Document:

Exhibit
10.47

 

STOCKHOLDERS AGREEMENT

among

SSA GLOBAL TECHNOLOGIES, INC.,

GENERAL ATLANTIC PARTNERS 76, L.P.,

GAP COINVESTMENT PARTNERS II, L.P.,

GAPSTAR, LLC,

GAPCO GMBH & CO. KG,

SSA INVESTOR, LLC,

SSA WARRANT HOLDINGS, LLC,

ABLECO, L.L.C.,

CERBERUS PARTNERS, L.P.,

CERBERUS INSTITUTIONAL PARTNERS, L.P.

and

MADELEINE L.L.C.

Dated: April 2, 2003

 

 

 

Table of Contents

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  

 

	
  STOCKHOLDERS AGREEMENT 

  	
   

  
	
  1.

  	
  Definitions

  	
   

  
	
  2.

  	
  Restrictions on Transfer
  of Shares

  	
   

  
	
   

  	
  2.1

  	
  Limitation on Transfer

  	
   

  
	
   

  	
  2.2

  	
  Permitted Transfers

  	
   

  
	
   

  	
  2.3

  	
  Permitted Transfer Procedures

  	
   

  
	
   

  	
  2.4

  	
  Transfers in Compliance with Law;
  Substitution of Transferee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Right of
  First Refusal and Tag-Along Rights

  	
   

  
	
   

  	
  3.1

  	
  Proposed Voluntary
  Transfers

  	
   

  
	
   

  	
  3.2

  	
  Involuntary Transfers

  	
   

  
	
   

  	
  3.3

  	
  Drag-Along Rights

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  Future
  Issuance of Shares; Preemptive Rights

  	
   

  
	
   

  	
  4.1

  	
  Offering Notice

  	
   

  
	
   

  	
  4.2

  	
  Preemptive Rights;
  Exercise

  	
   

  
	
   

  	
  4.3

  	
  Closing

  	
   

  
	
   

  	
  4.4

  	
  Sale to Subject Purchaser

  	
   

  
	
   

  	
  4.5

  	
  Initial Public Offering

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  After-Acquired
  Securities; Agreement to be Bound

  	
   

  
	
   

  	
  5.1

  	
  After-Acquired Securities

  	
   

  
	
   

  	
  5.2

  	
  Agreement to be Bound

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Corporate Governance

  	
   

  
	
   

  	
  6.1

  	
  General

  	
   

  
	
   

  	
  6.2

  	
  Stockholder Actions

  	
   

  
	
   

  	
  6.3

  	
  Election
  of Directors; Number and Composition

  	
   

  
	
   

  	
  6.4

  	
  Removal and
  Replacement of Director

  	
   

  
	
   

  	
  6.5

  	
  Reimbursement of Expenses; D&O
  Insurance

  	
   

  
	
   

  	
  6.6

  	
  Actions
  of the Stockholders and Board of Directors; Extraordinary Actions

  	
   

  
	
   

  	
  6.7

  	
  Annual Budget

  	
   

  
	
   

  	
  6.8

  	
  Books and Records

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
  Stock Certificate Legend

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
  Miscellaneous

  	
   

  
	
   

  	
  8.1

  	
  Notices

  	
   

  
	
   

  	
  8.2

  	
  Publicity; Confidentiality

  	
   

  
	
   

  	
  8.3

  	
  Successors
  and Assigns; Third Party Beneficiary

  	
   

  
	
   

  	
  8.4

  	
  Amendment and Waiver

  	
   

  
	
   

  	
  8.5

  	
  Counterparts

  	
   

  
	
   

  	
  8.6

  	
  Specific Performance

  	
   

  
	
   

  	
  8.7

  	
  Headings

  	
   

  
	
   

  	
  8.8

  	
  Governing Law;
  Consent to Jurisdiction

  	
   

  
	
   

  	
  8.9

  	
  Severability

  	
   

  
	
   

  	
  8.10

  	
  Rules of Construction

  	
   

  
	
   

  	
  8.11

  	
  Entire Agreement

  	
   

  
	
   

  	
  8.12

  	
  Term of Agreement

  	
   

  
	
   

  	
  8.13

  	
  Further Assurances

  	
   

  
	
   

  	
  8.14

  	
  Inconsistent Agreements

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ACKNOWLEDGMENT AND AGREEMENT

  	
   

  
	
   

  	
   

  
	
  ACKNOWLEDGMENT AND AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Table of Contents

  	
   

  

 

	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  A

  	
  Certificate of
  Incorporation

  
	
  B

  	
  By-laws

  
	
  C-1

  	
  Form of Transfer
  Agreement (Previously issued shares)

  
	
  C-2

  	
  Form of Transfer
  Agreement (Newly issued shares)

  
			

 

 

 

STOCKHOLDERS
AGREEMENT

STOCKHOLDERS AGREEMENT
(this “Agreement”) dated as of 
April 2, 2003, among SSA Global Technologies, Inc., a Delaware  corporation
(the “Company”), General Atlantic Partners 76, L.P., a Delaware
limited partnership (“GAP LP”), GAP Coinvestment Partners II,
L.P., a Delaware limited partnership (“GAP Coinvestment”), GapStar, LLC,
a Delaware limited liability company (“GapStar”), GAPCO GmbH & Co.
KG, a German limited partnership (“GmbH Coinvestment”), SSA Investor,
LLC, a Delaware limited liability company (“SSA Investor”), SSA Warrant
Holdings, LLC, a Delaware limited liability company (“Senior Warrantholder”),
Ableco, L.L.C., a Delaware limited liability company (“Ableco”),
Cerberus Partners, L.P., a Delaware limited partnership (“Cerberus Partners”),
Cerberus Institutional Partners, L.P., a Delaware limited partnership (“Cerberus
Institutional Partners”) and Madeleine L.L.C., a New York limited liability
company (“Madeleine”).

WHEREAS, pursuant to the
Stock Purchase Agreement, dated as of March 10, 2003 (the “Stock Purchase
Agreement”), among the Company, GAP LP, GAP Coinvestment, GapStar, GmbH
Coinvestment and Cerberus Capital Management, L.P., the Company has agreed to
issue and sell to GAP LP, GAP Coinvestment, GapStar and GmbH Coinvestment an
aggregate of 750,000 shares of Series A Cumulative Convertible Preferred
Stock, par value $0.01 per share, of the Company (the “Series A
Preferred Stock”); and

WHEREAS, pursuant to the
Securities Exchange Agreement, dated as of the date hereof, among the Company,
SSA Investor, Senior Warrantholder, Ableco, Cerberus Partners, Cerberus
Institutional Partners and Madeleine, the Company has agreed to exchange all of
the existing equity securities and $10,000,000 in indebtedness of the Company
held by SSA Investor, Senior Warrantholder, Ableco, Cerberus Partners, Cerberus
Institutional Partners and Madeleine, for an aggregate of 2,250,000 shares of
Series A Preferred Stock;

WHEREAS, the parties
hereto wish to restrict the transfer of the Shares (as hereinafter defined) and
to provide for, among other things, first refusal, tag-along, drag-along and
preemptive rights, corporate governance rights and obligations and certain
other rights under certain conditions.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

1.     Definitions.  As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings
indicated:

“Ableco” has the meaning
set forth in the preamble to this Agreement.

 

 

“Acquisition”
means the acquisition by the Company or any of its Subsidiaries of (x)
securities of another Person which constitute a majority of the voting power of
such Person or (y) all or substantially all of the assets of another Person.

“Affiliate” means
any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules
and Regulations under the Exchange Act. 
In addition, the following shall be deemed to be Affiliates of GAP
Coinvestment, GAP LP, GapStar and GmbH Coinvestment:  (a) GAP LLC, the members of GAP LLC,
GmbH Management, the shareholders of GmbH Management, the limited partners of
each of GAP Coinvestment, GAP LP and GmbH Coinvestment, and the members of
GapStar; (b) any Affiliate of GAP LLC, the members of GAP LLC, the limited
partners of GAP Coinvestment or GmbH Coinvestment or the members of GapStar;
and (c) any limited liability company or partnership a majority of whose
members or partners, as the case may be, are members or former members of GAP
LLC or consultants or key employees of General Atlantic Service Corporation, a
Delaware corporation and an Affiliate of GAP LLC.  In addition, GAP LP, GAP Coinvestment,
GapStar and GmbH Coinvestment shall be deemed to be Affiliates of one
another.  In addition, the members and
the general or limited partners of each Cerberus Stockholder that is controlled
by Feinberg shall be deemed to be Affiliates of such Cerberus Stockholder.

“Agreement” means
this Agreement as the same may be amended, supplemented or modified in
accordance with the terms hereof.

“Applicable Minimum
Threshold” has the meaning set forth in the Certificate of Incorporation.

“Board of Directors”
means the Board of Directors of the Company.

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial
banks in the State of New York are authorized or required by law or executive
order to close.

“Capital Stock”
means, with respect to any Person, any and all shares, interests, participations,
rights in, or other equivalents (however designated and whether voting or
non-voting) of, such Person’s capital stock (including, without limitation,
common stock and preferred stock) and any and all rights, warrants or options
exchangeable for or convertible into such capital stock.

“Cerberus” means
Cerberus Capital Management, L.P. and/or any Affiliate thereof.

“Cerberus Directors”
has the meaning set forth in Section 6.3(b)(ii) of this Agreement.

“Cerberus
Institutional Partners” has the meaning set forth in the preamble to this
Agreement.

 

2

 

“Cerberus Partners”
has the meaning set forth in the preamble to this Agreement.

“Cerberus Stockholders”
means SSA Investor, Senior Warrantholder, Ableco, Cerberus Partners, Cerberus
Institutional Partners and Madeleine, any Subsequent Cerberus Purchaser and any
Permitted Transferee thereof to whom Shares are transferred in accordance with
this Agreement, and the term “Cerberus Stockholder” shall mean any such Person.

“Certificate of
Incorporation” means the Second Amended and Restated Certificate of
Incorporation of the Company as in effect on the date hereof.

“Change of Control
Merger” has the meaning set forth in the Certificate of Incorporation.

“Charter Documents”
means the Certificate of Incorporation and the By-laws of the Company as in
effect on the date hereof, copies of which are attached hereto as Exhibits A
and B, respectively.

“Closing Date” has
the meaning set forth in the Stock Purchase Agreement.

“Code” means the
Internal Revenue Code of 1986, as amended, or any successor statute thereto.

“Commission” means
the Securities and Exchange Commission or any similar agency then having
jurisdiction to enforce the Securities Act.

“Common Stock”
means the Common Stock, par value $0.01 per share, of the Company or any other
capital stock of the Company into which such stock is reclassified or
reconstituted.

“Common Stock
Equivalents” means any security or obligation which is by its terms,
directly or indirectly, convertible into or exchangeable or exercisable for
shares of Common Stock, preferred stock or any other capital stock of the
Company, including, without limitation the Series A Preferred Stock, and any
option, warrant or other subscription or purchase right with respect to Common
Stock or any Common Stock Equivalent.

“Company” has the
meaning set forth in the preamble to this Agreement.

“Company Option”
has the meaning set forth in Section 3.1(b) of this Agreement.

“Company Option Period”
has the meaning set forth in Section 3.1(b) of this Agreement.

“Competitor” has
the meaning set forth in the Stock Purchase Agreement.

 

3

 

“Confidential
Information” has the meaning set forth in Section 8.2 of this
Agreement.

“Contract Date”
has the meaning set forth in Section 3.1(e) of this Agreement.

“control” (including
the terms “controlling”, “controlled by” and “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a person, whether through the
ownership of voting securities, by contract, or otherwise.

“DGCL” means the
General Corporation Law of the State of Delaware.

“Co-Sale Notice”
has the meaning set forth in Section 3.1(f)(ii) of this Agreement.

“Drag-Along Sale”
has the meaning set forth in Section 3.3(a) of this Agreement.

“EBITDA” means, at
any time of measurement, with respect to any Person for the twelve months
ending on the last day of the last fiscal quarter for which such information is
available to the Company, such Person’s consolidated operating income plus
depreciation and amortization (to the extent deducted in calculating operating
income) of such Person, in each case determined in accordance with GAAP.

“Excess New Securities”
has the meaning set forth in Section 4.2(a) of this Agreement.

“Excess Offered
Securities” has the meaning set forth in Section 3.1(c) of this
Agreement.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission thereunder.

“Exempt Issuances”
has the meaning set forth in Section 4.1 of this Agreement.

“Fair Value” has
the meaning set forth in Section 3.2(b) of this Agreement.

“Feinberg” has the
meaning set forth in Section 2.4 of this Agreement.

“GAAP” means
generally accepted accounting principles in the United States as in effect from
time to time.

“GAP Coinvestment”
has the meaning set forth in the preamble to this Agreement.

 

4

 

“GAP Controlling
Entity” has the meaning set forth in Section 2.4 of this Agreement.

“GAP LLC” means
General Atlantic Partners, LLC, a Delaware limited liability company and the
general partner of GAP LP and the managing member of GapStar, and any
successor to such entity.

“GAP LP” has the
meaning set forth in the preamble to this Agreement.

“GapStar” has the
meaning set forth in the preamble to this Agreement.

 “General Atlantic Directors” has the
meaning set forth in Section 6.3(b)(i) of this Agreement.

“General Atlantic
Stockholders” means GAP LP, GAP Coinvestment, GapStar, GmbH
Coinvestment, any Subsequent General Atlantic Purchaser and any Permitted
Transferee thereof to whom Shares are transferred in accordance with this
Agreement, and the term “General Atlantic Stockholder” shall mean any such
Person.

“GmbH Coinvestment”
has the meaning set forth in the preamble to this Agreement.

“GmbH Management”
means GAPCO Management GmbH, a German company with limited liability and the
general partner of GmbH Coinvestment, and any successor to such entity.

“Governmental
Authority” means the government of any nation, state, city, locality or
other political subdivision thereof, any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

 “Incurrence” shall have the meaning
ascribed to it in Section 6.6(i).

“Indebtedness”
means, with respect to any Person, (a) any obligation of such Person (i) for
borrowed money, (ii) evidenced by a note, debenture or similar instrument
(including a purchase money obligation) given in connection with the
acquisition of any property or assets, including securities, (iii) for the
deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business or (iv) under any lease or similar
arrangement that would be required to be accounted for by the lessee as a
capital lease in accordance with GAAP; (b) any guarantee (or keepwell
agreement) by such Person of any indebtedness of others described in the
preceding clause (a); and (c) any obligation to reimburse any bank or other
Person for amounts paid under a letter of credit or similar instrument.

“Independent Appraiser”
has the meaning set forth in Section 3.2(b) of this Agreement.

 

5

 

“Initial Public
Offering” means the first bona fide firm commitment underwritten public
offering of shares of Common Stock pursuant to an effective registration
statement filed under the Securities Act and in which the underwriting is lead
managed by an internationally recognized investment banking firm and the shares
of Common Stock are listed on The Nasdaq Stock Market, Inc. or other
internationally recognized stock exchange.

 “Involuntary Transfer” means any
transfer, proceeding or action by or in which a Stockholder shall be deprived
or divested of any right, title or interest in or to any of the Shares,
including, without limitation, (i) any seizure under levy of attachment or
execution, (ii) any transfer in connection with bankruptcy (whether pursuant to
the filing of a voluntary or an involuntary petition under the United States
Bankruptcy Code of 1978, or any modifications or revisions thereto) or other
court proceeding to a debtor in possession, trustee in bankruptcy or receiver
or other officer or agency, (iii) any transfer to a state or to a public
officer or agency pursuant to any statute pertaining to escheat or abandoned
property and (iv) any transfer pursuant to a divorce or separation agreement or
a final decree of a court in a divorce action.

“Involuntary
Transferee” has the meaning set forth in Section 3.2(a) of this
Agreement.

“IPO Effectiveness
Date” means the date upon which the Company closes its Initial Public
Offering.

“IPO Notice” has
the meaning set forth in Section 4.5 of this Agreement.

“IPO Purchase Amount”
has the meaning set forth in Section 4.5 of this Agreement.

“IPO Purchase Notice”
has the meaning set forth in Section 4.5 of this Agreement.

“Issue
Date” means the original issue date of shares of Series A Preferred
Stock.

“Lien” means any
mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other) or preference, priority, right or other security interest,
claim, restriction, encumbrance or preferential arrangement of any kind or
nature whatsoever.

“Madeleine” has
the meaning set forth in the preamble to this Agreement.

“Minimum Drag-Along
Threshold” means such amount as is necessary (assuming for these purposes
that the General Atlantic Stockholders hold all shares of Series A Preferred Stock
issued to them on the Issue Date) for the General Atlantic Stockholders to
receive aggregate net proceeds equal to (i) if such sale or exchange occurs
within twelve (12) months following the Issue Date, $112.5 million; or (ii) if
such

 

6

 

sale or exchange occurs
within twelve (12) months following the Issue Date but prior to the date that
is thirty-six (36) months from the Issue Date, the greater of (x) $112.5
million and (y) $75 million plus an additional amount representing a 30%
annualized rate of return from the Issue Date through the end of the month
immediately preceding the occurrence of such sale or exchange; or (iii) if such
sale or exchange occurs after the third anniversary of the Issue Date, $75
million less any cash distributions and dividends the General Atlantic
Stockholders have received on or before the distribution date with respect to
such shares of Series A Preferred Stock and any shares of Common Stock issued
upon conversion thereof.

“Minimum Price”
has the meaning set forth in Section 4.5 of this Agreement.

“New Issuance Notice”
has the meaning set forth in Section 4.1 of this Agreement.

“New Securities”
has the meaning set forth in Section 4.1 of this Agreement.

“Offer Price” has
the meaning set forth in Section 3.1(a) of this Agreement.

“Offered Securities”
has the meaning set forth in Section 3.1(a) of this Agreement.

“Offering Notice”
has the meaning set forth in Section 3.1(a) of this Agreement.

“Other Stockholder”
means (i) any transferee of a General Atlantic Stockholder or a Cerberus
Stockholder (in each case, other than a Permitted Transferee thereof), who has
agreed to be bound by the terms and conditions of this Agreement in accordance
with Section 2.4 or to whom Shares have been transferred in accordance
with Section 3.1(c) and (ii) any Person other than a General Atlantic
Stockholder or a Cerberus Stockholder who has agreed to be bound by the terms
and conditions of this Agreement in accordance with Section 5.2.

“Parent” means, as
of the relevant date of determination, with respect to any Person, any other
Person that holds, directly or indirectly, 50% or more of the outstanding
voting power or equity interests of such Person.

“Permitted Transferee”
has the meaning set forth in Section 2.2 of this Agreement.

“Person” means any
individual, firm, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, limited
liability company, Governmental Authority or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity.

 

7

 

“Preemptive
Rightholder(s)” has the meaning set forth in Section 4.1 of this
Agreement.

“Proportionate
Percentage” has the meaning set forth in Section 4.2(a) of this
Agreement.

“Proposed Price”
has the meaning set forth in Section 4.1 of this Agreement.

“Purchasing GA
Stockholder” has the meaning set forth in Section 4.5 of this
Agreement.

“Put Notice” has
the meaning set forth in Section 3.1(g)(i) of this Agreement.

“Put Right” has
the meaning set forth in Section 3.1(g)(i) of this Agreement.

“Qualified Initial
Public Offering” means an Initial Public Offering resulting in net proceeds
(after underwriting discounts and commissions) to the Company of at least $50
million.

“Requirement of Law”
means, as to any Person, any law, statute, treaty, rule, regulation, right,
privilege, qualification, license or franchise or determination of an
arbitrator or a court or other governmental authority or stock exchange, in
each case applicable or binding upon such Person or any of its property or to
which such Person or any of its property is subject or pertaining to any or all
of the transactions contemplated or referred to herein.

“Rightholder(s)”
has the respective meanings set forth in Sections 3.1(c) and 3.2(a) of
this Agreement.

“Rightholder Option
Period” has the meaning set forth in Section 3.1(c) of this Agreement.

“Sale Transaction”
has the meaning set forth in the Certificate of Incorporation.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of
the Commission promulgated thereunder.

“Selling Stockholder”
has the meaning set forth in Section 3.1(a) of this Agreement.

“Senior Warrantholder”
has the meaning set forth in the preamble to this Agreement.

 

8

 

“Series A
Preferred Stock” has the meaning set forth in the recitals to this
Agreement.

“Shares” means,
with respect to each Stockholder, all shares, whether now owned or hereafter
acquired, of Common Stock and Series A Preferred Stock, and any other Common
Stock Equivalents owned thereby; provided, however, for the
purposes of any computation of the number of Shares pursuant to Sections 2, 3,
and 4.2, all outstanding Common Stock Equivalents shall be deemed converted,
exercised or exchanged as applicable and the shares of Common Stock issuable
upon such conversion, exercise or exchange shall be deemed outstanding, whether
or not such conversion, exercise or exchange has actually been effected.

“SSA Investor” has
the meaning set forth in the preamble to this Agreement.

“Stock Option Plan”
means the Company’s stock option plan to be established by the Company pursuant
to which an aggregate of up to 529,412 shares of restricted stock and options
to purchase shares of Common Stock will be reserved and available for grant to
officers, directors, employees and consultants of the Company.

“Stock Purchase
Agreement” has the meaning set forth in the recitals to this Agreement.

“Stockholders”
means the General Atlantic Stockholders, the Cerberus Stockholders and the
Other Stockholders, and the term “Stockholder” shall mean any such Person.

“Stockholders Meeting”
has the meaning set forth in Section 6.1 of this Agreement.

“Subject Purchaser”
has the meaning set forth in Section 4.1 of this Agreement.

“Subject Shares”
has the meaning set forth in Section 3.1(g) of this Agreement.

“Subsidiaries”
means, as of the relevant date of determination, with respect to any Person, a
Person of which 50% or more of the voting power of the outstanding voting
equity securities or 50% or more of the outstanding economic equity interest is
held, directly or indirectly, by such Person. 
Unless otherwise qualified, or the context otherwise requires, all
references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of the Company.

“Subsequent General
Atlantic Purchaser” means any Affiliate of GAP LLC that, after the date
hereof, acquires Shares.

 

9

 

“Subsequent Cerberus
Purchaser” means any Affiliate of Cerberus Capital Management, L.P. that,
after the date hereof, acquires Shares.

“Tag-Along Rightholder”
has the meaning set forth in Section 3.1(f)(i) of this Agreement.

“Third Party Purchaser”
has the meaning set forth in Section 3.1(a) of this Agreement.

“Transfer” has the
meaning set forth in Section 2.1 of this Agreement.

“Transferred Shares”
has the meaning set forth in Section 3.2(a) of this Agreement.

“Written Consent”
has the meaning set forth in Section 6.1 of this Agreement.

2.     Restrictions on
Transfer of Shares.

2.1   Limitation on
Transfer.   No Stockholder shall
sell, give, assign, hypothecate, pledge, encumber, grant a security interest in
or otherwise dispose of (whether by operation of law or otherwise) (each a “transfer”)
any Shares or any right, title or interest therein or thereto, except in
accordance with the provisions of this Agreement, including, without
limitation, Section 2.4.  Any
attempt to transfer any Shares or any rights thereunder in violation of the
preceding sentence shall be null and void ab  initio.

