Document:

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                                                                    EXHIBIT 10.5

                          GAYLORD ENTERTAINMENT COMPANY
                  DIRECTOR NON-QUALIFIED STOCK OPTION AGREEMENT

     THIS DIRECTOR NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement") is
made and entered into as of this ___ day of ______________, 200_ (the "Grant
Date"), by and between Gaylord Entertainment Company, a Delaware corporation
(together with its Subsidiaries and Affiliates where applicable, the "Company"),
and the person whose name is set forth on the attached Optionee Grant Detail
Statement (the "Optionee"), who is a member of the Board of Directors of the
Company. Capitalized terms not otherwise defined herein shall have the meaning
ascribed to such terms in the Gaylord Entertainment Company 2006 Omnibus
Incentive Plan (the "Plan").

     WHEREAS, the Company has adopted the Plan, which permits the issuance of
stock options for the purchase of shares of the common stock, par value $0.01
per share, of Gaylord Entertainment Company (the "Shares"); and

     WHEREAS, the Company desires to afford the Optionee an opportunity to
purchase Shares as hereinafter provided in accordance with the provisions of the
Plan;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound hereby, agree as follows:

     1. Grant of Option.

          (a) The Company grants as of the date of this Agreement the right and
option (the "Option") to purchase any or all of the Shares (the "Option Stock")
set forth on the attached Optionee Grant Detail Statement, at an exercise price
also set forth on the Optionee Grant Detail Statement, on the terms and
conditions set forth in this Agreement and subject to all provisions of the
Plan. The Optionee, holder or beneficiary of the Option shall not have any of
the rights of a shareholder with respect to the Option Stock until such person
has become a holder of such Shares by the due exercise of the Option and payment
of the Option Payment (as defined in Section 3 below) in accordance with this
Agreement.

          (b) The Option shall be a non-qualified stock option. In order to
provide the Company with the opportunity to claim the benefit of any income tax
deduction which may be available to it upon the exercise of the Option, and in
order to comply with all applicable federal or state tax laws or regulations,
the Company may take such action as it deems appropriate to insure that, if
necessary, all applicable federal, state or other taxes are withheld or
collected from the Optionee.

     2. Exercise of Option. Except as otherwise provided herein, your Option
shall become vested and exercisable in accordance with the Optionee Grant Detail
Statement attached hereto if and only if you have continuously been a director
of the Company from the date of this Agreement through and including the date of
exercise. Notwithstanding the above, each outstanding Option shall vest and
become exercisable in full upon the event of Optionee's death or Disability.

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     3. Manner of Exercise. The Option may be exercised in whole or in part at
any time within the period permitted hereunder for the exercise of the Option,
with respect to whole Shares only, by serving written notice of intent to
exercise the Option delivered to the Company at its principal office (or to the
Company's designated agent), stating the number of Shares to be purchased, the
person or persons in whose name the Shares are to be registered and each such
person's address and social security number. Such notice shall not be effective
unless accompanied by payment in full of the Exercise Price for the number of
Shares with respect to which the Option is then being exercised (the "Option
Payment") and cash equal to the required withholding taxes as set forth by
Internal Revenue Service and applicable State tax guidelines for the employer's
minimum statutory withholding. The Option Payment shall be made in cash or cash
equivalents or in whole Shares that have been held by the Optionee for at least
six (6) months prior to the date of exercise valued at the Shares' Fair Market
Value on the date of exercise (or next succeeding trading date if the date of
exercise is not a trading date) or the actual sales price of such Shares,
together with any applicable withholding taxes, or by a combination of such cash
(or cash equivalents) and Shares. The Optionee shall not be entitled to tender
Shares pursuant to successive, substantially simultaneous exercises of the
Option or any other stock option of the Company. Subject to applicable
securities laws, the Optionee may also exercise the Option by delivering a
notice of exercise of the Option and by simultaneously selling the Shares of
Option Stock thereby acquired pursuant to a brokerage or similar agreement
approved in advance by proper officers of the Company, using the proceeds of
such sale as payment of the Option Payment, together with any applicable
withholding taxes.

