Document:

Exhibit 10.20

 

STOCKHOLDER
IRREVOCABLE UNDERTAKING

 

This STOCKHOLDER IRREVOCABLE UNDERTAKING (this “Undertaking”) is made and entered into as
of June 2, 2005, by and between Intentia
International AB (publ), a company organized under the laws of
Sweden, (“Intentia”), and the
undersigned Stockholder (“Stockholder”)
of Lawson Software, Inc., a
Delaware corporation (“Lawson”).

 

RECITALS

 

A.                                   Intentia,
Lawson , Lion Holdings, Inc.,
a Delaware corporation (“Bidder”)
and Lion Acquisition, Inc., a
Delaware corporation (“Lion Acquisition”)
have entered into a Transaction Agreement (the “Transaction Agreement”). 
Lawson has organized Bidder and caused Bidder to organize Lion
Acquisition for the purpose of reorganizing Lawson into a holding company
through a merger of Lion Acquisition with and into Lawson, with Lawson as the
surviving corporation (the “Merger”)
pursuant to an Agreement of Merger between Lawson and Lion Acquisition (the “Merger Agreement”).  As a result of the Merger, Lawson will become
a wholly owned subsidiary of Bidder. 
Bidder will enter into a business combination with Intentia pursuant to
the Transaction Agreement by means of a recommended public offer by Bidder for
all of the issued and outstanding shares, warrants and convertible notes of
Intentia (the “Offer”);

 

B.                                     Such
Offer will be publicly announced by way of a press release issued by Lawson and
Intentia setting forth the terms and conditions of the purchase and in the
agreed form as set out in Appendix 1 (the “Press
Announcement”);

 

C.                                     Stockholder
is the beneficial owner (as such term is defined under Rule 13(d)(3) promulgated
under the Securities Exchange Act of 1934, as amended) of such number of shares
of Common Stock, par value $0.01 per share, of Lawson (“Lawson Common Stock”) as set forth on the
signature page hereof, and options, warrants or other rights to acquire
such number of shares of Lawson Common Stock as set forth on the signature page hereof;
and

 

D.                                    As
an inducement and a condition to entering into the Transaction Agreement and issuing
its press release, Intentia has requested that Stockholder agree, and
Stockholder has agreed (in Stockholder’s capacity as such), to enter into this
Agreement in order to facilitate the consummation of the Offer.

 

NOW, THEREFORE, intending to be legally
bound, the parties hereto agree as follows:

 

1.                                       Definitions.  For the purposes of this Agreement,
capitalized terms that are used but not defined herein shall have the
respective meanings ascribed thereto in the Transaction Agreement.

 

“Expiration Date” shall mean the earlier to
occur of (i) six months after the earlier date of (A) the termination
of the Offer by Lawson in accordance with the terms and conditions set forth in
the Press Announcement, or (B) termination of the Transaction Agreement or
(ii) such date and time as the Offer shall have consummated in accordance
with the terms and conditions set forth in the Transaction Agreement and the
Press Announcement.

 

 

“Person” shall mean any individual, any
corporation, limited liability company, general or limited partnership,
business trust, unincorporated association or other business organization or
entity, or any governmental authority.

 

“Shares” shall mean: (i) all
securities of Lawson (including all shares of Lawson Common Stock and all
options, warrants and other rights to acquire shares of Lawson Common Stock)
owned by Stockholder as of the date of this Agreement, and (ii) all
additional securities of Lawson (including all additional shares of Lawson
Common Stock and all additional options, warrants and other rights to acquire
shares of Lawson Common Stock) of which Stockholder acquires beneficial
ownership during the period commencing with the execution and delivery of this
Agreement until the Expiration Date.

 

A
Person shall be deemed to have effected a “Transfer”
of a security if such Person directly or indirectly (i) offers for sale,
sells, assigns, pledges, encumbers, grants an option with respect to, transfers
or otherwise disposes of such security or any interest therein, or (ii) enters
into an agreement, commitment or other arrangement providing for the sale of,
assignment of, pledge of, encumbrance of, granting of an option with respect
to, transfer of or disposition of such security or any interest therein;
provided, however, that the granting by Stockholder of a security interest in
Shares to a brokerage firm to secure a cash loan from such brokerage firm for
the purpose of purchasing shares of Lawson Common Stock upon exercise of Lawson
Options outstanding on the date of this Agreement shall not be deemed a “Transfer” for purposes of this Agreement.