2.2   Permitted
Transfers.  Notwithstanding
anything to the contrary contained in this Agreement, but subject to
Sections 2.1, 2.3 and 2.4, at any time, each of the General Atlantic
Stockholders and the Cerberus Stockholders may transfer all or a portion of its
Shares to any of its Affiliates (each, a “Permitted Transferee”).  A Permitted Transferee of Shares pursuant to
this Section 2.2 may transfer its Shares pursuant to this Section 2.2
only to the transferor Stockholder or to a Person that is also a Permitted
Transferee of such transferor Stockholder. 
No Stockholder shall avoid the provisions of this Agreement by making
one or more transfers to one or more Permitted Transferees and then disposing
of all or any portion of such party’s interest in any such Permitted
Transferee, and any transfer or attempted transfer in violation of this
covenant shall be null and void ab initio.  Notwithstanding anything to the contrary contained in this
Agreement, GapStar may pledge and grant a security interest in all or any
portion of its Shares to a lender to secure its obligations under a bona fide
loan made to acquire such Shares.

2.3   Permitted Transfer
Procedures.  If any Stockholder wishes to transfer Shares
(other than a pledge by GapStar in accordance with Section 2.2) to a Permitted
Transferee under Section 2.2 such Stockholder shall give written notice to
the Company of its intention to make such a transfer not less than
five (5) days prior to effecting such transfer, which notice shall state
the name and address of each Permitted

 

10

 

Transferee to whom such
transfer is proposed, the relationship of such Permitted Transferee to such
Stockholder, and the number of Shares proposed to be transferred to such
Permitted Transferee.

2.4   Transfers in Compliance
with Law; Substitution of Transferee. 
Notwithstanding any other provision of this Agreement, no transfer may
be made pursuant to this Section 2 or Section 3 unless (a) the
transferee (other than a lender in the case of a pledge by GapStar in
accordance with Section 2.2) has agreed in writing to be bound by the terms and
conditions of this Agreement pursuant to an instrument substantially in the
form attached hereto as Exhibit C-1, (b) the transfer complies in all
respects with the applicable provisions of this Agreement, (c) the
transfer complies in all respects with applicable federal and state securities
laws, including, without limitation, the Securities Act and (d) the
transfer would not cause the Company to become subject to an obligation to file
any registration statement or periodic reports under the Exchange Act.  If requested by the Company, an opinion of
counsel to such transferring Stockholder shall be supplied to the Company, at
such transferring Stockholder’s expense, to the effect that such transfer complies
with the applicable federal and state securities laws.  Upon becoming a party to this Agreement,
(i) the Permitted Transferee of a Cerberus Stockholder shall be
substituted for, and shall enjoy the same rights and be subject to the same
obligations as, the transferring Cerberus Stockholder hereunder with respect to
the Shares transferred to such Permitted Transferee, provided, that,
such Permitted Transferee shall not have any rights under Sections 3 and 4
unless (A) such Permitted Transferee is controlled by Stephen A. Feinberg
(“Feinberg”) or (B) such Permitted Transferee transfers beneficial ownership of
the Shares to a voting trust through which Feinberg has the authority to
exercise all rights related to such Shares under Sections 3 and 4 hereunder, or
enters into a similar arrangement pursuant to which Feinberg controls the
exercise of such rights, and such Permitted Transferee agrees that any notice
it is entitled to receive hereunder may be given to SSA Investor on its behalf,
(ii) the Permitted Transferee of a General Atlantic Stockholder shall be
substituted for, and shall enjoy the same rights and be subject to the same
obligations as, the transferring General Atlantic Stockholder hereunder with
respect to the Shares transferred to such Permitted Transferee, provided,
that, such Permitted Transferee shall not have any rights under Sections
3 and 4 unless (A) such Permitted Transferee is controlled by, controls,
or  is under common control with, GAP
LLC (the “GAP Controlling Entity”) or (B) if such Permitted Transferee
ceases to be controlled by, controlling or be under common control with the GAP
Controlling Entity, such Permitted Transferee transfers beneficial ownership of
the Shares to a voting trust, partnership, limited liability company or similar
entity, through which the GAP Controlling Entity or a Person that is controlled
by, controls, or is under common control with the GAP Controlling Entity, has
the authority to exercise all rights related to such Shares under Sections 3
and 4 hereunder, or enters into a similar arrangement pursuant to which the GAP
Controlling Entity or a Person that is controlled by, controlling or is under
common control with, the GAP Controlling Entity, controls the exercise of such
rights, and such Permitted Transferee agrees that any notice it is entitled to
receive hereunder may be given to the Persons set forth in Section 8.1(b)
on its behalf, (iii) an Other Stockholder shall be subject to the same
obligations as, but none of the rights of, the transferring Cerberus
Stockholder or General

 

11

 

Atlantic Stockholder, as
the case may be, and (iv) the transferee of an Other Stockholder shall be
substituted for, and shall be subject to the same obligations as, the
transferring Other Stockholder hereunder with respect to the Shares transferred
to such transferee.

3.     Right of First Refusal and Tag-Along
Rights.

3.1   Proposed Voluntary Transfers.

(a)   Offering Notice.  Subject to Section 2, if any
Stockholder (a “Selling Stockholder”) proposes to transfer all or any
portion of its or his Shares to any Person (other than to a Permitted
Transferee) (a “Third Party Purchaser”), such Selling Stockholder shall
obtain a bona fide written offer from the proposed transferee and shall offer
such Shares first to the Company, by sending written notice (an “Offering
Notice”) to the Company and each of the General Atlantic Stockholders and
the Cerberus Stockholder(s) (who in each case is not a Selling Stockholder),
which shall state (i) the number of Shares proposed to be transferred (the
“Offered Securities”); (ii) the proposed purchase price per Share
for the Offered Securities (the “Offer Price”) and, if the consideration
to be paid is other than cash, all material information in the Selling
Stockholder’s possession regarding such non-cash consideration (so long as the party
receiving such information signs such customary confidentiality agreements as
the Selling Stockholder and the prospective Third Party Purchaser reasonably
require); (iii) all material terms and conditions of such Transfer; and
(iv) the identity of the Third Party Purchaser.  Upon delivery of the Offering Notice, such offer shall be
irrevocable unless and until the rights of first refusal provided for herein
shall have been waived or shall have expired. 
Notwithstanding anything contained herein to the contrary, the
provisions of this Section 3.1 shall not be applicable to any sale of Shares
pursuant to (i) any registered public offering of the securities of the
Company (or any successor thereto) or (ii) Rule 144 under the Securities Act.

(b)   Company Option; Exercise.  For a period of seven (7) Business
Days after the giving of the Offering Notice pursuant to Section 3.1(a)
(the “Company Option Period”), the Company shall have the right (the “Company
Option”) but not the obligation to purchase any or all of the Offered
Securities at a purchase price equal to the Offer Price and upon the terms and
conditions set forth in the Offering Notice (or if such terms provide for
consideration other than cash, for cash in an amount equal to the fair market
value of such non-cash consideration, as determined in good faith by a
Committee of not less than two independent directors of the Company who are not
affiliated with either the Cerberus Stockholders or the General Atlantic
Stockholders, or if there are not two such independent directors, then by an
internationally recognized investment banking firm experienced in valuations of
the business conducted by the Third Party Purchaser).  The right of the Company to purchase any or all of the Offered
Securities under this Section 3.1(b) shall be exercisable by delivering
written notice of the exercise thereof, prior to the expiration of the Company
Option Period, to the Selling Stockholder, with a copy to the General Atlantic
Stockholders and the Cerberus Stockholder(s), which notice shall state the
number of Offered Securities proposed to be purchased by the Company.  The failure of the

 

12

 

Company to respond within
the Company Option Period shall be deemed to be a waiver of the Company Option,
provided that the Company may waive its rights under this
Section 3.1(b) prior to the expiration of the Company Option Period by
giving written notice to the Selling Stockholder, with a copy to the General
Atlantic Stockholders and the Cerberus Stockholder(s).

(c)   Rightholder Option;
Exercise.

(i)            If the Company does not elect to
purchase all of the Offered Securities, then for a period of seven (7) Business
Days after the earlier to occur of (a) the expiration of the Company
Option Period and (b) the date upon which the Selling Stockholder shall
have received written notice from the Company of its exercise of the Company
Option pursuant to Section 3.1(b) or its waiver thereof (the “Rightholder
Option Period”), each of the General Atlantic Stockholders and the Cerberus
Stockholder(s) (who, in each case, is not a Selling Stockholder) (for the
purpose of Section 3.1, each, a “Rightholder” and collectively, the
“Rightholders”) shall have the right to purchase all, but not less than
all, of the remaining Offered Securities at a purchase price equal to the Offer
Price and upon the terms and conditions set forth in the Offering Notice (or if
such terms provide for consideration other than cash, for cash in an amount
equal to the fair market value of such non-cash consideration, as determined in
good faith by a Committee of not less than two independent directors of the
Company who are not affiliated with either the Cerberus Stockholders or the
General Atlantic Stockholders, or if there are not two such independent
directors, then by an internationally recognized investment banking firm
experienced in valuations of the business conducted by the Third Party
Purchaser).  Each Rightholder shall have
the right to purchase that percentage of the Offered Securities determined by
dividing (i) the total number of Shares then owned by such Rightholder by
(ii) the total number of Shares then owned by all such Rightholders.  If any Rightholder does not fully subscribe
for the number or amount of Offered Securities it or he is entitled to
purchase, then each other participating Rightholder shall have the right to
purchase that percentage of the Offered Securities not so subscribed for (for
the purposes of this Section 3.1(c), the “Excess Offered Securities”)
determined by dividing (x) the total number of Shares then owned by such
fully participating Rightholder by (y) the total number of Shares then
owned by all fully participating Rightholders who elected to purchase Offered
Securities.  The procedure described in
the preceding sentence shall be repeated until there are no remaining Excess
Offered Securities, provided, that the Rightholders must commit to
purchase all of the remaining Offered Securities prior to the end of the
Rightholder Option Period.  If the
Company and/or the Rightholders do not purchase all of the Offered Securities
pursuant to Section 3.1(b) and/or Section 3.1(c), then the Selling
Stockholder may, subject to Section 3.1(f), sell the Offered Securities to
a Third Party Purchaser in accordance with Section 3.1(e).  Subject to Section 2.4, any of the General
Atlantic Stockholders and the Cerberus Stockholders may assign to any of its
Affiliates all or any portion of its rights as a Rightholder under this Section
3(c).

(ii)           The right of each Rightholder to
purchase all of the remaining Offered Securities under subsection (i)
above shall be exercisable by

 

13

 

delivering written notice
of the exercise thereof, prior to the expiration of the Rightholder Option
Period, to the Selling Stockholder with a copy to the Company.  Each such notice shall state (a) the
number of Shares held by such Rightholder and (b) the number of Shares
that such Rightholder is willing to purchase pursuant to this
Section 3.1(c).  The failure of a
Rightholder to respond within the Rightholder Option Period to the Selling
Stockholder shall be deemed to be a waiver of such Rightholder’s rights under
subsection (i) above, provided that each Rightholder may waive its
rights under subsection (ii) above prior to the expiration of the
Rightholder Option Period by giving written notice to the Selling Stockholder,
with a copy to the Company.

(d)   Closing.  The closing of the purchases of Offered Securities subscribed for
by the Company under Section 3.1(b) and/or the Rightholders under
Section 3.1(c) shall be held at the executive office of the Company at
11:00 a.m., local time, on the 30th day after the giving of the Offering
Notice pursuant to Section 3.1(a) or at such other time and place as the
parties to the transaction may agree, provided that such closing shall
be extended to such date as is reasonably necessary to obtain any consents or
waivers under the Hart-Scott-Rodino Anti-trust Improvements Act of
1976, as amended.  At such closing, the
Selling Stockholder shall deliver certificates representing the Offered
Securities, duly endorsed for transfer and accompanied by all requisite
transfer taxes, if any, and such Offered Securities shall be free and clear of
any Liens (other than those arising hereunder and those attributable to actions
by the purchasers thereof) and the Selling Stockholder shall so represent and
warrant, and shall further represent and warrant that it is the sole beneficial
and record owner of such Offered Securities. 
The Company and/or each Rightholder, as the case may be, purchasing
Offered Securities shall deliver at the closing payment in full in immediately
available funds for the Offered Securities purchased by it or him.  At such closing, all of the parties to the
transaction shall execute such additional documents as are otherwise necessary
or appropriate.

(e)   Sale to a Third Party Purchaser.  Unless the Company and/or the Rightholders
elect to purchase all, but not less than all, of the Offered Securities under
Sections 3.1(b) and 3.1(c), the Selling Stockholder may, subject to
Section 3.1(f) or Section 3.1(g) as applicable, sell all, but not less
than all, of the Offered Securities to a Third Party Purchaser on the terms and
conditions set forth in the Offering Notice; provided, however,
that such sale is bona fide and consummated within ninety (90) days after the
earlier to occur of (i) the waiver by the Company and all of the
Rightholders of their options to purchase the Offered Securities and
(ii) the expiration of the Rightholder Option Period (the “Contract
Date”); and provided  further, that such sale shall not be
consummated (x) unless and until such Third Party Purchaser and its
Affiliates shall represent in writing to the Company and each Rightholder that
it is aware of the rights of the Company and the Stockholders contained in this
Agreement, (y) unless prior to the purchase by such Third Party Purchaser
of any of such Offered Securities, such Third Party Purchaser shall become a
party to this Agreement, shall agree to be bound by the terms and conditions
hereof in accordance with Section 2.4 hereof and shall enter into an
Acknowledgment and Agreement substantially in the form of Exhibit C-1 and (z)
if such Third Party Purchaser or any of its Affiliates is a

 

14

 

Competitor of the
Company.  If such sale is not
consummated on or before the Contract Date for any reason, then the
restrictions provided for herein shall again become effective, and no transfer
of such Offered Securities may be made thereafter by the Selling Stockholder
without again offering the same to the Company and the Rightholders in
accordance with this Section 3.1.

(f)    Tag-Along Rights.

(i)            If a Selling Stockholder is
transferring Offered Securities to a Third Party Purchaser pursuant to
Section 3.1(e), then each of the General Atlantic Stockholders and the
Cerberus Stockholders (who, in each case, is not a Selling Stockholder) (each,
a “Tag-Along Rightholder”) shall, unless such Selling Stockholder
complies with Section 3.1(g), have the right to sell to such Third Party
Purchaser, upon the terms set forth in the Offering Notice, that number of
Shares held by such Tag-Along Rightholder equal to that percentage of the
Offered Securities determined by dividing (i) the total number of Shares
then owned by such Tag-Along Rightholder by (ii) the sum of (x) the
total number of Shares then owned by all such Tag-Along Rightholders exercising
their rights pursuant to this Section 3.1(f) and (y) the total number
of Shares then owned by the Selling Stockholder (the “Tag-Along Rightholder
Portion”).  The Selling Stockholder
and the Tag-Along Rightholder(s) exercising their rights pursuant to this
Section 3.1(f) shall effect the sale of the Offered Securities and such
Tag-Along Rightholder(s) shall sell the number of Offered Securities required
to be sold by such Tag-Along Rightholder(s) pursuant to this
Section 3.1(f)(i), and the number of Offered Securities to be sold to such
Third Party Purchaser by the Selling Stockholder shall be reduced accordingly.

(ii)           The Selling Stockholder shall give
notice to each Tag-Along Rightholder (the “Co-Sale Notice”) of each
proposed sale by it of Offered Securities which gives rise to the rights of the
Tag-Along Rightholders set forth in this Section 3.1(f), at least fifteen
(15) days prior to the proposed consummation of such sale, setting forth the
name of such Selling Stockholder, the number of Offered Securities, the name
and address of the proposed Third Party Purchaser, the proposed amount and form
of consideration and any other material terms and conditions of the proposed
sale, including the terms and conditions of payment offered by such Third Party
Purchaser, the percentage of Shares that such Tag-Along Rightholder may sell to
such Third Party Purchaser (determined in accordance with
Section 3.1(f)(i)), and a representation that such Third Party Purchaser
has been informed of the “tag-along” rights provided for in this
Section 3.1(f) and has agreed to purchase Shares in accordance with the
terms hereof.  The tag-along rights
provided by this Section 3.1(f) must be exercised by any Tag-Along Rightholder
wishing to sell its Shares on or before the date that is ten (10) days
following receipt of the notice required by the preceding sentence, by delivery
of a written notice to the Selling Stockholder indicating such Tag-Along
Rightholder’s wish to exercise its rights, specifying the number of Shares (up
to the maximum number of Shares owned by such Tag-Along Rightholder required to
be purchased by such Third Party Purchaser) it wishes to sell, and containing a
representation of the Tag-Along Rightholder to be bound by the terms specified
in the

 

15

 

Co-Sale Notice, provided,
that, any Tag-Along Rightholder may waive its rights under this
Section 3.1(f) prior to the expiration of such 10-day period by giving
written notice  to the Selling
Stockholder, with a copy to the Company. 
The failure of a Tag-Along Rightholder to respond within such 10-day
period shall be deemed to be a waiver of such Tag-Along Rightholder’s rights
under this Section 3.1(f).  If a
Third Party Purchaser fails to purchase Shares from any Tag-Along Rightholder
that has properly exercised its tag-along rights pursuant to this
Section 3.1(f)(ii), then the Selling Stockholder shall not be permitted to
consummate the proposed sale of the Offered Securities, and any such attempted
sale shall be null and void ab initio.

(iii)          The closing of any sale of Shares
under this Section 3.1(f) shall take place at the same time and place as the
closing of the sale of Shares by the Selling Stockholder to the Third Party
Purchaser pursuant to Section 3.1(e) or at such other time and place as the
parties to the transaction may agree. 
At such closing, the Tag-Along Rightholder shall deliver certificates
representing the Shares being sold, duly endorsed for transfer and accompanied
by all requisite transfer taxes, if any, and such Shares shall be free and
clear of any Liens (other than those arising hereunder and those attributable
to actions by the Third Party Purchaser) and the Tag-Along Rightholder shall so
represent and warrant, and shall further represent and warrant that it is the
sole beneficial and record owner of such Shares.  At the closing, the Third Party Purchaser shall deliver to the
Tag-Along Rightholder payment in full in immediately available funds for the
Shares purchased by it.  In addition,
the Tag-Along Rightholders shall each provide such representations, warranties,
and indemnifications regarding such Tag-Along Rightholder’s Shares as are
reasonably required by the Third Party Purchaser and are also being given by
the Selling Stockholder.  At such
closing, all of the parties to the transaction shall execute such additional
documents as are otherwise reasonably necessary or appropriate; provided,
however, that, notwithstanding anything to the contrary, none of the
Tag-Along Rightholders shall be obligated to make any representations,
warranties, covenants or indemnities with respect to the business of the
Company or any Subsidiary thereof in any document delivered in connection with
such transfer.  The consideration paid
to the Tag-Along Rightholder shall be in the same form, proportion (if the
consideration is a combination of both cash and securities) and amount per
Share and have the same rights as the consideration paid by the Third Party
Purchaser to the Selling Stockholder.

(g)   Put Right.

(i)            Notwithstanding anything contained
herein to the contrary, any Selling Stockholder that is controlled by Feinberg
or controlled by, controls or is under common control with the GAP Controlling
Entity may transfer any or all of its Shares to a Third Party Purchaser without
regard to the tag-along obligations set forth under Section 3.1(f), provided
that, in any such case, the Selling Stockholder(s) shall, at least one
(1) day prior to the consummation of a sale of Shares that would otherwise be
subject to Section 3.1(f), irrevocably offer by written notice to purchase from
each Tag-Along Rightholder such number of Shares as is equal to its applicable
Tag-Along Rightholder Portion (the “Put Right”), as calculated based on
the number of

 

16

 

Shares being transferred
by the Selling Stockholder (the “Subject Shares”).  In the event that any Tag-Along Rightholder wishes to exercise
its Put Right, (x) such Tag-Along Rightholder shall provide the Selling
Stockholder with a written notice (the “Put Notice”) on or before the
date that is ten (10) days after the delivery to it of the foregoing written
notice, to the effect that such Tag-Along Rightholder wishes to sell its
Subject Shares and (y) such Selling Stockholder shall be obligated to
purchase such Subject Shares from the Tag-Along Rightholder pursuant to this
Section 3.1(g) in lieu of compliance with Section 3.1(f).  The Put Notice shall contain the number of
Subject Shares that the Tag-Along Rightholder requires the Selling Stockholder
to purchase, such number not to exceed in any event the number of Shares that
the Tag-Along Rightholder would have been entitled to sell under Section
3.1(f).

(ii)           The closing of any sale of Shares
under this Section 3.1(g) shall take place at the executive offices of the
Company no later than ten (10) days following the consummation of the sale of
Shares by the Selling Stockholder to the Third Party Purchaser or at such other
time as the parties to the transaction may agree.  At such closing, (x) the Tag-Along Rightholder shall deliver to
the Selling Stockholder certificates representing the Shares being sold, duly
endorsed for transfer and accompanied by all requisite transfer taxes, if any,
and such Shares shall be free and clear of any Liens (other than those arising
hereunder and those attributable to actions by the purchasers thereof) and the
Tag-Along Rightholder shall so represent and warrant, and shall further
represent and warrant that it is the sole beneficial and record owner of such
Shares and (y) the Selling Stockholder shall deliver to the Tag-Along
Rightholder payment in full in immediately available funds for the Shares
purchased by such Selling Stockholder. 
The consideration paid to the Tag-Along Rightholder shall be in the same
form, proportion (if the consideration is a combination of both cash and
securities) and amount per Share and have the same rights as the consideration
paid by the Third Party Purchaser to the Selling Stockholder.

(iii)          In the event that the sale by the
Selling Stockholder to the Third Party Purchaser is not consummated on or prior
to the Contract Date and a Tag-Along Rightholder exercised the Put Right
pursuant to this Section 3.1(g), the obligations of the Tag-Along Rightholder
under this Section 3.1(g) shall terminate.

3.2   Involuntary Transfers.

(a)   Rights of First Offer upon Involuntary
Transfer.  If an Involuntary
Transfer of any Shares (the “Transferred Shares”) owned by any
Stockholder shall occur, then the Company, the General Atlantic Stockholders
and the Cerberus Stockholders (unless such Stockholder is the Stockholder
transferring the Transferred Shares) (for the purpose of Section 3.2,
each, a “Rightholder” and collectively, the “Rightholders”) shall
have the same rights as they each would have had under Sections 3.1(b) and
3.1(c), respectively, with respect to such Transferred Shares as if the
Involuntary Transfer had been a proposed voluntary transfer by a Selling
Stockholder and shall be governed by Section 3.1 except that (i) the
time periods shall run from the date of

 

17

 

receipt by the Company of
actual notice of the Involuntary Transfer (and the Company shall immediately
give notice to the Rightholders of the date of receipt of such notice),
(ii) such rights shall be exercised by notice to the transferee of such Transferred
Shares (the “Involuntary Transferee”) rather than to the Stockholder who
suffered or will suffer the Involuntary Transfer and (iii) the purchase
price per Transferred Share shall be agreed upon by the Involuntary Transferee
and the Company and/or the purchasing Rightholders purchasing a majority of the
Transferred Shares, as the case may be; provided, however, that
if such parties fail to agree as to such purchase price, the purchase price
shall be the Fair Value thereof as determined in accordance with
Section 3.2(b).