     4. Termination of Option. The Option will expire ten (10) years from the
date of grant of the Option (the "Term") with respect to any then unexercised
portion thereof, unless terminated earlier as set forth below:

          (a) Termination by Death. If the Optionee's employment by the Company
terminates by reason of death, or if the Optionee dies within three (3) months
after termination of Optionee's position as a director of the Company for any
reason other than Cause, this Option may thereafter be exercised by the legal
representative of the estate or by the legatee of the Optionee under the will of
the Optionee, until the expiration of the Term of the Option.

          (b) Termination by Reason of Disability. If the Optionee's position as
a director of the Company terminates by reason of Disability, this Option may
thereafter be exercised by the Optionee or personal representative or guardian
of the Optionee, as applicable, until the expiration of the Term of the Option.

          (c) Termination by Normal Retirement or Early Retirement. If
Optionee's position as a director of the Company terminates by reason of Normal
Retirement or Early Retirement, this Option may thereafter be exercised, to the
extent the Option was exercisable at the time of such Retirement, by the
Optionee, until the expiration of the Term of the Option. "Early Retirement"
means retirement by a director from service on the board with the express
written consent of the Company on or after attaining age fifty-five (55).
"Normal Retirement" means retirement from service on the board on or after
attaining age sixty-five (65).

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<PAGE>

          (d) Termination for Cause. If the Optionee's position as a director of
the Company is terminated for Cause, this Option shall terminate immediately and
become void and of no effect.

          (e) Other Termination. If the Optionee's position as a director of the
Company is terminated for any reason other than for Cause, death, or Disability,
this Option may be exercised, to the extent the Option was exercisable at the
time of such termination, by the Optionee for a period of ninety (90) days from
the date of such termination of employment or the expiration of the Term of the
Option, whichever period is the shorter.

     5. Adjustment to Option Stock. The Board of Directors shall make
adjustments in the terms and conditions of, and the criteria included in, this
Option in recognition of unusual or nonrecurring events (including, without
limitation, the events described in Section 4.2 of the Plan) affecting the
Company or the financial statements of the Company or of changes in applicable
laws, regulations or accounting principles, whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan.

     6. Amendments to Option. Subject to the restrictions contained in the Plan,
the Board of Directors may waive any conditions or rights under, amend any terms
of, or alter, suspend, discontinue, cancel or terminate, the Option,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would
adversely affect the rights of the Optionee or any holder or beneficiary of the
Option shall not to that extent be effective without the consent of the
Optionee, holder or beneficiary affected.

     7. Limited Transferability. During the Optionee's lifetime this Option can
be exercised only by the Optionee, except as otherwise provided in Section 4(a)
above or in this Section 7. This Option may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by Optionee other than (i)
to a Permitted Transferee or (ii) by will or the laws of descent and
distribution. Any attempt to otherwise transfer this Option shall be void. No
transfer of this Option by the Optionee by will or by laws of descent and
distribution shall be effective to bind the Company unless the Company shall
have been furnished with written notice thereof and an authenticated copy of the
will and/or such other evidence as the Board of Directors may deem necessary or
appropriate to establish the validity of the transfer. Any transfer of this
Option by the Optionee to a Permitted Transferee must be for no consideration
and, after the transfer, the Permitted Transferee shall have the sole
responsibility for determining whether and when to exercise the Option. A
Permitted Transferee may not transfer any such Option other than by will or the
laws of descent and distribution. For purpose of this Agreement, "Permitted
Transferee" means the Optionee's Immediate Family, a Permitted Trust or a
partnership of which the only partners are members of the Optionee's Immediate
Family. For purpose of this Agreement, "Immediate Family" means the Optionee's
children and grandchildren, including adopted children and grandchildren,
stepchildren, parents, stepparents, grandparents, spouse, former spouse (but in
such case only at the direction of a court order), siblings (including half
brothers and sisters), father-in-law, mother-in-law, daughters-in-law and
sons-in-law. For purposes of this Agreement, a "Permitted Trust" means a trust
solely for the benefit of the Optionee or Optionee's Immediate Family.