 

2.                                       Restriction
on Transfer, Proxies and Non-Interference. 
Except as expressly contemplated by this Agreement, at all times during
the period commencing with the execution and delivery of this Agreement and
continuing until the Expiration Date, Stockholder shall not, directly or
indirectly, (i) cause or permit the Transfer of any of the Shares to be
effected, or discuss, negotiate or make any offer regarding any Transfer of any
of the Shares, (ii) grant any proxies or powers of attorney with respect
to any of the Shares, deposit any of the Shares into a voting trust or enter
into a voting agreement or other similar commitment or arrangement with respect
to any of the Shares in contravention of the obligations of Stockholder under
this Agreement, (iii) request that Lawson register the Transfer of any
certificate or uncertificated interest representing any of the Shares, or (iv) take
any action that would make any representation or warranty of Stockholder
contained herein untrue or incorrect, or have the effect of preventing or
disabling Stockholder from performing any of Stockholder’s obligations under
this Agreement.  Notwithstanding the
foregoing or anything to the contrary set forth in this Agreement, (A) Stockholder
may Transfer any or all of the Shares pursuant to, and in accordance with, the
terms of Stockholder’s 10b-5 plan or arrangement with Lawson, if any, as in
effect as of the date hereof, and (B) Stockholder may sell Shares for cash
to the extent necessary to pay taxes incurred as a direct result of the
exercise of Lawson Options after the date hereof.

 

3.                                       Voting
Agreement.  At any meeting of Lawson’s
stockholders called with respect to the following, however called, and at every
adjournment or postponement thereof, Stockholder shall appear at such meeting,
in person or by proxy, or otherwise cause all of the Shares to be counted as
present thereat for purposes of establishing a quorum thereat, and Stockholder
shall vote, or cause to be voted (and on every action or approval by written
consent of stockholders with respect to the following, act, or cause to be
acted, by written consent) with

 

 

respect to all of the
Shares that Stockholder is entitled to vote or as to which Stockholder has the
right to direct the voting, as of the relevant record date:

 

(a)                                  in
favor of the issuance of shares of Bidder Common Stock in connection with the
Offer;

 

(b)                                 in
favor of adoption of the Merger Agreement and approval of the transactions
contemplated thereby; and

 

(c)                                  against
any proposal made in opposition to, or in competition with, consummation of the
Offer, including any Acquisition Proposal.

 

4.                                       Irrevocable
Proxy.  Concurrently with the execution
of this Agreement, Stockholder shall deliver to Intentia an irrevocable proxy
in the form attached hereto as Exhibit A (the “Proxy”), which shall be irrevocable to the fullest extent
permitted by applicable law, with respect to the Shares.

 

5.                                       Representations
and Warranties.  Stockholder hereby
represents and warrants to Intentia as follows:

 

(a)                                  Ownership
of Shares.  Stockholder is the
beneficial owner (as such term is defined under Rule 13(d)(3) promulgated
under the Securities Exchange Act of 1934, as amended, except that such terms
shall include Shares that may be acquired more than sixty (60) days from the
date hereof) of all of the Shares. 
Stockholder has sole voting power and the sole power of disposition with
respect to all of the Shares, with no limitations, qualifications or
restrictions on such rights, subject to applicable federal securities laws and
the terms of this Agreement.  Stockholder
is the sole record holder (as reflected in the records maintained by Lawson’s
transfer agent for Lawson Common Stock) of all of the Shares.

 

(b)                                 Power;
Binding Agreement.  Stockholder has
the legal capacity, power and authority to enter into and perform all of
Stockholder’s obligations under this Agreement. 
The execution, delivery and performance of this Agreement by Stockholder
will not violate any agreement or court order to which Stockholder is a party
or is subject, including, without limitation, any voting agreement or voting
trust.  This Agreement has been duly and
validly executed and delivered by Stockholder and constitutes a valid and
binding agreement of Stockholder, enforceable against Stockholder in accordance
with its terms.

 

(c)                                  No
Consents.  To his, her or its
knowledge, the execution and delivery of this Agreement by Stockholder does
not, and the performance by Stockholder of his, her or its obligations
hereunder will not, require Stockholder to obtain any consent, approval,
authorization or permit of, or to make any filing with or notification to, any
Governmental Authority.

 

6.                                       No
Ownership Interest.  Nothing contained in
this Agreement shall be deemed to vest in Intentia any direct or indirect
ownership or incidence of ownership of or with respect to

 

 

any Shares.  Except as provided in this Agreement, all
rights, ownership and economic benefits relating to the Shares shall remain
vested in and belong to Stockholder.

 

7.                                       No
Solicitation.   Shareholder, in its capacity as a shareholder,
shall not, and shall cause each of its representatives (other than Lawson and
its subsidiaries) not to, take any action that would constitute a breach of
Paragraph 11 of the Transaction Agreement if such action were taken by Lawson..

 

8.                                       Stockholder
Notification of Acquisition of Additional Shares.  At all times during the period commencing
with the execution and delivery of this Agreement and continuing until the
Expiration Date, Stockholder shall promptly notify Intentia of the number of
any additional shares of Lawson Common Stock and the number and type of any
other voting securities of Lawson acquired by Stockholder, if any, after the
date hereof.

 

9.                                       Termination.  This Agreement shall terminate immediately
and automatically, without any action on the part of any party hereto, as of
the Expiration Date.

