES. During the Period of Employment, Executive shall serve
as the Vice President of Product Development and shall have such duties as may
from time to time be prescribed by the Chief Executive Officer or the Board of
Directors of the Company (the "Board"). Executive shall devote his full working
time and efforts to the business and affairs of MPL and the Company.

3. COMPENSATION AND RELATED MATTERS.

       (a) BASE SALARY AND INCENTIVE COMPENSATION. Executive's initial annual
base salary shall be 180,000 Australian dollars, which salary shall be effective
on August 16, 2002. Executive's base salary shall be reviewed annually by the
Chief Executive Officer, the Board or a Committee thereof. The annual base
salary in effect at any given time is referred to herein as "Base Salary." The
Base Salary shall be payable in a manner consistent with the general payroll
policy of MPL. In addition to Base Salary, Executive shall be eligible to
participate in such incentive compensation plans and Employee Benefit Plans as
the Board or a Committee thereof shall determine from time to time for senior
executives. For the avoidance of doubt, MPL may determine in its discretion that
Executive will not be eligible to participate on the grounds that participation
would breach either relevant US securities laws or the Australian Corporations
Act (the "Corporations Act") or that the cost of compliance with such laws is
too prohibitive to allow for participation. As used herein, the term "Employee
Benefit Plans" includes, without limitation, each pension and retirement plan;
supplemental pension, retirement and deferred compensation plan; savings and
profit-sharing plan; stock ownership plan; stock purchase plan; stock option
plan; life insurance plan; medical insurance plan; disability plan; and health
and accident plan or arrangement established and maintained by MPL and
applicable to employees resident in Australia. Nothing in this Agreement shall
serve to modify or diminish any accumulated benefits to which Executive shall be
entitled.

       (b) VACATIONS. Executive shall be entitled to the number of vacation days
in each calendar year, as set forth by the policies and procedures of MPL based
on Executive's length of service, and Executive shall also be entitled to all
paid holidays, sick days and other leave required per the laws of Australia or
Victoria, as applicable.

       (c) INDEMNIFICATION AND DIRECTORS' AND OFFICERS' INSURANCE. During
Executive's employment and for the period of time following termination of the
Executive for any reason during which time Executive could be subject to any
claim based on his position in the MPL or the Company, Executive shall receive
the maximum indemnification protection from the Company as permitted by the
Company's by-laws and shall receive directors' and officers' insurance coverage
equivalent to that which is provided to any other director or officer of the
Company.

       (d) TAX ADVICE. In order that the Executive may comply with his UK and
Australian tax obligations in connection with his relocation from the UK to
Australia, MPL will reimburse Executive for the reasonable cost of

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obtaining taxation advice from a tax adviser related to the period from the date
of relocation to the present. Such benefit shall be fully utilized by the
Executive on a one-time basis and shall not be available for future years.

4. UNAUTHORIZED DISCLOSURE.

       Executive acknowledges that in the course of his employment with MPL
(and, if applicable, its predecessors), he has and will become acquainted with
MPL's and the Company's business affairs, information, trade secrets, and other
matters which are of a proprietary or confidential nature, including but not
limited to the Company's and its affiliates' and predecessors' operations,
business opportunities, price and cost information, finance, customer
information, product development information, business plans, various sales
techniques, manuals, letters, notebooks, procedures, reports, products,
processes, services, and other confidential information and knowledge
(collectively the "Confidential Information") concerning the Company's and its
affiliates' and predecessors' business. Executive understands and acknowledges
that such Confidential Information is confidential, and he agrees not to
disclose such Confidential Information to anyone outside the Company or its
subsidiary companies except to the extent that (i) Executive deems such
disclosure or use reasonably necessary or appropriate in connection with
performing his duties on behalf of the Company or MPL; (ii) Executive is
required by order of a court of competent jurisdiction (by subpoena or similar
process) to disclose or discuss any Confidential Information, provided that in
such case, Executive shall promptly inform the Company of such event, shall
cooperate with the Company in attempting to obtain a protective order or to
otherwise restrict such disclosure, and shall only disclose Confidential
Information to the minimum extent necessary to comply with any such court order;
or (iii) such Confidential Information becomes generally known to and available
for use in the Company's industry, other than as a result of any action or
inaction by Executive. Executive further agrees that he will not during
employment and/or at any time thereafter use such Confidential Information in
competing, directly or indirectly, with the Company. At such time as Executive
shall cease to be employed by MPL, he will immediately turn over to the Company
all Confidential Information, including papers, documents, writings,
electronically stored information, other property, and all copies of them
provided to or created by him during the course of his employment with MPL. The
foregoing provisions shall be binding upon Executive's heirs, successors, and
legal representatives and shall survive the termination of this Agreement for
any reason.

5. COVENANT NOT TO COMPETE

       In consideration of the employment of the Executive and other valuable
consideration whether directly or indirectly received by Executive from Company,
and for the sole purpose of reasonably protecting the goodwill and business of
the Company, Executive agrees with and undertakes to the Company that, without
the prior written consent of the Company, Executive will not, for a period from
the commencement of this Agreement until:

            (a) twelve months after the date of termination of his employment
       for any reason;

            (b) six months after the date of termination of his employment for
       any reason

       and within:

            (i)  the world, unless that area is in the circumstances found to be
                 too large to be enforceable at law or in equity, in which case;

            (ii) the United States of America; the United Kingdom; France;
                 Germany; the Netherlands, Japan; Italy; Korea; Taiwan; China,
                 Australia; and New Zealand; unless that area is in the
                 circumstances found to be too large to be enforceable at law or
                 in equity, in which case;

            (iii) Australia; unless that area is in the circumstances found to
                 be too large to be enforceable at law or in equity, in which
                 case;

            (iv) the State of Victoria; unless that area is in the circumstances
                 found to be too large to be enforceable at law or in equity, in
                 which case;

            (v)  the State of New South Wales; unless that area is in the
                 circumstances found to be too large to be enforceable at law or
                 in equity, in which case;

            (vi) a hundred mile radius of each office from time to time of the
                 Company and its subsidiaries.

       do any one or more of the following:

            (A)  carry on or be engaged in or otherwise interested in or
                 concerned with, whether solely or as a partner, director,
                 officer, employee, associate, agent, shareholder, unit holder
                 or corporation, or in any other capacity, either directly or
                 indirectly, any person, enterprise, corporation, firm,

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                 trust, joint venture, syndicate or business engaged in the
                 manufacture, sale or provision of products or services which
                 are the same as or substantially similar to or competitive with
                 the products or services manufactured, sold or provided by the
                 Company;

            (B)  on his own account or for any person, enterprise, firm, trust,
                 joint venture, syndicate or business entice away from the
                 Company any employee or agent of the Company or any of its
                 subsidiaries;

            (C)  on his own account for any person, enterprise, firm, trust,
                 joint venture, syndicate or business entice away from the
                 Company any customer of the Company or any of its subsidiaries;

            (D)  personally or by his employees or agents or by circulars,
                 letters or advertisements whether on his own account for any
                 other person, enterprise, firm, trust, joint venture, syndicate
                 or business interfere with the business or divulge to any
                 person, any information concerning the business of the Company
                 or any of its respective dealings, transactions or affairs.

The Executive acknowledges that each of the prohibitions and restrictions
contained in the provisions of Section 5 (a) will be read and construed and will
have effect as a separate severable and independent prohibition or restriction
and will be enforceable accordingly; (b) is reasonable as to period, territorial
limitation and subject matter; and (c) is no more than that which is reasonably
and necessarily required by the Company for the maintenance and protection of
its business and goodwill. It is the intention of the parties that all
combinations of the prohibitions and restrictions contained in the provisions of
Section 5 will apply and be enforceable and that only those which a court, in
exercising its discretion, may hold to be an unreasonable restraint of trade
will be severed.