                                       3
<PAGE>

     8. Reservation of Shares. At all times during the term of this Option, the
Company shall use its best efforts to reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of this Agreement.

     9. Plan Governs. The Optionee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all the terms and provisions thereof. The terms
of this Agreement are governed by the terms of the Plan, and in the case of any
inconsistency between the terms of this Agreement and the terms of the Plan, the
terms of the Plan shall govern. Capitalized terms not otherwise defined herein
shall have the meanings ascribed to in the Plan.

     10. Severability. If any provision of this Agreement is, or becomes, or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any
Person or the Award, or would disqualify the Plan or Award under any laws deemed
applicable by the Board of Directors, such provision shall be construed or
deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Board of Directors,
materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, Person or Award, and the remainder of the Plan
and Award shall remain in full force and effect.

     11. Notices. All notices required to be given under this Option shall be
deemed to be received if delivered or mailed as provided for herein to the
parties at the following addresses, or to such other address as either party may
provide in writing from time to time.

     To the Company:            Gaylord Entertainment Company
                                One Gaylord Drive
                                Nashville, Tennessee  37214
                                Attn: Carter R. Todd, Senior Vice President

     To the Optionee:           The address then maintained with respect to the
                                Optionee in the Company's records.

     12. Governing Law. The validity, construction and effect of this Agreement
shall be determined in accordance with the laws of the State of Delaware without
giving effect to conflicts of laws principles.

     13. Resolution of Disputes. Any dispute or disagreement which may arise
under, or as a result of, or in any way related to, the interpretation,
construction or application of this Agreement shall be determined by the Board
of Directors. Any determination made hereunder shall be final, binding and
conclusive on the Optionee and the Company for all purposes.

     14. Successors in Interest. This Agreement shall inure to the benefit of
and be binding upon any successor to the Company. This Agreement shall inure to
the benefit of the Optionee's legal representative and assignees. All
obligations imposed upon the Optionee and all rights granted to the Company
under this Agreement shall be binding upon the Optionee's heirs, executors,
administrators, successors and assignees.

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                            [Signature Page Follows]

                                       5
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Director Non-Qualified
Stock Option Agreement to be duly executed effective as of the day and year
first above written.

                                    GAYLORD ENTERTAINMENT COMPANY

                                    By:
                                        -------------------------------------
                                        Carter R. Todd, Senior Vice President

                                    Optionee:

                                    -----------------------------------------
                                    Print Name

                                    -----------------------------------------
                                    Signature

                                       6EX-10.1 SETTLEMENT AGREEMENT 5-3-06

 

Exhibit 10.1

AGREEMENT

     This Agreement (the “Agreement”) is entered into this 3rd day of May, 2006, by and
between S1 Corporation, a Delaware corporation (“S1” or the “Company”), on the one hand, and each
of Starboard Value and Opportunity Master Fund Ltd., Ramius Master Fund, Ltd, Ramius Fund III,
Ltd., Parche, LLC, RCG Ambrose Master Fund, Ltd., RCG Halifax Fund, Ltd., C4S & Co., L.L.C.,
Admiral Advisors, LLC, Ramius Advisors, LLC, Ramius Capital Group, L.L.C., Morgan B. Stark, Peter
A. Cohen, Jeffrey M. Solomon, Thomas W. Strauss, Barington Companies Equity Partners, L.P., James
A. Mitarotonda, Barington Companies Investors, LLC, Barington Companies Offshore Fund, Ltd. (BVI),
Barington Investments, L.P., Barington Companies Advisors, LLC, Barington Capital Group, L.P., LNA
Capital Corp., Arcadia Partners, L.P., Arcadia Capital Management, LLC, William J. Fox, Jeffrey C.
Smith, Jeffrey Glidden, Richard Rofé, Edward Terino and John Mutch (collectively, the “Ramius
Group”), on the other hand. For purposes of this Agreement, the Ramius Group shall also include
all parties (and their affiliates) to the Schedule 13D with respect to Company common stock of any
or all members of the Ramius Group, as now or hereinafter filed with the SEC (the “Schedule 13D”).