 

10.                                 Directors
and Officers.  Notwithstanding anything
in this Agreement to the contrary, if Stockholder is a director or officer of
Lawson, nothing contained in this Agreement shall prohibit such director or
officer from acting in his/her capacity as such or from taking such action as a
director or officer of Lawson that may be required on the part of such person
as a director or officer of Lawson, including acting in compliance with
paragraph 2 and11.2 of the Transaction Agreement.

 

11.                                 Miscellaneous.

 

(a)                                  Entire
Agreement.  This Agreement constitutes
the entire agreement among the parties with respect to the subject matter
hereof and supersede all prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof.

 

(b)                                 Certain
Events.  This Agreement and the
obligations hereunder shall attach to all of the Shares and shall be binding
upon any person to whom legal or beneficial ownership of any of the Shares
shall pass, whether by operation of law or otherwise.  Notwithstanding any Transfer of any of the
Shares, the transferor shall remain liable for the performance of all
obligations of the transferor under this Agreement.  Notwithstanding the foregoing or anything to
the contrary set forth in this Agreement, this Agreement and the obligations
hereunder shall not attach to any Shares that are Transferred, and shall not be
binding upon any person to whom legal or beneficial ownership of any of the
Shares shall pass, in any Transfer effected by Stockholder pursuant to the last
sentence of Section 2 of this Agreement.

 

(c)                                  Assignment.  No party may assign either this Agreement or
any of its rights, interests, or obligations hereunder without the prior
written approval of the other parties. 
Any purported assignment in violation of this Section shall be
void.

 

(d)                                 Amendments,
Waivers, Etc.  This Agreement may not be
amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by the
parties hereto.

 

 

(e)                                  Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed duly given (i) on the
date of delivery if delivered personally, (ii) on the date of confirmation
of receipt (or, the first business day following such receipt if the date is
not a business day) of transmission by telecopy or telefacsimile, or (iii) on
the date of confirmation of receipt (or, the first business day following such
receipt if the date is not a business day) if delivered by a nationally
recognized courier service.  All notices
hereunder shall be delivered as set forth below, or pursuant to such other
instructions as may be designated in writing by the party to receive such
notice:

 

(i)                                     if
to Intentia, to:

 

Vendevägen
89

Box
596

SE-182
15 Danderyd

Sweden

Attention:  Niklas Björkqvist

Telephone
No.:  +46 (0)8 5552 5000

Telecopy
No.: +46 (0)8 5552 5999

 

(ii)                                  if
to Stockholder, to the address for notice set forth on the signature page hereof.

 

with
copies to

 

Dorsey &
Whitney LLP

Suite 1500

50
South Sixth Street

Minneapolis,
MN 55402

Attention:  Jonathan B. Abram

Telephone
No.:  (612) 343-7962

Telecopy
No.:  (612) 340-8738

 

(f)                                    Severability.  In the event that any provision of this
Agreement or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or unenforceable, the remainder of
this Agreement will continue in full force and effect and the application of
such provision to other Persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto.  The parties further agree to replace such
void or unenforceable provision of this Agreement with a valid and enforceable
provision that will achieve, to the greatest extent possible, the economic,
business and other purposes of such void or unenforceable provision.

 

(g)                                 No
Waiver.  The failure of any party hereto
to exercise any right, power or remedy provided under this Agreement or
otherwise available in respect hereof at law or in equity, or to insist upon
compliance by any other party hereto with its obligations hereunder, and any
custom or practice of the parties at variance with the terms hereof, shall not
constitute a

 

 

waiver by such party of
its right to exercise any such or other right, power or remedy or to demand
such compliance.

 

(h)                                 Governing
Law.  This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, USA,
without regard to its principles of conflicts of laws (except to the extent
that applicable laws governing the corporate organization of Lawson or Intentia
mandate the application of the laws of the jurisdiction of organization of such
party and except to the extent that the application of the laws of Sweden apply
to the Offer).  Each party irrevocably and
unconditionally consents and submits to the jurisdiction of the state and
federal courts located in the state of Delaware for purposes of any action,
suit or proceeding arising out of or relating to this Agreement.

 

(i)                                     Other
Remedies; Specific Performance.

 

(i)                                     Other
Remedies.  Except as otherwise
provided herein, any and all remedies herein expressly conferred upon a party
will be deemed cumulative with and not exclusive of any other remedy conferred
hereby, or by law or equity upon such party, and the exercise by a party of any
one remedy will not preclude the exercise of any other remedy.  The parties hereto agree that irreparable
damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise
breached.

 

(ii)                                  Specific
Performance.  It is accordingly
agreed that the parties shall be entitled to seek an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and
provisions hereof in any court of the United States or any state having
jurisdiction, this being in addition to any other remedy to which they are
entitled at law or in equity.

 

(j)                                     Counterparts.  This Agreement may be executed in any number
of counterparts, all of which shall be considered one and the same agreement
and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other party, it being understood that
all parties need not sign the same counterpart.

 

(k)                                  Further
Assurances.  At the request of any party
to another party or parties to this Agreement, such other party or parties
shall execute and deliver such instruments or documents to evidence or further
effectuate (but not to enlarge) the respective rights and obligations of the
parties and to evidence and effectuate any termination of this Agreement.

