Document:

Purchase and Sale Agreement

 Exhibit 10.24 
 [Execution Copy] 
  
 Purchase
and Sale Agreement 
  
 This PURCHASE AND SALE AGREEMENT (this
“Agreement”), dated as of January 3, 2005, is by and between R.R. Donnelley & Sons Company, a Delaware corporation (the “Company”), and Greenwich Street Capital Partners II, L.P. (“GSCP II”), a
Delaware limited partnership, Greenwich Street Employees Fund, L.P., a Delaware limited partnership, Greenwich Fund, L.P., a Delaware limited partnership, GSCP Offshore Fund, L.P., a Cayman Islands limited partnership, and TRV Executive Fund, L.P.,
a Delaware limited partnership (collectively, the “GSC Entities” and each a “GSC Entity”). 
  
 WHEREAS, the GSC Entities are the beneficial owners of 5,964,804 shares of common stock, par value $1.25 per share (the “Shares”), of the
Company; 
  
 WHEREAS, each GSC Entity desires to sell to the
Company the number of Shares listed next to its name on Schedule I hereto and the Company desires to purchase from each GSC Entity such number of the Shares, subject to the terms and conditions described herein. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants,
agreements and warranties herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  
 1. Purchase and Sale. Subject to the terms and conditions herein set
forth, the Company agrees to purchase on the Closing Date (as hereinafter defined) and the GSC Entities jointly agree to sell on the Closing Date the Shares, free and clear of all liens, encumbrances, claims and security interests, at a per share
price of $33.53, for an aggregate price of $199,999,878.12. 
  
 2.
Representations and Warranties of the Company. The Company hereby represents and warrants to the GSC Entities as follows: 
  
 (a) Due Organization. The Company is duly organized, validly existing and in good standing under the laws of the State of Delaware. 
  
 (b) Authorization; Non-Contravention. The Company has the requisite
power and authority to enter into this Agreement and the transactions and agreements contemplated hereby and to carry out its obligations hereunder. This Agreement has been duly authorized, executed and delivered by the Company and constitutes a
valid and binding agreement enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other laws affecting the enforcement of creditors rights
generally or by general equitable principles. Neither the execution and delivery of this Agreement, the consummation of the transactions and agreements contemplated hereby, nor compliance with the terms, conditions or provisions hereof, will (i)
result in a 
  

 -1- 

 violation of any of the terms, conditions or provisions of the Company’s charter or bylaws, (ii) result in a
violation of any law, rule or regulation applicable to the Company, or (iii) constitute a default or create a right of termination or acceleration under any material agreement or instrument to which the Company is a party, except in the case of
clause (ii) or (iii) for such violations, defaults or rights of termination or acceleration that would not result in a material adverse effect upon the consummation of the transactions contemplated hereby by the Company. 
  
 3. Representations and Warranties of the GSC Entities. The GSC
Entities hereby jointly and severally represent and warrant to the Company as follows: 
  
 (a) Due Organization. Each GSC Entity is duly organized, validly existing and in good standing under the laws of the jurisdiction of organization. 
  
 (b) Authorization: Non-Contravention. Each GSC Entity has the requisite power and authority to enter into this
Agreement and the transactions and agreements contemplated hereby and to carry out its obligations hereunder. This Agreement has been duly authorized, executed and delivered by each GSC Entity and constitutes a valid and binding agreement of each
GSC Entity enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other laws affecting the enforcement of creditors rights generally or by
general equitable principles. Neither the execution and delivery of this Agreement, the consummation of the transactions and agreements contemplated hereby, nor compliance with the terms, conditions or provisions hereof, will (i) result in a
violation of any of the terms, conditions or provisions of any GSC Entity’s constituent documents, (ii) result in a violation of any law, rule or regulation applicable to any GSC Entity, or (iii) constitute a default or create a right of
termination or acceleration under any material agreement or instrument to which any GSC Entity is a party, except in the case of clause (ii) or (iii) for such violations, defaults or rights of termination or acceleration that would not result in a
material adverse effect upon the consummation of the transactions contemplated hereby by any GSC Entity. 
  
 (c) Title. Each GSC Entity is the sole record owner of the Shares sold by it hereunder. Except for the security interest granted to Bank of Nova
Scotia under the Second Amended and Restated Credit Agreement dated as of August 13, 2004 among GSCP Recovery Inc., as Borrower, and Bank of Nova Scotia, as Administrative Agent and Lead Arranger (the “Existing Lien”), each GSC
Entity has, good and valid title to the Shares to be sold by such GSC Entity hereunder, free and clear of all liens, encumbrances, claims and security interests. 
  