       The foregoing shall not prohibit Executive from owning up to 1% of the
outstanding stock of a publicly held company engaged in activities competitive
with that of the Company.

6. TERMINATION. Except for termination as specified in Subparagraph 6(a), any
termination of Executive's employment by MPL or any such termination by
Executive shall be communicated by written notice of termination to the other
party hereto. Upon termination from MPL for any reason, Executive agrees to
deliver his resignation as a director of MPL or any of its subsidiaries or
affiliates upon the request of the Board. Executive's employment hereunder may
be terminated without any breach of this Agreement under the following
circumstances:

       (a) DEATH. Executive's employment hereunder shall terminate upon his
death.

       (b) DISABILITY. If, as a result of Executive's incapacity due to physical
or mental illness, Executive shall have been absent from his duties hereunder on
a full-time basis for one hundred eighty (180) calendar days in the aggregate in
any twelve (12) month period, MPL may terminate Executive's employment
hereunder.

       (c) TERMINATION BY COMPANY FOR CAUSE. At any time during the Period of
Employment, MPL may terminate Executive's employment hereunder for Cause if such
termination is approved by not less than a majority of the Board. For purposes
of this Agreement, "Cause" shall mean: (A) conduct by Executive constituting a
material act of willful misconduct in connection with the performance of his
duties; (B) criminal or civil conviction of Executive, conduct by Executive that
would reasonably be expected to result in material injury to the reputation of
the Company or MPL if he were retained in his position with MPL; (C) continued,
non-performance by Executive of his duties hereunder (other than by reason of
Executive's physical or mental illness, incapacity or disability) which has
continued for more than thirty (30) days following written notice of such
non-performance and the reasons for the dissatisfaction from the Board; or (D) a
breach by Executive of any of the provisions contained in Paragraphs 4 and 5 of
this Agreement.

       (d) TERMINATION WITHOUT CAUSE. At any time during the Period of
Employment, MPL may terminate Executive's employment hereunder without Cause if
such termination is approved by a majority of the Company's Board of Directors.
Any termination by MPL of Executive's employment under this Agreement which does
not constitute a termination for Cause under Subparagraph 6(c) or result from
the death or disability of the Executive under Subparagraph

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6(a) or (b) shall be deemed a termination without Cause. If MPL provides notice
to Executive under Paragraph 1 that it does not wish to extend the Period of
Employment, such action shall be deemed a termination without Cause.

       (e) TERMINATION BY EXECUTIVE. At any time during the Period of
Employment, Executive may terminate his employment hereunder for any reason,
including but not limited to Good Reason. If Executive provides notice to MPL
and the Company under Paragraph 1 that he does not wish to extend the Period of
Employment, such action shall be deemed a voluntary termination by Executive and
one without Good Reason. For purposes of this Agreement, "Good Reason" shall
mean: (A) a substantial diminution or other substantive adverse change, not
consented to by Executive, in the nature or scope of Executive's
responsibilities, authorities, powers, functions or duties; (B) any removal,
during the Period of Employment, from Executive of his position as set forth in
paragraph 2 of this Agreement; (C) an involuntary reduction in Executive's Base
Salary except for across-the-board reductions similarly affecting all or
substantially all management employees; (D) a breach by the Company or MPL of
any of their other material obligations under this Agreement and the failure of
the Company or MPL to cure such breach within thirty (30) days after written
notice thereof by Executive; (E) the involuntary relocation of MPL's offices at
which Executive is principally employed or the involuntary relocation of the
offices of Executive's primary workgroup to a location more than thirty (30)
miles from such offices, or the requirement by the Company that Executive be
based anywhere other than the Company's offices at such location on an extended
basis, except for required travel on the Company's business to an extent
substantially consistent with Executive's business travel obligations and except
for any expatriate assignments proposed by the Company and agreed to by
Executive; or (F) the failure of the Company or MPL to obtain the agreement from
any successor to the Company or MPL to assume and agree to perform this
Agreement as required by Paragraph 10.

       (f) DATE OF TERMINATION. "Date of Termination" shall mean: (A) if
Executive's employment is terminated by his death, the date of his death; (B) if
Executive's employment is terminated under Subparagraph 6(b) or under
Subparagraph 6(c), the date on which Notice of Termination is given; (C) if
Executive's employment is terminated by the Company under Subparagraph 6(d),
thirty (30) days after the date on which a Notice of Termination is given, or if
payment of thirty (30) days' Base Salary in lieu of notice is made by MPL, the
date on which the payment is made; and (D) if Executive's employment is
terminated by Executive under Subparagraph 6(e), thirty (30) days after the date
on which a Notice of Termination is given, unless the Company cures the Good
Reason event prompting the Executive to issue a Notice of Termination.

7. COMPENSATION UPON TERMINATION OR DURING DISABILITY.

       (a) If Executive's employment terminates by reason of his death, MPL
shall, within ninety (90) days of death, pay in a lump sum amount to such person
as Executive shall designate in a notice filed with MPL or, if no such person is
designated, to Executive's estate, Executive's accrued and unpaid Base Salary
and accrued vacation to the date of his death, plus his accrued and unpaid
statutory entitlements and incentive compensation (including any bonus payment,
if any, under Subparagraph 3(a) that is earned with respect to any financial
period but which has not yet been authorized for payment by the Board of
Directors or any committee thereof, which shall be paid if and when it is so
authorized by the Board of Directors). Upon the death of Executive all stock
options granted to Executive on or after August 1, 2002, which would otherwise
vest over the next twelve (12) months shall immediately vest in Executive's
estate or other legal representatives and become exercisable, and Executive's
estate or other legal representatives shall have twelve (12) months from the
Date of Termination or the remaining option term, if earlier, to exercise all
such stock options granted to Executive. All other stock-based grants and awards
held by Executive shall vest or be canceled upon the death of Executive in
accordance with their terms. For a period of one (1) year following the Date of
Termination, the Company shall pay such health and dental insurance premiums as
may be necessary to allow Executive's spouse and dependents to receive health
and dental insurance coverage, if any, substantially similar to coverage they
received from MPL immediately prior to the Date of Termination. In addition to
the foregoing, any payments to which Executive's spouse, beneficiaries, or
estate may be entitled under any employee benefit plan shall also be paid in
accordance with the terms of such plan or arrangement. Such payments, in the
aggregate, shall fully discharge the Company's obligations hereunder.

       (b) During any period that Executive fails to perform his duties
hereunder as a result of incapacity due to physical or mental illness, Executive
shall continue to receive his accrued and unpaid Base Salary plus accrued
vacationand accrued and unpaid incentive compensation (including any bonus
payment, if any, under Subparagraph 3(a)

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that is earned with respect to any financial period but which has not yet been
authorized for payment by the Board of Directors or any committee thereof, which
shall be paid if and when it is so authorized by the Board of Directors), until
Executive's employment is terminated due to disability in accordance with
Subparagraph 6(b) or until Executive terminates his employment in accordance
with Subparagraph 6(e), whichever first occurs. Upon the Date of Termination all
stock options granted to Executive on or after August 1, 2002 which would
otherwise vest over the next twelve (12) months shall immediately vest and
become exercisable, and Executive shall have twelve (12) months from the Date of
Termination or the remaining option term, if earlier, to exercise all such stock
options granted to Executive. All other stock-based grants and awards held by
Executive shall vest or be canceled upon the Date of Termination in accordance
with their terms. For a period of one (1) year following the Date of
Termination, the Company shall pay such health and dental insurance premiums as
may be necessary to allow Executive and Executive's spouse and dependents to
receive health and dental insurance coverage substantially similar to coverage
they received from MPL prior to the Date of Termination, if any. In addition to
the foregoing, any payments to which Executive may be entitled under any
employee benefit plan shall also be paid in accordance with the terms of such
plan or arrangement.