 

(l)                                     Public
Disclosure.  Shareholder shall not issue
any statement or communication to any third party that would be constitute a
breach of Section 13 of the Transaction Agreement if such statement or
communication were made by Lawson..

 

 

IN WITNESS WHEREOF, the undersigned have
executed, or caused this Stockholder Irrevocable Undertaking to be executed by
a duly authorized officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Bertrand
  Sciard

  	
   

  
	
   

  	
  Name:

  	
  Bertrand Sciard

  	
   

  
	
   

  	
  Title:

  	
  President &
  CEO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have
executed, or caused this Stockholder Irrevocable Undertaking to be executed by
a duly authorized officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/John Cerullo

  	
   

  
	
   

  	
  Name:

  	
  John Cerullo

  	
   

  
	
   

  	
  Address:

  	
  1034 Ocean Blvd

  Hampton, NH 03842

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have
executed, or caused this Stockholder Irrevocable Undertaking to be executed by
a duly authorized officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/William B.
  Lawson

  	
   

  
	
   

  	
  Name:

  	
  William B.
  Lawson

  	
   

  
	
   

  	
  Address:

  	
  5915 Pine St.

  Lino Lakes, MN 55014

  	
   

  
	
   

  	
  Facsimile No.:

  	
  763-795-9555

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have
executed, or caused this Stockholder Irrevocable Undertaking to be executed by
a duly authorized officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/H. Richard.
  Lawson

  	
   

  
	
   

  	
  Name:

  	
  H. Richard. Lawson

  	
   

  
	
   

  	
  Address:

  	
  380 St. Peter

  St. Paul, MN 55102

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

Exhibit A

 

Irrevocable Proxy

 

The undersigned Stockholder (the “Stockholder”) of Lawson Software, Inc., a
Delaware corporation (“Lawson”),
hereby irrevocably (to the fullest extent permitted by law) appoints Romesh
Wadhwani and Bertrand Sciard of Intentia International AB, a company organized
under the laws of Sweden (“Intentia”),
as the sole and exclusive attorneys and proxies of the undersigned, with full
power of substitution and resubstitution, to vote and exercise all voting and
related rights (to the full extent that the undersigned is entitled to do so)
with respect to all of the shares of capital stock of Lawson that now are or
hereafter may be beneficially owned by the undersigned, and any and all other
shares or securities of Lawson issued or issuable in respect thereof on or
after the date hereof (collectively, the “Shares”),
in accordance with the terms of this Proxy. 
The Shares beneficially owned by Stockholder as of the date of this
Proxy are listed on the final page of this Proxy, along with the number(s) of
the stock certificate(s) which represent such Shares.  Upon Stockholder’s execution of this Proxy,
any and all prior proxies given by the undersigned with respect to any Shares
are hereby revoked and Stockholder agrees not to grant any subsequent proxies
with respect to the Shares until after the Expiration Date (as defined below).

 

This Proxy is irrevocable (to the fullest extent
permitted by law), is coupled with an interest and is granted pursuant to that
certain Stockholder Undertaking of even date herewith (the “Stockholder Undertaking”) by and between
Intentia and the undersigned Stockholder of Lawson, and is granted in
consideration of Intentia, Lawson, Lion
Holdings, Inc., a Delaware corporation (“Bidder”)
and Lion Acquisition, Inc., a
Delaware corporation (“Lion Acquisition”)
entering into that certain Transaction Agreement of even date herewith (as it
may hereafter be amended from time to time in accordance with the provisions
thereof, the “Transaction Agreement”).  The Transaction Agreement provides for the
offer of Bidder Common Stock for all of the shares held by Intentia’s
stockholders at fixed exchange ratios. 
As used in this Proxy, the term “Expiration
Date” shall mean the earlier to occur of (i) six months after the
earlier date of (A) the termination of the Offer by Lawson in accordance with
the terms and conditions set forth in the Press Announcement, or (B) January
31, 2006 or (ii) such date and time as the Offer shall have consummated in
accordance with the terms and conditions set forth in the Transaction Agreement
and the Press Announcement.

 

The attorneys and proxies named above, and each of
them, are hereby authorized and empowered by Stockholder, at any time prior to
the Expiration Date, to act as Stockholder’s attorney and proxy to vote all of
the Shares, and to exercise all voting, consent and similar rights of the
undersigned with respect to all of the Shares (including, without limitation, the
power to execute and deliver written consents) at every annual or special
meeting of stockholders of Lawson (and at every adjournment or postponement
thereof), and in every written consent in lieu of such meeting:

 

 

in favor of
issuance of shares of Bidder Common Stock to be offered to Intentia
shareholders and warrant holders in consideration for Intentia’s Series A and
Series B Shares and Warrants in accordance with the Offer;

 

in favor of
adoption of the Merger Agreement and approval of the transactions contemplated
thereby; and

 

against any
proposal made in opposition to, or in competition with, consummation of the
Offer or the Merger, including any Acquisition Proposal.

