Document:

Exhibit
10.35

	
  

  	
  301 Carlson Parkway, Suite
  103

  Minnetonka, Minnesota 55305

  Voice: 952.893.9012 | Fax: 952.893.9036

  www.cherrytree.com

  

 

July
17, 2007

Mr. David Meyer

Titan Machinery, Inc.

4876 Rocking Horse Circle

Fargo,
ND 58103

Dear
David:

This letter amends in its entirety the agreement (“Agreement”) between
Titan Machinery (the “Company”) and Cherry Tree Securities, LLC (“CTS”) dated
April 1, 2006.  This amendment (“Amendment”)
will address the terms under which CTS will act as the Company’s financial
advisor relative to a planned public offering of stock of the Company or an
operating unit of the Company.

CTS and the Company agree as follows:

1.                                       CTS will provide general financial advisory
services to the Company in connection with a planned public offering of stock
of the Company or an operating unit of the Company, during the engagement
period (“Engagement Period”).

2.                                       As advisor to the Company, CTS will provide
advisory services related to the matters below:

a.             Independent Auditor Management Letter.

b.             Audit issues in connection with the February 28, 2007
Audit.

c.                                       Acquisition accounting and the application of
Rule 3.05 relating to significant subsidiaries. 
This includes coordinating GAAP reporting for the Aberdeen acquisition and
dealing with potential audit issues.

d.             Definition of control environment improvements and
related implementation.

e.             Offering Memorandum and SEC Form S-1.

f.              Reporting and Close process consistent with SEC
Reporting requirements.

g.             Sarbanes
Oxley.

h.             Disclosure committee formation and charter development.

i.              Compliance committee formation and charter development.

3.                                       In consideration for CTS’ services, the
Company will pay CTS the following fees and expenses:

	
  INVESTMENT BANKING AGREEMENT

  	
  CONFIDENTIAL

  

 

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a.                                       $5,000 monthly retainer during the period
July 1, 2007 through June 30, 2008.

b.                                      At the closing of a public offering of stock
during the Engagement Period or the twelve month period following the
Engagement Period, a cash Success Fee paid by wire transfer at the
closing.  It is the intention of the
parties that the Success Fees payable to CTS pursuant to this Agreement will be
$125,000.

c.                                       During the engagement the Company will
reimburse CTS for its reasonable, documented, out-of-pocket expenses, including
all travel expenses, printing and graphics costs, postage, and other costs
associated with this Agreement.

4.                                       CTS shall keep confidential all material
non-public information provided to it by the Company, and shall not disclose
such information to any third party, other than such of its employees and
advisors as CTS determines to have a need to know, except as required by
applicable law or pursuant to an order entered or subpoena issued by a court of
competent jurisdiction.  Information will
not be considered confidential to the extent that CTS can demonstrate that such
information is (i) already known to be free of any restriction at the time it
is obtained; (ii) subsequently learned from an independent third party free of any
restriction; or (iii) available publicly through no fault of CTS or its
employees.  This section supersedes any
other written or oral confidentiality agreement between CTS and the Company.

5.                                       The Company agrees to indemnify and hold CTS
(which term includes its directors, controlling persons as such term is defined
under the Securities Act of 1933, officers, managers, members, employees,
contractors, subcontractors and agents) harmless against and from all losses,
claims, damages or liabilities, and all actions, claims, proceedings and
investigations in respect thereof, arising out of or in connection with this
engagement or CTS’ services rendered in connection with this engagement, and to
reimburse CTS for all reasonable legal and other out-of-pocket expenses as
incurred by CTS in connection with investigating, preparing or defending any
such action, claim, proceeding or investigation, provided, however, the Company
will not be so liable to the extent that any such loss, claim, damage or
liability is finally judicially determined to have resulted from CTS’ gross
negligence or willful misconduct.

6.                                       The confidentiality, payment of fees,
reimbursement, and indemnity obligations of the Company and CTS under this
Agreement will be in addition to any liability which the Company or CTS may
otherwise have, will survive any termination of this Agreement, and will be
binding upon and extend to the benefit of any successors, assigns, heirs and
personal representatives of the Company and CTS.

7.                                       The Company agrees that CTS has the right to
place advertisements in mailings and newspapers and journals at CTS’s own
expense describing their services to the Company hereunder and using the
Company logo.

8.                                       The Agreement represented by this letter will
be governed by the laws of State of Minnesota. 
Any dispute or controversy arising out of this Agreement will be
determined by arbitration conducted in accordance with the rules of the
National Association of Securities Dealers, Inc. then in effect.

 2
 

Any arbitration award will
be final and binding upon the Company and CTS, and judgment upon the award may
be entered in any court having jurisdiction.

If this letter correctly sets forth the understanding between us,
please so indicate by signing on the designated space below and returning a
signed copy to us, where upon this letter will constitute the Agreement between
us.  We look forward to working with you.

Sincerely,

	
  CHERRY TREE SECURITIES, LLC

  	
   

  
	
  David G. Latzke

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
    /s/
  David G. Latzke

  	
   Date: July
  17, 2007

  	
   

  
	
      Its:
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  TITAN MACHINERY
  INC.

  	
   

  
	
  David J. Meyer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ David J.
  Meyer 

  	
   Date July
  17, 2007

  	
   

  
	
      Its:
  CEO

  	
   

  
					

 

 3Exhibit 10.1

 

BLADELOGIC,
INC.

AMENDED AND RESTATED

SENIOR EXECUTIVE INCENTIVE BONUS PLAN

 

1.                                       Purpose

 

This Senior Executive Incentive Bonus Plan (the “Incentive
Plan”) is intended to provide an incentive for superior work and to motivate
eligible executives of BladeLogic, Inc. (the “Company”) and its subsidiaries
toward even higher achievement and business results, to tie their goals and
interests to those of the Company and its stockholders and to enable the
Company to attract and retain highly qualified executives. The Incentive Plan
is for the benefit of Covered Executives (as defined below).