RECITALS

     WHEREAS, upon further review and analysis of its long term plan for success with financial and
legal advisors, the Board of S1 has determined to engage its financial, legal and other advisors to
explore strategic alternatives available to S1 in order to maximize stockholder value;

     WHEREAS, the Board has determined that it is in the best interests of the Company for Jeffrey
Smith of the Ramius Group to join the Board in the class of directors to expire in 2008; and

     WHEREAS, the parties hereto desire to set forth certain covenants and agreements to resolve
their respective views regarding various matters as to the Company, including the individuals to be
presented to the S1 stockholders as nominees for election to the Board at the Company’s 2006 Annual
Meeting (as defined below) without the burden, distraction or expense of a proxy contest.

     NOW, THEREFORE, in consideration for the covenants and other agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

 

     1. Covenants of S1. S1 covenants and agrees that, in reliance on the covenants and
agreements of the Ramius Group set forth herein:

          (a) No later than the first business day after the date of this Agreement, the Board of S1
shall meet (the “Board Meeting”) and (i) agree to fix the size of the Board at seven directors;
(ii) appoint Jeffrey Smith of the Ramius Group as a director of the Company in the class whose term
expires at the 2008 annual meeting of stockholders; (iii) set a record date of 21 business days
after the date of the Board Meeting for an annual meeting of stockholders to be held on or about
June 30, 2006 (the “2006 Annual Meeting”) with the only matters to be submitted for a stockholder
vote at the 2006 Annual Meeting being the election of the Board Nominees (as defined below); (iv)
nominate Messrs. Thomas Johnson and John Speigel (the “Board Nominees”) (both of whom S1 represents
and warrants have consented to such nomination) to stand for election at the 2006 Annual Meeting;
and (v) adopt an amendment to Section 2.3 of the Company’s Bylaws in the form attached hereto as
Exhibit A to allow stockholders holding at least one-tenth of the outstanding common stock
of the Company to call a special meeting of stockholders;

          (b) At the Board Meeting, the Board (including the newly appointed Director Smith) shall
immediately take all necessary and advisable actions to explore strategic alternatives available to
the Company to maximize stockholder value, including instructing Friedman, Billings, Ramsey Group,
Inc., to take all appropriate steps to advise on strategic alternatives available to the Company.
To the extent any smaller committee of the Board subsequently takes responsibility for such
exploration or related process, that committee shall include Director Smith (unless he or any
member of the Ramius Group has a direct or indirect interest in any proposed strategic alternative
(other than in their role as a stockholder));

          (c) S1 shall issue a press release no later than the first business day after the date of this
Agreement substantially in the form attached as Exhibit B;

          (d) S1 shall reimburse the Ramius Group for its reasonable, documented out-of-pocket fees and
expenses incurred (including proxy solicitation, legal and public relations) in connection with the
Schedule 13D, the preparation of its proxy solicitation and related matters for the 2006 Annual
Meeting and the negotiation and execution of this Agreement and all related activities and matters,
provided such reimbursement shall not exceed $87,500 in the aggregate;

          (e) From the date hereof through and including September 30, 2006, S1 will not (i) bring any
proposals to the stockholders other than the election of the Board Nominees at the 2006 Annual
Meeting, and any other proposals which may be necessary in furtherance of any strategic
alternative, (ii) take any action to

2

 

amend the Bylaws of the Company other than as provided in Section 1(a) hereof or (iii) take
any action to increase the size of the Board beyond seven members.