 

The attorneys and proxies named above may not exercise
this Proxy on any other matter except as provided in clauses (a), (b) and (c)
above.  Stockholder may vote the Shares
on all other matters.  Notwithstanding
anything in this Proxy to the contrary, if Stockholder is a director or officer
of Lawson, nothing contained in this Proxy shall prohibit such director or
officer from acting in his/her capacity as such or from taking such action as a
director or officer of Lawson that may be required on the part of such person
as a director or officer of Lawson, including acting in compliance with the
Transaction Agreement.

 

Any obligation of Stockholder hereunder shall be
binding upon the successors and assigns of Stockholder.

 

This Proxy shall terminate and be of no further force
and effect, automatically upon the Expiration Date.

 

 

IN WITNESS WHEREOF,
Stockholder has caused this Irrevocable Proxy to be duly executed as of the day
and year first above written.

 

	
   

  	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:

  	
  /s/ H. Richard Lawson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  H. Richard Lawson

  	
   

  
	
   

  	
   

  	
  Address:

  	
  380 Saint Peter St., St. Paul, MN 55102

  	
   

  
	
   

  	
   

  	
  Facsimile No.:

  	
  651-767-4940

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares beneficially Owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  14,386,375  Lawson common shares

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  14,386,375
  Lawson common shares issuable

  upon exercise of outstanding

  options or warrants

  
								

 

 

IN WITNESS WHEREOF,
Stockholder has caused this Irrevocable Proxy to be duly executed as of the day
and year first above written.

 

	
   

  	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:

  	
  /s/William B. Lawson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  William B. Lawson

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares beneficially Owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1,748,841 Lawson
  common shares

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
                Lawson
  common shares issuable

  upon exercise of outstanding

  options or warrants

  
								

 

 

IN WITNESS WHEREOF,
Stockholder has caused this Irrevocable Proxy to be duly executed as of the day
and year first above written.

 

	
   

  	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:

  	
  /s/ John J. Cerullo

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cerullo

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares beneficially Owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  18,832,104
  Lawson common shares

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  18,832,104
  Lawson common shares issuable

  upon exercise of outstanding

  options or warrants

  
								

 

 

FIRST AMENDMENT

TO STOCKHOLDER IRREVOCABLE UNDERTAKING

 

This
FIRST AMENDMENT TO STOCKHOLDER IRREVOCABLE
UNDERTAKING (this “Amendment”)
is effective as of December 14, 2005, by and between Intentia International AB (publ), a company
organized under the laws of Sweden, (“Intentia”),
and the undersigned Stockholder (“Stockholder”)
of Lawson Software, Inc., a
Delaware corporation (“Lawson”).  All capitalized terms used but not defined in
the Amendment have the meaning assigned to them in the Stockholder Irrevocable
Undertaking (the “Stockholder Irrevocable
Undertaking”), dated June 2, 2005, by and among Intentia
and Stockholder.

 

RECITALS

 

WHEREAS, Intentia and Stockholder have previously entered into the Stockholder
Irrevocable Undertaking which sets forth, among other matters, the terms and
conditions under which Stockholder will vote in favor of the proposed business
combination Intentia with Lawson;

 

WHEREAS, Intentia, Lawson, Lawson Holdings, Inc., a Delaware corporation
and Lawson Acquisition, Inc., a Delaware corporation, have entered into a
Transaction Agreement, dated June 2, 2005 (the “Transaction Agreement”) and a first
amendment to the Transaction Agreement, effective as of December 14, 2005
(the “Transaction Agreement Amendment”);
and

 

WHEREAS, each of Intentia and Stockholder desires that certain terms of the
Stockholder Irrevocable Undertaking be amended, as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and
agreements set forth herein and in the Stockholder Irrevocable Undertaking, the
parties hereto agree as follows:

 

1.                                       All references in the Stockholder Irrevocable
Undertaking and in this Amendment shall be understood to refer to the
Transaction Agreement as amended by the Transaction Agreement Amendment or by
any subsequent amendment to the Transaction Agreement.

 

2.                                       Section 2 of the Stockholder Irrevocable
Undertaking is amended and restated in its entirety as follows:

 

“2.  Restriction on Transfer, Proxies and Non-Interference.  Except as expressly contemplated by this
Agreement, at all times during the period commencing with the execution and
delivery of this Agreement and continuing until the Expiration Date,
Stockholder shall not, directly or indirectly, (i) cause or permit the
Transfer of any of the Shares to be effected, or discuss, negotiate or make any
offer regarding any Transfer of any of the Shares, (ii) grant any proxies
or powers of attorney with respect to any of the Shares, deposit any of the
Shares into a voting trust or enter into a voting agreement or other similar
commitment or arrangement with respect to any of the Shares in contravention of
the obligations of Stockholder under this Agreement, (iii) request that
Lawson register the Transfer of any certificate or uncertificated interest
representing any