       (c) If Executive's employment is terminated by Executive other than for
Good Reason as provided in Subparagraph 6(e), then MPL shall, through the Date
of Termination, pay Executive his accrued and unpaid Base Salary and accrued
vacation at the rate in effect at the time Notice of Termination is given.
Thereafter, the Company shall have no further obligations to Executive except as
otherwise expressly provided under this Agreement. In addition, all vested but
unexercised stock options granted on or after August 1, 2002 and held by
Executive as of the Date of Termination must be exercised by Executive within
three (3) months following the Date of Termination or by the end of the option
term, if earlier. All other stock-based grants and awards held by Executive
shall vest or be canceled upon the Date of Termination in accordance with their
terms.

       (d) If Executive terminates his employment for Good Reason as provided in
Subparagraph 6(e) or if Executive's employment is terminated by MPL without
Cause as provided in Subparagraph 6(d), then the MPL shall, through the Date of
Termination, pay Executive his accrued and unpaid Base Salary plus accrued
vacation at the rate in effect at the time Notice of Termination is given and
his accrued and unpaid incentive compensation (including any bonus payment, if
any, under Subparagraph 3(a) that is earned with respect to any financial period
but which has not yet been authorized for payment by the Board of Directors or
any committee thereof, which shall be paid if and when it is so authorized by
the Board of Directors). In addition, subject to signing by Executive of a
general release of claims in a form and manner satisfactory to the Company, MPL
shall provide the following benefits to Executive:

            (i) MPL shall pay Executive an amount equal one (1) times the sum of
       (A) Executive's Base Salary in effect on the Date of Termination and (B)
       the Executive's average annual bonus or other variable cash compensation
       (including commissions) over the five (5) fiscal years immediately prior
       to the year of termination (the "Termination Amount"). The Termination
       Amount shall be calculated by MPL within ten (10) business days following
       the Date of Termination and communicated to the Executive in writing and
       shall then be paid out in accordance with MPL's standard payroll
       practices in equal installments over 12 months following the Date of
       Termination. Notwithstanding the foregoing, if the Executive breaches any
       of the provisions contained in Paragraphs 4 and 5 of this Agreement, then
       all further payments of the Termination Amount shall immediately cease.

            (ii) Upon the Date of Termination all stock options granted on or
       after August 1, 2002 which would otherwise vest over the next twelve (12)
       months shall immediately vest and become exercisable, and Executive shall
       have twelve (12) months from the Date of Termination or the remaining
       option term, if earlier, to exercise all such stock options granted to
       Executive. All other stock-based grants and awards held by Executive
       shall vest or be canceled upon the Termination Date in accordance with
       their terms.

            (iii) In addition to any other benefits to which Executive may be
       entitled in accordance with MPL's then existing termination policies, MPL
       shall, for a period of one (1) year commencing on the Date of
       Termination, pay such health and dental insurance premiums as may be
       necessary to allow Executive and Executive's spouse and dependents to
       continue to receive health and dental insurance coverage substantially
       similar to coverage they received from MPL prior to the Date of
       Termination, if any. In addition to the

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       foregoing, any payments to which Executive may be entitled under any
       employee benefit plan shall also be paid in accordance with the terms of
       such plan or arrangement.

            (iv) In addition to any other benefits to which Executive may be
       entitled, at any time within 12 months following the Date of Termination,
       the Executive may notify the Company and MPL that he desires to be
       relocated to the United Kingdom. If Executive provides such notice to the
       Company and MPL, then the Company or MPL will either directly pay or
       reimburse the Executive for the actual cost of packing and moving his
       personal and household effects from Australia to the UK. In addition, air
       travel and accommodations, and incidental expenses while on route from
       Australia to the UK will be reimbursed by the Company or MPL in
       accordance with Company policy. The Executive acknowledges that the
       Company, MPL and its related corporations and entities are not required
       to provide to Executive any form of employment or engagement with MPL and
       its related bodies corporate if Executive is relocated to the UK, unless
       the parties expressly agree otherwise.

       (e) If Executive's employment is terminated by MPL for Cause as provided
in Subparagraph 6(c), then MPL shall, through the Date of Termination, pay
Executive his accrued and unpaid Base Salary and accrued unpaid statutory
entitlements at the rate in effect at the time Notice of Termination is given.
Thereafter, the Company and MPL shall have no further obligations to Executive
except as otherwise expressly provided under this Agreement. In addition, all
stock options granted to Executive after August 1, 2002 and held by Executive as
of the Date of Termination shall cease to vest as of the Date of Termination and
Executive shall have 30 days from the Date of Termination or the remaining
option term, if earlier, to exercise all such vested stock options. All other
stock-based grants and awards held by Executive shall vest or be canceled upon
the Termination Date in accordance with their terms.

       (f) Nothing contained in the foregoing Subparagraphs 7(a) through 7(e)
shall be construed so as to affect Executive's rights or the Company's or MPL's
obligations relating to agreements or benefits that are unrelated to termination
of employment.

8. CHANGE IN CONTROL BENEFIT. Upon a Change of Control of the Company the
following provisions shall apply in lieu of, and expressly supersede, the
provisions of Subparagraph 7(d).

       (a) CHANGE IN CONTROL.

            (i) In the event that within 12 months following a Change of
       Control, the Executive terminates his employment for Good Reason or if
       the Executive's employment is terminated by MPL without Cause, MPL shall
       pay Executive an amount equal to 1.5 times the sum of (A) Executive's
       Base Salary and (B) the Executive's cash bonus or other variable cash
       compensation (including commissions) that would be payable to the
       Executive during the fiscal year in which the Change of Control occurred
       if the Company and the Executive had met all of the targets required for
       a full payment of such cash bonus or other variable cash compensation
       (collectively, the "Severance Amount"). The Severance Amount shall be
       calculated by the Company or MPL within ten (10) business days following
       the Date of Termination and communicated to the Executive in writing and
       shall then be paid out in accordance with MPL's standard payroll
       practices in equal installments over an 18-month period. For purposes of
       this Agreement, "Base Salary" shall mean the annual Base Salary in effect
       on the Date of Termination. Notwithstanding the foregoing, if the
       Executive breaches any of the provisions contained in Paragraphs 4 and 5
       of this Agreement then all further payments of the Severance Amount shall
       immediately cease. Furthermore, in the event Executive terminates his
       employment for Good Reason as provided in Subparagraph 6(e), he shall be
       entitled to the Severance Amount only if he provides the Notice of
       Termination provided for in Subparagraph 6(a) within sixty (60) days
       after the occurrence of the event or events which constitute such Good
       Reason as specified in Subparagraph 6(e); and

            (ii) Notwithstanding anything to the contrary in any applicable
       option agreement or stock-based award agreement, upon a Change in
       Control, all stock options and other stock-based awards granted to
       Executive by the Company on or after August 1, 2002, shall immediately
       accelerate and become exercisable or non-forfeitable as of the effective
       date of such Change in Control. Executive shall also be entitled to any
       other rights and benefits with respect to stock-related awards, to the
       extent and upon the terms provided in the

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       employee stock option or incentive plan or any agreement or other
       instrument attendant thereto pursuant to which such options or awards
       were granted; and

            (iii) MPL shall, for a period of one (1) year commencing on the Date
       of Termination, pay such health and dental insurance premiums as may be
       necessary to allow Executive, Executive's spouse and dependents to
       continue to receive health and dental insurance coverage substantially
       similar to the coverage they received prior to the Date of Termination.