     2. Covenants of the Ramius Group. Each member of the Ramius Group, on behalf of
himself or itself, as applicable, covenants and agrees that, in reliance on the covenants and
agreements of S1 set forth herein:

          (a) they will support the election of the Board Nominees, agree to vote all shares
beneficially owned by them in favor of the Board Nominees, and agree to refrain from taking any
action inconsistent with the foregoing, in each case at the 2006 Annual Meeting;

          (b) they will not solicit authority, directly or indirectly, from any S1 stockholder to elect
or vote for any candidate or candidates for election to the Board at the 2006 Annual Meeting other
than the Board Nominees or otherwise present for consideration to any S1 stockholder in connection
with the 2006 Annual Meeting any candidates other than the Board Nominees or any proposal for any
action, other than proposals or action which are made by the Board of Directors, nor will they
engage in any campaign or efforts to have votes withheld from or otherwise campaign against any of
the Board Nominees in connection with the 2006 Annual Meeting or cause any other party to do, or
assist any other party in doing, any of the foregoing;

          (c) from the date hereof through and including September 30, 2006, they will not engage in any
“solicitation” of proxies or consents, seek to advise, encourage or influence any person with
respect to the voting of any Company securities, except in support of Board-approved proposals;
initiate, propose or otherwise “solicit” stockholders of the Company for the approval of,
stockholder proposals; induce or attempt to induce any other person to initiate any such
stockholder proposal or any attempt to call a special meeting of stockholders; provided, however,
nothing herein shall limit the ability of any member of the Ramius Group to vote its shares of
common stock of the Company on any matter submitted to a vote of the stockholders of the Company
other than the election of the Board Nominees or to announce its opposition to any Board-approved
stockholder proposals not supported by Director Smith;

          (d) from the date hereof through and including September 30, 2006, they will not form, join or
in any way participate in any “group” with respect to any voting securities, other than a “group”
that includes all or some lesser number of the persons identified as part of the Ramius Group, but
does not include any other members who are not currently identified as Ramius Group members as of
the date hereof;

3

 

          (e) on or before two business days from the date of this Agreement, they will amend or cause
to be amended the Schedule 13D to file this Agreement and to make all appropriate disclosure
related thereto; and

          (f) by execution of this Agreement, Starboard Value and Opportunity Master Fund Ltd. hereby
rescinds notice of its intention to nominate any persons for director at the 2006 Annual Meeting,
and hereby rescinds notice of its intention to propose any other matters to come before the
stockholders at the 2006 Annual Meeting. For purposes of clarity, the demand to inspect certain
records and lists of S1 stockholders and certain other documents as set forth in the demand letter
referred to in the Schedule 13D is hereby rescinded.

     3. General.

          (a) (i) S1 represents and warrants that the individual set forth below as signatory to this
Agreement for S1 has the authority to execute this Agreement on behalf of S1 and to bind S1 to the
terms hereof.

               (ii) Each member of the Ramius Group listed herein, on behalf of himself or itself, as
applicable, represents and warrants that (x) to the best of his or its knowledge, except for Ramius
Fund III, Ltd, which became a member of the Ramius Group on May 1, 2006, all parties (and their
affiliates) to the Schedule 13D with respect to Company common stock as filed with the SEC are the
only parties required under applicable law to be listed in the Schedule 13D, and the references to
those parties are correctly set forth in this Agreement, and (y) each signatory to this Agreement
by any member of the Ramius Group has the authority to execute the Agreement on behalf of himself
and the applicable member of the Ramius Group associated with that signatory’s name, and to bind
such member of the Ramius Group to the terms hereof.

          (b) This Agreement shall be governed by the laws of the State of Delaware, without regard to
the conflicts of law provisions thereof.

          (c) This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original and all of which together shall constitute one instrument.

          (d) The terms and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement.

4

 

          (e) If one or more provisions of this Agreement are held to be unenforceable under applicable
law, the parties agree to renegotiate such

provision(s) in good faith so as to become enforceable while hewing as closely as possible to
the original intent. In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision(s), then (i) such provision shall be excluded from this
Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so
excluded and (iii) the balance of this Agreement shall remain enforceable in accordance with its
terms.

          (f) Each party acknowledges that its breach of this Agreement would cause irreparable injury
to the other for which monetary damages would not be an adequate remedy. Accordingly, a party will
be entitled to seek injunctions and other equitable remedies in the event of such a breach by the
other party (or any of its members).

          (g) This Agreement constitutes the entire agreement between the parties hereto pertaining to
the subject matter hereof, and any and all other written or oral agreements existing between the
parties with respect to the subject matter hereof are expressly canceled.