(b)   Fair Value.  If the parties fail to agree upon the purchase price of the
Transferred Shares in accordance with Section 3.2(a) hereof, then the
Company or the Rightholders with rights hereunder, as the case may be, shall purchase
the Transferred Shares at a purchase price equal to the Fair Value (as
hereinafter defined) thereof.  The Fair
Value of the Transferred Shares shall be determined by a panel of three
independent appraisers, which shall be nationally recognized investment banking
firms or nationally recognized experts experienced in the valuation of
corporations engaged in the business conducted by the Company.  Within five (5) Business Days after the
date the applicable parties determine that they cannot agree as to the purchase
price, the Involuntary Transferee and the Board of Directors (in the case of a
purchase by the Company), or the purchasing Rightholders purchasing a majority
of the Transferred Shares being purchased by the purchasing Rightholders (if
the Company is not purchasing any Transferred Shares), or the Board of
Directors and such purchasing Rightholders jointly (in the case of a purchase
by the Company and Rightholders), as the case may be, shall each designate one
such appraiser that is willing and able to conduct such determination.  If either the Involuntary Transferee or the
Board of Directors or the purchasing Rightholders or both, as the case may be,
fails to make such designation within such period, then the other party that
has made the designation shall have the right to make the designation on its
behalf.  The two appraisers designated
shall, within a period of five (5) Business Days after the designation of
the second appraiser, designate a mutually acceptable third appraiser (the “Independent
Appraiser”).  The three appraisers
shall conduct their determination as promptly as practicable, and the Fair
Value of the Transferred Shares shall be the average of the determination of
the two appraisers that are closer to each other than to the determination of
the third appraiser, which third determination shall be discarded; provided,
however, that if the determination of two appraisers are equally close
to the determination of the third appraiser, then the Fair Value of the
Transferred Shares shall be the average of the determination of all three
appraisers.  Such determination shall be
final and binding on the Involuntary Transferee, the Company and the
Rightholders.  The Involuntary
Transferee shall be responsible for the fees and expenses of the appraiser
designated by or on behalf of it and it shall be responsible for 50% of the
fees and expenses of the Independent Appraiser.  The Company and the purchasing Rightholders shall be responsible
for the fees and expenses of the appraiser designated by or on behalf of the
Board of Directors and/or the purchasing Rightholders, as the case may be, and
for 50% of the fees and expenses of the Independent Appraiser in proportion to
the number of Transferred Shares purchased by the Company and each of the
purchasing Rightholders.  For purposes
of this

 

18

 

Section 3.2(b), the
“Fair Value” of the Transferred Shares means the fair market value of such
Transferred Shares determined in accordance with this Section 3.2(b) based
upon all considerations that the appraisers determine to be relevant.

(c)   Closing.  The closing of any purchase under this Section 3.2 shall be
held at the executive office of the Company at 11:00 a.m., local time, on
the earlier to occur of (a) the fifth Business Day after the purchase
price per Transferred Share shall have been agreed upon by the Involuntary
Transferee and the Company and/or the purchasing Rightholders, as the case may
be, in accordance with Section 3.2(a)(iii), or (b) the fifth Business
Day after the determination of the Fair Value of the Transferred Shares in
accordance with Section 3.2(b), or at such other time and place as the
parties to the transaction may agree. 
At such closing, the Involuntary Transferee shall deliver certificates,
if applicable, or other instruments or documents representing the
Transferred Shares being purchased under this Section 3.2, duly endorsed
with a signature guarantee for transfer and accompanied by all requisite
transfer taxes, if any, and such Transferred Shares shall be free and clear of
any Liens (other than those arising hereunder) arising through the action or
inaction of the Involuntary Transferee and the Involuntary Transferee shall so
represent and warrant, and further represent and warrant that it is the
beneficial owner of such Transferred Shares. 
The Company and/or each Rightholder, as the case may be, purchasing such
Transferred Shares shall deliver at closing payment in full in immediately
available funds for such Transferred Shares. 
At such closing, all parties to the transaction shall execute such
additional documents as are otherwise reasonably necessary or appropriate.

(d)   General.  In the event that the provisions of this Section 3.2 shall
be held to be unenforceable with respect to any particular Involuntary
Transfer, the Company and the Rightholders shall have the rights specified in
Sections 3.1(b) and 3.1(c), respectively, with respect to any transfer by
an Involuntary Transferee of such Shares, and each Rightholder agrees that any
Involuntary Transfer shall be subject to such rights, in which case the
Involuntary Transferee shall be deemed to be the Selling Stockholder for
purposes of Section 3.1 of this Agreement and shall be bound by the
provisions of Section 3.1 and other related provisions of this Agreement.

3.3   Drag-Along
Rights.

(a)   For so long as (i) the Cerberus Stockholders
continue to hold 40% or more of the voting power of the Company and (ii) no
other stockholder or affiliated group of stockholders of the Company holds more
of the voting power of the Company than the Cerberus Stockholders, if the
Cerberus Stockholders propose a sale or exchange of all of their Shares in a
bona fide transaction in which the purchase price per share is such that the
net proceeds to be received by the General Atlantic Stockholders in such
transaction (assuming for these purposes that the General Atlantic Stockholders
hold all shares of Series A Preferred Stock issued to them on the Issue Date)
shall be equal to or greater than the Minimum Drag-Along Threshold (a “Drag-Along
Sale”), the Cerberus Stockholders will have the right, exercisable upon
fifteen (15) days prior written notice to the other Stockholders, to require
that (i) all other Stockholders sell or exchange all of

 

19

 

their Shares in such
transaction at the same price per share, for consideration of the same form and
proportion (if the consideration is a combination of both cash and securities)
and on and with the same terms, conditions and rights as applicable to the
Cerberus Stockholders and (ii) if stockholder approval of the transaction is
required, each such Stockholder vote its Shares in favor thereof.

(b)   The closing of a Drag-Along Sale pursuant to
this Section 3.4 shall be consummated concurrently with the consummation of
such transaction.  At such closing, the
Stockholders shall deliver certificates representing the Shares being sold,
duly endorsed for transfer and accompanied by all requisite transfer taxes, if
any, and such Shares shall be free and clear of any Liens (other than those
arising hereunder and those attributable to actions by the purchasers thereof)
and the Stockholders shall so represent and warrant, and shall further
represent and warrant that they are the sole beneficial and record owner of
such Shares.  At the closing, the
purchaser in such transaction shall deliver to the Stockholders payment in full
in immediately available funds for the Shares purchased by it.  At such closing, all of the parties to the
transaction shall execute such additional documents as are otherwise reasonably
necessary or appropriate; provided, however, that,
notwithstanding anything to the contrary, none of the General Atlantic
Stockholders shall be obligated to make any representations, warranties,
covenants or indemnities with respect to the business of the Company or any
Subsidiary thereof in any document delivered in connection with such
transaction.

4.     Future Issuance of
Shares; Preemptive Rights.

4.1   Offering Notice.  Except for (a) options to purchase
Common Stock (and the Common Stock issued upon exercise of such options) or
restricted stock which may be issued pursuant to the Stock Option Plan or any
other broad-based employee incentive plan adopted or arrangement approved
by the Board of Directors and in accordance with the terms of this Agreement,
(b) any issuance of Common Stock upon exercise, conversion or exchange of (i)
any Series A Preferred Stock or (ii) any Common Stock Equivalent issued with
the consent of the General Atlantic Stockholders pursuant to Section 6(d)
of the Certificate of Incorporation and the terms of this Agreement, (c) any
issuance of Common Stock upon any subdivision of the outstanding shares of
Common Stock into a larger number of shares of Common Stock, (d) any issuance
of Capital Stock of the Company issued in consideration of an acquisition,
approved by the Board of Directors in accordance with the terms of this
Agreement and with the consent of the General Atlantic Stockholders pursuant to
Section 6(d) of the Certificate of Incorporation, and (e) subject to
Section 4.5, the issuance of Common Stock in connection with any Initial
Public Offering ((a)-(e) being referred to collectively as “Exempt Issuances”),
prior to the IPO Effectiveness Date, if the Company wishes to issue any capital
stock or any other securities convertible into or exchangeable for capital
stock of the Company (collectively, “New Securities”) to any Person (the
“Subject Purchaser”), then the Company shall offer such New Securities
first to each of the General Atlantic Stockholders and the Cerberus
Stockholders (each, a “Preemptive Rightholder” and collectively, the “Preemptive
Rightholders”) by sending written notice (the “New

 

20

 

Issuance Notice”) to the Preemptive Rightholders, which
New Issuance Notice shall state (x) the type and number of New Securities
proposed to be issued, (y) the proposed purchase price per security of the
New Securities (the “Proposed Price”) and (z) the general terms on
which the Company proposes to effect such issuance.  Upon delivery of the New Issuance Notice, such offer shall be
irrevocable unless and until the rights provided for in Section 4.2 shall
have been waived or shall have expired.

4.2   Preemptive
Rights; Exercise.

(a)   For a period of twenty (20) days after
the giving of the New Issuance Notice pursuant to Section 4.1, each of the
Preemptive Rightholders shall have the right to purchase its Proportionate
Percentage (as hereinafter defined) of the New Securities at a purchase price
equal to the Proposed Price and upon the same terms and conditions set forth in
the New Issuance Notice.  Each
Preemptive Rightholder shall have the right to purchase that percentage of the
New Securities determined by dividing (x) the total number of Shares then owned
by such Preemptive Rightholder exercising its rights under this
Section 4.2 by (y) the total number of Shares owned by all of the
Preemptive Rightholders exercising their rights under this Section 4.2
(the “Proportionate Percentage”). If any Preemptive Rightholder does not
fully subscribe for the number or amount of New Securities that it or he is
entitled to purchase pursuant to the preceding sentence, then each Preemptive
Rightholder which elected to purchase New Securities shall have the right to
purchase that percentage of the remaining New Securities not so subscribed for
(for the purposes of this Section 4.2(a), the “Excess New Securities”)
determined by dividing (x) the total number of Shares then owned by such
fully participating Preemptive Rightholder by (y) the total number of
Shares then owned by all fully participating Preemptive Rightholders who
elected to purchase Excess New Securities. 
Any of the General Atlantic Stockholders or the Cerberus Stockholders
may assign to any of its Affiliates all or any portion of its rights as a
Preemptive Rightholder pursuant to this Section 4.2.

(b)   The right of each Preemptive Rightholder to
purchase the New Securities under subsection (a) above shall be
exercisable by delivering written notice of the exercise thereof, prior to the
expiration of the 20-day period referred to in subsection (a) above, to
the Company, which notice shall state the amount of New Securities that such
Preemptive Rightholder elects to purchase pursuant to Section 4.2(a).  The failure of a Preemptive Rightholder to
respond within such 20-day period shall be deemed to be a waiver of such
Preemptive Rightholder’s rights under Section 4.2(a), provided that
each Preemptive Rightholder may waive its rights under Section 4.2(a)
prior to the expiration of such 20-day period by giving written notice to
the Company.

4.3   Closing.  The closing of the purchase of New
Securities subscribed for by the Preemptive Rightholders under Section 4.2
shall be held at the executive office of the Company at 11:00 a.m., local
time, on (a) the 45th day after the giving of the New Issuance Notice pursuant
to Section 4.1, if the Preemptive Rightholders elect to purchase all of
the New Securities under Section 4.2, (b) the date of the closing of
the sale to the Subject Purchaser made pursuant to Section 4.4 if the

 

21

 

Preemptive Rightholders
elect to purchase some, but not all, of the New Securities under
Section 4.2 or (c) at such other time and place as the parties to the
transaction may agree.  At such closing,
the Company shall deliver certificates representing the New Securities, and
such New Securities shall be issued free and clear of all Liens (other than
those arising hereunder and those attributable to actions by the purchasers
thereof) and the Company shall so represent and warrant, and further represent
and warrant that such New Securities shall be, upon issuance thereof to the
Preemptive Rightholders and after payment therefor, duly authorized, validly
issued, fully paid and non-assessable. 
Each Preemptive Rightholder purchasing the New Securities shall deliver
at the closing payment in full in immediately available funds for the New
Securities purchased by him or it.  At
such closing, all of the parties to the transaction shall execute such
additional documents as are otherwise necessary or appropriate.

4.4   Sale to
Subject Purchaser.  The Company
may sell to the Subject Purchaser all of the New Securities not purchased by
the Preemptive Rightholders pursuant to Section 4.2 on terms and
conditions that are no more favorable to the Subject Purchaser than those set
forth in the New Issuance Notice; provided, however, that such
sale is bona fide and made pursuant to a contract entered into within ninety
(90) days following the earlier to occur of (i) the waiver by the Preemptive
Rightholders of their option to purchase New Securities pursuant to
Section 4.2, and (ii) the expiration of the 20-day period
referred to in Section 4.2.  If
such sale is not consummated within such 90-day period for any reason, then the
restrictions provided for herein shall again become effective, and no issuance
and sale of New Securities may be made thereafter by the Company without again
offering the same in accordance with this Section 4.  The closing of any issuance and purchase
pursuant to this Section 4.4 shall be held at a time and place as the
parties to the transaction may agree within such 90 day period.

4.5   Initial
Public Offering.  If at any time
the Company intends to effect an Initial Public Offering at a price per share
calculated based upon an implied equity valuation of the Company of less than
$300 million (the “Minimum Price”), the Company shall notify the General
Atlantic Stockholders in writing of the proposed Initial Public Offering and
the projected per share offering price range for the shares of Common Stock to
be offered in the Initial Public Offering (the “IPO Notice”).  Each General Atlantic Stockholder shall have
the right to purchase, concurrently with the closing of such Initial Public
Offering in which shares are sold at below the Minimum Price, that number of
shares of Common Stock issued by the Company in such Initial Public Offering
equal to the product of (i) the aggregate number of shares of Common Stock
issued by the Company in such Initial Public Offering multiplied by (ii) a
fraction, (x) the numerator of which is the total number of shares of Common
Stock then owned by such General Atlantic Stockholder (assuming the exercise or
conversion of all Common Stock Equivalents owned by such General Atlantic
Stockholder) and (y) the denominator of which is the total number of shares of
Common Stock outstanding immediately prior to the closing of such Initial
Public Offering (the “IPO Purchase Amount”).  If any General Atlantic Stockholder wishes to exercise its right
to purchase its IPO Purchase Amount then, on or before the date that is ten
(10) days after its receipt

 

22

 

of the IPO Notice, such
General Atlantic Stockholder (or any Affiliate of any General Atlantic
Stockholder to which the General Atlantic Stockholder assigns its rights
hereunder) (each, a “Purchasing GA Stockholder”) shall send a written
notice to the Company (the “IPO Purchase Notice”) setting forth the
portion of the IPO Purchase Amount that it wishes to purchase from the Company
concurrent with the Initial Public Offering, together with an irrevocable offer
to purchase such shares of Common Stock upon the IPO Effectiveness Date,
provided that the price per share of Common Stock is less than the Minimum
Price.  Each Purchasing GA Stockholder
shall enter into such agreements as are deemed reasonably necessary by the Company
in connection with its purchase of the shares of Common Stock hereunder, such
agreement to include, without limitation, a covenant of the Purchasing GA
Stockholders to make full payment for the shares of Common Stock it is
purchasing under this Section 4.5 by wire transfer or cash payment upon
the IPO Effectiveness Date in accordance with the reasonable instructions of
the Company.  Notwithstanding anything
contained herein to the contrary, no General Atlantic Stockholder will have any
rights under this Section 4.5 if the offering price per share of the Common
Stock in the Company’s Initial Public Offering is greater than or equal to the
Minimum Price, notwithstanding the fact that an IPO Notice may have been given
in connection with such Initial Public Offering.

5.     After-Acquired Securities; Agreement
to be Bound.

5.1   After-Acquired Securities.  All of the provisions of this Agreement
shall apply to all of the Shares and Common Stock Equivalents now owned or
which may be issued or transferred hereafter to a Stockholder in consequence of
any additional issuance, purchase, exchange or reclassification of any of such
Shares, and Common Stock Equivalents, corporate reorganization, or any other
form of recapitalization, consolidation, merger, share split or share dividend,
or which are acquired by a Stockholder in any other manner.

5.2   Agreement to be
Bound.  The Company shall not
issue any shares of capital stock or any Common Stock Equivalents to any Person
not a party to this Agreement, other than to directors, officers, employees or
consultants of the Company pursuant to the Stock Option Plan, unless either
(a) such Person has agreed in writing to be bound by the terms and
conditions of this Agreement pursuant to an instrument substantially in the form
attached hereto as Exhibit C-2, or (b) such Person has entered
into an agreement with the Company and/or the Stockholders, as necessary,
restricting the transfer of its or his Shares in form and substance reasonably
satisfactory to the General Atlantic Stockholders and the Cerberus
Stockholders.  Upon becoming a party to
this Agreement, such Person shall be deemed to be, and shall be subject to the
same obligations as, an Other Stockholder hereunder.  Any issuance of shares of capital stock or any Common Stock Equivalents
by the Company in violation of this Section 5.2 shall be null and void ab
initio.

6.     Corporate Governance.

6.1   General.  From and after the execution of this
Agreement, at any regular or special meeting of stockholders of the Company (a
“Stockholders

 

23

 

Meeting”) or in any written consent executed in
lieu of such a meeting of stockholders (a “Written Consent”) (a) each
Stockholder shall vote its Shares, and each Stockholder and the Company shall
take all other actions necessary, to give effect to the provisions of this
Agreement (including, without limitation, Sections 6.3 and 6.6 hereof) and
to ensure that the Charter Documents do not, at any time hereafter, conflict in
any respect with the provisions of this Agreement; (b) each Stockholder shall
vote its Shares, upon any matter submitted for action by the Company’s
stockholders or with respect to which such Stockholder may vote or act by
Written Consent, in conformity with the specific terms and provisions of this
Agreement and the Charter Documents; and (c) no Stockholder shall vote its
Shares in favor of any amendment of the Charter Documents which would conflict
with, or purport to amend or supersede, any of the provisions of this Agreement
(including, without limitation, Sections 6.3 and 6.6 hereof).

6.2   Stockholder
Actions.  In order to effectuate
the provisions of this Agreement, each Stockholder (a) hereby agrees that
when any action or vote is required to be taken by such Stockholder pursuant to
this Agreement, such Stockholder shall use its reasonable best efforts to call,
or cause the appropriate officers and directors of the Company to call, a
Stockholders Meeting, or to execute or cause to be executed a Written Consent
to effectuate such stockholder action, (b) shall use its reasonable best
efforts to cause the Board of Directors to adopt, either at a meeting of the
Board of Directors or by unanimous written consent of the Board of Directors,
all the resolutions necessary to effectuate the provisions of this Agreement,
(c) shall use its reasonable best efforts to cause the Board of Directors
to cause the Secretary of the Company, or if there be no secretary, such other
officer of the Company as the Board of Directors may appoint to fulfill the
duties of Secretary, not to record any vote or consent contrary to the terms of
this Agreement, and (d) hereby grants an irrevocable proxy to the Company to
vote such Stockholder’s Shares in the event that such Stockholder does not
comply with its voting obligations hereunder.

6.3   Election
of Directors; Number and Composition.

(a)   Each Stockholder shall vote its Shares at any
Stockholders Meeting, or act by Written Consent with respect to such Shares,
and take all other actions necessary to ensure that the number of directors
constituting the entire Board of Directors shall be seven (7).

(b)   Each Stockholder shall vote its Shares at any
Stockholders Meeting called for the purpose of filling the positions on the
Board of Directors, or in any Written Consent executed for such purpose, and
take all other actions necessary to ensure the election to the Board of
Directors of the following individuals:

(i)            If the General Atlantic Stockholders
own at least 15% of the outstanding Series A Preferred Stock (or the Shares of
Common Stock issuable upon conversion of such Shares of Series A Preferred
Stock) and are not entitled to elect directors pursuant to Section 6(b)(i) of
the Certificate of Incorporation, two (2) individuals designated by the General
Atlantic Stockholders (collectively, the “General Atlantic Directors”
and each, a “General Atlantic Director”);

 

24

 

(ii)           If the Cerberus Stockholders own at
least 15% of the outstanding Series A Preferred Stock (or the Shares of Common
Stock issuable upon conversion of such Shares of Series A Preferred Stock) and
are not entitled to elect directors pursuant to Section 6(b)(ii) of the
Certificate of Incorporation, four (4) individuals designated by the Cerberus
Stockholders (collectively, the “Cerberus Directors” and each, a “Cerberus
Director”); provided, however, that such number of
individuals shall be increased as is necessary for the Cerberus Stockholders to
elect a majority of the directors of the Company from time to time) if the
Cerberus Stockholders continue to hold a majority of the voting power of all
capital stock of the Company; provided, further, that nothing
herein shall be deemed to reduce the number of individuals which the General
Atlantic Stockholders are entitled to appoint pursuant to
Section 6.3(b)(i); and

(iii)          the Chief Executive Officer of the
Company.

(c)   The Cerberus Stockholders and the General
Atlantic Stockholders shall discuss from time to time the appropriateness of
designating one or more individuals who are not employed by or Affiliated with
the Company or any of the Stockholders.

(d)   In addition, the Company shall, and each
Stockholder shall cause the Board of Directors to, cause each committee of the
Board of Directors to include at least one General Atlantic Director.

6.4   Removal and Replacement of Director.

(a)   Removal of Directors.

(i)            If at any time the
General Atlantic Stockholders notify the other Stockholders of their wish to
remove at any time and for any reason (or no reason) a General Atlantic
Director, then each Stockholder shall vote all of its Shares so as to remove such
General Atlantic Director.

(ii)           If at any time the Cerberus
Stockholders notify the other Stockholders of their wish to remove at any time
and for any reason (or no reason) a Cerberus Director, then each Stockholder
shall vote all of its Shares so as to remove such Cerberus Director.

(b)   Replacement of Directors.

(i)            If at any time, a vacancy is created
on the Board of Directors by reason of the incapacity, death, removal or
resignation of any of the General Atlantic Directors designated pursuant to Section 6.3(b)(i)
hereof, then the General Atlantic Stockholders shall designate an individual
who shall be elected to fill the vacancy until the next Stockholders Meeting.

 

25

 

(ii)           If at any time, a vacancy is created
on the Board of Directors by reason of the incapacity, death, removal or
resignation of any of the Cerberus Directors designated pursuant to
Section 6.3(b)(ii) hereof, then the Cerberus Stockholders shall designate
an individual who shall be elected to fill the vacancy until the next Stockholders
Meeting.

(iii)          Upon receipt of notice of the
designation of a nominee pursuant to Section 6.4(b)(i) or 6.4(b)(ii), each
Stockholder shall, as soon as practicable after the date of such notice, take
all reasonable actions, including the voting of its Shares, to elect the
director so designated to fill the vacancy.

