ASPEN TECHNOLOGY INC /DE/
EXHIBIT 10.44
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="je2397_exhibit_10.44"> </A>
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.44    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je2397_employment_and_transition_agreement"> </A>
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<BR></FONT><FONT SIZE=2><B>Employment and Transition Agreement    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Employment and Transition Agreement (the "Agreement") is entered into this 30<SUP>th</SUP> day of June&nbsp;2003 between </FONT> <FONT SIZE=2><B>Lawrence B. Evans</B></FONT><FONT
SIZE=2> ("Evans") and </FONT><FONT SIZE=2><B>Aspen Technology,&nbsp;Inc.</B></FONT><FONT SIZE=2>, a Delaware corporation (the "Company"). </FONT></P>


<P><FONT SIZE=2><B>Recitation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evans was the founder of the Company, served as its Chairman and Chief Executive Officer for 21&nbsp;years after its founding in 1981, and built the Company
from a start-up with eight founding employees to a public company with more than 1,800 employees. Evans has an international reputation in the field of process modeling, simulation, and
optimization. The Company considers it desirable to retain the services of Evans for a transition period, to continue his active involvement with the Company, and to benefit from his reputation in the
field. </FONT></P>

<P><FONT SIZE=2><B>Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evans and the Company agree as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term of Full-Time Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Evans will continue to serve as a full-time employee of
the Company through June&nbsp;30, 2004 ("Full-Time Term"). During the Full-Time Term Evans will receive a base salary of $325,000 per year, plus all the employee benefits
provided to other executive management employees, excluding participation in the Company's bonus program except as provided in paragraph&nbsp;4(f) below. In addition, Evans will participate in the
Company's stock option program to the extent that grants of stock options are appropriate to his role as Chairman and a Director of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Activities During Full-Time Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Full-Time Term, Evans will perform the
following activities. </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2><I>Service as Chairman.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the approval of the Company's Board of Directors, it is expected that Evans will continue
to serve as Chairman of the Company. Evans will not be eligible for additional cash compensation in consideration for this service, but will be eligible for director stock options, as approved by the
Compensation Committee. These director stock options shall, to the extent possible under applicable law, be eligible for ISO treatment and shall be in the same amount and under the same terms as
provided for non-employee directors, notwithstanding the fact that Evans is an employee. Without limiting the foregoing, as soon as is practicable after execution of this Agreement, Evans
will receive a grant of 24,000 stock options, 6,000 of which shall be immediately vested, and the remaining 18,000 of which shall vest at the rate of 2,000 per calendar quarter beginning with the
calendar quarter ending September&nbsp;30, 2003. The strike price for these 24,000 options shall be the closing price of the stock on the date immediately preceding the date on which the option is
granted. Thereafter, Evans shall receive director stock options annually in an amount that shall not be less than the amount awarded to any other director.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b.</FONT></DT><DD><FONT SIZE=2><I>Company Activities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Evans will perform such activities as are mutually agreed between him and the CEO. It is expected that
these activities will include: (1)&nbsp;supporting the Company's Customer Relationship Management Program initiative, (2)&nbsp;supporting specific customer sales pursuits, and
(3)&nbsp;representing the Company at major technology and marketing events.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c.</FONT></DT><DD><FONT SIZE=2><I>Non-Company Activities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Evans may devote up to one-half of his time to non-Company
activities, provided that such activities are appropriate in view of his responsibilities to the Company and do not conflict with the interests of the Company. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Part-Time Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the end of the Full-Time Term, Evans will become a
part-time employee for a period of four years through June&nbsp;30, 2008 (the "Part-Time Term"). During the </FONT></P>