 

 

of
the Shares, or (iv) take any action that would make any representation or
warranty of Stockholder contained herein untrue or incorrect, or have the
effect of preventing or disabling Stockholder from performing any of
Stockholder’s obligations under this Agreement. 
Notwithstanding the foregoing or anything to the contrary set forth in
this Agreement, (A) Stockholder may Transfer any or all of the Shares
pursuant to, and in accordance with, the terms of Stockholder’s 10b-5 plan or
arrangement with Lawson, if any, as in effect as of the date hereof,  (B) Stockholder may sell Shares for cash
to the extent necessary to pay taxes incurred as a direct result of the
exercise of Lawson Options after the date hereof, (C) Stockholder may sell
Shares at any time prior to the termination of the Transaction Agreement in an
aggregate amount (including for these purposes any amounts sold pursuant to the
immediately preceding clauses (A) and (B)) of up to 3% of the Shares, and (D) in
the event of the termination of the Transaction Agreement, Stockholder may sell
Shares at any time during the period commencing on the date of such termination
and ending on the Expiration Date in an aggregate amount (including for these
purposes any amounts sold pursuant to the immediately preceding clauses (A), (B) and
(C)) of up to 25% of the Shares.”

 

3.                                       This Amendment shall be governed by and
construed in accordance with the laws of the State of New York, USA, without regard
to its principles of conflicts of laws (except to the extent that applicable
laws governing the corporate organization of Intentia mandate the application
of the laws of the jurisdiction of organization of such party).  Each party irrevocably and unconditionally
consents and submits to the jurisdiction of the state and federal courts
located in the State of Delaware for purposes of any action, suit or proceeding
arising out of or relating to this Amendment.

 

4.                                       Except as expressly amended hereby, the
parties to this Amendment intend for the Stockholder Irrevocable Undertaking to
remain in full force and effect and to be legally bound by the Stockholder
Irrevocable Undertaking as amended by this Amendment.

 

 

IN WITNESS WHEREOF, the undersigned have executed, or caused this First Amendment to
Stockholder Irrevocable Undertaking to be executed by a duly authorized
officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Bertrand Sciard

  	
   

  
	
   

  	
  Name:

  	
  Bertrand Sciard

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have executed, or caused this First Amendment to
Stockholder Irrevocable Undertaking to be executed by a duly authorized
officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/John Cerullo

  	
   

  
	
   

  	
  Name:

  	
  John Cerullo

  	
   

  
	
   

  	
  Address:

  	
  1034 Ocean Blvd

  Hampton, NH 03842

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have executed, or caused this First Amendment to
Stockholder Irrevocable Undertaking to be executed by a duly authorized
officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/William B. Lawson

  	
   

  
	
   

  	
  Name:

  	
  William B. Lawson

  	
   

  
	
   

  	
  Address:

  	
  5915 Pine St.

  Lino Lakes, MN 55014

  	
   

  
	
   

  	
  Facsimile No.:

  	
  763-795-9555

  	
   

  
										

 

 

FIRST AMENDMENT

TO STOCKHOLDER IRREVOCABLE UNDERTAKING

 

This
FIRST AMENDMENT TO STOCKHOLDER IRREVOCABLE
UNDERTAKING (this “Amendment”)
is effective as of December 14, 2005, by and between Intentia International AB (publ), a company
organized under the laws of Sweden, (“Intentia”),
and the undersigned Stockholder (“Stockholder”)
of Lawson Software, Inc., a
Delaware corporation (“Lawson”).  All capitalized terms used but not defined in
the Amendment have the meaning assigned to them in the Stockholder Irrevocable
Undertaking (the “Stockholder Irrevocable
Undertaking”), dated June 2, 2005, by and among Intentia
and Stockholder.

 

RECITALS

 

WHEREAS, Intentia and Stockholder have previously entered into the Stockholder
Irrevocable Undertaking which sets forth, among other matters, the terms and
conditions under which Stockholder will vote in favor of the proposed business
combination Intentia with Lawson;

 

WHEREAS, Intentia, Lawson, Lawson Holdings, Inc., a Delaware corporation
and Lawson Acquisition, Inc., a Delaware corporation, have entered into a
Transaction Agreement, dated June 2, 2005 (the “Transaction Agreement”) and a first
amendment to the Transaction Agreement, effective as of December 14, 2005
(the “Transaction Agreement Amendment”);
and

 

WHEREAS, each of Intentia and Stockholder desires that certain terms of the
Stockholder Irrevocable Undertaking be amended, as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and
agreements set forth herein and in the Stockholder Irrevocable Undertaking, the
parties hereto agree as follows:

 

1.                                       All references in the Stockholder Irrevocable
Undertaking and in this Amendment shall be understood to refer to the
Transaction Agreement as amended by the Transaction Agreement Amendment or by
any subsequent amendment to the Transaction Agreement.