            (iv) In addition to any other benefits to which Executive may be
       entitled, at any time within 12 months following the Date of Termination,
       the Executive may notify the Company and MPL that he desires to be
       relocated to the United Kingdom. If Executive provides such notice to the
       Company and MPL, then the Company or MPL will either directly pay or
       reimburse the Executive for the actual cost of packing and moving his
       personal and household effects from Australia to the UK. In addition, air
       travel and accommodations, and incidental expenses while on route from
       Australia to the UK will be reimbursed by the Company or MPL in
       accordance with Company policy. The Executive acknowledges that the
       Company, MPL and its related corporations and entities are not required
       to provide to Executive any form of employment or engagement with MPL and
       its related bodies corporate if Executive is relocated to the UK, unless
       the parties expressly agree otherwise.

       (b) DEFINITIONS. For purposes of this Paragraph 8, the following terms
shall have the following meanings:

       "CHANGE IN CONTROL" shall mean any of the following:

            (a) any "person," as such term is used in Sections 13(d) and 14(d)
       of the Securities Exchange Act of 1934, as amended (the "Act") (other
       than the Company, any of its subsidiaries, or any trustee, fiduciary or
       other person or entity holding securities under any employee benefit plan
       or trust of the Company or any of its subsidiaries), together with all
       "affiliates" and "associates" (as such terms are defined in Rule 12b-2
       under the Act) of such person, shall become the "beneficial owner" (as
       such term is defined in Rule 13d-3 under the Act), directly or
       indirectly, of securities of the Company representing forty percent
       (40%)or more of either (A) the combined voting power of the Company's
       then outstanding securities having the right to vote in an election of
       the Company's Board ("Voting Securities") or (B) the then outstanding
       shares of Company's common stock, par value $0.01 per share ("Common
       Stock") (other than as a result of an acquisition of securities directly
       from the Company); or

            (b) persons who, as of the Commencement Date, constitute the
       Company's Board (the "Incumbent Directors") cease for any reason,
       including, without limitation, as a result of a tender offer, proxy
       contest, merger or similar transaction, to constitute at least a majority
       of the Board, provided that any person becoming a director of the Company
       subsequent to the Commencement Date shall be considered an Incumbent
       Director if such person's election was approved by or such person was
       nominated for election by a vote of at least a majority of the Incumbent
       Directors; but provided further, that any such person whose initial
       assumption of office is in connection with an actual or threatened
       election contest relating to the election of members of the Board or
       other actual or threatened solicitation of proxies or consents by or on
       behalf of a person other than the Board, including by reason of agreement
       intended to avoid or settle any such actual or threatened contest or
       solicitation, shall not be considered an Incumbent Director; or

            (c) the stockholders of the Company shall approve (A) any
       consolidation or merger of the Company where the stockholders of the
       Company, immediately prior to the consolidation or merger, would not,
       immediately after the consolidation or merger, beneficially own (as such
       term is defined in Rule 13d-3 under the Act), directly or indirectly,
       shares representing in the aggregate more than fifty percent (50%) of the
       voting shares of the Company issuing cash or securities in the
       consolidation or merger (or of its ultimate parent corporation, if any),
       (B) any sale, lease, exchange or other transfer (in one transaction or a
       series of transactions contemplated or arranged by any party as a single
       plan) of all or substantially all of the assets of the Company or (C) any
       plan or proposal for the liquidation or dissolution of the Company.

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       Notwithstanding the foregoing, a "Change of Control" shall not be deemed
to have occurred for purposes of the foregoing clause (a) solely as the result
of an acquisition of securities by the Company which, by reducing the number of
shares of Common Stock or other Voting Securities outstanding, increases the
proportionate number of shares beneficially owned by any person to forty percent
(40%) or more of either (A) the combined voting power of all of the then
outstanding Voting Securities or (B) Common Stock; PROVIDED, HOWEVER, that if
any person referred to in this sentence shall thereafter become the beneficial
owner of any additional shares of Voting Securities or Common Stock (other than
pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of securities directly from the Company) and immediately
thereafter beneficially owns forty percent (40%) or more of either (A) the
combined voting power of all of the then outstanding Voting Securities or (B)
Common Stock, then a "Change of Control" shall be deemed to have occurred for
purposes of the foregoing clause (a).

9. NOTICE. For purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or sent by recognized overnight carrier,
addressed as follows:

       if to the Executive:
            At his home address as shown
            in MPL's  personnel records;

       if to the Company or MPL:
            Moldflow Corporation
            430 Boston Post Road
            Wayland, MA  01778
            Attention: Chief Executive Officer

            Copy to:  General Counsel

            And to:

            Chairman of the Board of Directors
            Moldflow Pty. Ltd.
            259-261 Colchester Road
            Kilsyth, Victoria 3137, Australia

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

10. SUCCESSOR TO COMPANY. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume
and agree to perform this Agreement to the same extent that the Company would be
required to perform it if no succession had taken place. Failure of the Company
to obtain an assumption of this Agreement at or prior to the effectiveness of
any succession shall be a breach of this Agreement and shall constitute Good
Reason if the Executive elects to terminate employment.

11. MISCELLANEOUS. No provisions of this Agreement may be modified, waived, or
discharged unless such waiver, modification, or discharge is agreed to in
writing and signed by Executive and such officer of the Company as may be
specifically designated by the Board. This Agreement shall expressly supercede
and replace any prior agreement and any other employment agreements,
arrangements and/or understandings between the Executive, the Company, MPL or
any other related corporation or entity, including that certain letter agreement
dated as of December 16, 2000. No agreements or representations, oral or
otherwise, express or implied, unless specifically referred to herein, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this Agreement. This agreement is governed by the
laws of the State of Victoria, Australia. Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of the
State of Victoria and courts entitled to hear appeals from those courts.

                                       8

<Page>

12. VALIDITY. The invalidity or unenforceability of any provision or provisions
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

13. COUNTERPARTS. This Agreement may be executed in several counterparts, each
of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

14. DUTY OF FIDELITY. Nothing in this agreement will be construed to limit
Executive's fiduciary duties or duty of fidelity to MPL.

15. LITIGATION AND REGULATORY COOPERATION. During and after Executive's
employment, Executive shall reasonably cooperate with the Company and MPL in the
defense or prosecution of any claims or actions now in existence or which may be
brought in the future against or on behalf of the Company or MPL which relate to
events or occurrences that transpired while Executive was employed by MPL;
provided, however, that such cooperation shall not materially and adversely
affect Executive or expose Executive to an increased probability of civil or
criminal litigation. The Company or MPL shall also provide Executive with
compensation on an hourly basis (to be derived from his Base Salary) for
requested litigation and regulatory cooperation that occurs after his
termination of employment, and reimburse Executive for all costs and expenses
incurred in connection with his performance under this Paragraph 15, including,
but not limited to, reasonable attorneys' fees and costs.

       IN WITNESS WHEREOF, the parties have executed this Agreement effective on
the date and year first above written.

MOLDFLOW CORPORATION

By: /s/ A. ROLAND THOMAS
   ----------------------------------

Its: PRESIDENT AND CHIEF EXECUTIVE OFFICER

MOLDFLOW PTY. LTD.

By: /s/ A. Roland Thomas                  By: /s/ Suzanne E. MacCormack
   ----------------------------------        ----------------------------------
Its: Director                             Its: Director

EXECUTIVE

   /s/ IAN PENDLEBURY
   ----------------------------------
   Ian M. Pendlebury

                                       9<PAGE>

                                                                Exhibit 10.46

                         EXECUTIVE EMPLOYMENT AGREEMENT

         This EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement") is made as of the
31st day of October 2002 between MOLDFLOW PTY. LTD., an Australian corporation
("MPL"), MOLDFLOW CORPORATION, a Delaware corporation (the "Company"), and PETER
KENNEDY ("Executive").