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<P><FONT SIZE=2>Part-Time
Term, Evans will receive a base salary of $162,500 per year plus all the employee benefits provided to other executive management employees, excluding participation in the
Company's bonus program (except as provided in paragraph&nbsp;4(f) below), and he will participate in the Company's stock option program only to the extent that grants of stock options are
appropriate to his role as Chairman and a Director of the Company. During the Part-Time Term, Evans will make himself available to provide services to the Company for up to 30&nbsp;days
per year at the direction of the Company's CEO. Additional services may be obtained at the rate of $5,000 per day upon the mutual agreement of the Company and Evans. The Company will reimburse Evans
for all expenses reasonably incurred by him in performing services for the Company during the Part-Time Term. Evans and his family shall be entitled to continue to participate in the
Company's group health insurance plans during both the Full-Time Term and the Part-Time Term, and Evans' entitlement to continuation health care coverage under COBRA shall
commence at the end of the Part-Time Term. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Support.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During both the Full-Time Term and the Part-Time Term: </FONT></P>

<UL>
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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2><I>Office and Professional.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will provide Evans an office in the Company facilities with secretarial support, a
laptop or equivalent computer and network access, and the Company will reimburse Evans for reasonable travel expenses to participate in external professional activities, such as meetings of the NAE,
AIChE and other professional organizations and service on university advisory committees. Reimbursement for travel expenses for external professional activities will not exceed $20,000 in any one year
without prior approval from the Company's CEO.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b.</FONT></DT><DD><FONT SIZE=2><I>Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Evans will be eligible to participate in any option exchange program offered by the Company to the executive
management team who report to the Company's CEO. Evans will be an employee and, therefore, his options will continue to vest and be valid according to their terms.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c.</FONT></DT><DD><FONT SIZE=2><I>Adjustment for Inflation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All of the dollar amounts mentioned in the Agreement will be adjusted on an annual basis, as of
each January&nbsp;1, to account for inflation. The adjustment will be made on the basis of the consumer price index for Boston, Massachusetts. There will be no decrease in the dollar amounts in the
case of disinflation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d.</FONT></DT><DD><FONT SIZE=2><I>Attorney's Fees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company will reimburse Evans for reasonable attorney's fees and expenses incurred in connection with
the negotiation of this Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>e.</FONT></DT><DD><FONT SIZE=2><I>Death or Disability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Should Evans become unable to provide services under this Agreement due to disability during either
the Full-Time Term or the Part-Time Term, the Company will place Evans on disability leave of absence for the remainder of the Full-Time and Part-Time
Terms (or for such portion of such Terms as Evans remains disabled) and during such leave shall continue to pay the amounts due under this Agreement to Evans. Disability shall be determined by a
physician reasonably satisfactory to both Evans and the Company. In the event that Evans dies during either the Full-Time Term or the Part-Time Term, the Company shall continue
to pay the amounts due under this Agreement to Evans' estate and all of Evans' unvested stock options shall immediately become vested.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f.</FONT></DT><DD><FONT SIZE=2><I>Eligibility for Bonuses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of this Agreement to the contrary, during the Full-Time
Term and the Part-Time Term, Evans shall be eligible to receive bonuses under the Company's bonus plan on the basis as bonuses are awarded to other executive management employees of the
Company, but only to the extent necessary to reimburse Evans for amounts that have been deducted from his salary since April&nbsp;16, 2002, under the Company's Salary Deduction Program. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination of Change of Control Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Change in Control Agreement dated August&nbsp;12, 1997
between the Company and Evans is terminated by mutual consent and is no longer in effect. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Public Announcement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to review with Evans any proposed announcements, internal
company-wide communications or other public disclosures related to his employment status with the Company prior to their release. No such communications will be released without Evans's
prior approval, which will not be unreasonably withheld. Evans agrees that he and his agents will not otherwise publicize or disclose, directly or indirectly, the existence of this Agreement, the
terms thereof, or the circumstances giving rise to the Agreement, to anyone other than Evans's attorney, accountant, financial advisor and members of his immediate family or as required by law. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Release by Evans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the agreements by the Company set forth in this Agreement, Evans, on