 

2.                                       Section 2 of the Stockholder Irrevocable
Undertaking is amended and restated in its entirety as follows:

 

“2.  Restriction on Transfer, Proxies and Non-Interference.  Except as expressly contemplated by this
Agreement, at all times during the period commencing with the execution and
delivery of this Agreement and continuing until the Expiration Date,
Stockholder shall not, directly or indirectly, (i) cause or permit the
Transfer of any of the Shares to be effected, or discuss, negotiate or make any
offer regarding any Transfer of any of the Shares, (ii) grant any proxies
or powers of attorney with respect to any of the Shares, deposit any of the
Shares into a voting trust or enter into a voting agreement or other similar
commitment or arrangement with respect to any of the Shares in contravention of
the obligations of Stockholder under this Agreement, (iii) request that
Lawson register the Transfer of any certificate or uncertificated interest
representing any

 

 

of
the Shares, or (iv) take any action that would make any representation or
warranty of Stockholder contained herein untrue or incorrect, or have the
effect of preventing or disabling Stockholder from performing any of
Stockholder’s obligations under this Agreement. 
Notwithstanding the foregoing or anything to the contrary set forth in
this Agreement, (A) Stockholder may Transfer any or all of the Shares
pursuant to, and in accordance with, the terms of Stockholder’s 10b-5 plan or
arrangement with Lawson, if any, as in effect as of the date hereof,  (B) Stockholder may sell Shares for cash
to the extent necessary to pay taxes incurred as a direct result of the
exercise of Lawson Options after the date hereof, and (C) in the event of
the termination of the Transaction Agreement, Stockholder may sell Shares at
any time during the period commencing on the date of such termination and
ending on the Expiration Date in an aggregate amount (including for these
purposes any amounts sold pursuant to the immediately preceding clauses (A) and
(B)) of up to 25% of the Shares.”

 

3.                                       This Amendment shall be governed by and
construed in accordance with the laws of the State of New York, USA, without
regard to its principles of conflicts of laws (except to the extent that
applicable laws governing the corporate organization of Intentia mandate the
application of the laws of the jurisdiction of organization of such
party).  Each party irrevocably and
unconditionally consents and submits to the jurisdiction of the state and federal
courts located in the State of Delaware for purposes of any action, suit or
proceeding arising out of or relating to this Amendment.

 

4.                                       Except as expressly amended hereby, the
parties to this Amendment intend for the Stockholder Irrevocable Undertaking to
remain in full force and effect and to be legally bound by the Stockholder
Irrevocable Undertaking as amended by this Amendment.

 

 

IN WITNESS WHEREOF, the undersigned have executed, or caused this First Amendment to
Stockholder Irrevocable Undertaking to be executed by a duly authorized officer,
as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Bertrand Sciard

  	
   

  
	
   

  	
  Name:

  	
  Bertrand Sciard

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
  Facsimile No.:

  	
   

  	
   

  
										

 

 

IN WITNESS WHEREOF, the undersigned have executed, or caused this First Amendment to
Stockholder Irrevocable Undertaking to be executed by a duly authorized
officer, as of the date first written above.

 

 

	
   

  	
  INTENTIA
  INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/H. Richard Lawson

  	
   

  
	
   

  	
  Name:

  	
  H. Richard Lawson

  	
   

  
	
   

  	
  Address:

  	
  380 St. Peter

  St. Paul, MN 55102

  	
   

  
	
   

  	
  Facsimile No.:Exhibit
10.1

 

Vita
Food Products, Inc.

SUBSCRIPTION
AGREEMENT

 

Vita
Food Products, Inc.

2222 West Lake Street

Chicago, Illinois 60612

 

Ladies and Gentlemen:

 

1.             Subscription. The undersigned (the “Purchaser”), intending to be legally bound,
hereby irrevocably agrees to purchase from Vita Food Products, Inc. (the “Company”) the number of units (the “Units”) set forth on the signature page
hereof at a purchase price of $250,000 per Unit. Each Unit consists of 100,000
shares of common stock, par value $.01 per share of the Company (the “Common Stock”), a three (3) year warrant to
purchase 50,000 shares of the Common Stock at $5 per share (the “A Warrant”) and a five (5) year warrant to
purchase 50,000 shares of Common Stock at $7.50 per share (the “B Warrant”). The A Warrant and the B
Warrant are collectively referred to as the “Warrants”.

 

2.             Payment. The Purchaser encloses herewith a
check payable to, or will immediately make a wire transfer payment to, “Vita Food Products, Inc.,” in the full
amount of the purchase price of the Units being subscribed for. Such funds will
be held for the Purchaser’s benefit, and will be returned promptly, without
interest, penalty, expense or deduction if subscriptions for $2,500,000 are not
received.

 

3.             Acceptance of Subscription. The Purchaser
understands and agrees that the Company in its sole discretion reserves the
right to accept or reject this subscription for Units,  notwithstanding prior receipt by the
Purchaser of notice of acceptance of this subscription. The Company shall have
no obligation hereunder until the Company shall execute and deliver to the
Purchaser an executed copy of this Subscription Agreement. If this subscription
is accepted but the conditions set forth in Section 8 of this Agreement are not
satisfied and this Agreement is terminated, all funds received from the
Purchaser will be returned without interest, penalty, expense or deduction, and
this Subscription Agreement shall thereafter be of no further force or effect.