         WHEREAS, the Executive was employed by MPL but is currently working for
the Company on an expatriate assignment on behalf of the Company; and

         WHEREAS, the Company wishes to continue to employ Executive during the
term of his expatriate assignment in the United States and upon completion
thereof to transfer Executive back to employment with MPL.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1.       EMPLOYMENT. The term of this Agreement shall extend from the date
hereof (the "Commencement Date") until the first anniversary of the
Commencement Date and shall automatically be extended for one additional year
on each anniversary thereafter unless, not less than 30 days prior to each
such date, either party shall have given notice that it does not wish to
extend this Agreement; provided, further, that following a Change in Control
the term of this Agreement shall continue in effect for a period of not less
than twelve (12) months beyond the month in which the Change in Control
occurred. The term of this Agreement shall be subject to termination as
provided in Paragraph 6 and may be referred to herein as the "Period of
Employment."

2.       POSITION AND DUTIES. During the Period of Employment, Executive shall
serve as the Vice President of Technology Development and shall have such
duties as may from time to time be prescribed by the Chief Executive Officer
or the Board of Directors of the Company (the "Board"). Executive shall
devote his full working time and efforts to the business and affairs of the
Company.

3.       COMPENSATION AND RELATED MATTERS.

         (a) BASE SALARY AND INCENTIVE COMPENSATION. Effective as of August 16,
2002, Executive's initial annual base salary shall be $155,000 while employed by
the Company in the United States. At the completion of the expatriate assignment
and return to MPL, Executive's base salary shall be determined by the Chief
Executive Officer and approved by the Board of Directors based on competitive
salary conditions at that time in Australia. Executive's base salary shall be
redetermined annually by the Chief Executive Officer, the Board or a Committee
thereof. The annual base salary in effect at any given time is referred to
herein as "Base Salary." The Base Salary shall be payable in a manner consistent
with the general payroll policy of the Company or MPL, as the case may be. In
addition to Base Salary, Executive shall be eligible to participate in such
incentive compensation plans and Employee Benefit Plans as the Board or a
Committee thereof shall determine from time to time for senior executives of the
Company. As used herein, the term "Employee Benefit Plans" includes, without
limitation, each pension and retirement plan; supplemental pension, retirement
and deferred compensation plan; savings and profit-sharing plan; stock ownership
plan; stock purchase plan; stock option plan; life insurance plan; medical
insurance plan; disability plan; and health and accident plan or arrangement
established and maintained by the Company or MPL and applicable to employees
resident in the country of residence of the Executive. Nothing in this Agreement
shall serve to modify or diminish any accumulated benefits to which Executive
shall otherwise be entitled.

         (b) VACATIONS. While working for the Company in the United States,
  Executive shall be entitled to twenty (20) paid vacation days in each calendar
  year, which shall be accrued ratably during the calendar year. Upon return to
  employment by MPL, Executive shall be entitled to annual leave based on his
  length of service with the Company and all its subsidiaries, and all paid
  holidays, sick days and other leave given by the Company to its executives
  resident in Australia or required per the laws of Australia or Victoria.

                                       1
<PAGE>

         (c) ADDITIONAL BENEFITS. During the Period of Employment the Company
will reimburse the Executive for the cost of a supplemental policy of long-term
disability insurance for the Executive.

         (d) INDEMNIFICATION AND DIRECTORS' AND OFFICERS' INSURANCE. During
Executive's employment and for the period of time following termination of the
Executive for any reason during which time Executive could be subject to any
claim based on his position in the Company, Executive shall receive the maximum
indemnification protection from the Company as permitted by the Company's
by-laws and shall receive directors' and officers' insurance coverage equivalent
to that which is provided to any other director or officer of the Company.

         (e) TAX ADVICE. In order that the Executive may comply with his United
States and Australian tax obligations in connection with his relocation from the
United States to Australia, the Company will reimburse Executive for the
reasonable cost of obtaining taxation advice from a tax adviser related to the
period from the date of relocation to the present. Such benefit shall be fully
utilized by the Executive on a one-time basis and shall not be available for
future years.

         (f) RETURN TO AUSTRALIA. At the completion of Executive's expatriate
assignment the Company will either directly pay or reimburse you for the actual
costs of packing and moving Executive's personal and household effects from the
united States to Australia. In addition, air travel and accommodations, and
incidental expenses while on route from the United States to Australia will be
reimbursed by the Company in accordance with Company policy. Upon such
relocation, the Executive will seek to sell the residence purchased while in the
United States. If such primary residence cannot be sold prior to the departure,
the Company will assume payment of the mortgage obligations on such residence
and will proceed with the disposition of the house. The Company will retain any
gain upon the sale of such house and will absorb any loss of the house is sold
for less than the amount of the mortgage.

4.       UNAUTHORIZED DISCLOSURE.

         Executive acknowledges that in the course of his employment with the
Company (and, if applicable, its predecessors), he has and will become
acquainted with the Company's business affairs, information, trade secrets, and
other matters which are of a proprietary or confidential nature, including but
not limited to the Company's and its affiliates' and predecessors' operations,
business opportunities, price and cost information, finance, customer
information, product development information, business plans, various sales
techniques, manuals, letters, notebooks, procedures, reports, products,
processes, services, and other confidential information and knowledge
(collectively the "Confidential Information") concerning the Company's and its
affiliates' and predecessors' business. Executive understands and acknowledges
that such Confidential Information is confidential, and he agrees not to
disclose such Confidential Information to anyone outside the Company except to
the extent that (i) Executive deems such disclosure or use reasonably necessary
or appropriate in connection with performing his duties on behalf of the
Company; (ii) Executive is required by order of a court of competent
jurisdiction (by subpoena or similar process) to disclose or discuss any
Confidential Information, provided that in such case, Executive shall promptly
inform the Company of such event, shall cooperate with the Company in attempting
to obtain a protective order or to otherwise restrict such disclosure, and shall
only disclose Confidential Information to the minimum extent necessary to comply
with any such court order; or (iii) such Confidential Information becomes
generally known to and available for use in the Company's industry, other than
as a result of any action or inaction by Executive. Executive further agrees
that he will not during employment and/or at any time thereafter use such
Confidential Information in competing, directly or indirectly, with the Company.
At such time as Executive shall cease to be employed by the Company, he will
immediately turn over to the Company all Confidential Information, including
papers, documents, writings, electronically stored information, other property,
and all copies of them provided to or created by him during the course of his
employment with the Company. The foregoing provisions shall be binding upon
Executive's heirs, successors, and legal representatives and shall survive the
termination of this Agreement for any reason.

5.       COVENANT NOT TO COMPETE. In consideration for Executive's employment
by the Company under the terms provided in this Agreement and as a means to
aid in the performance and enforcement of the terms of the provisions of
Paragraph 4, Executive agrees that:

                                       2
<PAGE>

         (a) during the Period of Employment and for a period of twelve (12)
months thereafter, regardless of the reason for termination of employment,
Executive will not, directly or indirectly, as an owner, director, principal,
agent, officer, employee, partner, consultant, servant, or otherwise, carry on,
operate, manage, control, or become involved in any manner with any business,
operation, corporation, partnership, association, agency, or other person or
entity which is engaged in a business that is directly competitive with any of
the Company's products which are produced or in development by the Company as of
the date of Executive's termination of employment, anywhere in the world;
provided, however, that the foregoing shall not prohibit Executive from owning
up to one percent (1%) of the outstanding stock of a publicly held company
engaged in activities competitive with that of the Company; and

         (b) during the term of Executive's employment with the Company and for
a period of twelve (12) months thereafter, regardless of the reason for
termination of employment, Executive will not directly or indirectly solicit or
induce any present or future employee of the Company or any affiliate of the
Company to accept employment with Executive or with any business, operation,
corporation, partnership, association, agency, or other person or entity with
which Executive may be associated, and Executive will not knowingly employ or
cause any business, operation, corporation, partnership, association, agency, or
other person or entity with which Executive may be associated to employ any
present or future employee of the Company without providing the Company with ten
(10) days' prior written notice of such proposed employment.