 

2.                                       Covered
Executives

 

From time to time, the Compensation Committee of the
Board of Directors of the Company (the “Compensation Committee”) may select
certain key executives (the “Covered Executives”) to be eligible to receive
cash bonuses and stock-based awards hereunder.

 

3.                                       Administration

 

The Compensation Committee shall have the sole
discretion and authority to administer and interpret the Incentive Plan.

 

4.                                       Bonus
Determinations

 

(a)                                  A
Covered Executive may receive a bonus payment or stock-based award grant under
the Incentive Plan based upon the attainment of performance targets which are
established by the Compensation Committee and relate to financial measures with
respect to the Company or any of its subsidiaries, as well as individual
performance goals (collectively, the “Performance Goals”), as set forth in Exhibit
A attached hereto.

 

(b)                                 Except
as otherwise set forth in this Section 4(b): 
(i) any bonuses paid or stock-based awards granted to Covered Executives
under the Incentive Plan shall be based upon pre-determined formulas that tie
such bonuses or stock-based awards to one or more performance targets relating
to the Performance Goals, (ii) bonus and stock-based award formulas for Covered
Executives shall be adopted in each performance period by the Compensation
Committee, and (iii) no bonuses shall be paid or stock-based awards granted to
Covered Executives unless and until the Compensation Committee makes a
determination with respect to the attainment of the performance objectives. Notwithstanding
the foregoing, the Company may pay bonuses or grant stock-based awards
(including, without limitation, discretionary bonuses) to Covered Executives
under the Incentive Plan based upon such other terms and conditions as the
Compensation Committee may in its sole discretion determine.

 

(c)                                  Each
Covered Executive shall have a targeted bonus opportunity for each performance
period, which opportunity shall be a stated percentage of base salary, as
determined

 

 

in the sole
discretion of the Compensation Committee. The maximum bonus payable to a
Covered Executive under the Plan is described in Exhibit A attached
hereto.

 

(d)                                 Each
Covered Executive shall have a targeted stock-based award grant opportunity for
each performance period, as determined in the sole discretion of the
Compensation Committee. The maximum stock-based award grant opportunity for a
Covered Executive under the Plan is described in Exhibit A attached
hereto.

 

(e)                                  The
payment of a bonus or grant of a stock-based award to a Covered Executive with
respect to an applicable performance period shall be conditioned upon the
Covered Executive’s employment by the Company on the last day of the
performance period; provided, however, that the Compensation
Committee may make exceptions to this requirement, in its sole discretion,
including, without limitation, in the case of a Covered Executive’s termination
of employment, retirement, death or disability.

 

5.                                       Timing
of Payment or Grant

 

The Performance Goals for bonus payments will be
measured on a quarterly and annual basis and the Performance Goals for
stock-based awards will be measured at the end of each fiscal year after the
completion of the Company’s annual audit of its financial statements. If the
Performance Goals are met, payments and grants will be made within 30 days
thereafter. Notwithstanding the foregoing, the Company may pay bonuses or grant
stock-based awards to Covered Executives under the Incentive Plan at any time,
as the Compensation Committee may in its sole discretion determine.

 

6.                                       Amendment
and Termination

 

The Company reserves the right to amend or terminate
the Incentive Plan at any time in its sole discretion.

 

 

EXHIBIT A

 

PERFORMANCE
GOALS

 

President and Chief Executive Officer:  Cash Bonus – no minimum, target of 150% and
maximum of 200% of base salary - 80% of which will be based on the Company’s
performance against recognized revenue goals of the Company as determined by
the Board, and 20% of which will be based on the Company’s performance against
EBIT (earnings before interest and taxes) goals of the Company as determined by
the Board. Equity Bonus – no minimum, target of 100,000 shares of restricted
stock and maximum of 150,000 shares of restricted stock – 100% of which will be
based on the Company’s performance against recognized revenue goals of the
Company as determined by the Board.

 

Executive Vice President and Chief Operating
Officer:  Cash Bonus –
no minimum, target of 130% of base salary and no maximum - 80% of which will be
based on the Company’s performance against recognized revenue goals of the
Company as determined by the Board and 20% of which will be based on the
Company’s performance against EBIT goals of the Company as determined by the
Board. Equity Bonus – no minimum, target of 60,000 shares of restricted stock
and maximum of 120,000 shares of restricted stock – 100% of which will be based
on the Company’s performance against recognized revenue goals of the Company as
determined by the Board.

 

Executive Vice President and Chief Financial
Officer:  Cash Bonus –
no minimum, target of 111% and maximum of 130% of base salary - 40% of which
will be based on the Company’s performance against recognized revenue goals of the
Company as determined by the Board, 40% of which will be based on the Company’s
performance against EBIT goals of the Company as determined by the Board and
20% of which shall be discretionary. Equity Bonus – no minimum, target of
60,000 shares of restricted stock and maximum of 120,000 shares of restricted
stock – 100% of which will be based on the Company’s performance against
recognized revenue goals of the Company as determined by the Board.

 

Executive Vice President and Chief Technology
Officer:  Cash Bonus –
no minimum, target of 90% and maximum of 108% of base salary - 40% of which
will be based on the Company’s performance against recognized revenue goals of
the Company as determined by the Board, 20% of which will be based on the
Company’s performance against EBIT goals of the Company as determined by the
Board and 40% of which shall be discretionary. Equity Bonus – no minimum,
target of 40,000 shares of restricted stock and maximum of 80,000 shares of
restricted stock – 100% of which will be based on the Company’s performance
against recognized revenue goals of the Company as determined by the Board.

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