behalf of himself, his heirs, successors, current and former agents, representatives, attorneys, assigns, executors, beneficiaries, and administrators, hereby releases and forever discharges the
Company and each and all of its officers, directors, shareholders, employees, representatives and agents
from any and all charges, complaints, claims, liabilities, obligations, promises, Agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorneys' fees) related in any way to Evans's employment with or separation from the Company, as well as all claims under Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act, the Age Discrimination in Employment Act, the Older Worker Benefit Protection Act, the Employee Retirement Income Security Act of 1974, the National Labor Relations Act, the
Family and Medical Leave Act, any other federal, state or local anti-discrimination laws, and any other contractual or tort claims relating to Evans's employment or separation from
employment with the Company; provided, however, that nothing in this Release shall prevent Evans from seeking to enforce his rights under this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
exchange for the agreements by Evans set forth in this Agreement, the Company and all of its respective present and former directors, officers, employees, agents, successors, assigns
and affiliates, hereby releases and forever discharges Evans, from any and all suits, claims, demands, debts, sums of money, damages, interest, attorneys' fees, expenses, actions, causes of action,
judgments, accounts, promises, contracts, agreements, and any and all claims of law or in equity, whether now known or unknown, which they now have or ever have had against him, including, but not
limited to claims under any federal state or local statute, regulation, ordinance or common law, related to or arising out of Evans' employment with the Company; provided, however, that nothing in
this Release shall prevent the Company from seeking to enforce its rights under this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Procedures.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By signing this Agreement, Evans acknowledges and agrees that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2>he
has been afforded a reasonable and sufficient period of time for deliberation thereon and for negotiation of the terms thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b.</FONT></DT><DD><FONT SIZE=2>he
has carefully read and understands the terms of this Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c.</FONT></DT><DD><FONT SIZE=2>he
has signed this Agreement freely and voluntarily and without duress or coercion and with full knowledge of its significance and consequences and of the rights relinquished,
surrendered, released and discharged hereunder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d.</FONT></DT><DD><FONT SIZE=2>the
only consideration for signing this Agreement are the terms stated herein and no other promise, Agreement or representation of any kind has been made to him by any person or entity
whatsoever to cause him to sign this Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>e.</FONT></DT><DD><FONT SIZE=2>that
the Company did offer him a minimum period of at least twenty-one (21)&nbsp;days after his receipt of this Agreement to review it; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>f.</FONT></DT><DD><FONT SIZE=2>that
the Company advised him that he had the opportunity to consult an attorney before signing this Agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>This
Agreement may be revoked, in writing sent to the CEO of the Company by Evans at any time during the period of seven (7)&nbsp;calendar days following the date of execution by Evans. If such
seven (7)&nbsp;day revocation period expires without Evans exercising his revocation right, then the obligations of this Agreement will then become fully effective as more fully set forth herein. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Integration; Severability; Binding on Successors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes an integrated Agreement,
containing the entire understanding of the parties with respect to the matters addressed herein and, except as set forth in this Agreement, no representations, warranties or promises have been made or
relied on by the parties. This Agreement shall prevail over any prior communications between the parties or their representations relative to matters addressed herein. Notwithstanding the foregoing,
if any court of competent jurisdiction should determine that any part of this Agreement is unenforceable, the part of the Agreement so determined shall be considered severed from the rest of this
Agreement, and the rest of this Agreement shall remain in full force and effect. This Agreement shall be binding upon the Company, its successors and assigns. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law; Arbitration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be interpreted, enforced and governed under the laws of
the Commonwealth of Massachusetts. Any disputes arising under this Agreement shall be submitted to binding arbitration by the American Arbitration Association ("AAA"). The arbitration shall be
conducted in Boston, Massachusetts, before a single arbitrator, and the arbitrator shall be selected and the arbitration conducted pursuant to the AAA's rules governing commercial arbitration. </FONT></P>

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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>LAWRENCE B. EVANS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B>Lawrence B. Evans</B></FONT></TD>
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Aspen Technology,&nbsp;Inc.</B></FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ILLEGIBLE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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Title:</FONT></TD>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ILLEGIBLE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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