         (c) Upon his return to Australia on the completion of his expatriate
assignment, Executive and the Company shall agree upon an appropriate amendment
to this Employment Agreement to include non-compete provisions that are legally
enforceable in Victoria Australia and which are as similar to the provisions set
forth in this Section 5 as possible.

         Should Executive violate any of the provisions of this Paragraph, then
in addition to all other rights and remedies available to the Company at law or
in equity, the duration of this covenant shall automatically be extended for the
period of time from which Executive began such violation until he permanently
ceases such violation.

6.       TERMINATION. Except for termination as specified in Subparagraph 6(a),
any termination of Executive's employment by the Company or any such termination
by Executive shall be communicated by written notice of termination to the other
party hereto. Executive's employment hereunder may be terminated without any
breach of this Agreement under the following circumstances:

         (a) DEATH. Executive's employment hereunder shall terminate upon his
death.

         (b) DISABILITY. If, as a result of Executive's incapacity due to
physical or mental illness, Executive shall have been absent from his duties
hereunder on a full-time basis for one hundred eighty (180) calendar days in the
aggregate in any twelve (12) month period, the Company may terminate Executive's
employment hereunder.

         (c) TERMINATION BY COMPANY FOR CAUSE. At any time during the Period of
Employment, the Company may terminate Executive's employment hereunder for Cause
if such termination is approved by not less than a majority of the Board. For
purposes of this Agreement, "Cause" shall mean: (A) conduct by Executive
constituting a material act of willful misconduct in connection with the
performance of his duties; (B) criminal or civil conviction of Executive, a plea
of nolo contendere by Executive or conduct by Executive that would reasonably be
expected to result in material injury to the reputation of the Company if he
were retained in his position with the Company; (C) continued, willful and
deliberate non-performance by Executive of his duties hereunder (other than by
reason of Executive's physical or mental illness, incapacity or disability)
which has continued for more than thirty (30) days following written notice of
such non-performance from the Board; or (D) a breach by Executive of any of the
provisions contained in Paragraphs 4 and 5 of this Agreement.

         (d) TERMINATION WITHOUT CAUSE. At any time during the Period of
Employment, the Company may terminate Executive's employment hereunder without
Cause if such termination is approved by a majority of the Company's Board of
Directors. Any termination by the Company of Executive's employment under this
Agreement which does not constitute a termination for Cause under Subparagraph
6(c) or result from the death or disability of the Executive under Subparagraph
6(a) or (b) shall be deemed a termination without Cause. If the Company

                                       3
<PAGE>

provides notice to Executive under Paragraph 1 that it does not wish to extend
the Period of Employment, such action shall be deemed a termination without
Cause.

         (e) TERMINATION BY EXECUTIVE. At any time during the Period of
Employment, Executive may terminate his employment hereunder for any reason,
including but not limited to Good Reason. If Executive provides notice to the
Company under Paragraph 1 that he does not wish to extend the Period of
Employment, such action shall be deemed a voluntary termination by Executive and
one without Good Reason. For purposes of this Agreement, "Good Reason" shall
mean: (A) a substantial diminution or other substantive adverse change, not
consented to by Executive, in the nature or scope of Executive's
responsibilities, authorities, powers, functions or duties; (B) any removal,
during the Period of Employment, from Executive of his title as set forth in
paragraph 2 of this Agreement; (C) an involuntary reduction in Executive's Base
Salary except for across-the-board reductions similarly affecting all or
substantially all management employees; (D) a breach by the Company of any of
its other material obligations under this Agreement and the failure of the
Company to cure such breach within thirty (30) days after written notice thereof
by Executive; (E) the involuntary relocation of the Company's offices at which
Executive is principally employed or the involuntary relocation of the offices
of Executive's primary workgroup to a location more than thirty (30) miles from
such offices, or the requirement by the Company that Executive be based anywhere
other than the Company's offices at such location on an extended basis, except
for required travel on the Company's business to an extent substantially
consistent with Executive's business travel obligations and except for any
expatriate assignments proposed by the Company and agreed to by Executive; or
(F) the failure of the Company to obtain the agreement from any successor to the
Company to assume and agree to perform this Agreement as required by Paragraph
10.

         (f) DATE OF TERMINATION. "Date of Termination" shall mean: (A) if
Executive's employment is terminated by his death, the date of his death; (B) if
Executive's employment is terminated under Subparagraph 6(b) or under
Subparagraph 6(c), the date on which Notice of Termination is given; (C) if
Executive's employment is terminated by the Company under Subparagraph 6(d),
thirty (30) days after the date on which a Notice of Termination is given; and
(D) if Executive's employment is terminated by Executive under Subparagraph
6(e), thirty (30) days after the date on which a Notice of Termination is given,
unless the Company cures the Good Reason event prompting the Executive to issue
a Notice of Termination.

7.       COMPENSATION UPON TERMINATION OR DURING DISABILITY.

         (a) If Executive's employment terminates by reason of his death, the
Company shall, within ninety (90) days of death, pay in a lump sum amount to
such person as Executive shall designate in a notice filed with the Company or,
if no such person is designated, to Executive's estate, Executive's accrued and
unpaid Base Salary and accrued vacation to the date of his death, plus his
accrued and unpaid incentive compensation (including any bonus payment, if any,
under Subparagraph 3(a) that is earned with respect to any financial period but
which has not yet been authorized for payment by the Board of Directors or any
committee thereof, which shall be paid if and when it is so authorized by the
Board of Directors). Upon the death of Executive all stock options granted to
Executive on or after August 1, 2002, which would otherwise vest over the next
twelve (12) months shall immediately vest in Executive's estate or other legal
representatives and become exercisable, and Executive's estate or other legal
representatives shall have twelve (12) months from the Date of Termination or
the remaining option term, if earlier, to exercise all such stock options
granted to Executive. All other stock-based grants and awards held by Executive
shall vest or be canceled upon the death of Executive in accordance with their
terms. For a period of one (1) year following the Date of Termination, the
Company shall pay such health and dental insurance premiums as may be necessary
to allow Executive's spouse and dependents to receive health and dental
insurance coverage substantially similar to coverage they received immediately
prior to the Date of Termination. In addition to the foregoing, any payments to
which Executive's spouse, beneficiaries, or estate may be entitled under any
employee benefit plan shall also be paid in accordance with the terms of such
plan or arrangement. Such payments, in the aggregate, shall fully discharge the
Company's obligations hereunder.

         (b) During any period that Executive fails to perform his duties
hereunder as a result of incapacity due to physical or mental illness, Executive
shall continue to receive his accrued and unpaid Base Salary and accrued

                                       4
<PAGE>

vacation and accrued and unpaid incentive compensation (including any bonus
payment, if any, under Subparagraph 3(a) that is earned with respect to any
financial period but which has not yet been authorized for payment by the Board
of Directors or any committee thereof, which shall be paid if and when it is so
authorized by the Board of Directors), until Executive's employment is
terminated due to disability in accordance with Subparagraph 6(b) or until
Executive terminates his employment in accordance with Subparagraph 6(e),
whichever first occurs. Upon the Date of Termination all stock options granted
to Executive on or after August 1, 2002, which would otherwise vest over the
next twelve (12) months shall immediately vest and become exercisable, and
Executive shall have twelve (12) months from the Date of Termination or the
remaining option term, if earlier, to exercise all such stock options granted to
Executive. All other stock-based grants and awards held by Executive shall vest
or be canceled upon the Date of Termination in accordance with their terms. For
a period of one (1) year following the Date of Termination, the Company shall
pay such health and dental insurance premiums as may be necessary to allow
Executive and Executive's spouse and dependents to receive health and dental
insurance coverage substantially similar to coverage they received prior to the
Date of Termination. In addition to the foregoing, any payments to which
Executive may be entitled under any employee benefit plan shall also be paid in
accordance with the terms of such plan or arrangement.