[Signature page follows]

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     In Witness Whereof, the Parties have caused this Agreement to be executed and delivered
by themselves or their duly authorized officer or attorney-in-fact as of the date first set forth
above.

	 	 	 
	S1 CORPORATION

	 	 
	 
	 	 
	/s/ James S. Mahan
	 	 
	 	 	 
	 
	 	 
	Print Name: James S. Mahan III
	 	 
	 
	 	 
	Title: CEO
	 	 
	 
	 	 
	Starboard Value and Opportunity Master Fund Ltd.
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Ramius Master Fund, Ltd.
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Parche, LLC
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 

6

 

	 	 	 
	RCG Ambrose Master Fund, Ltd.
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	RCG Halifax Fund, Ltd.
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Ramius Fund III, Ltd.
	 	 
	/s/ Morgan B. Stark
	 	 
	 	 	 
	 
	 	 
	Print Name: Morgan B. Stark
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	C4S & Co., L.L.C.
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Admiral Advisors, LLC
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Ramius Advisors, LLC
	 	 
	/s/ Jeffrey M. Solomon
	 	 
	 	 	 
	 
	 	 
	Print Name: Jeffrey M. Solomon
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 

7

 

	 	 	 	 	 
	Ramius Capital Group, L.L.C.	 	 
	/s/ Jeffrey M. Solomon	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Jeffrey M. Solomon	 	 
	 
	 	 	 	 
	Title: Authorized Signatory	 	 
	 
	 	 	 	 
	Morgan B. Stark	 	 
	/s/ Morgan B. Stark	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Morgan B. Stark	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Peter A. Cohen	 	 
	/s/ Peter A. Cohen	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Peter A. Cohen	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Jeffrey M. Solomon	 	 
	/s/ Jeffrey M. Solomon	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Jeffrey M. Solomon	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Thomas W. Strauss	 	 
	/s/ Thomas W. Strauss	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Thomas W. Strauss	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

8

 

	 	 	 
	Barington Companies Equity Partners, L.P.
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: Managing Member of General Partner, Barington Companies Investors, LLC
	 	 
	          
	 	 
	 
	 	 
	James A. Mitarotonda
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: Managing Member
	 	 
	 
	 	 
	Barington Companies Investors, LLC
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: Managing Member
	 	 
	 
	 	 
	Barington Companies Offshore Fund, Ltd. (BVI)
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: President
	 	 
	 
	 	 
	Barington Investments, L.P.
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 

9

 

	 	 	 
	Barington Companies Advisors, LLC
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: Authorized Signatory
	 	 
	 
	 	 
	Barington Capital Group, L.P.
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: President and CEO of General Partner, LNA Capital Corp.
	 	 
	          
	 	 
	 
	 	 
	LNA Capital Corp.
	 	 
	/s/ James A. Mitarotonda
	 	 
	 	 	 
	 
	 	 
	Print Name: James A. Mitarotonda
	 	 
	 
	 	 
	Title: President and CEO
	 	 
	 
	 	 
	Arcadia Partners, L.P.
	 	 
	/s/ Richard Rofe
	 	 
	 	 	 
	 
	 	 
	Print Name: Richard Rofe
	 	 
	 
	 	 
	Title: General Partner
	 	 
	 
	 	 
	Arcadia Capital Management, LLC
	 	 
	/s/ Richard Rofe
	 	 
	 	 	 
	 
	 	 
	Print Name: Richard Rofe
	 	 
	 
	 	 
	Title: President
	 	 

10

 

	 	 	 	 	 
	Richard Rofé	 	 
	/s/ Richard Rofe	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Richard Rofe	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	William J. Fox	 	 
	/s/ William Fox	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: William Fox	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Jeffrey C. Smith	 	 
	/s/ Jeffrey C. Smith	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Jeffrey C. Smith	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Jeffrey Glidden	 	 
	/s/ Jeffrey D. Glidden	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Jeffrey D. Glidden	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Edward Terino	 	 
	/s/ Edward Terino	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: Edward Terino	 	 
	 
	 	 	 	 
	Title: Co-CEO and CFO, Arlington Tankers, Ltd.	 	 
	 