6.5   Reimbursement of
Expenses; D&O Insurance. 
The Company shall reimburse the General Atlantic Directors and the
Cerberus Directors, or their respective designees, for all reasonable travel and
accommodation expenses incurred by the General Atlantic Directors and the
Cerberus Directors, as the case may be, in connection with the performance of
their duties as directors of the Company upon presentation of appropriate
documentation therefor.  The Company
shall, and each Stockholder shall use reasonable commercial efforts to cause
the Board of Directors to cause the Company to, maintain a directors’ liability
insurance policy that is reasonably acceptable to the General Atlantic
Directors and the Cerberus Directors.

6.6   Actions
of the Stockholders and Board of Directors; Extraordinary Actions.  Notwithstanding anything to the contrary
contained in this Agreement or the Charter Documents and for so long as the
General Atlantic Stockholders own at least 15% of the outstanding Shares of
Series A Preferred Stock, neither the Company, whether by action or written
consent of the stockholders of the Company or the Board of Directors, nor the
Stockholders, shall take, approve or otherwise ratify any of the following
actions without the consent of a majority of the directors constituting the
entire Board of Directors, which majority shall include at least one of the
General Atlantic Directors, and a majority of the shares of Series A Preferred
Stock held by the General Atlantic Stockholders:

(a)   (i) any creation of a class or series of, or
any issuance of or agreement to issue any equity securities of the Company
(whether by merger, consolidation or otherwise) or securities or other rights
of any kind convertible into or exchangeable for, any equity securities of the
Company (whether by merger, consolidation or otherwise) ranking with respect to
dividends, redemption rights, voting rights, conversion privileges,
anti-dilution rights, rights upon Liquidation or a Sale Transaction or any
other rights, preferences and privileges, (A) senior to the shares of Series A
Preferred Stock or (B) pari  passu with the shares of Series A
Preferred Stock if, in the case of this clause (B), such equity securities or
rights are to be issued at a price per share implying a pre-money equity value
of the Company equal to less than $300 million or are to be issued with a
liquidation preference per share (whether payable in a liquidation, a merger or
sale of the Company or otherwise) in excess of the price per share at which
such equity securities or rights are to be issued, or (ii) the redemption of
any capital stock or Common Stock Equivalents of the Company (other than

 

26

 

(x) repurchases by
the Company of options or shares of Common Stock pursuant to and in accordance
with the terms of a broad-based employee stock option plan, or
(y) purchases of options and/or Common Stock pursuant to the terms of a
broad-based employee stock option plan or the terms of a bona fide employment agreement
with an executive of the Company or (z) in accordance with the terms of
Capital Stock or Common Stock equivalents issued by the Company and consented
to by the General Atlantic Stockholders pursuant to Section 6(d)(i)(a) of the
Certificate of Incorporation);

(b)   the creation or authorization of, or any
issuance of or any agreement to issue (whether by merger, consolidation or
otherwise) any shares of Series A Preferred Stock other than the shares of
Series A Preferred Stock issued on the date hereof;

(c)   any amendment, modification or restatement of
(x) the terms of the Series A Preferred Stock (whether by merger,
consolidation or otherwise) or (y) the Charter Documents, in the case of clause
(y), so as to adversely affect the relative rights, preferences,
qualifications, limitations or restrictions of the Series A Preferred Stock
(whether by merger, consolidation or otherwise) or any modification of the
number of directors constituting the entire Board of Directors pursuant to
Section 6.3;

(d)   other than in connection with any Drag-Along
Sale, (i) any Sale Transaction or (ii) any Change of Control Merger
in which, in the case of clause (i) or (ii), 
the aggregate net proceeds to be paid to the General Atlantic
Stockholders would be less than the Applicable Minimum Threshold; provided,
however, that notwithstanding anything to the contrary set forth herein,
this Section 6.6(d) shall terminate on the third anniversary of the date
hereof;

(e)   any declaration, distribution or payment of
any dividend or other distribution on any shares of capital stock in which the
holders of shares of Series A Preferred Stock do not share in such
dividends or distributions on a pro rata basis, other than dividends or other
distributions pursuant to the terms of securities ranking senior to or pari
passu with the Series A Preferred Stock, where the issuance thereof has been
consented to by the General Atlantic Stockholders pursuant to Section 6.6(a)
above;

(f)    any voluntary liquidation under applicable
bankruptcy or reorganization legislation, or any dissolution or winding up of,
the Company;

(g)   any transaction with any of the Company’s
Affiliates (other than wholly-owned Subsidiaries), except for
(i) customary employment arrangements and employee benefit programs on
reasonable terms and (ii) any such transaction, agreement or arrangement that
is on terms that are no less favorable to the Company than the Company could
have obtained in an arm’s-length transaction with a third party, provided that
evidence that such transaction is on arm’s length terms shall first have been
provided to the Board of Directors;

 

27

 

(h)   (i) any single Acquisition by the Company or
any  Subsidiary of the Company in which
the Person acquired by the Company or such Subsidiary has consolidated revenue
in excess of $250 million for the 12 months ending on the last day of the last
fiscal quarter for which such information is available to the Company, or (ii)
any Acquisition by the Company or any Subsidiary of the Company which, if
consummated, would result in the Company and/or its Subsidiaries having
acquired during any six month period, Persons having consolidated revenue in
excess of $250 million for the 12 months ending on the last day of the last
fiscal quarter for which such information is available to the Company on an
aggregate basis;

(i)    any loans or advances by the Company or any
of its Subsidiaries, or guarantees for the benefit of any Person (other than
guarantees of the Company and any Subsidiaries of each other), other than
travel advances and similar loans to employees not to exceed ten thousand
dollars ($10,000) at any one time in the aggregate;

(j)    the Company’s or any Subsidiary’s creation,
incurrence, issuance, assumption or guarantee of or becoming liable for (each,
an “Incurrence”) any Indebtedness in connection with an investment in a
Person, an Acquisition, a dividend distribution, share repurchase or other
payment to be made to holders of equity securities of the Company if
(i) in the event such Indebtedness is incurred in connection with an
investment in any Person or an Acquisition, the Company’s ratio of consolidated
Indebtedness to EBITDA then exceeds (x) 2:1 without giving effect to such
investment or Acquisition or (y) would exceed 1.5:1 on a pro forma basis,
calculated in accordance with GAAP, giving effect to such investment or
Acquisition or (ii) in the event such Indebtedness is incurred in connection
with a dividend distribution, share repurchase or other payment to be made to
holders of equity securities (including preferred stockholders) of the Company,
the Company’s ratio of consolidated Indebtedness to EBITDA then exceeds, or
would exceed as a result of such Incurrence, 5:1;

(k)   any material change in accounting methods or
policies of the Company;

(l)    any change of the Company’s independent
public accountant;

(m)  any amendment or modification of this Section
6.6; and

(n)   any arrangement, agreement or contract to do
any of the foregoing.

6.7   Annual Budget.  Not less than thirty (30) days prior to the
end of each fiscal year, the Company shall prepare and submit to the Board of
Directors for its approval an annual operating budget of the Company for the
next succeeding fiscal year in reasonable detail.

 

28

 

6.8   Books and Records.  The Company shall, and shall cause its
Subsidiaries to, keep proper books of records and account, in which full and
correct entries shall be made of all financial transactions and the assets and
business of the Company and each of its Subsidiaries in accordance with
generally accepted accounting principles consistently applied.

7.     Stock Certificate Legend.  A copy of this Agreement shall be filed with
the Secretary of the Company and kept with the records of the Company.  Each certificate representing Shares now
held or hereafter acquired by any Stockholder shall for as long as this
Agreement is effective bear legends substantially in the following forms:

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY FOREIGN JURISDICTION.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE AND
FOREIGN SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

THE SALE, ASSIGNMENT,
HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH A “TRANSFER”)
AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
RESTRICTED BY THE TERMS OF THE STOCKHOLDERS AGREEMENT, DATED APRIL 2,
2003, AMONG THE COMPANY AND THE STOCKHOLDERS NAMED THEREIN (THE “STOCKHOLDERS
AGREEMENT”), A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL OFFICE.  THE COMPANY WILL NOT REGISTER THE TRANSFER
OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL THE TRANSFER
HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS AGREEMENT.

8.     Miscellaneous.

8.1   Notices.  All notices, demands and other
communications provided for or permitted hereunder shall be made in writing and
shall be made by

 

29

 

registered or certified
first-class mail, return receipt requested, telecopier, courier service or
personal delivery:

	
   

  	
  (a) if to the Company:

  
	
   

  	
   

  
	
   

  	
   

  	
  SSA
  Global Technologies, Inc.

  
	
   

  	
   

  	
  500 West
  Madison

  
	
   

  	
   

  	
  Suite
  1600

  
	
   

  	
   

  	
  Chicago,
  IL  60661

  
	
   

  	
   

  	
  Telecopy:
  (312) 424-7500

  
	
   

  	
   

  	
  Attention:
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with
  copies to:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SSA
  Global Technologies, Inc.

  
	
   

  	
   

  	
  500
  West Madison

  
	
   

  	
   

  	
  Suite
  1600

  
	
   

  	
   

  	
  Chicago,
  IL  60661

  
	
   

  	
   

  	
  Telecopy:  (312) 474-7500

  
	
   

  	
   

  	
  Attention:  General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SSA
  Investor

  
	
   

  	
   

  	
  c/o
  Cerberus Capital Management, L.P.

  
	
   

  	
   

  	
  450
  Park Avenue

  
	
   

  	
   

  	
  New
  York, NY 10022

  
	
   

  	
   

  	
  Telecopy:  (212) 891-1540

  
	
   

  	
   

  	
  Attention:  

  	
  Mark
  A. Neporent

  
	
   

  	
   

  	
   

  	
  Chief
  Operating Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b) if to any of
  the General Atlantic Stockholders:

  
	
   

  	
   

  	
  c/o General Atlantic
  Service Corporation

  
	
   

  	
   

  	
  3 Pickwick Plaza

  
	
   

  	
   

  	
  Greenwich, CT  06830

  
	
   

  	
   

  	
  Telecopy:  (203) 622-8818

  
	
   

  	
   

  	
  Attention:  

  	
  Matthew Nimetz

  
	
   

  	
   

  	
   

  	
  Thomas Murphy

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with
  a copy to:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Paul,
  Weiss, Rifkind, Wharton & Garrison LLP

  
	
   

  	
   

  	
  1285
  Avenue of the Americas

  
	
   

  	
   

  	
  New
  York, NY  10019-6064

  
					

 

30

 

	
   

  	
   

  	
  Telecopy:
  (212) 757-3990

  
	
   

  	
   

  	
  Attention:
  Douglas A. Cifu, Esq.

  
	
   

  	
   

  	
   

  
	
   

  	
  (c) if to SSA Investor, Senior Warrantholder,
  Ableco, Cerberus Partners, Cerberus Institutional Partners: or Madeleine:

  
	
   

  	
   

  
	
   

  	
   

  	
  c/o Cerberus Capital
  Management, L.P.

  
	
   

  	
   

  	
  450 Park Avenue

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
  Telecopy:  (212) 891-1540

  
	
   

  	
   

  	
  Attention:  

  	
  Mark A. Neporent

  
	
   

  	
   

  	
   

  	
  Chief Operating Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Schulte Roth &
  Zabel LLP

  
	
   

  	
   

  	
  919 Third Avenue

  
	
   

  	
   

  	
  New York, New York
  10022

  
	
   

  	
   

  	
  Telecopy: (212)
  593-5955

  
	
   

  	
   

  	
  Attention: Robert B.
  Loper, Esq.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (d) if to any other
  Stockholder, at its address as it appears on the record books of the Company.

  
					

 

All such notices, demands and other communications shall be deemed to
have been duly given when delivered by hand, if personally delivered; when
delivered by courier, if delivered by commercial courier service; five (5)
Business Days after being deposited in the mail, postage prepaid, if mailed;
and when receipt is mechanically acknowledged, if telecopied.  Any party may by notice given in accordance
with this Section 8.1 designate another address or Person for receipt of
notices hereunder.

8.2   Publicity;
Confidentiality.  Except as may
be required by applicable Requirement of Law, neither the Company nor the
Stockholders shall issue a press release or public announcement or otherwise
make any public disclosure or other disclosure to any third party (including
any Person that competes with the Company or any of its Subsidiaries)
concerning this Agreement, any of the Stockholders or any proprietary,
confidential or other non-public information or trade secrets relating to the
business practices of the Company or any of its Subsidiaries that the Stockholder
receives pursuant to this Agreement or otherwise (the “Confidential
Information”), without the prior written approval of (i) the Company,
(ii) the Cerberus Stockholders holding a majority of the voting power of
the Shares held by the Cerberus Stockholders and (iii) the General
Atlantic Stockholders holding a majority of the voting power of the Shares held
by the General Atlantic Stockholders; provided, however, that
nothing in this Agreement

 

31

 

shall restrict any of the
Stockholders from disclosing information (a) that is already publicly
available, (b) that was known to the disclosing party on a non-confidential
basis prior to its disclosure by the disclosing party, (c) that is
required or appropriate in response to any summons or subpoena or in connection
with any litigation, provided that such Stockholder will use reasonable
efforts to notify the Company and the other Stockholders in advance of such
disclosure so as to permit the Company and the other Stockholders to seek a
protective order or otherwise contest such disclosure, and such Stockholder
will use reasonable efforts to cooperate, at the expense of the Company, with
the Company and the other Stockholders in pursuing any such protective order,
(d) to the extent that such Stockholder reasonably believes it appropriate in
order to comply with any Requirement of Law, (e) to such Stockholder’s or the
Company’s officers, directors, stockholders, investors, advisors, employees,
members, partners, controlling persons, auditors or counsel, so long as such
Persons are required to maintain the confidentiality of the Confidential
Information, (f) to Persons from whom releases, consents or approvals are
required, or to whom notice is required to be provided, pursuant to any
Requirement of Law or (g) solely about itself; and provided  further,
that the parties may disclose the name of the Company, the name of the Chief
Executive Officer of the Company, a brief description of the business of the
Company, the Company’s logo and the aggregate amount of the General Atlantic
Stockholders’ investment in the Company. 
If any announcement is required by any Requirement of Law to be made by
any party hereto, prior to making such announcement such party will deliver a
draft of such announcement to the other parties and shall give the other
parties reasonable opportunity to comment thereon.  In addition, each Stockholder covenants and agrees that it shall
not directly or indirectly use any Confidential Information to the detriment of
the Company (including in connection with any Stockholder’s investment in a
competitor of the Company), any of its Subsidiaries or any of their respective
employees, without the prior written consent of the Company; provided,
however, that notwithstanding the foregoing, nothing herein shall be deemed to
restrict any Stockholder from holding or making an investment in any other
Person, serving on the Board of Directors of any Person or engaging in its
business.

8.3   Successors
and Assigns; Third Party Beneficiary. 
This Agreement shall inure to the benefit of and be binding upon
successors and permitted assigns of the parties hereto.  This Agreement is not assignable except in
connection with a transfer of Shares in accordance with this Agreement.  No person other than the parties hereto and
their successors and permitted assigns is intended to be a beneficiary of this
Agreement.

8.4   Amendment
and Waiver.

(a)   No failure or delay on the part of any party
hereto in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. 
The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to the parties hereto at law, in equity or
otherwise.

 

32

 

(b)   Any amendment, supplement or modification of
or to any provision of this Agreement, any waiver of any provision of this
Agreement, and any consent to any departure by any party from the terms of any
provision of this Agreement, shall be effective only if it is made or given in
writing and signed by (i) the Company, (ii) the Cerberus Stockholders
holding a majority of the voting power of the Shares held by the Cerberus
Stockholders and (iii) the General Atlantic Stockholders holding a
majority of the voting power of the Shares held by General Atlantic
Stockholders.  Any such amendment,
supplement, modification, waiver or consent shall be binding upon the Company and
all of the Stockholders. 
Notwithstanding the first sentence of this Section 8.4(b), the
Company, (i) without the consent of any other party hereto (other than the
General Atlantic Stockholders), may amend this Agreement to add any Subsequent
General Atlantic Purchaser as a party to the Agreement as a General Atlantic
Stockholder and (ii) without the consent of any other party hereto (other than
the Cerberus Stockholders), may amend this Agreement to add any Subsequent
Cerberus Purchaser as a party to the Agreement as a Cerberus Stockholder.  In the event of any amendment pursuant to
either of the preceding clause (i) or clause (ii), the Company shall not later
than two Business Days after such amendment, give notice thereof to the General
Atlantic Stockholders and the Cerberus Stockholders.

8.5   Counterparts.  This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

8.6   Specific
Performance.  The parties hereto
intend that each of the parties have the right to seek damages or specific
performance in the event that any other party hereto fails to perform such party’s
obligations hereunder.  Therefore, if
any party shall institute any action or proceeding to enforce the provisions
hereof, any party against whom such action or proceeding is brought hereby
waives any claim or defense therein that the plaintiff party has an adequate
remedy at law.

8.7   Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

8.8  GOVERNING LAW; CONSENT TO
JURISDICTION.  THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.  The parties hereto irrevocably submit to the exclusive
jurisdiction of any state or federal court sitting in the County of New York,
in the State of New York over any suit, action or proceeding arising out of or
relating to this Agreement or the affairs of the Company.  To the fullest extent they may effectively
do so under applicable law, the parties hereto irrevocably waive and agree not
to assert, by way of motion, as a defense or otherwise, any claim that they are
not subject to the jurisdiction of any such court, any objection that they may
now or hereafter have to the laying of the venue of any such suit,

 

33

 

action or proceeding
brought in any such court and any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

8.9   Severability.  If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired, unless the
provisions held invalid, illegal or unenforceable shall substantially impair
the benefits of the remaining provisions hereof.

8.10 Rules of
Construction.  Unless the
context otherwise requires, references to sections or subsections refer to sections
or subsections of this Agreement.

8.11 Entire Agreement.  This Agreement, together with the exhibits
hereto, is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein.  There are no
restrictions, promises, representations, warranties or undertakings, other than
those set forth or referred to herein or therein.  This Agreement, together with the exhibits hereto, supersede all
prior agreements and understandings among the parties with respect to such
subject matter.

8.12 Term of Agreement.  This Agreement shall become effective upon
the execution hereof and shall terminate upon the earlier of (a) the IPO
Effectiveness Date, provided that Section 4.5 shall not terminate until the
closing of the Initial Public Offering, (b) any Sale Transaction effected
in accordance with this Agreement in which the General Atlantic Stockholders
receive the Sale Payment (as such term is defined in the Certificate of
Incorporation), (c) the twentieth anniversary of the date hereof or (d) the
mutual agreement of the Cerberus Stockholders and the General Atlantic
Stockholders.

8.13 Further Assurances.  Each of the parties shall, and shall cause
their respective Affiliates to, execute such documents and perform such further
acts as may be reasonably required or desirable to carry out or to perform the
provisions of this Agreement.

8.14 Inconsistent
Agreements.  None of the
Stockholders or the Company shall, without the prior written consent of the
Cerberus Stockholders holding a majority of the voting power of the Shares held
by the General Atlantic Stockholders and the General Atlantic Stockholders
holding a majority of the voting power of the Shares held by the Cerberus
Stockholders, enter into any stockholders agreement, voting agreement or other
agreement that is inconsistent with the terms of this Agreement.

[Remainder of page
intentionally left blank]

 

34

 

IN WITNESS WHEREOF, the
undersigned have executed, or have caused to be executed, this Stockholders
Agreement on the date first written above.

	
   

  	
  SSA GLOBAL
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:  

  	
  /s/ Kirk Isaacson

  
	
   

  	
   

  	
  Name:

  	
  Krik Isaacson

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GENERAL ATLANTIC
  PARTNERS 76, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GENERAL ATLANTIC
  PARTNERS, LLC,

  
	
   

  	
   

  	
  its General
  Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Nimetz

  
	
   

  	
   

  	
  Name: 

  	
  Matthew Nimetz

  
	
   

  	
   

  	
  Title:

  	
  A Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GAP COINVESTMENT
  PARTNERS II, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Nimetz

  
	
   

  	
   

  	
  Name:

  	
  Matthew Nimetz

  
	
   

  	
   

  	
  Title:

  	
  A General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GAPSTAR, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
    

  	
  By:

  	
  GENERAL ATLANTIC
  PARTNERS, LLC,

  
	
   

  	
  its Sole Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Nimetz

  
	
   

  	
   

  	
  Name: 

  	
  Matthew Nimetz

  
	
   

  	
   

  	
  Title:

  	
  A Managing Member

  
						

 

35

 

	
   

  	
  GAPCO GMBH & CO. KG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GAPCO MANAGEMENT GMBH,

  
	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
    

  	
  By:

  	
  /s/ Matthew Nimetz

  
	
   

  	
   

  	
  Name: 

  	
  Matthew Nimetz

  
	
   

  	
   

  	
  Title:

  	
  A Managing Director

  

 

36

 

	
   

  	
  SSA INVESTOR,
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark A. Neporent

  
	
   

  	
   

  	
  Name: 

  	
  Mark A. Neporent

  
	
   

  	
   

  	
  Title: 

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SSA WARRANT
  HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Feinberg

  
	
   

  	
   

  	
  Name: 

  	
  Stephen A. Feinberg

  
	
   

  	
   

  	
  Title: 

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ABLECO, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Feinberg

  
	
   

  	
   

  	
  Name: 

  	
  Stephen A. Feinberg

  
	
   

  	
   

  	
  Title: 

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CERBERUS
  PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Stephen A. Feinberg

  
	
   

  	
   

  	
  Name: 

  	
  Stephen A. Feinberg

  
	
   

  	
   

  	
  Title: 

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CERBERUS
  INSTITUTIONAL PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Stephen A. Feinberg

  
	
   

  	
   

  	
  Name: 

  	
  Stephen A. Feinberg

  
	
   

  	
   

  	
  Title: 

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MADELEINE L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark A. Neporent

  
	
   

  	
   

  	
  Name: 

  	
  Vice President and Chief Operating Officer

  
	
   

  	
   

  	
  Title: 

  	
  Vice President and Chief Operating Officer

  

 

37

 

Exhibit
A

SECOND AMENDED AND
RESTATED

CERTIFICATE OF INCORPORATION

OF SSA GLOBAL TECHNOLOGIES, INC.

SSA Global Technologies,
Inc., a corporation organized and existing under the laws of the State of
Delaware, certifies that:

A.            The name of the Corporation is SSA Global Technologies,
Inc.  The Corporation’s original
Certificate of Incorporation was filed with the Secretary of State of the State
of Delaware on April 10, 2000, and was subsequently amended by an amendment,
dated July 20, 2000, which was filed with the Secretary of State of the State
of Delaware on July 21, 2000, and was further amended by an amendment dated
July 23, 2000, which was filed with the Secretary of State of the State of
Delaware on July 28, 2000, and was further amended by an amendment that was
dated as of, and filed with the Secretary of State of the State of Delaware on,
September 13, 2000.

B.            Pursuant to Sections 242 and 245 of the General
Corporation Law of the State of Delaware (the “DGCL”), this Certificate
restates, integrates and further amends the provisions of the Corporation’s
Certificate of Incorporation.