 4. Closing. Subject to the satisfaction of the condition set forth in Sections 5 and 6 hereof, the purchase and sale
of the Shares (the “Closing”) shall occur on January 6, 2005 (such date being the “Closing Date”). The Closing shall take place at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, NY 10004, at
which time the parties shall make the deliveries described below. At the Closing, in 
  

 -2- 

 addition to any other documents required to be delivered under this Agreement, the parties hereto shall deliver the
documents described below: 
  
 (a) Deliveries by the
Company. At the Closing the Company shall deliver or cause to be delivered the following to GSCP II: 
  

	 	(1)	an amount equal to $199,999,878.12 by wire transfer of immediately available funds to the account specified by GSCP II; and 

  

	 	(2)	a certificate, dated the Closing Date, of an executive officer of the Company, certifying on behalf of the Company that, as of such date, the representations and warranties of the
Company contained herein are true and correct with the same force and effect as though made on and as of such date. 

  
 (b) Deliveries by the GSC Entities. At the Closing, the GSC Entities shall deliver or cause to be delivered the following to the Company:

  

	 	(1)	the Shares, free and clear of all liens, encumbrances, claims and security interests; 

  

	 	(2)	a certificate, dated the Closing Date, of an executive officer of each GSC Entity, certifying on behalf of such GSC Entity that, as of such date, the representations and warranties
of such GSC Entity contained herein are true and correct with the same force and effect as though made on and as of such date; and 

  

	 	(3)	evidence, reasonably satisfactory to the Company, that the Existing Lien shall have been extinguished and released. 

  
 5. Conditions to the Obligations of the Company. The obligations of
the Company under this Agreement are subject to the fulfillment of each of the following conditions: 
  
 (a) Performance. Each GSC Entity shall have performed and complied in all material respects with all agreements, covenants, obligations and
conditions required by this Agreement to be performed or complied with by it. 
  
 (b) Representations and Warranties. The representations and warranties of each GSC Entity contained herein shall be true and correct on the Closing Date with the same force and effect as though made on and as
of the Closing Date. 
  

 -3- 

 (c) Injunctions. No preliminary or permanent injunction or other final order by any United States
federal or state court shall have been issued that prevents the consummation of the transactions contemplated hereby. 
  
 6. Conditions to the Obligations of the GSC Entities. The obligations of the GSC Entities under this Agreement are subject to the fulfillment of
each of the following conditions: 
  
 (a) Performance. The
Company shall have performed and complied in all material respects with all agreements, covenants, obligations and conditions required by this Agreement to be performed or complied with by it. 
  
 (b) Representations and Warranties. The representations and
warranties of the Company contained herein shall be true and correct as of the Closing Date with the same force and effect as though made on and as of the Closing Date. 
  
 (c) Injunctions. No preliminary or permanent injunction or other final order by any United States federal or state
court shall have been issued that prevents the consummation of the transactions contemplated hereby. 
  
 7. Covenant to Obtain Extinguishment and Release of Existing Lien. Each GSC Entity covenants and agrees to use commercially reasonable best efforts
to obtain the extinguishment and release of the Existing Lien at the earliest practicable time. 
  
 8. Successors and Assigns; Waiver. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. No party may waive any of the terms or conditions of this Agreement, nor may this Agreement be amended or modified, except by a duly signed writing referring to the specific provision to be waived, amended or modified.

  
 9. Entire Agreement. This Agreement constitutes the
entire agreement with respect to the subject matter hereof, and supersedes all other prior agreements and understandings, both written and oral, among the parties hereto and their affiliates. 
  
 10. Expenses. Regardless of whether the transactions contemplated
hereby are consummated, each party hereto shall pay its own expenses incident to preparing for, entering into and carrying out this Agreement and the consummation of the transactions contemplated hereby. 
  
 11. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. 
  

 -4- 

 12. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of New York. 
  
 *  *  *  *  * 
  

 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the
day and year first executed. 
  

			
	
	 R.R. DONNELLEY & SONS COMPANY

		
	By:	 	 /S/    KEVIN J.
SMITH

	 	 	 Name: Kevin J. Smith
 Title: Executive V.P. & Chief Financial Officer

	
	 GREENWICH STREET CAPITAL PARTNERS II, L.P.

		
	By:	 	 /S/    MATTHEW C.
KAUFMAN

	 	 	 Name: Matthew C. Kaufman
 Title: Managing Director

	
	 GREENWICH STREET EMPLOYEES FUND, L.P.

