Document:

exv4w9

Exhibit 4.9

CANCELLATION DIRECTION AND RELEASE

     THIS CANCELLATION DIRECTION AND RELEASE, dated as of June 23, 2010 (this “Cancellation
Direction”) is entered into by and among INDEPENDENT BANK CORPORATION, a Michigan corporation
(“IBC”), IBC CAPITAL FINANCE II, a Delaware statutory trust (the “Trust”), and U.S. BANK
NATIONAL ASSOCIATION (“U.S. Bank”), a national banking association, not in its individual
capacity, but solely as Property Trustee and as Trustee, as applicable.

     WHEREAS, IBC and U.S. Bank have entered into that certain Indenture dated as of March 19, 2003
(as amended and supplemented, the “Indenture”), pursuant to which the 8.25% Junior
Subordinated Debentures due 2033 of IBC (the “Debt Securities”) were issued to the Trust;

     WHEREAS, IBC, U.S. Bank and the Administrative Trustees named therein have entered into that
certain Amended and Restated Trust Agreement dated as of March 19, 2003 (as amended and
supplemented, the “Trust Agreement”), pursuant to which the Trust issued the Preferred
Securities and the Common Securities;

     WHEREAS, IBC has made an offer to exchange up to 180,200,000 newly issued shares of its common
stock for properly tendered and accepted trust preferred securities issued by the Trust, IBC
Capital Finance III, IBC Capital Finance IV, and Midwest Guaranty Trust I (the “Exchange
Offer”), pursuant to a prospectus and related letter of transmittal, which are part of a
registration statement that IBC filed with the Securities and Exchange Commission;

     WHEREAS, pursuant to Section 3.3(b) of the Indenture, IBC may redeem Debentures at any time in
a principal amount equal to the Liquidation Amount of any Preferred Securities purchased and
beneficially owned by IBC, plus an additional principal amount of Debentures equal to the
Liquidation Amount of that number of Common Securities that bears the same proportion to the total
number of Common Securities then outstanding as the number of Preferred Securities to be redeemed
bears to the total number of Preferred Securities then outstanding, in exchange for and upon
surrender by IBC to the Property Trustee of such Preferred Securities and such Common Securities,
whereupon the Property Trustee shall cancel such Preferred Securities and such Common Securities
and a Like Amount of Debentures shall be extinguished by the Trustee and shall no longer be deemed
Outstanding;

     WHEREAS, the Exchange Offer expired on June 22, 2010 and shall be settled simultaneously with
the execution and delivery of this Cancellation Direction; and

     WHEREAS, pursuant to the Exchange Offer, IBC is the beneficial and legal owner of Preferred
Securities with a Liquidation Amount of $41,431,375 (the “IBC Preferred Securities”) and,
pursuant to Section 3.3(b) of the Indenture, IBC desires to surrender the IBC Preferred Securities,
plus Common Securities with a Liquidation Amount of $1,281,375 (the “Related Common
Securities”), in exchange for the cancellation of the IBC Preferred Securities, the Related
Common Securities and a Like Amount of the Debt Securities, the principal amount of which in the
aggregate equals $42,712,750 (the “IBC Debt Securities”);

     NOW THEREFORE, IBC, the Trust and the U.S. Bank hereby agree as follows:

 

 

     SECTION 1. INCORPORATION BY REFERENCE. Capitalized terms defined or referenced in
this Cancellation Direction and not otherwise defined or referenced herein are used herein as
defined or referenced in the Indenture or the Trust Agreement, as the case may be.

     SECTION 2. CANCELLATION DIRECTION AND ACKNOWLEDGMENT. Each of IBC and the Trust
hereby (a) consents to the cancellation of the IBC Preferred Securities, the Related Common
Securities and the IBC Debt Securities, and (b) directs U.S. Bank to take delivery of and to cancel
the IBC Preferred Securities (by means of electronic message through the Depository Trust Company,
as registered holder of the Preferred Securities through its nominee, Cede & Co.), and to cancel
the Related Common Securities and the IBC Debt Securities. Pursuant to an irrevocable stock power
in the form attached to this Cancellation Direction, IBC hereby delivers to U.S. Bank, on behalf of
the Trust, the Related Common Securities for cancellation. Following cancellation of the IBC
Preferred Securities, the Related Common Securities and the IBC Debt Securities, there will remain
Outstanding (i) an aggregate Liquidation Amount of Preferred Securities of $9,168,625; (ii) an
aggregate Liquidation Amount of Common Securities of $283,575; and (iii) an aggregate principal
amount of $9,452,200 of Debt Securities.