         (c) If Executive's employment is terminated by Executive other than for
Good Reason as provided in Subparagraph 6(e), then the Company shall, through
the Date of Termination, pay Executive his accrued and unpaid Base Salary and
accrued vacation at the rate in effect at the time Notice of Termination is
given. Thereafter, the Company shall have no further obligations to Executive
except as otherwise expressly provided under this Agreement. In addition, all
vested but unexercised stock options granted to Executive on or after August 1,
2002 and held by Executive as of the Date of Termination must be exercised by
Executive within three (3) months following the Date of Termination or by the
end of the option term, if earlier. All other stock-based grants and awards held
by Executive shall vest or be canceled upon the Date of Termination in
accordance with their terms.

         (d) If Executive terminates his employment for Good Reason as provided
in Subparagraph 6(e) or if Executive's employment is terminated by the Company
without Cause as provided in Subparagraph 6(d), then the Company shall, through
the Date of Termination, pay Executive his accrued and unpaid Base Salary and
accrued vacation at the rate in effect at the time Notice of Termination is
given and his accrued and unpaid incentive compensation (including any bonus
payment, if any, under Subparagraph 3(a) that is earned with respect to any
financial period but which has not yet been authorized for payment by the Board
of Directors or any committee thereof, which shall be paid if and when it is so
authorized by the Board of Directors). In addition, subject to signing by
Executive of a general release of claims in a form and manner satisfactory to
the Company, the Company shall provide the following benefits to Executive:

              (i) The Company shall pay Executive an amount equal one (1) times
         the sum of ( A) Executive's Base Salary in effect on the Date of
         Termination and (B) the Executive's average annual bonus or other
         variable cash compensation (including commissions) over the five (5)
         fiscal years immediately prior to the year of termination (the
         "Termination Amount"). The Termination Amount shall be calculated by
         the Company within ten (10) business days following the Date of
         Termination and communicated to the Executive in writing and shall then
         be paid out in accordance with the Company's standard payroll practices
         in equal installments over 12 months following the Date of Termination.
         Notwithstanding the foregoing, if the Executive breaches any of the
         provisions contained in Paragraphs 4 and 5 of this Agreement, then all
         further payments of the Termination Amount shall immediately cease.

              (ii) Upon the Date of Termination all stock options granted to
         Executive on or after August 1, 2002, which would otherwise vest over
         the next twelve (12) months shall immediately vest and become
         exercisable, and Executive shall have twelve (12) months from the Date
         of Termination or the remaining option term, if earlier, to exercise
         all such stock options granted to Executive. All other stock-based
         grants and awards held by Executive shall vest or be canceled upon the
         Termination Date in accordance with their terms.

              (iii) In addition to any other benefits to which Executive may be
         entitled in accordance with the Company's then existing severance
         policies, the Company shall, for a period of one (1) year

                                       5
<PAGE>

         commencing on the Date of Termination, pay such health and dental
         insurance premiums as may be necessary to allow Executive and
         Executive's spouse and dependents to continue to receive health and
         dental insurance coverage substantially similar to coverage they
         received prior to the Date of Termination. In addition to the
         foregoing, any payments to which Executive may be entitled under any
         employee benefit plan shall also be paid in accordance with the terms
         of such plan or arrangement.

              (iv) In addition to any other benefits to which Executive may be
         entitled, in the event that Executive is still resident in the United
         States at the time of termination, then, at any time within 12 months
         following the Date of Termination, the Executive may notify the Company
         and MPL that he desires to be relocated to Australia. If Executive
         provides such notice to the Company and MPL, then the Company or MPL
         will either directly pay or reimburse the Executive for the actual cost
         of packing and moving his personal and household effects from the
         United States to Australia. In addition, air travel and accommodations,
         and incidental expenses while on route from the United States to
         Australia will be reimbursed by the Company or MPL in accordance with
         Company policy. The Executive acknowledges that the Company, MPL and
         its related corporations and entities are not required to provide to
         Executive any form of employment or engagement with MPL and its related
         bodies corporate if Executive is relocated to Australia, unless the
         parties expressly agree otherwise.

         (e) If Executive's employment is terminated by the Company for Cause as
provided in Subparagraph 6(c), then the Company shall, through the Date of
Termination, pay Executive his accrued and unpaid Base Salary at the rate in
effect at the time Notice of Termination is given. Thereafter, the Company shall
have no further obligations to Executive except as otherwise expressly provided
under this Agreement. In addition, all stock options granted to Executive after
August 1, 2002 and held by Executive as of the Date of Termination shall cease
to vest as of the Date of Termination and Executive shall have 30 days from the
Date of Termination or the remaining option term, if earlier, to exercise all
such vested stock options. All other stock-based grants and awards held by
Executive shall vest or be canceled upon the Termination Date in accordance with
their terms.

         (f) Nothing contained in the foregoing Subparagraphs 7(a) through 7(e)
shall be construed so as to affect Executive's rights or the Company's
obligations relating to agreements or benefits that are unrelated to termination
of employment.

8.       CHANGE IN CONTROL BENEFIT. Upon a Change of Control of the Company the
following provisions shall apply in lieu of, and expressly supersede, the
provisions of Subparagraph 7(d).

         (a) CHANGE IN CONTROL.

             (i) In the event that within 12 months following a Change of
         Control, the Executive terminates his employment for Good Reason or if
         the Executive's employment is terminated by the Company without Cause,
         the Company shall pay Executive an amount equal to 1.5 times the sum of
         (A) Executive's Base Salary and (B) the Executive's cash bonus or other
         variable cash compensation (including commissions) that would be
         payable to the Executive during the fiscal year in which the Change of
         Control occurred if the Company and the Executive had met all of the
         targets required for a full payment of such cash bonus or other
         variable cash compensation (collectively, the "Severance Amount"). The
         Severance Amount shall be calculated by the Company within ten (10)
         business days following the Date of Termination and communicated to the
         Executive in writing and shall then be paid out in accordance with the
         Company's standard payroll practices in equal installments over an 18
         month period. For purposes of this Agreement, "Base Salary" shall mean
         the annual Base Salary in effect on the Date of Termination.
         Notwithstanding the foregoing, if the Executive breaches any of the
         provisions contained in Paragraphs 4 and 5 of this Agreement then all
         further payments of the Severance Amount shall immediately cease.
         Furthermore, in the event Executive terminates his employment for Good
         Reason as provided in Subparagraph 6(e), he shall be entitled to the
         Severance Amount only if he provides the Notice of Termination provided
         for in Subparagraph 6(a) within sixty (60) days after the occurrence of
         the event or events which constitute such Good Reason as specified in
         Subparagraph 6(e); and

                                       6
<PAGE>

              (ii) Notwithstanding anything to the contrary in any applicable
         option agreement or stock-based award agreement, upon a Change in
         Control, all stock options and other stock-based awards granted to
         Executive by the Company on or after August 1, 2002, shall immediately
         accelerate and become exercisable or non-forfeitable as of the
         effective date of such Change in Control. Executive shall also be
         entitled to any other rights and benefits with respect to stock-related
         awards, to the extent and upon the terms provided in the employee stock
         option or incentive plan or any agreement or other instrument attendant
         thereto pursuant to which such options or awards were granted; and

              (iii) The Company shall, for a period of one (1) year commencing
         on the Date of Termination, pay such health and dental insurance
         premiums as may be necessary to allow Executive, Executive's spouse and
         dependents to continue to receive health and dental insurance coverage
         substantially similar to the coverage they received prior to the Date
         of Termination.