		
	By:	 	 /S/    MATTHEW C.
KAUFMAN

	 	 	 Name: Matthew C. Kaufman
 Title: Managing Director

	
	 GREENWICH FUND, L.P.

		
	By:	 	 /S/    MATTHEW C.
KAUFMAN

	 	 	 Name: Matthew C. Kaufman
 Title: Managing Director

	
	 GSCP OFFSHORE FUND, L.P.

		
	By:	 	 /S/    MATTHEW C.
KAUFMAN

	 	 	 Name: Matthew C. Kaufman
 Title: Managing Director

	
	 TRV EXECUTIVE FUND, L.P.

		
	By:	 	 /S/    MATTHEW C.
KAUFMAN

	 	 	 Name: Matthew C. Kaufman
 Title: Managing Director

  

 -6- 

 Schedule I 
  

			
	Name of GSC Entity	  	Number
of Shares
		
	 Greenwich Street Capital Partners II, L.P.
	  	5,328,823
	 Greenwich Street Employees Fund, L.P.
	  	318,120
	 Greenwich Fund, L.P.
	  	180,507
	 GSCP Offshore Fund, L.P.
	  	111,091
	 TRV Executive Fund, L.P.
	  	26,263
	 	  	

	 Total
	  	5,964,804

  
  
  
  
  
  
  
  

 -7-Nonemployee Director Deferred Stock Unit Plan

 Exhibit 10(iii)A(1) 
  
 ACUITY BRANDS, INC. 
  
 NONEMPLOYEE DIRECTOR DEFERRED STOCK UNIT PLAN 
 (As Amended and Restated Effective as of January 1, 2004) 
  

	1.	Purpose. 

  
 The amended and restated Acuity Brands, Inc. Nonemployee Director Deferred Stock Unit Plan (“Plan”) is intended to increase the alignment of the
interests of eligible members of the Board with the interests of stockholders of Acuity Brands, Inc. (the “Corporation”) by increasing their incentive to contribute to the success of the Corporation’s business through the grant of
Deferred Stock Units, as hereinafter defined, on the terms and conditions set forth herein. The Plan is effective as of December 1, 2001, and is established in connection with the spin-off of the Corporation by National Service Industries, Inc., as
a successor plan to the National Service Industries, Inc. Nonemployee Director Deferred Stock Unit Plan. 

 

	2.	Definitions. When used in this Plan, unless the context otherwise requires: 

  
 2.1 “Annual Fee” shall mean the annual fee payable, in cash or under this Plan, to an Eligible Director for
service on the Board. 
  
 2.2 “Board” shall mean the
Board of Directors of the Corporation. 
  
 2.3 “Board Meeting
Fee” shall mean the fee payable in cash or under this Plan to an Eligible Director for attendance at any meeting of the Board. 
  
 2.4 “Chairman Fee” shall mean the fee, if any, payable in cash or under this Plan to an Eligible Director for service as the Chairman of a
committee of the Board. 
  
 2.5 “Change of Control”
shall mean: 
  
 (a) The acquisition (other than from the
Corporation) by any “Person” (as the term person is used for purposes of Sections 13(d) or 14(d) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or
more of the combined voting power of the Corporation’s then outstanding voting securities; or 
  
 (b) The individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least
two-thirds of the Board; provided, however, that, if the election, or nomination for election by the Corporation’s stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new
director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; or 
  
 (c) A merger or consolidation involving the Corporation if the stockholders of the Corporation, immediately before such merger or consolidation do not, as
a result of such merger or consolidation, own, directly or indirectly, more than seventy percent (70%) of the 

 combined voting power of the then outstanding voting securities of the corporation resulting from such merger or
consolidation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the Corporation outstanding immediately before such merger or consolidation; or 
  
 (d) A complete liquidation or dissolution of the Corporation or an agreement
for the sale or other disposition of all or substantially all of the assets of the Corporation. 
  
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to paragraph (i) solely because twenty percent (20%) or more of
the combined voting power of the Corporation’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Corporation or any of its subsidiaries, or
(ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the stockholders of the Corporation in the same proportion as their ownership of stock in the Corporation immediately prior to such acquisition.

  
 2.6 “Committee” shall mean the Compensation
Committee of the Board or such other committee as may be designated by the Board. In the absence of the appointment of a Committee, the Board shall serve as the Committee. 
  
 2.7 “Committee Meeting Fee” shall mean the fee payable in cash or under this Plan to an Eligible Director for
attendance at any meeting of a committee of the Board 
  
 2.8
“Corporation” shall mean Acuity Brands, Inc., a Delaware corporation. 
  