     SECTION 3. RELEASE. IBC and the Trust hereby release U.S. Bank and hold U.S. Bank
(and its affiliates, directors, officers, stockholders, agents and employees) harmless from any
liability, loss, expense, claim or responsibility of any kind (collectively, “Liabilities”)
in respect of or arising from actions taken (or not taken) in accordance with this Cancellation
Direction, in whatever capacity U.S. Bank may be acting hereunder, except for any Liabilities as
may be attributable to U.S. Bank’s negligence, bad faith or willful misconduct.

     SECTION 4. U.S. BANK ACCEPTANCE. U.S. Bank hereby accepts the direction in Section 2
above and cancels the IBC Preferred Securities and the Related Common Securities and extinguishes
the IBC Debt Securities. U.S. Bank shall not be responsible in any manner whatsoever for the
validity or sufficiency of this Cancellation Direction or the due execution hereof by any of the
other parties hereto or for or in respect of the recitals and statements contained herein.

     SECTION 5. COUNTERPARTS. This Cancellation Direction shall become effective only upon
U.S. Bank’s receipt of one or more counterparts of this Cancellation Direction duly executed by the
other parties hereto. This Cancellation Direction may be executed in any number of counterparts,
each of which shall be deemed to be an original for all purposes, but such counterparts shall
together be deemed to constitute but one and the same instrument. The executed counterparts may be
delivered by facsimile transmission, which facsimile copies shall be deemed original copies.

     SECTION 6. EXPENSES. Upon request against a reasonably detailed invoice, IBC agrees
to promptly pay the reasonable attorneys’ fees, expenses and disbursements of U.S. Bank which it
incurred or made in connection with this Cancellation Direction.

     SECTION 7. GOVERNING LAW. The laws of the State of Michigan shall govern this
Cancellation Direction without regard to the conflict of law principles thereof.

 

 

     SECTION 8. EXECUTION, DELIVERY AND VALIDITY. IBC and the Trust each represents and
warrants, solely on its own behalf, to U.S. Bank that this Cancellation Direction has been duly and
validly executed and delivered by such party and constitutes its respective legal, valid and
binding obligation, enforceable against such party in accordance with its terms. Each further
represents that the actions to be taken hereunder are authorized and permitted under the Indenture
and the Trust Agreement, as applicable, and any condition precedent to taking such actions has been
satisfied.

(The remainder of this page is intentionally left blank.)

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Cancellation Direction to be duly
executed as of the day and year first above written.

	 	 	 	 	 
	 	INDEPENDENT BANK CORPORATION

 	 
	 	By:  	/s/ Robert N. Shuster
 
	 
	 	 	Name:  	Robert N. Shuster 	 
	 	 	Title:  	Executive VP and CFO 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Property Trustee under the Trust Agreement

and as Trustee under the Indenture

 	 
	 	By:  	/s/ Earl W. Dennison, Jr.
 
	 
	 	 	Name:  	Earl W. Dennison, Jr. 	 
	 	 	Title:  	Vice President 	 
	 
	 	IBC CAPITAL FINANCE II

 	 
	 	By:  	/s/ Robert N. Shuster
 
	 
	 	 	Name:  	Robert N. Shuster 	 
	 	 	Title:  	Administrative Trustee 	 
	 

 

 

IRREVOCABLE STOCK POWER

     FOR VALUE RECEIVED, pursuant to Section 3.3(b) of that certain Indenture dated as of March 19,
2003, as amended and supplemented, between Independent Bank Corporation, a Michigan corporation
(“IBC”), and U.S. Bank National Association, a national banking association, not in its
individual capacity, but solely as Trustee (“U.S. Bank”), IBC hereby assigns and transfers
for cancellation to U.S. Bank, on behalf of IBC Capital Finance II, a Delaware statutory trust (the
“Trust”), 51,255 of the common securities of the Trust (the “Common Securities”)
with a liquidation amount of $1,281,375, standing in IBC’s name on the books of the Trust and
represented by Certificate No. C-1.

     IBC is only assigning and transferring for cancellation to U.S. Bank, on behalf of the Trust,
51,255 of the Common Securities represented by Certificate No. C-1, and IBC shall retain all right,
title and interest in and to the balance of the Common Securities represented by Certificate No.
C-1.

