SEC Contract Filing

Filing Date: 2021-05-05

Document Content:
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<TYPE>EX-10.25
<SEQUENCE>3
<FILENAME>exhibit1025tsrpsu.htm
<DESCRIPTION>2021 FORM OF AWARD NOTICE (TOTAL SHAREHOLDER RETURN)
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<DIV><FONT size="1" style="font-size:1pt;color:white">1 AWARD NOTICE UNDER THE ANSYS, INC. FIFTH AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN Name of Participant: Target Units: Grant Date of Target Award: Performance Measurement Period: January 1, 2021 to December 31, 2023 Pursuant to the ANSYS, Inc. Fifth Amended and Restated Long-Term Incentive Plan (the &#8220;Plan&#8221;), ANSYS, Inc. (the &#8220;Company&#8221;) has selected the Participant named above to be awarded the Target Award specified above, subject to the terms and conditions of the Plan and this Award Notice. Capitalized terms used but not defined in this Award Notice shall have the meaning given such terms in the Plan. A copy of the Plan is attached hereto as Exhibit A. 1. Acceptance of Award. The total number of Restricted Stock Units that may be credited to the Participant (if any) shall be determined by the Company&#8217;s performance during the Performance Measurement Period specified above and as set forth in Section 4(b) of the Plan. The Measurement Period Target for the Performance Measurement Period shall be equal to the Target Award. The actual number of Restricted Stock Units that may be credited could be up to 200% of such Target Award and could also be lower than the Target Award and could be zero. 2. Termination of Employment. Subject to Section 3 below, if at any time prior to the conclusion of the Performance Measurement Period, the Participant&#8217;s employment with the Company terminates for any reason, the Participant shall automatically forfeit the right to receive any portion of the Award. Notwithstanding the foregoing, if the Participant&#8217;s employment with the Company is terminated on account of the Participant&#8217;s death or Disability (as defined below), any Restricted Stock Units that are not vested will remain eligible to vest in accordance with their terms based upon achievement of the applicable performance condition and subject to the Company&#8217;s certification of the performance metric attainment but on a prorated basis based upon the number of months that the Participant provided services as a Participant to the Company prior to the Participant&#8217;s death or Disability during the applicable performance period. For purposes hereof, &#8220;Disability&#8221; shall mean the Participant&#8217;s termination of employment with the Company: (i) after becoming eligible to receive benefits under the Company&#8217;s then current long-term disability plan that is applicable to the Participant; (ii) where the Participant is not eligible under a Company long-term disability plan, after being officially declared permanently disabled under the mandatorily applicable health or welfare regulations of the applicable jurisdiction; or, (iii) in the absence of such a determination under said regulations, after being officially declared permanently disabled by a physician appointed by the Company in its sole discretion. Exhibit 10.25 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2 3. Change in Control. Upon a Change in Control, the Award shall be treated as specified in Section 6 of the Plan. 4. Issuance of Shares. (a) Each Restricted Stock Unit relates to one share of the Company&#8217;s Stock. Shares of Stock (if any) shall be issued and delivered to the Participant in accordance with the terms of this Award Notice and of the Plan upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Committee as to such compliance shall be final and binding on the Participant. (b) Until such time as shares of Stock are issued to the Participant pursuant to the terms hereof and of the Plan, the Participant shall have no rights as a stockholder with respect to any shares of Stock underlying the Restricted Stock Units, including but not limited to any voting rights. 5. Non-Competition and Non-Solicitation. As additional consideration for the grant of this Award to the Participant, the Participant hereby agrees that he or she shall not, at any time during his or her employment with the Company, and for a period of one year immediately after the termination of such employment (no matter if terminated by the Participant or the Company and no matter what the reason for that termination), engage for any reason, directly or indirectly, whether as owner, part-owner, shareholder, member, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity, on behalf of himself or herself or any firm, corporation or other business organization other than the Company and its subsidiaries, in any one or more of the following activities: (a) the development, marketing, solicitation, or selling of any product or service that is competitive with the products or services of the Company, or products or services that the Company has under development or that are subject to active planning at any time during Participant&#8217;s employment; (b) the use of any of the Company&#8217;s confidential or proprietary information, copyrights, patents or trade secrets which was acquired by the Participant as an employee of the Company and its subsidiaries; or