Exhibit 10.38

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of September 22, 2005, by and between MetaSolv Software, Inc., a Delaware corporation (the “Employer”), and Jonathan K. Hustis (the “Executive”).

RECITALS

A. The Employer desires that the Executive continue to provide services for the benefit of the Employer and its affiliates and the Executive desires to continue such employment with the Employer.

B. The Employer and the Executive acknowledge that the Executive is and will continue to be a member of the senior management team of the Employer and, as such, will participate in implementing the Employer’s business plan.

C. The Employer recognizes that the changing economic market can distract its key management personnel from maintaining a long term vision for the Employer.

D. The Employer has determined that it is essential and in the best interest of the Employer and its stockholders to retain the services of the Executive and to ensure his continued dedication and efforts in a changing global economic environment.

E. In order to induce the Executive to remain in the employ of the Employer, the Employer desires to enter into this Agreement with the Executive to provide the Executive with certain benefits in the event his employment is terminated.

F. In the course of employment with the Employer, the Executive has had and will continue to have access to certain confidential information that relates to or will relate to the business of the Employer and its affiliates. The Employer desires that any such information not be disclosed to other parties or otherwise used for unauthorized purposes.

NOW, THEREFORE, in consideration of the above premises and the following mutual covenants and conditions, the parties agree as follows:

1. Employment. The Employer shall employ the Executive as its General Counsel, Executive Vice President—Legal and Corporate Secretary, and in the same capacities for its parent company MetaSolv, Inc., and the Executive hereby accepts such employment on the following terms and conditions.

2. Duties. The Executive shall work for the Employer in a full-time capacity. The Executive shall, during the term of employment, have the duties, responsibilities, powers, and authority customarily associated with the position of General Counsel, Vice President – Business Services and Corporate Secretary. The Executive shall report to, and follow the direction of, the CEO, President or COO. The Executive shall diligently, competently, and faithfully perform all duties, and shall devote his entire business time,

energy, attention, and skill to the performance of duties for the Employer or its affiliates and will use his best efforts to promote the interests of the Employer. It shall not be considered a violation of the foregoing for the Executive to serve on corporate, industry, civic, religious or charitable boards or committees, so long as such activities do not individually or in the aggregate significantly interfere with the performance of the Executive’s responsibilities as an employee of the Employer in accordance with this Agreement.

3. Executive Loyalty. The Executive shall devote all of his time, attention, knowledge, and skill solely and exclusively to the business and interests of the Employer, and the Employer shall be entitled to all benefits and profits arising from or incident to any and all work, services, and advice of the Executive. The Executive expressly agrees that during the term of employment, he shall not engage, directly or indirectly, as a partner, officer, director, member, manager, stockholder, advisor, agent, employee, or in any other form or capacity, in any other business similar to that of the Employer. The foregoing notwithstanding, and subject to Paragraph 9 below, nothing herein contained shall be deemed to prevent the Executive from investing his money in the capital stock or other securities of any corporation whose stock or securities are publicly-owned or are regularly traded on any public exchange, nor shall anything herein contained be deemed to prevent the Executive from investing his money in real estate.

4. Term of Employment. Unless sooner terminated as hereinafter provided, this Agreement shall be entered into for a period of two (2) years, commencing December 1, 2005 (the “Initial Term”). The term of employment shall be renewed automatically for successive periods of one (1) year each (a “Renewal Term”) after the expiration of the Initial Term and any subsequent Renewal Term, unless one party provides the other with written notice to the contrary at least six (6) months prior to the end of the Initial Term or any Renewal Term; provided, however, that notwithstanding any such notice by the Employer not to extend, if a Change in Control (as defined in Paragraph 7C below) shall occur during the term hereof after the Employer has given notice of nonrenewal to the Executive, then the term of this Agreement shall not expire prior to the expiration of twenty-four (24) months after the occurrence of a Change in Control.

5. Compensation.

A. The Employer shall pay the Executive an annual base salary of $210,000 (the “Base Salary”), payable in substantially equal installments in accordance with the Employer’s payroll policy from time to time in effect. The Executive’s salary shall be subject to any payroll or other deductions as may be required to be made pursuant to law, government order, or by agreement with, or consent of, the Executive. Changes to the Base Salary, as adjusted, may be made following any annual salary review, the timing or occurrence of which shall be at the Employer’s sole discretion.

B. The Executive shall have the opportunity to participate in the Employer’s Performance Bonus Plan, pursuant to the terms and conditions of such Performance Bonus Plan. The Board shall determine, in its sole discretion, the Executive’s target performance bonus under the Performance Bonus Plan. For calendar

year 2005, the Performance Bonus Plan consists of restricted stock awards and cash payments, and the Executive shall be eligible for a target bonus of 55.26% of Base Salary for the period ending December 31, 2005, if the Executive and the Employer have achieved certain defined and documented annual goals. If the Executive and the Employer overachieve these goals, the bonus may be as high as 69.07% of Base Salary for such period. For calendar year 2006, and for each calendar year thereafter, the Executive shall be eligible for a target bonus, to be set by the Board as a percentage of the Executive’s then current Base Salary for the bonus period if the Executive and the Employer have achieved certain defined and documented annual goals. If the Executive and the Employer overachieve these goals, this reward may be set as a higher percentage of Base Salary for the bonus period. The Board may amend the terms and conditions of the Performance Bonus Plan at any time in its sole discretion.

C. During the Term, the Employer shall:

(1) include the Executive in any life insurance, disability insurance, medical, dental or health insurance, savings, pension and retirement plans, employee stock option and stock purchase plans, and other benefit plans or programs (including, if applicable, any excess benefit or supplemental executive retirement plans) maintained by the Employer for the benefit of its executives;

(2) include the Executive in such perquisites as the Employer may establish from time to time that are commensurate with his position and at least comparable to those received by other executives of the Employer; and

(3) provide the Executive with such amount of paid time off per annum as is provided under the Employer’s standard employment policies.

6. Expenses. The Employer shall reimburse the Executive for all reasonable and approved business expenses, provided the Executive submits paid receipts or other documentation acceptable to the Employer and as required by the Internal Revenue Service to qualify as ordinary and necessary business expenses under the Internal Revenue Code of 1986, as amended (the “Code”).

7. Termination. The Executive’s employment shall terminate upon the first to occur of the following events:

A. Upon the Executive’s date of death or the date the Executive is given written notice that he has been determined to be disabled by the Employer. For purposes of this Agreement, the Executive shall be deemed to be disabled if the Executive meets the requirements for long term disability under the Employer’s long-term disability plan or program in effect on the date of the notice; alternatively, if the Employer does not have such a long-term disability plan or program in effect, then the Executive shall be deemed to be disabled if the Executive, as a result of illness or

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