C.            The text of the Certificate of Incorporation is hereby
amended and restated to read as follows:

ARTICLE ONE

The name of the
corporation is SSA Global Technologies, Inc. (the “Corporation”).

ARTICLE TWO

The address of the
Corporation’s registered office in the State of Delaware is located at 1013
Centre Road in the City of Wilmington, County of New Castle, Delaware.  The name of its registered agent at such
address is Corporation Service Company.

ARTICLE THREE

The purpose of the
Corporation is to engage in any lawful act or activity for which corporations
may be organized under the General Corporation Law of the State of Delaware, as
amended from time to time (the “General Corporation Law”).

ARTICLE FOUR

1.             Designation and Number of Shares.  The Corporation shall have authority to
issue two classes of stock to be designated, respectively, “Common Stock”
and “Preferred Stock.”  The
Corporation shall have authority to issue 12,000,000 shares

 

 

of Common Stock, par
value $0.01 per share, which number of authorized shares of Common Stock may be
increased or decreased (but not below the number of shares then outstanding),
notwithstanding Section 242(b)(2) of the DGCL, by the affirmative vote of the
holders of a majority of all outstanding shares of Common Stock and Preferred
Stock (as defined below), voting together as a class.  The Corporation shall have authority to issue 4,000,000 shares of
preferred stock, par value $0.01 per share (the “Preferred Stock”), of
which 3,000,000 shares shall be initially designated the Series A
Convertible Preferred Stock (the “Series A Preferred Stock”).  Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in Article IV,
Section 11 below.  Any references
to “Section” or “Sections” in this Article IV refers to a Section or Sections
in this Article IV unless the context otherwise requires.

Subject to the consent
rights of the holders of Series A Preferred Stock pursuant to Section 6(d)
below (the foregoing, the “Reserved Consent Rights”), the Preferred
Stock may be issued from time to time in one or more series and in such amounts
as may be determined by the Board of Directors.  Subject to the Reserved Consent Rights, the voting powers,
designations, preferences and relative, participating, optional or other
special rights, if any, or the qualifications, limitations or restrictions
thereof, if any, of the Preferred Stock of each series shall be such as are
fixed by the Board of Directors, the authority to do so being hereby expressly
granted, and as are stated and expressed in a resolution or resolutions adopted
by the Board of Directors providing for the issue of such series of Preferred
Stock (the “Directors’ Resolution”). 
Subject to the Reserved Consent Rights, the Directors’ Resolution as to
any series shall (i) designate the series and fix the number of shares
comprising such series, (ii) fix the dividend rate, if any, of such
series, the payment dates for dividends on shares of such series and the date
or dates, or the method of determining the date or dates, if any, from which
dividends on shares of such series shall be or shall not be cumulative,
(iii) fix the amount or amounts payable on shares of such series upon
voluntary or involuntary liquidation, dissolution, or winding up, and
(iv) state the price or prices or rate or rates, and adjustments, if any,
at which, and the time or times and the terms and conditions on which, shares
of such series may be redeemed at the option of the Corporation.  Subject to the Reserved Consent Rights, such
Directors’ Resolution may also (i) limit the number of shares of such
series which may be issued, (ii) provide for a sinking fund for the
purpose of redemption of shares of such series and determine the terms and
conditions governing the operations of any such fund, (iii) grant voting
rights to the holders of shares of such series, (iv) impose conditions or
restrictions upon the creation of indebtedness of the Corporation or upon the
issuance of additional Preferred Stock or other capital stock ranking on a
parity therewith, or prior thereto, with respect to dividends or distributions
of assets upon liquidation, (v) impose conditions or restrictions upon the
payment of dividends upon, or the making of other distributions to, or the
acquisitions of, shares ranking junior to the Preferred Stock or to any series
thereof with respect to dividends or distributions of assets upon liquidation,
(vi) state the price or prices or the rate or rates of exchange and other
terms, conditions and adjustments upon which shares of any such series may be
made convertible into, or exchangeable for shares of any other class or classes
or of any other series of Preferred Stock or any other class or

 

A-2

 

classes of stock, and
(vii) grant such other special rights and impose such qualifications,
limitations or restrictions thereon as shall be fixed by the Board of
Directors.

The relative rights,
preferences, privileges and restrictions granted to or imposed on the
respective classes of the shares of capital stock or the holders thereof are as
follows.

2.             Rank.  The
Series A Preferred Stock shall with respect to the payment of (i) the
Liquidation Payment in the event of a Liquidation, (ii) the Sale Payment
in the event of a Sale Transaction, (iii) dividends and (iv) all other
rights, preferences and privileges, rank senior to (x) all classes of
common stock of the Corporation (including, without limitation, the Common
Stock, par value $0.01 per share, of the Corporation (the “Common Stock”))
and (y) each other class or series of Capital Stock of the Corporation
hereafter created which does not expressly rank pari  passu with
or senior to the Series A Preferred Stock (clauses (x) and (y) together,
the “Junior Stock”).

3.             Dividends.

(a)           Dividend Rate.  The holders of shares of Series A
Preferred Stock shall be entitled to be paid cumulative cash dividends payable
on the Series A Preferred Stock, when, as and if declared by the Board of
Directors, out of the assets of the Corporation which are legally available for
such payment at an annual rate equal to 9% of the Accreted Value, calculated on
the basis of a 360-day year, consisting of twelve 30-day months, which shall
accrue on a daily basis from the date of issuance thereof, whether or not
declared.

(b)           To the extent not paid in cash,
dividends payable on the Series A Preferred Stock shall accrue on a daily basis
from the date of issuance thereof and shall compound and be added to the
Accreted Value in effect immediately prior to the Compounding Date, on a
quarterly basis on March 31st, June 30, September 30
and December 31 of each year (each such date, a “Compounding Date”),
whether or not the Corporation has earnings or profits, whether or not there
are funds legally available for the payment of such dividends and whether or
not declared by the Board of Directors; provided, however, that notwithstanding
the foregoing, upon the written request of the holders of at least a majority
of the outstanding shares of Series A Preferred Stock, the Corporation
shall, to the extent of the funds and assets of the Corporation legally
available therefor,  pay in cash to all
of the holders of shares of Series A Preferred Stock as of the record date
established by the Board of Directors for such dividend all or any portion of
the accrued and unpaid dividends.  If
only a portion of the accrued and unpaid dividends are to be paid in cash, then
such payment shall be made pro rata among all of such holders of Series A
Preferred Stock.  On any date upon which
accrued and unpaid dividends are to be paid on the Series A Preferred Stock,
whether as part of a Liquidation Payment upon the occurrence of a Liquidation,
as part of a Sale Payment upon the occurrence of a Sale Transaction or as part
of any cash dividend declared by the Board of Directors as permitted herein,
the Corporation shall take all actions required to permit the payment of such
dividends.

 

A-3

 

(c)           Junior Stock Dividends.  So long as any shares of the Series A
Preferred Stock are outstanding, no dividend or other distribution shall be
declared or paid upon, or any sum set apart for the payment of any dividend or
other distribution upon, any Junior Stock and no  Junior Stock shall be purchased, redeemed or otherwise acquired
or retired for value (except (i) by conversion into or an exchange for shares
of Junior Stock) and (ii) purchases of options and/or Common Stock pursuant to
the terms of a broad-based employee stock option plan or the terms of a bona
fide employment agreement with an executive of the Corporation) by the
Corporation or any of its Subsidiaries, and no monies shall be paid into or set
apart or made available for a sinking fund or other like funds for the
purchase, redemption or other acquisition or retirement for value of any shares
of Junior Stock by the Corporation or any of its Subsidiaries unless and until
all accrued and unpaid dividends on the Series A Preferred Stock have been paid
in full.

(d)           After all accrued and unpaid
dividends on the Series A Preferred Stock have been paid in full, if the
Corporation declares or pays dividends on the Common Stock (other than a
dividend in respect of which the Series A Preferred Stock receives an
adjustment pursuant to Section 7(d)(i) hereof) then, in that event, the holders
of shares of Series A Preferred Stock shall be entitled to share in such
dividends on a pro rata basis as if their shares had been converted into shares
of Common Stock pursuant to Section 7(a) below immediately prior to the record
date for determining the stockholders of the Corporation eligible to receive
such dividends.

4.             Liquidation and
Sale Transaction.

(a)           Liquidation.  Upon the occurrence of a Liquidation, the
holders of shares of Series A Preferred Stock shall be paid in cash for
each share of Series A Preferred Stock held thereby, out of, but only to
the extent of, the assets of the Corporation legally available for distribution
to its stockholders, before any payment or distribution is made to any Junior
Stock, an amount equal to the greater of (i) the sum of (x) the Accreted Value
of such share of Series A Preferred Stock on the date of such Liquidation plus
(y) all dividends that have accrued, but have not been paid, thereon since the
previous Compounding Date to the date of such Liquidation (whether or not there
are funds legally available therefor) and (ii) the amount that such holder of
shares of Series A Preferred Stock would have been entitled to receive if such
share of Series A Preferred Stock had been converted into Common Stock pursuant
to Section 7(a) below as of the date immediately prior to the record date
established by the Board of Directors for determination of stockholders
entitled to receive a distribution in such Liquidation (the “Liquidation
Payment”).  If the assets of the
Corporation available for distribution to the holders of shares of
Series A Preferred Stock shall be insufficient to permit payment in full
to such holders of the aggregate Liquidation Payment, then all of the assets
available for distribution to holders of shares of Series A Preferred
Stock shall be distributed among and paid to such holders ratably in proportion
to the amounts that would be payable to such holders if such assets were
sufficient to permit payment in full.

(b)           Sale Transaction.  Upon the consummation of a Sale Transaction,
the holders of shares of Series A Preferred Stock shall be paid in respect
of

 

A-4

 

each share of
Series A Preferred Stock held thereby, before any payment or distribution
is made to any Junior Stock, an amount equal to the greater of (i) the sum of (x)
the Accreted Value of such share of Series A Preferred Stock plus (y)
all dividends that have accrued thereon since the previous Compounding Date to
the closing date of such Sale Transaction (whether or not there are funds
legally available therefor) and (ii) the aggregate amount of consideration
payable in such Sale Transaction with respect to the number of shares of Common
Stock into which such share of Series A Preferred Stock is convertible
immediately prior to the consummation of such Sale Transaction (the greater of
clause (i) or clause (ii), the “Sale Payment”).  The Sale Payment shall be paid, subject to
Section 7(g) hereof, (A) in the case of a Sale Transaction described in clause
(a) of the definition thereof, by the Person(s) issuing cash, securities, or
other property in such Sale Transaction, and (B) in the case of a Sale
Transaction described in clause (b) of the definition thereof, by the
Corporation; provided that the Corporation or the surviving Person, as
applicable, shall be obligated to make the Sale Payment in a transaction
described in clause (A) to the extent that the acquiring Person(s) fail to make
such payment.  The Corporation shall not
enter into, approve, ratify or otherwise permit any transaction, and no
stockholder shall sell, convey, exchange or transfer its Capital Stock in any
transaction, that would constitute a Sale Transaction, unless such transaction
gives full effect to the rights of the holders of Series A Preferred Stock
pursuant to this Section 4(b).  If the
consideration paid or assets of the Corporation (or surviving Person) available
for distribution, as the case may be, to the holders of shares of Series A
Preferred Stock shall be insufficient to permit payment in full to such holders
of the aggregate Sale Payment, then all of the consideration paid or assets
available, as the case may be, for distribution to holders of shares of
Series A Preferred Stock shall be distributed among and paid to such
holders ratably in proportion to the amounts that would be payable to such
holders if such assets were sufficient to permit payment in full.  The Sale Payment payable in any Sale
Transaction (x) which constitutes a Change of Control Merger, (y) in which the
consideration to be paid is cash or (z) in the case of a Sale Transaction
described in clause (b) of the definition thereof, shall be paid in the form of
the consideration paid in such Sale Transaction on the closing date of such
Sale Transaction.  The Sale Payment
payable in any other Sale Transaction shall be paid in the form of the
consideration provided in Section 7(g) hereof.

(c)           No Additional Payment.  After the holders of all shares of
Series A Preferred Stock shall have been paid in full the amounts to which
they are entitled in Section 4(a) or Section 4(b), as the case may
be, the holders of shares of Series A Preferred Stock shall not be
entitled to any further participation in any distribution of assets of the
Corporation and the remaining assets of the Corporation shall be distributed to
the holders of Junior Stock.

(d)           Sale Consideration.  Any securities of the surviving Person or
its Affiliates to be delivered to the holders of shares of Series A Preferred
Stock in a Sale Transaction shall be valued as follows:

(i)            With respect to securities that do
not constitute “restricted securities,” as such term is defined in Rule
144(a)(3) promulgated

 

A-5

 

under the Securities Act,
the value shall be deemed to be the Current Market Price of such securities as
of three (3) days prior to the date of distribution.

(ii)           With respect to securities that
constitute “restricted securities,” as such term is defined in Rule 144(a)(3)
promulgated under the Securities Act, and that are of the same class or series
as securities that are publicly traded, the value shall be adjusted to make an
appropriate discount from the value as set forth above in clause (i) to reflect
the appropriate fair market value thereof, as mutually determined by the Board
of Directors and the holders of a majority of the shares of Series A Preferred
Stock, or if there is no active public market with respect to such class or
series of securities, such securities shall be valued in accordance with clause
(i) above, giving appropriate weight, if any, to such restriction as mutually
determined by the Board of Directors and the holders of a majority of the
shares of Series A Preferred Stock, or if the Board of Directors and the
holders of a majority of the shares of Series A Preferred Stock shall fail to
agree, at the Corporation’s expense by an appraiser chosen by the Board of
Directors and reasonably acceptable to the holders of a majority of the shares
of Series A Preferred Stock.

(e)           Notice.  Written notice of a Liquidation or a Sale
Transaction stating a payment or payments and the place where such payment or
payments shall be payable, shall be delivered in person, mailed by certified
mail, return receipt requested, mailed by overnight mail or sent by telecopier,
not less than ten (10) days prior to the earliest payment date stated therein,
to the holders of record of shares of Series A Preferred Stock, such
notice to be addressed to each such holder at its address as shown by the
records of the Corporation.

5.             Redemption. 
The shares of Series A Preferred Stock shall not be redeemed or
subject to redemption, whether at the option of the Corporation or any holder
thereof, or otherwise.

6.             Voting
Rights; Election of Director.

(a)           General.  In addition to the voting rights to which
the holders of Series A Preferred Stock are entitled under or granted by
the General Corporation Law, the holders of Series A Preferred Stock shall be
entitled to vote, in person or by proxy, at a special or annual meeting of
stockholders or in any written consent in lieu of meeting, on all matters
entitled to be voted on by holders of shares of Common Stock voting together as
a single class with the Common Stock (and with other shares entitled to vote
thereon, if any).  With respect to any
such vote, each share of Series A Preferred Stock shall entitle the holder
thereof to cast that number of votes as is equal to the number of votes that
such holder would be entitled to cast had such holder converted its shares of
Series A Preferred Stock into shares of Common Stock pursuant to Article
IV, Section 7(a) below on the record date for determining the stockholders
of the Corporation eligible to vote on any such matters.

(b)           Directors.

 

A-6

 

(i)            So long as the General Atlantic
Partners 76, L.P. (“GAP LP”), GAP Coinvestment
Partners II, L.P. (“GAP Coinvestment”), GapStar, LLC (“GapStar”),
GAPCO GmbH & Co. KG (“GmbH Coinvestment”) and/or any Affiliate
thereof (the foregoing collectively, the “General Atlantic Stockholders”)
own at least 15% of the outstanding shares of Series A Preferred Stock (or the
shares of Common Stock issuable upon conversion of such shares of Series A
Preferred Stock), then the General Atlantic Stockholders shall be entitled to
elect two directors of the Corporation.

(ii)           So long as Cerberus Capital
Management, L.P. and/or any Affiliate thereof (the foregoing collectively, the
“Cerberus Stockholders”) own at least 15% of the outstanding shares of
Series A Preferred Stock (or the shares of Common Stock issuable upon
conversion of such shares of Series A Preferred Stock), then the Cerberus
Stockholders shall be entitled to elect four directors of the Corporation, provided,
however, that such number of individuals shall be increased as is
necessary for the Cerberus Stockholders to elect a majority of the directors of
the Corporation from time to time if the Cerberus Stockholders continue to hold
a majority of the voting power of all capital stock of the Company; provided,
further, that nothing herein shall be deemed to reduce the number of
individuals which the General Atlantic Stockholders are entitled to appoint
pursuant to Section 6(b)(i).

(c)           Elections.  The Series A Preferred Stock shall vote
together as a single class with the Common Stock (and all other classes and
series of stock of the Corporation entitled to vote thereon, if any) with
respect to the election of all of the other directors of the Corporation.  At any meeting held for the purpose of
electing directors at a time when the holders of shares of Series A
Preferred Stock are entitled to vote as a separate class for the election of
directors pursuant to Section 6(b), (i) the holders of shares of Series A
Preferred Stock shall be entitled to cast one vote per share of Series A
Preferred Stock in any such election; (ii) the directors elected pursuant to
Section 6(b)(i) shall be elected by the affirmative vote of the General
Atlantic Stockholders; and (iii) the directors elected pursuant to Section
6(b)(ii) shall be elected by the affirmative vote of the Cerberus Stockholders.  A vacancy in a directorship filled by the
holders of the Series A Preferred Stock voting as a separate class
pursuant to Section 6(b) shall be filled only by vote or written consent
of the holders of shares of Series A Preferred Stock in accordance with the
preceding sentence.  The directors
elected pursuant to Section 6(b)(i) may not be removed without the written
consent of the General Atlantic Stockholders. 
The directors elected pursuant to Section 6(b)(ii) may not be removed
without the written consent of the Cerberus Stockholders.

(d)           Major Actions.  For so long as the General Atlantic
Stockholders own at least 15% of the outstanding shares of Series A Preferred
Stock and notwithstanding anything to the contrary set forth herein, the
By-laws of the Corporation or otherwise, neither the Corporation, the Board of
Directors nor the stockholders of the Corporation shall approve, consent to or
ratify any of the following actions without the affirmative vote or written
consent of GAP LP:

 

A-7

 

(i)            (a) any creation of a class or
series of, or any issuance of or agreement to issue any equity securities of
the Corporation (whether by merger, consolidation or otherwise) or securities
or other rights of any kind convertible into or exchangeable for, any equity
securities of the Corporation (whether by merger, consolidation or otherwise)
ranking with respect to dividends, redemption rights, voting rights, conversion
privileges, anti-dilution rights, rights upon Liquidation or a Sale Transaction
or any other rights, preferences and privileges (A) senior to the shares of
Series A Preferred Stock or (B) pari  passu with the shares of
Series A Preferred Stock if, in the case of this clause (B), such equity
securities or rights are to be issued at a price per share implying a pre-money
equity value of the Corporation equal to less than $300 million or are to
be issued with a liquidation preference per share (whether payable in a
liquidation, a merger or sale of the Corporation or otherwise) in excess of the
price per share at which such equity securities or rights are to be issued, or
(b) the redemption of any Capital Stock or Common Stock Equivalents of the
Corporation (other than (x) repurchases by the Corporation of options or shares
of Common Stock pursuant to and in accordance with the terms of a broad-based
employee stock option plan, (y) purchases of options and/or Common Stock
pursuant to the terms of a broad-based employee stock option plan or the terms
of a bona fide employment agreement with an executive of the Corporation or (z)
or in accordance with the terms of Capital Stock or Common Stock Equivalents
issued by the Corporation and consented to by the General Atlantic Stockholders
pursuant to this Section 6(d)(i)(a));

(ii)           the creation or authorization of, or
any issuance of or any agreement to issue (whether by merger, consolidation or
otherwise), any shares of Series A Preferred Stock other than the shares of
Series A Preferred Stock issued on the Original Issue Date;

(iii)          any amendment, modification or
restatement of (x) the terms of the Series A Preferred Stock (whether by
merger, consolidation or otherwise) or (y) the Certificate of
Incorporation or the By-laws of the Corporation, in the case of clause (y), so
as to adversely affect the relative rights, preferences, qualifications,
limitations or restrictions of the Series A Preferred Stock (whether by merger,
consolidation or otherwise), or any modification of the number of directors
constituting the entire Board of Directors;

(iv)          other than in connection with any
Drag-Along Sale, (x) any Sale Transaction or (y) any Change of
Control Merger in which, in the case of clause (x) or (y), the aggregate net
proceeds (assuming for these purposes that the General Atlantic Stockholders
hold all shares of Series A Preferred Stock issued to them on the Original
Issue Date) to be paid to the General Atlantic Stockholders would be less than
the Applicable Minimum Threshold; provided, however, that
notwithstanding anything to the contrary set forth herein, this Section
6(d)(iv) shall terminate on the third anniversary of the Original Issue Date;

 

A-8

 

(v)           any declaration, distribution or
payment of any dividend or other distribution on any shares of Capital Stock in
which the holders of shares of Series A Preferred Stock do not share in
such dividends or distributions on a pro rata basis, other than dividends or
other distributions pursuant to the terms of securities ranking senior to or
pari passu with the Series A Preferred Stock, where the issuance thereof has
been consented to by the General Atlantic Stockholders pursuant to Section
6(d)(i)(a) above;

(vi)          any voluntary liquidation under
applicable bankruptcy or reorganization legislation, or any dissolution or
winding up of, the Corporation;

(vii)         any transaction with any of the
Corporation’s Affiliates (other than wholly-owned Subsidiaries), except for
(a) customary employment arrangements and employee benefit programs on reasonable
terms and (b) any such transaction that is on terms that are no less
favorable to the Corporation than the Corporation could have obtained in an
arm’s-length transaction with a third party, provided that evidence that such
transaction is on arm’s length terms shall first have been provided to the
Board of Directors;

(viii)        (a) any single Acquisition by the
Corporation or any  Subsidiary of the
Corporation in which the Person acquired by the Corporation or such Subsidiary
has consolidated revenue in excess of $250 million for the 12 months ending on
the last day of the last fiscal quarter for which such information is available
to the Corporation, or (b) any Acquisition by the Corporation or any Subsidiary
of the Corporation which, if consummated, would result in the Corporation
and/or its Subsidiaries having acquired during any six month period, Persons
having consolidated revenue in excess of $250 million for the 12 months ending
on the last day of the last fiscal quarter for which such information is
available to the Corporation on an aggregate basis;

(ix)           any loans or advances by the
Corporation or any of its Subsidiaries, or guarantees for the benefit of any
Person (other than guarantees of the Corporation and any Subsidiaries of each
other), other than travel advances and similar loans to employees not to exceed
ten thousand dollars ($10,000) at any one time in the aggregate;

(x)            the Corporation’s or any
Subsidiary’s creation, incurrence, issuance, assumption or guarantee of or
becoming liable for (each, an “Incurrence”) any Indebtedness in
connection with an investment in a Person, an Acquisition, a dividend
distribution, share repurchase or other payment to be made to holders of equity
securities of the Corporation if (i) in the event such Indebtedness is
incurred in connection with an investment in any Person or an Acquisition, the
Corporation’s ratio of consolidated Indebtedness to EBITDA then exceeds (x) 2:1
without giving effect to such investment or Acquisition or (y) would
exceed 1.5:1 on a pro forma basis, calculated in accordance with GAAP, giving
effect to such investment or Acquisition or (ii) in the event such

 

A-9

 

Indebtedness is incurred
in connection with a dividend distribution, share repurchase or other payment
to be made to holders of equity securities (including preferred stockholders)
of the Corporation, the Corporation’s ratio of consolidated Indebtedness to
EBITDA then exceeds, or would exceed as a result of such Incurrence, 5:1;

(xi)           any material change in accounting
methods or policies of the Corporation;

(xii)          any change of the Corporation’s
independent public accountant;

(xiii)         any amendment or modification of this
Section 6(d); and

(xiv)        any arrangement, agreement or contract to
do any of the foregoing.