     IBC does hereby irrevocably constitute and appoint U.S. Bank and any Administrative Trustee of
the Trust as its attorney-in-fact, with full power of substitution, to transfer 51,255 of the
Common Securities on the books of the Trust.

Dated: June 23, 2010.

	 	 	 	 	 
	 	INDEPENDENT BANK CORPORATION

 	 
	 	By:  	/s/ Robert N. Shuster
 
	 
	 	 	Name:  	Robert N. Shuster 	 
	 	 	Title:  	Executive VP and CFOexv10w1

Exhibit 10.1

July 8, 2010

Intelligroup, Inc.

5 Independence Way, Suite 220

Princeton, New Jersey 08540

Attn: Vikram Gulati, Chief Executive Officer

Mobius Subsidiary Corporation

c/o NTT DATA CORPORATION

Toyosu Center Bldg.

3-3, Toyosu 3-chome

Koto-ku, Tokyo 135-6033

Japan

Re: Bonus Payments

Ladies & Gentlemen:

Reference is made to that certain Agreement and Plan of Merger, dated as of June 14, 2010 (the
“Merger Agreement”), by and among NTT DATA CORPORATION, a corporation organized under the
laws of Japan (“Parent”), Mobius Subsidiary Corporation, a New Jersey corporation and an
indirect wholly-owned subsidiary of Parent (“Purchaser”), and Intelligroup, Inc., a New
Jersey corporation (the “Company”). All capitalized terms used but not defined herein
shall have the meanings assigned to them in the Merger Agreement.

In connection with the transactions contemplated by the Merger Agreement and in recognition of the
significant past contributions by the employees set forth on Annex A attached hereto (the
“Designated Employees”) to the success of the Company, SB Asia Infrastructure Fund L.P.
(“SAIF”) and Venture Tech Assets Ltd. (“Venture Tech” and, together with SAIF, the
“Principal Shareholders”) hereby agree as follows:

	 	(1)	 	Upon the Principal Shareholders’ receipt of their respective portion of the
consideration payable in connection with the Offer (the “Applicable Date”), the
Principal Shareholders shall contribute as capital to the Company their respective pro rata
portion of $1.25 million (the “Designated Employee Bonus Amount”), as provided
below. The Designated Employee Bonus Amount shall be used to pay bonuses to the Designated
Employees (in the amount set forth next to each Designated Employee’s name on Annex
A attached hereto) no later than the third (3rd) Business Day following the
Applicable Date, provided that each Designated Employee shall only be entitled to
receive such bonus payment if such employee remains employed by the Company through the
payment date of such bonus.
	 
	 	(2)	 	The pro rata contribution of each Principal Shareholder shall be according to the
following proportions: 57.80% by SAIF (i.e., $722,500) and 42.20% by Venture Tech (i.e.,
$527,500).

 

 

Each party hereto will execute such other instruments (if any) as may be reasonably required to
evidence and give effect to the agreements expressly referenced herein. This letter agreement
shall (i) become effective upon such date that the Offer is consummated and the Principal
Shareholders receive their respective portions of the consideration payable in connection with the
Offer and (ii) automatically terminate without any further action of the parties hereto if the
Offer is not consummated and the Merger Agreement is terminated.

This letter agreement represents the entire understanding and agreement among the parties hereto
with respect to the subject matter hereof.

This letter agreement will be governed by the internal laws of the State of New Jersey and may be
executed in counterparts.

This letter agreement may not be amended except by an instrument in writing signed by all the
parties hereto.

This agreement is not intended to confer upon any person (including the Designated Employees) other
than the parties hereto any rights or remedies.

	 	 	 	 	 
	 	Very truly yours,

SB ASIA INFRASTRUCTURE FUND L.P.

 	 
	 	By:  	/s/ Andrew Y. Yan
 	 
	 	 	Name:  	Andrew Y. Yan 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	VENTURE TECH ASSETS LTD.

 	 
	 	By:  	/s/ Sandeep Reddy
 	 
	 	 	Name:  	Sandeep Reddy 	 
	 	 	Title:  	Director 	 
	 

 

 

Acknowledged and agreed to by:

INTELLIGROUP, INC.

	 	 	 	 	 

	By:

	 	/s/ Vikram Gulati
 

Name: Vikram Gulati
	 	 
	 

	 	Title: President & CEO	 	 
	 
	 	 	 	 
	MOBIUS SUBSIDIARY CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Koji Miyajima
 

Name: Koji Miyajima
	 	 
	 

	 	Title: President & CEO

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