              (iv) In addition to any other benefits to which Executive may be
         entitled, in the event that Executive is still resident in the United
         States at the time of termination, then, at any time within 12 months
         following the Date of Termination, the Executive may notify the Company
         and MPL that he desires to be relocated to Australia. If Executive
         provides such notice to the Company and MPL, then the Company or MPL
         will either directly pay or reimburse the Executive for the actual cost
         of packing and moving his personal and household effects from the
         United States to Australia. In addition, air travel and accommodations,
         and incidental expenses while on route from the United States to
         Australia will be reimbursed by the Company or MPL in accordance with
         Company policy. The Executive acknowledges that the Company, MPL and
         its related corporations and entities are not required to provide to
         Executive any form of employment or engagement with MPL and its related
         bodies corporate if Executive is relocated to Australia, unless the
         parties expressly agree otherwise.

         (b) DEFINITIONS. For purposes of this Paragraph 8, the following terms
shall have the following meanings:

         "CHANGE IN CONTROL" shall mean any of the following:

              (a) any "person," as such term is used in Sections 13(d) and 14(d)
         of the Securities Exchange Act of 1934, as amended (the "Act") (other
         than the Company, any of its subsidiaries, or any trustee, fiduciary or
         other person or entity holding securities under any employee benefit
         plan or trust of the Company or any of its subsidiaries), together with
         all "affiliates" and "associates" (as such terms are defined in Rule
         12b-2 under the Act) of such person, shall become the "beneficial
         owner" (as such term is defined in Rule 13d-3 under the Act), directly
         or indirectly, of securities of the Company representing forty percent
         (40%)or more of either (A) the combined voting power of the Company's
         then outstanding securities having the right to vote in an election of
         the Company's Board ("Voting Securities") or (B) the then outstanding
         shares of Company's common stock, par value $0.01 per share ("Common
         Stock") (other than as a result of an acquisition of securities
         directly from the Company); or

              (b) persons who, as of the Commencement Date, constitute the
         Company's Board (the "Incumbent Directors") cease for any reason,
         including, without limitation, as a result of a tender offer, proxy
         contest, merger or similar transaction, to constitute at least a
         majority of the Board, provided that any person becoming a director of
         the Company subsequent to the Commencement Date shall be considered an
         Incumbent Director if such person's election was approved by or such
         person was nominated for election by a vote of at least a majority of
         the Incumbent Directors; but provided further, that any such person
         whose initial assumption of office is in connection with an actual or
         threatened election contest relating to the election of members of the
         Board or other actual or threatened solicitation of proxies or consents
         by or on behalf of a person other than the Board, including by reason
         of agreement intended to avoid or settle any such actual or threatened
         contest or solicitation, shall not be considered an Incumbent Director;
         or

                                       7
<PAGE>

              (c) the stockholders of the Company shall approve (A) any
         consolidation or merger of the Company where the stockholders of the
         Company, immediately prior to the consolidation or merger, would not,
         immediately after the consolidation or merger, beneficially own (as
         such term is defined in Rule 13d-3 under the Act), directly or
         indirectly, shares representing in the aggregate more than fifty
         percent (50%) of the voting shares of the Company issuing cash or
         securities in the consolidation or merger (or of its ultimate parent
         corporation, if any), (B) any sale, lease, exchange or other transfer
         (in one transaction or a series of transactions contemplated or
         arranged by any party as a single plan) of all or substantially all of
         the assets of the Company or (C) any plan or proposal for the
         liquidation or dissolution of the Company.

         Notwithstanding the foregoing, a "Change of Control" shall not be
deemed to have occurred for purposes of the foregoing clause (a) solely as the
result of an acquisition of securities by the Company which, by reducing the
number of shares of Common Stock or other Voting Securities outstanding,
increases the proportionate number of shares beneficially owned by any person to
forty percent (40%) or more of either (A) the combined voting power of all of
the then outstanding Voting Securities or (B) Common Stock; PROVIDED, HOWEVER,
that if any person referred to in this sentence shall thereafter become the
beneficial owner of any additional shares of Voting Securities or Common Stock
(other than pursuant to a stock split, stock dividend, or similar transaction or
as a result of an acquisition of securities directly from the Company) and
immediately thereafter beneficially owns forty percent (40%) or more of either
(A) the combined voting power of all of the then outstanding Voting Securities
or (B) Common Stock, then a "Change of Control" shall be deemed to have occurred
for purposes of the foregoing clause (a).

9.       NOTICE. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or sent by recognized overnight
carrier, addressed as follows:

         if to the Executive:
                  At his home address as shown
                  in the Company's personnel records;

         if to the Company:
                  Moldflow Corporation
                  430 Boston Post Road
                  Wayland, MA  01778
                  Attention:   Chief Executive Officer

                  Copy to:  General Counsel

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

10.      SUCCESSOR TO COMPANY. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the business or assets of the Company expressly to
assume and agree to perform this Agreement to the same extent that the
Company would be required to perform it if no succession had taken place.
Failure of the Company to obtain an assumption of this Agreement at or prior
to the effectiveness of any succession shall be a breach of this Agreement
and shall constitute Good Reason if the Executive elects to terminate
employment.

11.      MISCELLANEOUS. No provisions of this Agreement may be modified, waived,
or discharged unless such waiver, modification, or discharge is agreed to in
writing and signed by Executive and such officer of the Company as may be
specifically designated by the Board. This Agreement shall expressly supercede
and replace any prior agreement and any other employment agreements,
arrangements and/or understandings between the Executive, the Company, MPL or
any other related corporation or entity, including that certain letter agreement
dated as of January 19, 2001. No agreements or representations, oral or
otherwise, express or implied, unless specifically referred to herein, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this

                                       8
<PAGE>

Agreement. The validity, interpretation, construction, and performance of this
Agreement shall be governed by the laws of the Commonwealth of Massachusetts
(without regard to principles of conflicts of laws). Upon his return to
Australia on the completion of his expatriate assignment, Executive and the
Company shall agree upon an appropriate amendment to this Employment Agreement
which will be governed by the laws of Victoria, Australia and which shall
contain provisions that are as similar to the provisions set forth in this
Agreement as possible.

12.      VALIDITY. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

13.      COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

14.      ARBITRATION; OTHER DISPUTES. In the event of any dispute or controversy
arising under or in connection with this Agreement, the parties shall first try
in good faith for a period of 30 days to settle such dispute or controversy by
mediation under the applicable rules of the American Arbitration Association
before resorting to arbitration. Following such time period, the parties will
settle any remaining dispute or controversy exclusively by arbitration in
Boston, Massachusetts in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction. Notwithstanding the above, the Company shall be
entitled to seek a restraining order or injunction in any court of competent
jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5
hereof.

15.      LITIGATION AND REGULATORY COOPERATION. During and after Executive's
employment, Executive shall reasonably cooperate with the Company in the defense
or prosecution of any claims or actions now in existence or which may be brought
in the future against or on behalf of the Company which relate to events or
occurrences that transpired while Executive was employed by the Company;
provided, however, that such cooperation shall not materially and adversely
affect Executive or expose Executive to an increased probability of civil or
criminal litigation. The Company shall also provide Executive with compensation
on an hourly basis (to be derived from his Base Salary) for requested litigation
and regulatory cooperation that occurs after his termination of employment, and
reimburse Executive for all costs and expenses incurred in connection with his
performance under this Paragraph 15, including, but not limited to, reasonable
attorneys' fees and costs.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement effective
on the date and year first above written.

MOLDFLOW CORPORATION

<TABLE>
<S>                                         <C>
By: /s/ A. Roland Thomas
    ------------------------------------
Its: President and CEO
     -----------------------------------

MOLDFLOW PTY. LTD.

By: /s/ A. Roland Thomas                    By: /s/ Suzanne E. MacCormack
    ------------------------------------        -------------------------------
Its: Director                               Its: Director
     -----------------------------------         ------------------------------

EXECUTIVE

/s/ Peter Kennedy
----------------------------------------
Peter Kennedy
</TABLE>

                                       10

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