7.             Conversion.

(a)           Optional Conversion.  Any holder of shares of Series A
Preferred Stock shall have the right, at its option, at any time and from time
to time, to convert, subject to the terms and provisions of this
Section 7, any or all of such holder’s shares of Series A Preferred
Stock into such number of fully paid and non-assessable shares of Common Stock
as is equal to the product of (i) the number of shares of Series A
Preferred Stock being so converted multiplied by (ii) the quotient
of (x) the sum of the Accreted Value plus all dividends accrued but
unpaid since the previous Compounding Date divided by (y) the
conversion price of $100.00 per share, subject to adjustment as provided in
Section 7(d) below (such price in clause (ii), the “Conversion Price”).  Such conversion right shall be exercised by
the surrender of certificate(s) representing the shares of Series A
Preferred Stock to be converted to the Corporation at any time during usual
business hours at its principal place of business to be maintained by it (or
such other office or agency of the Corporation as the Corporation may designate
by notice in writing to the holders of shares of Series A Preferred
Stock), accompanied by written notice that the holder elects to convert such
shares of Series A Preferred Stock and specifying the name or names (with
address) in which a certificate or certificates for shares of Common Stock are
to be issued and (if so required by the Corporation) by a written instrument or
instruments of transfer in form reasonably satisfactory to the Corporation duly
executed by the holder or its duly authorized legal representative and transfer
tax stamps or funds therefor, if required pursuant to Section 7(j) below.  All certificates representing shares of
Series A Preferred Stock surrendered for conversion shall be delivered to
the Corporation for cancellation and canceled by it.  As promptly as practicable after the surrender of any shares of
Series A Preferred Stock, the Corporation shall (subject to compliance
with the applicable provisions of federal and state securities laws) deliver to
the holder of such shares so surrendered certificate(s) representing the number
of fully paid and nonassessable shares of Common Stock into which such shares
are entitled to be converted and, to the extent funds are legally available
therefor, an

 

A-10

 

amount equal to all
accrued and unpaid dividends, if any, payable with respect to such shares in
accordance with Section 3 above. 
At the time a holder of shares of Series A Preferred Stock gives written
notice to the Corporation that such holder elects to convert such shares of
Series A Preferred Stock, such Person shall be deemed to be the holder of
record of the shares of Common Stock issuable upon conversion of such shares of
Series A Preferred Stock, notwithstanding that the share register of the
Corporation shall then be closed, and the certificates representing such Series
A Preferred Stock shall not then have been actually delivered to the
Corporation or the certificates representing such Common Stock shall not then
have been actually delivered to such Person.

(b)           Automatic Conversion.

(i)            Unless the Cerberus Stockholders and
the General Atlantic Stockholders mutually agree otherwise, in which case
prompt notice shall be given to any other holders of Series A Preferred Stock,
upon the closing of the Qualified Initial Public Offering, all of the shares of
Series A Preferred Stock shall automatically convert, without any action by the
holder thereof, into the number of fully paid and nonassessable shares of
Common Stock equal to the product of (A) the number of shares of Series A
Preferred Stock being converted multiplied by (B) the quotient of
(x) the sum of the Accreted Value on the closing date of such Qualified
Initial Public Offering plus all dividends accrued since the previous
Compounding Date divided by (y) the Conversion Price then in effect
(after giving effect to any adjustments pursuant to Section 7(d)).

(ii)           Immediately upon conversion as
provided in Section 7(b), each holder of shares of Series A Preferred
Stock shall be deemed to be the holder of record of the Common Stock issuable
upon conversion of such holder’s shares of Series A Preferred Stock,
notwithstanding that the share register of the Corporation shall then be closed
or that certificates representing the Common Stock shall not then have been
actually delivered to such Person.  Upon
written notice from the Corporation, each holder of shares of Series A
Preferred Stock so converted shall promptly surrender to the Corporation at its
principal place of business to be maintained by it (or at such other office or
agency of the Corporation as the Corporation may designate by such notice to the
holders of shares of Series A Preferred Stock) certificates representing
the shares of Series A Preferred Stock so converted.

(c)           Termination of Rights.  On the date of an optional conversion
pursuant to Section 7(a) or of an automatic conversion pursuant to Section 7(b)
all rights with respect to the shares of Series A Preferred Stock so
converted, including the rights, if any, to receive notices and vote, shall
terminate, except only the rights of holders thereof to (i) receive
certificates for the number of shares of Common Stock into which such shares of
Series A Preferred Stock have been converted and (ii) exercise the
rights to which they are entitled as holders of Common Stock.

 

A-11

 

(d)           Antidilution Adjustments.  The Conversion Price, and the number and
type of securities to be received upon conversion of shares of Series A
Preferred Stock, shall be subject to adjustment as follows:

(i)            Dividend, Subdivision,
Combination or Reclassification of Common Stock.  In the event that the Corporation shall at any time or from time
to time, prior to conversion of shares of Series A Preferred Stock
(w) pay a dividend or make a distribution on the outstanding shares of
Common Stock payable in Capital Stock of the Corporation, (x) subdivide
the outstanding shares of Common Stock into a larger number of shares,
(y) combine the outstanding shares of Common Stock into a smaller number
of shares or (z) issue any shares of its Capital Stock in a reclassification
of the Common Stock (other than any such event for which an adjustment is made
pursuant to another clause of this Section 7(d)), then, and in each such
case, the Conversion Price in effect immediately prior to such event shall be
adjusted (and any other appropriate actions shall be taken by the Corporation)
so that the holder of any share of Series A Preferred Stock thereafter
surrendered for conversion shall be entitled to receive the number of shares of
Common Stock or other securities of the Corporation that such holder would have
owned or would have been entitled to receive upon or by reason of any of the
events described above, had such share of Series A Preferred Stock been
converted immediately prior to the occurrence of such event.  An adjustment made pursuant to this
Section 7(d)(i) shall become effective retroactively (x) in the case
of any such dividend or distribution, to a date immediately following the close
of business on the record date for the determination of holders of Common Stock
entitled to receive such dividend or distribution or (y) in the case of
any such subdivision, combination or reclassification, to the close of business
on the day upon which such corporate action becomes effective.

(ii)           Issuance
of Common Stock or Common Stock Equivalent below Conversion Price.

(1)           If the Corporation shall at any time
or from time to time prior to conversion of shares of Series A Preferred
Stock, issue or sell any shares of Common Stock or Common Stock Equivalents at
a price per share of Common Stock (the “New Issue Price”) that is less
than the Conversion Price then in effect as of the record date or Issue Date
(as defined below), as the case may be (the “Relevant Date”) (treating
the price per share of Common Stock, in the case of the issuance of any Common
Stock Equivalent, as equal to (x) the sum of the price for such Common
Stock Equivalent plus any additional consideration payable (without regard to
any anti-dilution adjustments) upon the conversion, exchange or exercise of
such Common Stock Equivalent divided by (y) the number of shares of Common
Stock initially underlying such Common Stock Equivalent), other than
(A) issuances or sales for which an adjustment is made pursuant to another
clause of this Section 7(d) and (B) issuances in connection with an Excluded
Transaction, then, and in

 

A-12

 

each such case, the Conversion Price then in effect
shall be reduced to the price determined by multiplying the Conversion
Price in effect on the day immediately prior to the Relevant Date by a fraction
(i) the numerator of which shall be the sum of the number of shares of
Common Stock outstanding on the Relevant Date immediately prior to the issuance
or sale (including as outstanding all shares of Common Stock issuable upon
conversion of outstanding Series A Preferred Stock without giving effect
to any adjustment in the number of shares so issuable by reason of such issue
or sale) plus the number of shares of Common Stock which the aggregate
consideration received by the Corporation for the total number of such
additional shares of Common Stock so issued would purchase at the Conversion
Price on the Relevant Date (or, in the case of Common Stock Equivalents, the
number of shares of Common Stock which the aggregate consideration received by
the Corporation upon the issuance of such Common Stock Equivalents and
receivable by the Corporation upon the conversion, exchange or exercise of such
Common Stock Equivalents would purchase at the Conversion Price on the Relevant
Date) and (ii) the denominator of which shall be the sum of the number of
shares of Common Stock outstanding on the Relevant Date immediately prior to
the issuance or sale (including as outstanding all shares of Common Stock
issuable upon conversion of outstanding Series A Preferred Stock without giving
effect to any adjustment in the number of shares so issuable by reason of such
issue or sale) plus the number of additional shares of Common Stock
issued or to be issued (or, in the case of Common Stock Equivalents, the
maximum number of shares of Common Stock into which such Common Stock
Equivalents initially may convert, exchange or be exercised).

(2)           Such adjustment shall be made
whenever such shares of Common Stock or Common Stock Equivalents are issued,
and shall become effective retroactively (x) in the case of an issuance to
the stockholders of the Corporation, as such, to a date immediately following
the close of business on the record date for the determination of stockholders
entitled to receive such shares of Common Stock or Common Stock Equivalents and
(y) in all other cases, on the date (the “Issue Date”) of such
issuance; provided, however, that the determination as to whether
an adjustment is required to be made pursuant to this Section 7(d)(ii)
shall only be made upon the issuance of such shares of Common Stock or Common
Stock Equivalents, and not upon the issuance of any security into which the
Common Stock Equivalents convert, exchange or may be exercised.

(3)           In case at any time any shares of
Common Stock or Common Stock Equivalents or any rights or options to purchase
any shares of Common Stock or Common Stock Equivalents shall be issued or sold
for cash, the consideration received therefor shall be deemed to be the amount
received by the Corporation therefor, without deduction therefrom

 

A-13

 

of any expenses incurred or any underwriting
commissions or concessions or discounts paid or allowed by the Corporation in
connection therewith.  In case any shares
of Common Stock or Common Stock Equivalents or any rights or options to
purchase any Common Stock or Common Stock Equivalents shall be issued or sold
for a consideration other than cash, the amount of the consideration other than
cash received by the Corporation shall be deemed to be the fair market value of
such consideration, without deduction therefrom of any expenses incurred or any
underwriting commissions or concessions or discounts paid or allowed by the
Corporation in connection therewith, as determined mutually by the Board of
Directors and the holders of a majority of the shares of Series A Preferred
Stock or, if the Board of Directors and the holders of a majority of the shares
of Series A Preferred Stock shall fail to agree, at the Corporation’s expense
by an appraiser chosen by the Board of Directors and reasonably acceptable to
the holders of a majority of the shares of Series A Preferred Stock.

(4)           If any Common Stock Equivalents (or
any portions thereof) which shall have given rise to an adjustment pursuant to
this Section 7(c)(ii) shall have expired or terminated without the
exercise thereof and/or if by reason of the terms of such Common Stock
Equivalents there shall have been an increase or increases, with the passage of
time or otherwise, in the price payable upon the exercise or conversion
thereof, then the Conversion Price hereunder shall be readjusted (but to no
greater extent than originally adjusted) in order to (A) eliminate from
the computation any additional shares of Common Stock corresponding to such
Common Stock Equivalents as shall have expired or terminated, (B) treat
the additional shares of Common Stock, if any, actually issued or issuable
pursuant to the previous exercise of such Common Stock Equivalents as having
been issued for the consideration actually received and receivable therefor and
(C) treat any of such Common Stock Equivalents which remain outstanding as
being subject to exercise or conversion on the basis of such exercise or
conversion price as shall be in effect at the time.

(iii)          Certain Distributions.  In case the Corporation shall at any time or
from time to time, prior to conversion of shares of Series A Preferred
Stock, distribute to all holders of shares of the Common Stock (including any
such distribution made in connection with a merger or consolidation in which
the Corporation is the resulting or surviving Person and the Common Stock is
not changed or exchanged) cash, evidences of indebtedness of the Corporation or
another issuer, securities of the Corporation or another issuer or other assets
(excluding cash dividends in which holders of shares of Series A Preferred
Stock participate, in the manner provided in Section 3, dividends payable
in shares of Common Stock for which adjustment is made under another paragraph
of this Section 7(d) and any distribution in connection with an Excluded
Transaction) or rights or warrants to subscribe for or purchase

 

A-14

 

of any of the foregoing, then,
and in each such case, the Conversion Price then in effect shall be adjusted
(and any other appropriate actions shall be taken by the Corporation) by
multiplying the Conversion Price in effect immediately prior to the date of
such distribution by a fraction (x) the numerator of which shall be the Current
Market Price of the Common Stock immediately prior to the date of distribution
less the then fair market value (as determined by the Board of Directors in the
exercise of their fiduciary duties) of the portion of the cash, evidences of
indebtedness, securities or other assets so distributed or of such rights or
warrants applicable to one share of Common Stock and (y) the denominator of
which shall be the Current Market Price of the Common Stock immediately prior
to the date of distribution (but such fraction shall not be greater than one); provided,
however, that no adjustment shall be made with respect to any
distribution of rights or warrants to subscribe for or purchase securities of
the Corporation if the holder of shares of Series A Preferred Stock would
otherwise be entitled to receive such rights or warrants upon conversion at any
time of shares of Series A Preferred Stock into Common Stock.  Such adjustment shall be made whenever any
such distribution is made and shall become effective retroactively to a date
immediately following the close of business on the record date for the
determination of stockholders entitled to receive such distribution.

(iv)          Other Changes.  In case the Corporation at any time or from
time to time, prior to the conversion of shares of Series A Preferred
Stock, shall take any action affecting its Common Stock similar to or having an
effect similar to any of the actions described in any of Sections 7(d)(i),
(ii) or (iii) above or Section 7(g) below (but not including any action
described in any such Section) and the Board of Directors in good faith
determines that it would be equitable in the circumstances to adjust the
Conversion Price as a result of such action, then, and in each such case, the
Conversion Price shall be adjusted in such manner and at such time as the Board
of Directors in good faith determines would be equitable in the circumstances
(such determination to be evidenced in a resolution, a certified copy of which
shall be mailed to the holders of shares of Series A Preferred Stock).

(v)           No Adjustment.  Notwithstanding anything herein to the
contrary, no adjustment under this Section 7(d) need be made to the
Conversion Price if the Corporation receives written notice from ninety percent
(90%) of the outstanding shares of Series A Preferred Stock that no such
adjustment is required, provided that all other holders of Series A Preferred
Stock are given prompt notice thereof.

(e)           Abandonment.  If the Corporation shall take a record of the
holders of its Common Stock for the purpose of entitling them to receive a
dividend or other distribution, and shall thereafter and before the
distribution to stockholders thereof legally abandon its plan to pay or deliver
such dividend or distribution, then no adjustment in the Conversion Price shall
be required by reason of the taking of such record.

 

A-15

 

(f)            Certificate as to Adjustments.  Upon any adjustment in the Conversion Price,
the Corporation shall within a reasonable period (not to exceed
ten (10) days) following any of the foregoing transactions deliver to
each registered holder of shares of Series A Preferred Stock a
certificate, signed by (i) the Chief Executive Officer of the Corporation
and (ii) the Chief Financial Officer of the Corporation, setting forth in
reasonable detail the event requiring the adjustment and the method by which
such adjustment was calculated and specifying the increased or decreased
Conversion Price then in effect following such adjustment.

(g)           Reorganization, Reclassification.  In case of any Sale Transaction (other than
a Sale Transaction (x) which constitutes a Change of Control Merger, (y) in
which the consideration to be paid to the holders of Series A Preferred Stock
is cash or (z) described in clause (b) of the definition thereof) or any
capital reorganization, reclassification or other change of outstanding shares
of Common Stock (other than a change in par value, or from par value to no par
value, or from no par value to par value) (each, a “Transaction”), the
Corporation shall execute and deliver to each holder of shares of Series A
Preferred Stock at least ten (10) Business Days prior to effecting such
Transaction a certificate, signed by (i) the Chief Executive Officer of
the Corporation and (ii) the Chief Financial Officer of the Corporation,
stating that the holder of each share of Series A Preferred Stock shall
have the right to receive in such Transaction, in exchange for each share of
Series A Preferred Stock, a security identical to (and not less favorable
than) the Series A Preferred Stock, and provision shall be made therefor
in the agreement, if any, relating to such Transaction.  Any certificate delivered pursuant to this
Section 7(g) shall provide for adjustments which shall be as nearly equivalent
as may be practicable to the adjustments provided for in this
Section 7.  The provisions of this
Section 7(g) and any equivalent thereof in any such certificate similarly
shall apply to successive transactions.

(h)           Notices.  In case at any time or from time to time:

(i)            the Corporation shall declare a
dividend (or any other distribution) on its shares of Common Stock;

(ii)           the Corporation shall authorize the
granting to the holders of its Common Stock rights or warrants to subscribe for
or purchase any shares of Capital Stock of any class or of any other rights or
warrants;

(iii)          there shall be any Transaction; or

(iv)          there shall occur the Qualified
Initial Public Offering or a Sale Transaction;

then the Corporation shall mail to each holder of shares of
Series A Preferred Stock at such holder’s address as it appears on the
transfer books of the Corporation, as promptly as possible but in any event at
least ten (10) Business Days prior to the applicable date hereinafter
specified, a notice stating (A) the date on which a record is to be taken for
the purpose of such dividend, distribution or granting of rights or warrants
or, if a record is

 

A-16

 

not to be taken, the date as of which the holders of Common Stock of
record to be entitled to such dividend, distribution or granting of rights or
warrants are to be determined, or (B) the date on which such Transaction,
Qualified Initial Public Offering or Sale Transaction is expected to become
effective and the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their Common Stock for shares of stock
or other securities or property or cash deliverable upon such Transaction,
Qualified Initial Public Offering or Sale Transaction.  Notwithstanding the foregoing, in the case
of any event to which Section 7(g) above is applicable, the Corporation
shall also deliver the certificate described in Section 7(g) above to each
holder of shares of Series A Preferred Stock at least ten (10) Business
Days prior to effecting such reorganization or reclassification as aforesaid.

(i)            Reservation of Common Stock.  The Corporation shall at all times reserve
and keep available for issuance upon the conversion of shares of Series A
Preferred Stock, such number of its authorized but unissued shares of Common
Stock as will from time to time be sufficient to permit the conversion of all
outstanding shares of Series A Preferred Stock, and shall take all action
to increase the authorized number of shares of Common Stock if at any time
there shall be insufficient authorized but unissued shares of Common Stock to
permit such reservation or to permit the conversion of all outstanding shares
of Series A Preferred Stock; provided that (x) the holders of
shares of Series A Preferred Stock vote such shares in favor of any such
action that requires a vote of stockholders and (y) such holders cause any
directors elected by them pursuant to Section 6(c) above to vote in favor
of any such action that requires a vote of the Board of Directors.

(j)            No Conversion Tax or Charge.  The issuance or delivery of certificates for
Common Stock upon the conversion of shares of Series A Preferred Stock
shall be made without charge to the converting holder of shares of
Series A Preferred Stock for such certificates or for any tax in respect
of the issuance or delivery of such certificates or the securities represented
thereby, and such certificates shall be issued or delivered in the respective
names of, or (subject to compliance with the applicable provisions of federal
and state securities laws) in such names as may be directed by, the holders of
the shares of Series A Preferred Stock converted; provided, however,
that the Corporation shall not be required to pay any tax which may be payable
in respect of any transfer involved in the issuance and delivery of any such
certificate in a name other than that of the holder of the shares of
Series A Preferred Stock converted, and the Corporation shall not be
required to issue or deliver such certificate unless or until the Person or
Persons requesting the issuance or delivery thereof shall have paid to the
Corporation the amount of such tax or shall have established to the reasonable
satisfaction of the Corporation that such tax has been paid.

8.             Certain Remedies.  Any registered holder of shares of Series A Preferred Stock
shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Certificate of Incorporation and to enforce specifically the
terms and provisions of this Certificate of Incorporation in any court of the
United States or any state thereof having jurisdiction, this being in addition
to any other remedy to which such holder may be entitled at law or in equity.

 

A-17

 

9.             Business Day. 
If any payment shall be required by the terms hereof to be made on a day
that is not a Business Day, such payment shall be made on the immediately
succeeding Business Day.

10.           No Impairment.  Neither the Corporation, nor any of its
Subsidiaries, shall by amendment of the terms of this Certificate of
Incorporation or the By-laws of the Corporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issuance or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the
Corporation, but will at all times in good faith assist in the carrying out of
all provisions of this Certificate of Incorporation and in the taking of all
such action as may be necessary or appropriate in order to protect the rights,
powers, preferences and privileges of the holders of the Series A Preferred
Stock against impairment.

11.           Definitions.  As used in this Certificate of
Incorporation, the following terms shall have the following meanings (with
terms defined in the singular having comparable meanings when used in the
plural and vice  versa), unless the context otherwise requires:

“Accreted Value”
means, as of any date, with respect to each share of Series A Preferred
Stock, $100.00 (subject to adjustment for the events described in
Section 7(d)(i)(w), Section 7(d)(i)(x) or Section 7(d)(i)(y) if
such events occur with respect to the shares of Series A Preferred Stock) plus
the amount of dividends which have accrued, compounded and been added thereto
to such date pursuant to Section 3(a) hereof and not been paid.

“Acquisition”
means the acquisition by the Corporation or any of its Subsidiaries of (x)
securities of another Person which constitute a majority of the voting power of
such Person or (y) of all or substantially all of the assets of another Person.

“Affiliate” means
any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules
and Regulations under the Exchange Act. 
In addition, the following shall be deemed to be Affiliates of GAP
Coinvestment, GAP LP and GmbH Coinvestment: 
(a) GAP LLC, the members of GAP LLC, GmbH Management, the
shareholders of GmbH Management, the limited partners of each of GAP
Coinvestment, GAP LP and GmbH Coinvestment, and the members of GapStar;
(b) any Affiliate of GAP LLC, the members of GAP LLC, the limited partners
of GAP Coinvestment or GmbH Coinvestment or the members of GapStar; and (c) any
limited liability company or partnership a majority of whose members or
partners, as the case may be, are members or former members of GAP LLC or
consultants or key employees of General Atlantic Service Corporation, a
Delaware corporation and an Affiliate of GAP LLC.  In addition, GAP LP, GAP Coinvestment,
GapStar and GmbH Coinvestment shall be deemed to be Affiliates of one
another.  In addition, the members and
general or limited partners of each Cerberus Stockholder that is controlled by
Stephen A. Feinberg shall be deemed to be Affiliates of such Cerberus
Stockholders.