 2.9 “Date of Grant” shall mean the date on which Deferred Stock Units are granted pursuant to Article V. 
  
 2.10 “Deferred Stock Units” shall mean the units issued pursuant to Article V hereof. 
  
 2.11 “Effective Date” shall mean December 1, 2001, the date when
this Plan shall go into effect. 
  
 2.12 “Eligible
Director” shall mean each member of the Board who is not at the time of reference an employee of the Corporation or any Subsidiary. 
  
 2.13 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

  
 2.14 “Fair Market Value” shall mean the average of
the high and low sales prices of a share of Stock as reported on the New York Stock Exchange Composite Tape on the five (5) trading dates immediately preceding the date for which such value is being determined. 
  
 2.15 “NSI” shall mean National Service Industries, Inc., a Delaware
corporation. 
  

 2 

 2.16 “Optional Amount” shall mean the amount elected by an Eligible Director for any year
during the term hereof pursuant to Section 5.2 hereof. 
  
 2.17
“Plan” shall mean the Acuity Brands, Inc. Nonemployee Director Deferred Stock Unit Plan, as such Plan may be amended from time to time. 
  
 2.18 “Prior Plan” shall mean the National Service Industries, Inc. Nonemployee Director Deferred Stock Unit Plan. 
  
 2.19 “Required Amount” shall mean that portion of the Annual Fee
not permitted to be paid in cash. 
  
 2.20 “Stock” shall
mean the Common Stock of the Corporation. 
  
 2.21
“Subsidiary” shall mean any corporation more than 50% of whose stock having general voting power is owned by the Corporation or by a Subsidiary of the Corporation. 
  

	3.	Administration. 

  
 3.1 The Plan shall be administered by the Committee. 
  
 3.2 The Committee may make such rules and establish such procedures for the administration of the Plan as it deems appropriate to carry out the purpose of
the Plan, provided that the Committee shall have no discretion with respect to the grantee, amount, price or timing of any Deferred Stock Unit. The interpretation and application of the Plan or of any rule or procedure, and any other matter relating
to or necessary to the administration of the Plan, shall be determined by the Committee, and any such determination shall be final and binding on all persons. Deferred Stock Units shall be evidenced by agreements in such form as shall be determined
from time to time by the Committee, provided that the terms and conditions of each such agreement are not inconsistent with this Plan. 
  

	4.	Capital Adjustments. 

  
 In the event of a reorganization, recapitalization, stock split, reverse stock split, stock dividend, spin-off, split-up, combination of shares, merger,
consolidation or a similar corporate transaction, the number or class of shares of Stock represented by Deferred Stock Units granted hereunder shall be proportionately adjusted to reflect any such transaction. 
  

	5.	Deferred Stock Units. 

  
 5.1 Quarterly Grant. The Corporation shall establish a bookkeeping account for each Eligible Director. On December 10, 2001 and on the first of
each March, June, September, and December thereafter and prior to the termination of this Plan (subject to Section 6.1 below), the bookkeeping account of each Eligible Director shall automatically be credited with the number of Deferred Stock Units
(rounded to the nearest hundredth) equal to the sum of (a) one-fourth of the Required Amount plus (b) one-fourth of the Optional Amount, if any, divided by (c) the Fair Market Value. 
  

 3 

 5.2 Election of Optional Amount. Each Eligible Director shall be entitled to elect, with respect
to each year during the term of this Plan (subject to Section 6.1 below), such portion of the Annual Fee in excess of the Required Amount and such portion of the Board Meeting Fee, the Committee Meeting Fee, and the Chairman Fee, if applicable,
which the Eligible Director desires to be credited in Deferred Stock Units under Section 5.1 above rather than paid in cash. Such election shall be made and submitted prior to each such year on such form as shall be determined from time to time by
the Committee; Notwithstanding the above, for Eligible Directors who were directors of National Service Industries, Inc. and were participating in the Prior Plan immediately prior to the Effective Date, any election by such Director under the Prior
Plan shall continue in effect under this Plan. 
  
 5.3
One–Time Grant. The bookkeeping account of each Eligible Director who was not a director of NSI participating in the Prior Plan immediately prior to the Effective Date and who is first elected to the Board (whether by action of the Board
of Directors or the shareholders of the Corporation) on or after the Effective Date, and prior to the termination of this Plan (subject to Section 6.1 hereof) shall automatically be credited with 1,000 Deferred Stock Units as of the effective date
of such election. 
  