	 	 	 	 
	John Mutch	 	 
	/s/ John Mutch	 	 
	 	 	 
	 
	 	 	 	 
	Print Name: John Mutch	 	 
	 
	 	 	 	 
	Title: General Partner, MV Advisors	 	 

11

 

EXHIBIT A

Section 2.3 of the Bylaws of the Company is amended by deleting the section in its entirety
and replacing it with the following:

“Special meetings of the shareholders for any purpose or purposes, unless otherwise prescribed by
statute, may be called at any time by the Chairman of the Board of Directors, the President, or a
majority of the Board of Directors, and shall be called by the Chairman of the Board of Directors,
the President, or the Secretary upon the written request of the holders of not less than one tenth
of all of the outstanding capital stock of the Corporation entitled to vote at the meeting. Such
written request shall state the purpose or purposes of the meeting and shall be delivered to the
principal office of the Corporation addressed to the Chairman of the Board, the President, or the
Secretary.”

12

 

EXHIBIT B

S1 Reaches Agreement with Ramius Group to End Proxy Contest

Jeffrey Smith of Ramius Capital to Join Board of Directors

ATLANTA, May 3, 2006 – S1 Corporation (Nasdaq: SONE), a leading global provider of customer
interaction financial and payments solutions, announced today that it has reached a definitive
agreement with a group of investors led by Ramius Capital Group, L.L.C. to settle their dispute
relative to the nomination of certain directors to the S1 Board of Directors at the 2006 Annual
Meeting.

As a result of this settlement, the Ramius Group agreed to withdraw the notice of its intention to
nominate directors and make other shareholder proposals at the Company’s 2006 Annual Meeting.
Additionally, Jeffrey C. Smith, a managing director of Ramius Capital Group, L.L.C., will be
joining the S1 Board of Directors. The Company also agreed to amend its Bylaws to restore the
right of stockholders owning 10% of the outstanding shares of common stock to call a special
meeting.

S1 also said that it has retained Friedman, Billings, Ramsey Group as its financial advisor to
assist the Board of Directors in actively exploring strategic alternatives to maximize shareholder
value. The law firm of Hogan & Hartson L.L.P. has also been retained to advise in connection with
this review. No assurance can be given that any transaction will be entered into or consummated as
a result of this review.

About S1

S1 Corporation (Nasdaq: SONE) delivers customer interaction software for financial and payment
services and offers unique solution sets for financial institutions, retailers, and processors. S1
employs 1,500 people in operations throughout North America, Europe and Middle East, Africa, and
Asia-Pacific regions. Worldwide, more than 3,000 customers use S1 software solutions, which are
comprised of applications that address virtually every market segment and delivery channel. S1
partners with best-in-class organizations to provide flexible and extensible software solutions for
its customers. Additional information about S1 is available at www.s1.com.

Forward Looking Statements

This press release contains forward-looking statements within the safe harbor provisions of the
Private Securities Litigation Reform Act. These statements include statements with respect to our
financial condition, results of operations and

13

 

business. The words “believes,” “expects,” “may,” “will,” “should,” “projects,” “contemplates,”
“anticipates,” “forecasts,” “intends” or similar terminology identify forward-looking statements.
These statements are based on our beliefs as well as assumptions made using information currently
available to us. Because these statements reflect our current views concerning future events, they
involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly
from the results discussed in the forward-looking statements. The risk factors included in our
reports filed with the Securities and Exchange Commission (and available on our web site at
www.s1.com or the SEC’s web site at www.sec.gov ) provide examples of risks, uncertainties and
events that may cause our actual results to differ materially from the expectations we describe in
our forward-looking statements. Except as provided by law, we undertake no obligation to update any
forward-looking statement.

Contacts:

Investors:

John Stone, Chief Financial Officer

404-923-3500

john.stone@s1.com

Press:

Mike Pascale/Rhonda Barnat of The Abernathy MacGregor Group

212-371-5999

mmp@abmac.com/rb@abmac.com

14

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