 

A-18

 

“Applicable Minimum
Threshold” means such amount as is necessary (assuming for these purposes
that the General Atlantic Stockholders hold all shares of Series A Preferred
Stock issued to them on the Original Issue Date) for the General Atlantic
Stockholders to receive aggregate net proceeds equal to (i) if the event
described in Section 6(d)(iv) occurs within twelve (12) months  of the Original Issue Date, $112.5 million;
or (ii) if such event occurs after the date that is twelve (12) months from the
Original Issue Date but prior to the date that is thirty-six (36) months from
the Original Issue Date, the greater of (x) $112.5 million and (y) $75 million
plus an additional amount representing a 30% annualized rate of return from the
Original Issue Date through the end of the month immediately preceding the
occurrence of the event described in Section 6(d)(iv).

“Board of Directors”
means the Board of Directors of the Corporation.

“Business Day”
means any day except a Saturday, a Sunday, or other day on which commercial
banks in the State of New York are authorized or required by law or executive
order to close.

“Capital Stock”
means, with respect to any Person, any and all shares, interests,
participations, rights in, or other equivalents (however designated and whether
voting or non-voting) of, such Person’s capital stock (including, without limitation,
common stock and preferred stock) and any and all rights, warrants or options
exchangeable for or convertible into such capital stock.

“Cerberus Stockholders”
has the meaning ascribed to it in Section 6(b)(ii) hereof.

“Change of Control
Merger” means any merger, consolidation or other business combination of
the Corporation or any of its Subsidiaries, in a single transaction or series
of related transactions, immediately after which the shares of Series A
Preferred Stock and Common Stock held by the Cerberus Stockholders and the
General Atlantic Stockholders do not, in the aggregate, represent a majority of
the voting power of the Corporation.

“Commission” means
the United States Securities and Exchange Commission.

“Common Stock”
shall have the meaning ascribed to it in Section 2 hereof.

“Common Stock
Equivalent” means any security or obligation which is by its terms,
directly or indirectly, convertible into or exchangeable or exercisable for
shares of Common Stock preferred stock or any other capital stock of the
Corporation, including, without limitation, the Series A Preferred Stock, and
any option, warrant or other subscription or purchase right with respect to
Common Stock or any Common Stock Equivalent.

 

A-19

 

“Compounding Date”
shall have the meaning ascribed to it in Section 3(a) hereof.

“Conversion Price”
shall have the meaning ascribed to it in Section 7(a) hereof.

“Corporation”
shall have the meaning ascribed to it in Article I of this Certificate of
Incorporation.

“Current Market Price”
per share of Capital Stock of any Person means, as of the date of
determination, (a) the average of the daily Market Price under clause (a),
(b) or (c) of the definition thereof of such Capital Stock during the
immediately preceding thirty (30) trading days ending on such date, and
(b) if such Capital Stock is not then listed or admitted to trading on any
national securities exchange or quoted in the over-the-counter market, then the
Market Price under clause (d) of the definition thereof on such date.

“Directors’ Resolution”
shall have the meaning ascribed to it in Section 1 hereof.

“Drag-Along Sale”
shall have the meaning ascribed to it in the Stockholders Agreement.

“EBITDA” means, at
any time of measurement, with respect to any Person for the twelve months
ending on the last day of the last fiscal quarter for which such information is
available, such Person’s consolidated operating income plus depreciation and
amortization (to the extent deducted in calculating operating income) of such
Person, in each case determined in accordance with GAAP.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder.

“Excluded Transaction”
means (a) any issuance of options to purchase shares of Common Stock (and
the Common Stock issued upon the exercise of such options) or restricted stock
which may be issued pursuant to the Stock Option Plan or any other broad-based
employee incentive plan adopted or arrangement approved in accordance with the
terms hereof, (b) any issuance of Common Stock upon exercise, conversion or
exchange of (i) any Series A Preferred Stock or (ii) any Common Stock
Equivalent issued subject to the consent rights of the General Atlantic
Stockholders set forth in Section 6(d) hereof and the terms of the Stockholders
Agreement, (c) any issuance of Common Stock upon any subdivision of the
outstanding shares of Common Stock into a larger number of shares of Common
Stock, (d) any issuance of Common Stock in consideration of any transaction
approved by the Board of Directors in accordance with Section 6(d) hereof and
the terms of the Stockholders Agreement, or (e) the issuance of Common
Stock in connection with any Qualified Initial Public Offering.

 

A-20

 

“GAAP” means
generally accepted accounting principles in the United States as in effect from
time to time.

“GAP Coinvestment”
shall have the meaning ascribed to it in Section 6(b)(i) hereof.

“GAP LLC” means
General Atlantic Partners, LLC, a Delaware limited liability company and the
general partner of GAP LP, and any successor to such entity.

“GAP LP” shall
have the meaning ascribed to it in Section 6(b)(i) hereof.

“GapStar” shall
have the meaning ascribed to it in Section 6(b)(i) hereof.

“General Atlantic
Stockholders” shall have the meaning ascribed to it in Section 6(b)(i)
hereof.

“General Corporation
Law” shall have the meaning ascribed to it in Article III hereof.

“GmbH Coinvestment”
shall have the meaning ascribed to it in Section 6(b)(i) hereof.

“GmbH Management”
means GAPCO Management GmbH, a German company with limited liability and the
general partner of GmbH Coinvestment, and any successor to such entity.

“Governmental Authority”
means the government of any nation, state, city, locality or other political
subdivision thereof, any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government, any
corporation or other entity owned or controlled, through stock or capital
ownership or otherwise, by any of the foregoing.

“Incurrence”
shall have the meaning ascribed to it in Section 6(d)(x) hereof.

“Indebtedness”
means, with respect to any Person, (a) any obligation of such Person (i) for
borrowed money, (ii) evidenced by a note, debenture or similar instrument
(including a purchase money obligation) given in connection with the
acquisition of any property or assets, including securities, (iii) for the
deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of 
business or (iv) under any lease or similar arrangement that would be
required to be accounted for by the lessee as a capital lease in accordance
with GAAP; (b) any guarantee (or keepwell agreement) by such Person of any
indebtedness of others described in the preceding clause (a); and (c) any
obligation to reimburse any bank or other Person for amounts paid under a
letter of credit or similar instrument.

“Initial
Public Offering” means the first bona fide firm commitment underwritten
public offering of shares of Common Stock pursuant to an effective

 

A-21

 

registration
statement under the Securities Act, and in which the underwriting is lead
managed by an internationally recognized investment banking firm and the shares
of Common Stock are listed on The Nasdaq Stock Market, Inc. or other
internationally recognized stock exchange.

“Issue Date” shall
have the meaning ascribed to it in Section 7(d)(ii) hereof.

“Junior Stock”
shall have the meaning ascribed to it in Section 2 hereof.

“Liquidation”
means the voluntary or involuntary liquidation under applicable bankruptcy or
reorganization legislation, or the dissolution or winding up of the
Corporation.

“Liquidation Payment”
shall have the meaning ascribed to it in Section 4(a) hereof.

“Market Price”
means, with respect to the Capital Stock of any Person, as of the date of
determination, (a) if such Capital Stock is listed on a national
securities exchange, the closing price per share of such Capital Stock on such
date published in The Wall Street Journal (National Edition) or, if no
such closing price on such date is published in The Wall Street Journal
(National Edition), the average of the closing bid and asked prices on such
date, as officially reported on the principal national securities
exchange on which such Capital Stock is then listed or admitted to
trading; or (b) if such Capital Stock is not then listed or admitted to
trading on any national securities exchange but is designated as a national
market system security by the National Association of Securities Dealers, Inc.,
the last trading price of such Capital Stock on such date; or (c) if there
shall have been no trading on such date or if such Capital Stock is not
designated as a national market system security by the National Association of
Securities Dealers, Inc., the average of the reported closing bid and asked
prices of such Capital Stock on such date as shown by the National Market
System of the National Association of Securities Dealers, Inc. Automated
Quotations System and reported by any member firm of the New York Stock
Exchange selected by the Corporation; or (d) if none of (a), (b) or (c) is
applicable, a market price per share determined mutually by the Board of
Directors and the holders of a majority of the shares of Series A Preferred
Stock or, if the Board of Directors and 
the holders of a majority of the shares of Series A Preferred Stock
shall fail to agree, at the Corporation’s expense by an appraiser chosen by the
Board of Directors and reasonably acceptable to the holders of a majority of
the shares of Series A Preferred Stock. 
Any determination of the Market Price by an appraiser shall be based on
a valuation of the Corporation as an entirety without regard to any discount
for minority interests or disparate voting rights among classes of Capital
Stock.

“New Issue Price”
shall have the meaning ascribed to it in Section 7(d)(ii) hereof.

“Original Issue Date”
means the original issue date of shares of Series A Preferred Stock.

 

A-22

 

“Person” means any
individual, firm, corporation, partnership, limited liability company, trust,
incorporated or unincorporated association, joint venture, joint stock company,
Governmental Authority or other entity of any kind and shall include any
successor (by merger or otherwise) of such entity.

“Preferred Stock”
has the meaning ascribed to it in Article IV Section 1 hereof.

“Qualified Initial
Public Offering” means an Initial Public Offering resulting in net proceeds
(after underwriting discounts and commissions) to the Corporation of at least
$50 million.

“Relevant Date”
shall have the meaning ascribed to it in Section 7(d)(ii) hereof.

“Reserved Consent
Rights” has the meaning ascribed to it in Section 1 hereof.

“Sale Payment” has
the meaning ascribed to it in Section 4(b) hereof.

“Sale Transaction”
means (a) (i) the merger or consolidation of the Corporation into or with
one or more Persons, (ii) the merger or consolidation of one or more Persons
into or with the Corporation or (iii) the consummation of a tender offer or
other business combination transaction where, in each case, any equity
securities of the Corporation that existed immediately prior to the
consummation of such transaction are converted into or exchanged for the right
to receive cash, securities or other property or (b) the voluntary sale,
conveyance, exchange or transfer to another Person, in a single transaction or
a series of transactions, of all or substantially all of the assets of the
Corporation.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of
the Commission promulgated thereunder.

“Series A
Preferred Stock” shall have the meaning ascribed to it in Section 1
hereof.

“Stock Option Plan”
means the stock option plan of the Corporation, pursuant to which an aggregate
of up to 529,412  shares of restricted stock and options to purchase shares of
Common Stock will be reserved and available for grant to officers, directors,
employees and consultants of the Corporation.

“Stockholders
Agreement” means that certain Stockholders Agreement dated as of April 2,
2003 by and among the Corporation and the stockholders named therein, as
amended from time to time.

“Subsidiaries”
means, as of the relevant date of determination, with respect to any Person, a
corporation or other Person of which 50% or more of the voting

 

A-23

 

power of the outstanding
voting equity securities or 50% or more of the outstanding economic equity
interest is held, directly or indirectly, by such Person.  Unless otherwise qualified, or the context
otherwise requires, all references to a “Subsidiary” or to “Subsidiaries”
in this Certificate shall refer to a Subsidiary or Subsidiaries of the
Corporation.

“Transaction”
shall have the meaning ascribed to it in Section 7(g) hereof.

ARTICLE FIVE

The personal liability of
the directors of the Corporation is hereby eliminated to the fullest extent
permitted by the General Corporation Law (including, without limitation,
paragraph (7) of subsection (b) of Section 102 thereof), as the same
may be amended and supplemented from time to time.

ARTICLE SIX

Except as provided in
Article IV, Section 6, the Board of Directors of the Corporation
shall have the power to adopt, amend or repeal the By-laws of the Corporation,
subject to the right of the stockholders of the Corporation to adopt, amend or
repeal any By-law.

ARTICLE SEVEN

The Corporation shall, to
the fullest extent permitted by the General Corporation Law (including, without
limitation, Section 145 thereof), as the same may be amended and
supplemented from time to time, indemnify any and all persons whom it shall
have power to indemnify under the General Corporation Law.  The indemnification provided for herein
shall not be deemed exclusive of any other rights to which those seeking
indemnification may be entitled whether as a matter of law, under any By-law of
the Corporation, by agreement, by vote of stockholders or disinterested
directors of the Corporation or otherwise.

ARTICLE EIGHT

The election of directors
of the Corporation need not be by written ballot, unless the By-laws of the
Corporation otherwise provide.

ARTICLE NINE

Whenever a compromise or
arrangement is proposed between this Corporation and its creditors or any class
of them and/or between this Corporation and its stockholders or any class of
them, any court of equitable jurisdiction within the State of Delaware may, on
the application in a summary way of this Corporation or of any creditor or
stockholder thereof or on the application of any receiver or receivers
appointed for this Corporation under § 291 of Title 8 of the Delaware Code or
on the application of trustees in dissolution or of any receiver or receivers
appointed for this

 

A-24

 

Corporation under § 279
of Title 8 of the Delaware Code order a meeting of the creditors or class of
creditors, and/or of the stockholders or class of stockholders of this
Corporation, as the case may be, to be summoned in such manner as the said
court directs.  If a majority in number
representing three fourths in value of the creditors or class of creditors,
and/or of the stockholders or class of stockholders of this Corporation, as the
case may be, agree to any compromise or arrangement and to any reorganization
of this Corporation as a consequence of such compromise or arrangement, the
said compromise or arrangement and the said reorganization shall, if sanctioned
by the court to which the said application has been made, be binding on all the
creditors or class of creditors, and/or on all the stockholders or class of
stockholders, of this Corporation, as the case may be, and also on this
Corporation.

 

A-25

 

IN WITNESS WHEREOF, the undersigned have executed this
Second Amended and Restated Certificate of Incorporation on behalf of the
Corporation and have attested to such execution and do verify and affirm, under
penalty of perjury, that this Second Amended and Restated Certificate of
Incorporation is the act and deed of the Corporation and the facts stated
herein are true as of this ____ day of _________, 2003.

	
   

  	
  SSA GLOBAL TECHNOLOGIES
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-26

 

Exhibit B

BYLAWS

OF

SSA
ACQUISITION CORPORATION

ARTICLE TEN

OFFICES

1.             Registered Office.  The registered office of SSA Acquisition Corporation (the
“Corporation”) in the State of Delaware shall be at 1013 Centre Road, in the
City of Wilmington 19805, County of New Castle, and the name of the registered
agent at that address shall be Corporation Service Company.

2.             Principal Executive Office.  The principal executive office of the
Corporation shall be located at such place within or outside of the State of
Delaware as the board of directors of the Corporation (the “Board of
Directors”) from time to time shall designate.

3.             Other Offices. 
The Corporation may also have an office or offices at such other place
or places, either within or without the State of Delaware, as the Board of
Directors may from time to time determine or as the business of the Corporation
may require.

ARTICLE ELEVEN

STOCKHOLDERS

Section 1.               Annual Meetings.  An annual meeting of stockholders shall be
held for the election of directors at such date, time and place, either within
or without the State of Delaware, as may be designated by the Board of
Directors from time to time.  In the
absence of any such designation, stockholders’ meetings shall be at the
principal executive office of the Corporation. 
Any other proper business may be transacted at the annual meeting.

Section 2.               Special Meetings.  Special meetings of stockholders may be
called at any time by the Board of Directors, the Chairman of the Board, the
President or the holders of shares entitled to cast not less than 10% of the
votes at such meeting.  Special meetings
may not be called by any other person or persons.  Each special meeting shall be held at such date and time as is
requested by the person or persons calling the meeting, within the limits fixed
by law.

Section 3.               Notice of Meetings.  Whenever stockholders are required or
permitted to take any action at a meeting, a written notice of the meeting
shall be given which shall state the place, date and hour of the meeting, and,
in the case of a special meeting, the purpose or purposes for which the meeting
is called.  Unless otherwise provided by
law, the written notice of any meeting shall be given not less than 10 nor more
than 60 days before the date of the meeting to each stockholder entitled to
vote at such meeting.  If mailed, such
notice

 

shall be deemed to be
given when deposited in the United States mail, postage prepaid, directed to
the stockholder at his address as it appears on the records of the Corporation.

Section 4.               Adjournments.  Any meeting of stockholders, annual or
special, may adjourn from time to time to reconvene at the same or some other place,
and notice need not be given of any such adjourned meeting if the time and
place thereof are announced at the meeting at which the adjournment is
taken.  At the adjourned meeting, the
Corporation may transact any business which might have been transacted at the
original meeting.  If the adjournment is
for more than 30 days, or if after the adjournment a new record date is fixed
for the adjourned meeting, a notice of the adjourned meeting shall be given to
each stockholder of record entitled to vote at the meeting.

Section 5.               Quorum.  At each meeting of stockholders, except
where otherwise provided by law, the Certificate of Incorporation or these
Bylaws, the holders of a majority of the outstanding shares of each class of
stock entitled to vote at the meeting, present in person or represented by
proxy, shall constitute a quorum.  For
purposes of the foregoing, two or more classes or series of stock shall be
considered a single class if the holders thereof are entitled to vote together
as a single class at the meeting.  In
the absence of a quorum the stockholders so present may, by majority vote,
adjourn the meeting from time to time in the manner provided by Article II,
Section 4 of these Bylaws until a quorum shall attend.  Shares of its own capital stock belonging on
the record date for the meeting to the Corporation or to another corporation,
if a majority of the shares entitled to vote in the election of directors of
such other corporation is held, directly or indirectly, by the Corporation,
shall neither be entitled to vote nor be counted for quorum purposes; provided,
however, that the foregoing shall not limit the right of the Corporation to
vote stock, including, but not limited to, its own stock, held by it in a
fiduciary capacity.

Section 6.               Organization.  Meetings of stockholders shall be presided
over by the Chairman of the Board, if any, or in his absence by the President,
or in his absence, by a Vice President, or in the absence of the foregoing
persons, by a chairman designated by the Board of Directors, or in the absence
of such designation, by a chairman chosen at the meeting.  The Secretary shall act as secretary of the
meeting, but in his absence the chairman of the meeting may appoint any person
to act as secretary of the meeting.

Section 7.               Voting; Proxies.  Unless otherwise provided in the Certificate
of Incorporation, each stockholder entitled to vote at any meeting of
stockholders shall be entitled to one vote for each share of stock held by him
which has voting power upon the matter in question.  If the Certificate of incorporation provides for more or less
than one vote far any share on any matter, every reference in these Bylaws to a
majority or other proportion of stock shall refer to such majority or other
proportion of the votes of such stock. 
A stockholder may vote the shares owned of record by him either in
person or by proxy executed in writing (which shall include writings sent by
telex, telegraph, cable, facsimile transmission or other means of electronic
transmission) by the stockholder himself or his duly authorized
attorney-in-fact; provided, however, that any such telex, telegram, cablegram,
facsimile transmission or other means of electronic transmission must either
set forth or be submitted with information from which it can be determined that
the telex, telegram, cablegram, facsimile transmission or other means of
electronic transmission was authorized by the stockholder.  If it is determined that such

 

B-2

 

telexes, telegrams,
cablegrams, facsimile transmissions or other electronic transmissions are
valid, the inspectors or, if there are no inspectors, such other persons making
that determination shall specify the information upon which they relied.  Any copy, facsimile telecommunication or
other reliable reproduction of the writing or transmission created pursuant to
the foregoing sentences of this Section 2.7 may be substituted or used in lieu
of the original writing or transmission for any and all purposes for which the
original writing or transmission could be used, provided that such copy,
facsimile telecommunication or other reproduction shall be a complete
reproduction of the entire original writing or transmission.  Execution of the proxy may be accomplished
by the stockholder or his authorized officer, director, employee or agent
signing such writing or causing his or her signature to be affixed to such
writing by any reasonable means including, but not limited to, by facsimile
signature.  No such proxy shall be voted
or acted upon after three years from its date, unless the proxy provides for a
longer period.  A duly executed proxy
shall be irrevocable if it states that it is irrevocable and if, and only as
long as, it is coupled with an interest sufficient in law to support an
irrevocable power.  A stockholder may
revoke any proxy which is not irrevocable by attending the meeting and voting
in person or by filing an instrument in writing revoking the proxy or another
duly executed proxy bearing a later date with the Secretary of the
Corporation.  Voting at meetings of
stockholders need not be by written ballot and need not be conducted by
inspectors unless required by Article II, Section 10 of these Bylaws or unless
the holders of a majority of the outstanding shares of all classes of stock
entitled to vote thereon present in person or by proxy at such meeting shall so
determine.  At all meetings of
stockholders for the election of directors or otherwise, all elections and questions
shall, unless otherwise provided by law, by the Certificate of Incorporation or
these Bylaws, be decided by the vote of the holders of a majority of the
outstanding shares of all classes of stock entitled to vote thereon present in
person or by proxy at the meeting.

Section 8.               Fixing Date for Determination
of Stockholders of Record.  In order
that the Corporation may determine the stockholders entitled to notice of, or
to vote, at any meeting of stockholders or any adjournment thereof, or to
express consent to corporate action in writing without a meeting, or entitled
to receive payment of any dividend or other distribution or allotment of any
rights, or entitled to exercise any rights in respect of any change, conversion
or exchange of stock or for the purpose of any other lawful action, the Board
of Directors may fix, in advance, a record date, which shall not be more than
60 nor less than 10 days before the date of such meeting, nor more than 60 days
prior to any other action.  If no record
date is fixed:  (1) the record date for
determining stockholders entitled to notice of, or to vote at a meeting of
stockholders shall be at the close of business on the day next preceding the
day on which notice is given, or, if notice is waived, at the close of business
on the day next preceding the day on which the meeting is held; (2) the record
date for determining stockholders entitled to express consent to corporate
action in writing without a meeting (to the extent such action by the
stockholders is permitted by these Bylaws) when no prior action by the Board of
Directors is necessary, shall be the day on which the first written consent is
expressed; and (3) the record date for determining stockholders for any other
purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto.  A determination of stockholders of record entitled to notice of
or to vote at a meeting of stockholders shall apply to any adjournment of the
meeting; provided, however, that the Board of Directors may fix a new record
date for the adjourned meeting.

 

B-3

 

Section 9.               List of Stockholders Entitled
to Vote.  The Secretary shall
prepare and make, at least 10 days before every meeting of stockholders, a
complete list of the stockholders entitled to vote at the meeting, arranged in
alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder.  Such list shall be open to the examination of any stockholder for
any purpose germane to the meeting during ordinary business hours for a period
of at least 10 days prior to the meeting, either at a place within the city
where the meeting is to be held, which place shall be specified in the notice
of the meeting, or, if not so specified, at the place where the meeting is to
be held.  The list shall also be
produced and kept at the time and place of the meeting during the whole time
thereof and may be inspected by any stockholder who is present.