 5.4 Transfer of Deferred Stock Units from
the Prior Plan. Effective as of the Effective Date, or as soon thereafter as is practical, the Corporation shall transfer from the Prior Plan and credit to the bookkeeping account of each Eligible Director who was a participant in the Prior Plan
(and each other participant in the Prior Plan who is not a nonemployee director of NSI immediately following the Corporation’s spin-off from NSI) a number of Deferred Stock Units equal to (a) the product of (i) the number of Deferred Stock
Units in the Eligible Director’s (or other participants’) bookkeeping account under the Prior Plan as of the date of the distribution of the shares of the Corporation’s common stock to the stockholders of NSI (the “Distribution
Date”), and (ii) the closing per share price of NSI common stock (trading with a due bill) on the Distribution Date, divided by (b) the closing per share price of the Corporation’s common stock (on a when-issued basis) on the Distribution
Date (or such other price as determined by the Committee to be appropriate and equitable. 
  
 5.5 Terms and Conditions of Deferred Stock Units. 
  
 (a) The Deferred Stock Units shall become nonforfeitable on the earliest to occur of (i) the first anniversary of the Date of Grant, (ii) the Eligible Director’s death, disability or termination of service as a
director upon completion of the last term of office to which such director was elected or (iii) the occurrence of a Change of Control. If an Eligible Director otherwise terminates service as a director of the Corporation, any Deferred Stock Units
that are forfeitable shall be forfeited as of the date of such termination of service. Notwithstanding the above, for Eligible Directors who were participants in the Prior Plan, the termination of service as a director of NSI shall not be considered
a termination of service resulting in forfeiture or vesting of Deferred Stock Units. 
  

 4 

 (b) As of each dividend payment date declared with respect to the Stock, the Corporation shall credit to
each bookkeeping account a number of additional Deferred Stock Units equal to (i) the product of (x) the dividend per share of Stock payable on such dividend payment date and (y) the number of Deferred Stock Units credited to such account as of the
applicable dividend record date divided by (ii) the Fair Market Value of a share of Stock on such dividend payment date. 
  
 (c) Upon the termination of service of an Eligible Director the Eligible Director shall receive a lump sum cash payment equal to the product of (i) the
Fair Market Value of a share of Stock on the date of such termination of service and (ii) the number of nonforfeitable Deferred Stock Units then credited to such Eligible Director’s account. Notwithstanding the foregoing, an Eligible Director
may elect to receive the distribution with respect to his or her account in five annual installments commencing as soon as practicable following the Eligible Director’s termination of service, in which event the amount of each installment shall
be determined based upon the Fair Market Value of a share of Stock as of the date preceding the date such installment payment is made. Any such election may be made or changed at any time without limitation, provided, however, that any election (and
any modification or revocation of any election) shall not be given effect unless made at least two years prior to the Eligible Director’s termination of service. Any such election made by an Eligible Director (or other participant) under the
Prior Plan shall continue in effect under this Plan until properly modified or revoked. 
  
 (d) The holder of Deferred Stock Units shall have none of the rights of a stockholder of the Corporation. The Corporation’s obligation hereunder with respect to Deferred Stock Units shall be an unsecured promise
to pay the amount described in paragraph (c) above at the times described therein. 
  

	6.	Term of Plan. 

  
 The Plan shall remain in effect until all Deferred Stock Units have been paid under the terms of the Plan, provided that no Deferred Stock Units may be
granted on or after the tenth anniversary of the Effective Date. 
  

	7.	Amendment; Termination. 

  
 The Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part. The termination or any modification or
amendment of the Plan shall not, without the consent of a director, affect his or her rights under a grant of Deferred Stock Units. 
  

	8.	Miscellaneous. 

  
 8.1 Deferred Stock Units granted hereunder shall not be assignable or transferable by the director except by will or by the laws of descent and
distribution. 
  
 8.2 Nothing in the Plan shall be construed as
conferring any right upon any director to continue as a member of the Board. 
  

 5 

 8.3 The Plan and all rights hereunder shall be construed in accordance with and governed by the laws of
the State of Delaware. 
  
 8.4 The Corporation shall have the
right to require, prior to any payment hereunder, payment by the recipient of any federal, state, local or other taxes which may be required to be withheld or paid in connection with such payment hereunder. 
  
 IN WITNESS WHEREOF, the Plan has been executed by the Company on the 28th day
of November, 2001, to be effective on the Effective Date, and amended and restated effective as of January 1, 2004. 
  

			
	 ACUITY BRANDS, INC.

		
	 By:
	 	  

	 	 	 James S. Balloun

	 	 	 Chairman and

	 	 	 Chief Executive Officer

  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]