Section 10.             Inspectors of Election.  Before any meeting of stockholders, the
Board of Directors may appoint any persons other than nominees for office to
act as inspectors of election at the meeting or its adjournment.  If the Corporation has a class of voting
stock that is (1) listed on a national securities exchange, (2) authorized for
quotation on an inter-dealer quotation system of a registered national
securities exchange, or (3) held of record by more than 2,000 stockholders, the
Board of Directors shall, in advance of any meeting of stockholders, appoint
one or more inspectors other than nominees for office to act at the
meeting.  If no inspectors of election
are appointed, the chairman of the meeting may, and on the request of any
stockholder or his proxy shall, appoint inspectors of election at the
meeting.  The number of inspectors shall
be either one or three.  If inspectors
are appointed at a meeting on the request of one or more stockholders or
proxies, the holders of a majority of shares or other proxies present at the
meeting shall determine whether one or three inspectors are to be
appointed.  If any person appointed as
inspector fails to appear or fails or refuses to act, the vacancy may be filled
by appointment by the Board of Directors before the meeting, or by the meeting
chairman at the meeting.  Each
inspector, before entering upon the discharge of his duties, shall take and
sign an oath faithfully to execute the duties of inspector with strict
impartiality and according to the best of his ability.

The duties of these
inspectors shall be as follows: (i) ascertain the number of shares outstanding
and the voting power of each; (ii) determine the shares represented at a
meeting and the validity of proxies and ballots; (iii) count all votes and
ballots; (iv) determine and retain for a reasonable period a record of the
disposition of any challenges made to any determination by the inspectors; and
(v) certify their determination of the number of shares represented at the
meeting, and their count of all votes and ballots.  The inspectors may appoint or retain other persons or entities to
assist the inspectors in the performance of the duties of the inspectors.

The date and time of the
opening and the closing of the polls for each matter upon which the
stockholders will vote at a meeting shall be announced at the meeting.  No ballot, proxies or votes, nor any
revocations thereof or changes thereto shall be accepted by the inspectors
after the closing of the polls.

Except as otherwise required
by applicable law, in determining the validity and counting of proxies and
ballots, the inspectors shall be limited to an examination of the proxies, any
envelopes submitted with those proxies, any information provided in accordance
with Article II, Section 7 hereof, ballots and the regular books and records of
the Corporation.

 

B-4

 

Section 11.             Consent of Stockholders in Lieu
of Meeting.  Unless otherwise
provided in the Certificate of Incorporation, any action required by law to be
taken at any annual or special meeting of stockholders of the Corporation, or
any action which may be taken at any annual or special meeting of such
stockholders, may be taken without a meeting, without prior notice or without a
vote, if a consent in writing, setting forth the action so taken, shall be
signed by the holders of outstanding stock having not less than the minimum
number of votes that would be necessary to authorize or take such action at a
meeting at which all shares entitled to vote thereon were present and
voted.  Prompt notice of the taking of
the corporate action without a meeting by less than unanimous written consent
shall be given to those stockholders who have not consented in writing.

ARTICLE TWELVE

BOARD OF DIRECTORS

Section 1.               Powers.  The business and affairs of the Corporation
shall be managed by or under the direction of the Board of Directors, except as
may be otherwise provided by law or in the Certificate of Incorporation.

Section 2.               Number of Directors.  The Board of Directors shall consist of one
or more members, the members thereof to be determined from time to time by
resolution of the Board of Directors. 
Directors need not be stockholders.

Section 3.               Election and Term of Office.  Each director shall hold office until the
annual meeting of stockholders next succeeding his election and until his
successor is elected and qualified.  No
decrease in the authorized number of directors shall shorten the term of any
incumbent directors.

Section 4.               Election of Chairman of the
Board.  At the organizational
meeting immediately following the annual meeting of stockholders, the directors
shall elect a Chairman of the Board from among the directors who shall hold
office until the corresponding meeting of the Board of Directors in the next year
and until his successor shall have been elected or until his earlier
resignation or removal.  Any vacancy in
such office may be filled for the unexpired portion of the term in the same
manner by the Board of Directors at any regular or special meeting.

Section 5.               Vacancies and Additional
Directorships.  Newly created
directorships resulting from any increase in the number of directors and any
vacancies on the Board of Directors resulting from death, resignation,
disqualification, removal or other cause shall be filled solely by the
affirmative vote of a majority of the remaining directors then in office, even
though such majority is less than a quorum of the Board of Directors.  Any director elected in accordance with the
preceding sentence shall, if elected to fill a vacancy, hold office for the
remainder of the full term of the departed director and, if elected to a newly
created directorship, hold office until the next annual meeting of
stockholders, and, in either case, until such director’s successor shall have
been elected and qualified.

 

B-5

 

Section 6.               Regular Meetings.  Regular meetings of the Board of Directors
may be held at such places within or without the State of Delaware and at such
times as the Board of Directors may from time to time determine and, if so
determined, notice thereof need not be given.

Section 7.               Special Meetings.  Special meetings of the Board of Directors
may be held at any time or place within or without the State of Delaware
whenever called by the Chairman of the Board, if any, by the President, or by
any director.  Reasonable notice thereof
shall be given by the person or persons calling the meeting.

Section 8.               Telephonic Meetings Permitted.  Members of the Board of Directors, or any
committee thereof, as the case may be, may participate in a meeting of the
Board of Directors or such committee by means of conference telephone or
similar communications equipment by means of which all persons participating in
the meeting can hear each other, and participation in a meeting pursuant to
this Bylaw shall constitute presence in person at such meeting.

Section 9.               Quorum; Vote Required for
Action.  At all meetings of the
Board of Directors, a majority of the entire Board of Directors shall
constitute a quorum for the transaction of business.  The vote of a majority of the directors present at a meeting at
which a quorum is present shall be the act of the Board of Directors unless the
Certificate of Incorporation or these Bylaws shall require a vote of a greater
number.  In case at any meeting of the
Board of Directors a quorum shall not be present, the members of the Board of
Directors present may adjourn the meeting from time to time until a quorum
shall attend.

Section 10.             Organization.  Meetings of the Board of Directors shall be
presided over by the Chairman of the Board, if any, or in his absence by the
President, or in their absence by a chairman chosen at the meeting.  The Secretary shall act as secretary of the
meeting, but in his absence the chairman of the meeting may appoint any person
to act as secretary of the meeting.

Section 11.             Action by Directors Without a
Meeting.  Unless otherwise
restricted by the Certificate of Incorporation or these Bylaws, any action
required or permitted to be taken at any meeting of the Board of Directors, or
of any committee thereof, may be taken without a meeting if all members of the
Board of Directors or of such committee, as the case may be, consent thereto in
writing, and the writing or writings are filed with the minutes of proceedings
of the Board of Directors or committee.

Section 12.             Compensation of Directors.  The Board of Directors shall have the
authority to fix the compensation of directors.

Section 13.             Removal.  Subject to the provisions of the Certificate
of Incorporation, any director may be removed from office at any time, either
with or without cause, by the affirmative vote of the stockholders having a
majority of the voting power of the Corporation given at a special meeting of the
stockholders called for the purpose.

 

B-6

 

ARTICLE THIRTEEN

COMMITTEES

Section 1.               Committees.  The Board of Directors may, by resolution
passed by a majority of the Board of Directors, designate one or more
committees, each committee to consist of one or more of the directors of the
Corporation.  The Board of Directors may
designate one or more directors as alternate members of any committee who may
replace any absent or disqualified member at any meeting of the committee.  In the absence or disqualification of a
member of a committee, the member or members thereof present at any meeting and
not disqualified from voting, whether or not he or they constitute a quorum,
may unanimously appoint another member of the Board of Directors to act at the
meeting in place of any such absent or disqualified member.  Any such committee, to the extent provided
in the resolution of the Board of Directors, shall have and may exercise all
the powers and authority of the Board of Directors in the management of the
business and affairs of the Corporation and may authorize the seal of the
Corporation to be affixed to all papers which may require it; but no such
committee shall have power or authority in reference to amending the
Certificate of Incorporation, adopting an agreement of merger or consolidation,
recommending to the stockholders the sale, lease or exchange of all or
substantially all of the Corporation’s property and assets, recommending to the
stockholders a dissolution of the Corporation or a revocation of dissolution,
removing or indemnifying directors or amending these Bylaws; and, unless the
resolution expressly so provides, no such committee shall have the power or
authority to declare a dividend or to authorize the issuance of stock.

Section 2.               Committee Rules.  Unless the Board of Directors otherwise
provides, each committee designated by the Board of Directors may adopt, amend
and repeal rules for the conduct of its business.  In the absence of a provision by the Board of Directors or a
provision in the rules of such committee to the contrary, a majority of the
entire authorized number of members of such committee shall constitute a quorum
for the transaction of business, the vote of a majority of the members present
at a meeting at the time of such vote if a quorum is then present shall be the
act of such committee, and in other respects each committee shall conduct its
business in the same manner as the Board of Directors conducts its business
pursuant to Article III of these Bylaws.

ARTICLE FOURTEEN

OFFICERS

Section 1.               Officers: Election.  As soon as practicable after the annual
meeting of stockholders in each year, the Board of Directors shall elect a
President and a Secretary, and it may, if it so determines, elect from among
its members a Chairman of the Board. 
The Board of Directors may also elect one or more Executive Vice
Presidents, one or more Vice Presidents, one or more Assistant Secretaries, a
Treasurer or Chief Financial Officer and one or more Assistant Treasurers or
Assistant Chief Financial Officers and may give any of them such further
designations or alternate titles as it considers desirable.  Any number of offices may be held by the
same person.

 

B-7

 

Section 2.               Term of Office; Resignation;
Removal; Vacancies.  Except as
otherwise provided in a resolution of the Board of Directors electing any
officer, each officer shall hold office until the first meeting of the Board of
Directors after the annual meeting of stockholders next succeeding his
election, and until his successor is elected and qualified or until his earlier
death, resignation or removal.  Any
officer may resign at any time upon written notice to the Board of Directors or
to the President or the Secretary of the Corporation.  Such resignation shall take effect at the time specified therein,
and unless otherwise specified therein no acceptance of such resignation shall
be necessary to make it effective.  The
Board of Directors may remove any officer with or without cause at any
time.  Any such removal shall be without
prejudice to the contractual rights of such officer, if any, with the
Corporation, but the election of an officer shall not of itself create
contractual rights.  Any vacancy
occurring in any office of the Corporation by death, resignation, removal or
otherwise may be filled for the unexpired portion of the term by the Board of
Directors at any regular or special meeting.

Section 3.               Powers and Duties.  The officers of the Corporation shall have
such powers and duties in the management of the Corporation as shall be stated
in these Bylaws or in a resolution of the Board of Directors which is not
inconsistent with these Bylaws and, to the extent not so stated, as generally
pertain to their respective offices, subject to the control of the Board of
Directors.  The Secretary shall have the
duty to record the proceedings of the meetings of stockholders, the Board of
Directors and any committees in a book to be kept for that purpose and shall
have custody of the corporate seal of the Corporation with the authority to
affix such seal to any instrument requiring it.  The Board of Directors may require any officer, agent or employee
to give security for the faithful performance of his duties.

ARTICLE FIFTEEN

INDEMNIFICATION OF DIRECTORS, OFFICERS

EMPLOYEES AND OTHER CORPORATE AGENTS

Section 1.               Right to Indemnification.  The Corporation shall indemnify and hold
harmless, to the fullest extent permitted by applicable law as it presently exists
or may hereafter be amended, any person (a “Covered Person”) who was or is made
or is threatened to be made a party or is otherwise involved in any action,
suit or proceeding, whether civil, criminal, administrative or investigative (a
“proceeding”), by reason of the fact that he, or a person for whom he is the
legal representative, is or was a director or officer of the Corporation or,
while a director or officer of the Corporation, is or was serving at the
request of the Corporation as a director, officer, employee or agent of another
corporation or of a partnership, joint venture, trust, enterprise or nonprofit
entity, including service with respect to employee benefit plans, against all
liability and loss suffered and expenses (including attorneys’ fees) reasonably
incurred by such Covered Person. 
Notwithstanding the preceding sentence, except as otherwise provided in
Article VI, Section 3, the Corporation shall be required to indemnify a Covered
Person in connection with a proceeding (or part thereof) commenced by such
Covered Person only if the commencement of such proceeding (or part thereof) by
the Covered Person was authorized by the Board of Directors of the Corporation.

Section 2.               Prepayment of Expenses.  The Corporation shall pay the expenses (including
attorneys’ fees) incurred by a Covered Person in defending any proceeding in
advance

 

B-8

 

of its final disposition,
provided, however, that, to the extent required by law, such
payment of expenses in advance of the final disposition of the proceeding shall
be made only upon receipt of an undertaking by the Covered Person to repay all
amounts advanced if it should be ultimately determined that the Covered Person
is not entitled to be indemnified under this Article VI or otherwise.

Section 3.               Claims.  If a claim for indemnification or
advancement of expenses under this Article VI is not paid in full within thirty
days after a written claim therefor by the Covered Person has been received by
the Corporation, the Covered Person may file suit to recover the unpaid amount
of such claim and, if successful in whole or in part, shall be entitled to be
paid the expense of prosecuting such claim. 
In any such action the Corporation shall have the burden of proving that
the Covered Person is not entitled to the requested indemnification or
advancement of expenses under applicable law.

Section 4.               Nonexclusively of Rights.  The rights conferred on any Covered Person
by this Article VI shall not be exclusive of any other rights which such
Covered Person may have or hereafter acquire under any statute, provision of
the certificate of incorporation, these by-laws, agreement, vote of
stockholders or disinterested directors or otherwise.

Section 5.               Other Sources.  The Corporation’s obligation, if any, to
indemnify or to advance expenses to any Covered Person who was or is serving at
its request as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, enterprise or nonprofit entity shall be
reduced by any amount such Covered Person may collect as indemnification or
advancement of expenses from such other corporation, partnership, joint
venture, trust, enterprise or non-profit enterprise.

Section 6.               Amendment or Repeal.  Any repeal or modification of the foregoing
provisions of this Article VI shall not adversely affect any right or
protection hereunder of any Covered Person in respect of any act or omission
occurring prior to the time of such repeal or modification.

Section 7.               Other Indemnification and
Prepayment of Expenses.  This
Article VI shall not limit the right of the Corporation, to the extent and in
the manner permitted by law, to indemnify and to advance expenses to persons
other than Covered Persons when and as authorized by appropriate corporate
action.

ARTICLE SIXTEEN

STOCK

Section 1.               Certificates.  Every holder of stock in the Corporation
shall be entitled to have a certificate signed by or in the name of the
Corporation by the Chairman of the Board, if any, or the President, or a Vice
President, and by the Treasurer or Chief Financial Officer or an Assistant
Treasurer or Assistant Chief Financial Officer, if any, or the Secretary or an
Assistant Secretary, of the Corporation, certifying the number of shares owned
by him in the Corporation.  Any or all
signatures on the certificate may be a facsimile.  In case any officer, transfer agent or registrar who has signed
or whose facsimile signature has been placed upon a

 

B-9

 

certificate shall have
ceased to be such officer, transfer agent or registrar before such certificate
is issued, it may be issued by the Corporation with the same effect as if he
were such officer, transfer agent or registrar at the date of issue.

Section 2.               Lost, Stolen or Destroyed
Stock Certificates; Issuance of New Certificates.  The Corporation may issue a new certificate of stock in the place
of any certificate theretofore issued by it, alleged to have been lost, stolen
or destroyed, and the Corporation may require the owner of the lost, stolen or
destroyed certificate, or his legal representative, to give the Corporation a
bond sufficient to indemnify it against any claim that may be made against it
on account of the alleged loss, theft or destruction of any such certificate or
the issuance of such new certificate.

ARTICLE SEVENTEEN

 

MISCELLANEOUS

Section 1.               Fiscal Year.  The fiscal year of the Corporation shall be
determined by the Board of Directors.

Section 2.               Seal.  The Corporation may have a corporate seal
which shall have the name of the Corporation inscribed thereon and shall be in
such form as may be approved from time to time by the Board of Directors.  The corporate seal may be used by causing it
or a facsimile thereof to be impressed or affixed or in any other manner
reproduced.

Section 3.               Waiver of Notice of Meetings
of Stockholders, Directors and Committees. 
Whenever notice is required to be given by law or under any provision of
the Certificate of Incorporation or these Bylaws, a written waiver thereof,
signed by the person entitled to notice, whether before or after the time
stated therein, shall be deemed equivalent to notice.  Attendance of a person at a meeting shall constitute a waiver of
notice of such meeting, except when the person attends a meeting for the
express purpose of objecting, at the beginning of the meeting, to the
transaction of any business because the meeting is not lawfully called or
convened.  Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the
stockholders, directors, or members of a committee of directors need be
specified in any written waiver of notice unless so required by the Certificate
of Incorporation or these Bylaws.  Unless
either proper notice of a meeting of the Board of Directors, or any committee
thereof, has been given or else the persons entitled thereto have waived such
notice (either in writing or by attendance as set forth above), any business
transacted at such meeting shall be null and void.

Section 4.               Interested Directors: Quorum.  No contract or transaction between the
Corporation and one or more of its directors or officers, or between the
Corporation and any other corporation, partnership, association or other
organization in which one or more of its directors or officers are directors or
officers or have a financial interest, shall be void or voidable solely for
this reason, or solely because the director or officer is present at or
participates in the meeting of the Board of Directors or committee thereof
which authorizes the contract or transaction, or solely because his or their
votes are counted for such purpose, if: (1) the material facts as to his
relationship or interest and as to the contract or transaction are disclosed or
are

 

B-10

 

known to the Board of
Directors or the committee, and the Board of Directors or committee in good
faith authorizes the contract or transaction by the affirmative vote of a
majority of the disinterested directors, even though the disinterested
directors be less than a quorum, (2) the material facts as to his relationship
or interest and as to the contract or transaction are disclosed or are known to
the stockholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by vote of the stockholders or (3) the
contract or transaction is fair as to the Corporation as of the time it is
authorized, approved or ratified, by the Board of Directors, a committee
thereof or the stockholders.  Common or
interested directors may be counted in determining the presence of a quorum at
a meeting of the Board of Directors or of a committee which authorizes the
contract or transaction.

Section 5.               Form of Records.  Any records maintained by the Corporation in
the regular course of its business, including its stock ledger, books of
account and minute books, may be kept on, or be in the form of, punch cards,
magnetic tape, photographs, microphotographs or any other information storage
device, provided that the records so kept can be converted into clearly legible
form within a reasonable time.  The
Corporation shall so convert any records so kept upon the request of any person
entitled to inspect the same.

Section 6.               Amendment of Bylaws.  These Bylaws may be amended or repealed, and
new Bylaws adopted, by the Board of Directors, but the stockholders entitled to
vote may adopt additional Bylaws and may amend or repeal any Bylaw whether or
not adopted by them.

Section 7.               Gender.  Any reference to the masculine gender in
these Bylaws shall be construed to mean the feminine gender, as the situation
may demand.

 

B-11

 

Exhibit C-1

ACKNOWLEDGMENT AND
AGREEMENT

The undersigned wishes to
receive from __________ (“Transferor”) certain shares or certain
options, warrants or other rights to purchase _____ shares, par value $0.01 per
share, of Common Stock (the “Shares”) of SSA Global Technologies, Inc.,
a Delaware corporation (the “Company”);

The Shares are subject to
the Stockholders Agreement, dated April 2, 2003  (the “Agreement”),
among the Company and the other parties listed on the signature pages thereto;

The undersigned has been
given a copy of the Agreement and afforded ample opportunity to read and to
have counsel review it, and the undersigned is thoroughly familiar with its
terms;

Pursuant to the terms of
the Agreement, the Transferor is prohibited from transferring such Shares and
the Company is prohibited from registering the transfer of the Shares unless
and until a transfer is made in accordance with the terms and conditions of the
Agreement and the recipient of such Shares acknowledges the terms and
conditions of the Agreement and agrees to be bound thereby; and

The undersigned wishes to
receive such Shares and have the Company register the transfer of such Shares.

In consideration of the
mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and to induce the
Transferor to transfer such Shares to the undersigned and the Company to
register such transfer, the undersigned does hereby acknowledge and agree that
(i) he[/she] has been given a copy of the Agreement and afforded ample
opportunity to read and to have counsel review it, and the undersigned is
thoroughly familiar with its terms, (ii) the Shares are subject to the
terms and conditions set forth in the Agreement, and (iii) the undersigned
does hereby agree fully to be bound thereby as [a “General Atlantic Stockholder”]
[a “Cerberus Stockholder”] [an “Other Stockholder”] (as therein
defined).

This ________ day of
________, 20__.

____________________________________

 

Exhibit C-2

ACKNOWLEDGMENT AND
AGREEMENT

The undersigned wishes to
receive from  SSA Global Technologies, Inc.,  a Delaware corporation (the
“Company”), _______ shares, par value $0.01 per share, of Common Stock,
or certain newly issued options, warrants or other rights to purchase _______
shares of Common Stock (the “Shares”), of the Company;

The Shares are subject to
the Stockholders Agreement, dated April 2, 2003 (the “Agreement”),
among the Company and the other parties listed on the signature pages thereto;

The undersigned has been
given a copy of the Agreement and afforded ample opportunity to read and to
have counsel review it, and the undersigned is thoroughly familiar with its
terms;

Pursuant to the terms of
the Agreement, the Company is prohibited from issuing the Shares unless and
until the same are first offered to the Preemptive Rightholders (as defined in
the Agreement) in accordance with the terms and conditions of the Agreement and
the recipient of such Shares acknowledges the terms and conditions of the
Agreement and agrees to be bound thereby; and

The undersigned wishes to
receive such Shares.

In consideration of the
mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and to induce the
Company to issue such Shares, the undersigned does hereby acknowledge and agree
that (i) he[/she] has been given a copy of the Agreement and afforded
ample opportunity to read and to have counsel review it, and the undersigned is
thoroughly familiar with its terms, (ii) the Shares are subject to terms
and conditions set forth in the Agreement, and (iii) the undersigned does
hereby agree fully to be bound thereby as an “Other Stockholder” (as
therein defined).

This ________ day of
________, 20__.

____________________________________Exhibit
10.48

 

SSA Global Technologies,
Inc.

500 W. Madison, Suite 1600

Chicago, Illinois 60661

 

 

 

 

November
17, 2004

 

Madeleine
L.L.C.

299
Park Avenue

23rd
Floor

New
York, New York 10171

 

Reference is made to the Subordinated Promissory Note dated December
18, 2003, made by SSA Global Technologies, Inc. to Madeleine L.L.C. (“Madeleine”)
in the original principal amount of $23,000,000 (the “Note”). The Final
Maturity Date (as defined therein) of the Note is December 18, 2005. SSA has
requested that Madeleine extend the Final Maturity Date to December 18, 2006.
By your signature below, Madeleine hereby agrees that the Final Maturity Date
of the Note shall be extended to December 18, 2006.

 

This letter agreement may be executed in any number of counterparts and
by the different parties hereto in separate counterparts, each of which shall
be deemed to be an original, but all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of this letter
agreement by facsimile or electronic mail shall be equally effective as
delivery of an original executed counterpart. This letter agreement shall be
governed by and construed in accordance with the law of the State of New York
applicable to contracts made and to be performed within such state.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen Earhart

  
	
   

  	
  Name: Stephen Earhart

  
	
   

  	
  Title: EVP/CFO SSA

  

 

 

	
  Acknowledged, accepted and
  agreed to:

  
	
   

  	
   

  
	
  MADELEINE L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Mark A. Neporent

  	
   

  
	
   

  	
  Name: Mark A. Neporent

  
	
   

  	
  Title: VP

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