 

4.             Representations and Warranties. The Purchaser
hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)           None
of the shares of Common Stock or Warrants contained in the Units or any of the
shares of Common Stock underlying the Warrants contained in the Units are
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities
laws. The Purchaser understands that the offering and sale of the Units is
intended to be exempt from registration under the Securities Act, by virtue of
Section 4(2) thereof and the provisions of Regulation D (“Regulation D”) promulgated thereunder,
based, in part, upon the representations, warranties and agreements of the
Purchaser contained in this Subscription Agreement;

 

(b)           Purchaser
has reviewed and understands the Company’s “SEC
Documents.”  For purposes
hereof, the term “SEC Documents”
shall mean the Company’s annual report on Form 10-K for the year 

 

1

 

ended December 31, 2004, the Company’s
quarterly reports on Form 10-Q for the quarters ended September 30, 2005, June
30, 2005, and March 31, 2005, and all Company current reports on Form 8-K filed
with the Securities and Exchange Commission (the “Commission”) since December 31, 2004;

 

(c)           Neither
the Commission nor any state securities commission has approved the Units or
any of the shares of Common Stock or Warrants included in the Units or any of
the shares of Common Stock underlying the Warrants contained in the Units;

 

(d)           The
Purchaser has had a reasonable opportunity to ask questions of and receive
answers from a person or persons acting on behalf of the Company concerning the
offering of the Units and the business, financial condition, results of
operations and prospects of the Company, and all such questions have been
answered to the full satisfaction of the Purchaser, if any;

 

(e)           The
Purchaser has taken no action which would give rise to any claim by any person
for brokerage commissions, finders’ fees or the like relating to this
Subscription Agreement or the transactions contemplated hereby;

 

(f)            The
Purchaser has such knowledge and experience in financial, tax, and business
matters, and, in particular, investments in securities, so as to enable them to
utilize the information made available to them in connection with the offering
of the Units to evaluate the merits and risks of an investment in the Units and
the Company and to make an informed investment decision with respect thereto;

 

(g)           The
Purchaser is acquiring the Units solely for such Purchaser’s own account for
investment and not with a view to resale or distribution thereof, in whole or
in part. The Purchaser has no agreement or arrangement, formal or informal,
with any person to sell or transfer all or any part of the Units, the warrants,
or the shares of Common Stock, the shares of Common Stock issuable upon
exercising the Warrants contained in the Units, and the Purchaser has no plans
to enter into any such agreement or arrangement;

 

(h)           The
Purchaser understands that the Units, the Common Stock, the Warrants and the
shares of Common Stock underlying the Warrants are characterized as restricted
securities under the federal securities laws in as much as they are being
acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations, such securities may be resold
without registration under the Securities Act only in certain limited circumstances.
In this regard, Purchaser represents that Purchaser is familiar with Rule 144
under the Securities Act as presently in effect and understands the resale
limitations imposed thereby and by the Securities Act. In addition, the
Purchaser understands the Purchaser must bear the substantial economic risks of
the investment in the Units indefinitely because none of the securities
included in the Units may be sold, hypothecated or otherwise disposed of unless
subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available. Legends shall
be placed on the securities included in the Units to the effect that they have
not been registered under the Securities Act or applicable state securities
laws and appropriate notations thereof will be made in the Company’s stock
books. Stop transfer instructions will be placed with the transfer agent of the
securities constituting the Units. Purchaser understands that Purchaser will
not have registration rights with respect to the Common Stock, Warrants or
Units.

 

2

 

(i)            The
Purchaser is an “accredited investor”
within the meaning of Rule 501 of Regulation D, as presently in effect;

 

(j)            The
Purchaser:  (i) if a natural person
represents that the Purchaser has reached the age of 21 and has full power and authority
to execute and deliver this Subscription Agreement and all other related
agreements or certificates and to carry out the provisions hereof and thereof;
(ii) if a corporation, partnership, or limited liability company or
partnership, or association, joint stock company, trust, unincorporated
organization or other entity, such entity was not formed for the specific
purpose of acquiring the Units, such entity is duly organized, validly existing
and in good standing under the laws of the state of its organization, the
consummation of the transactions contemplated hereby is authorized by, and will
not result in a violation of state law or its charter or other organizational
documents, such entity has full power and authority to execute and deliver this
Subscription Agreement and all other related agreements or certificates and to
carry out the provisions hereof and thereof and to purchase and hold the
securities constituting the Units, the execution and delivery of this
Subscription Agreement has been duly authorized by all necessary action, this
Subscription Agreement has been duly executed and delivered on behalf of such
entity and is a legal, valid and binding obligation of such entity; and (iii)
if executing this Subscription Agreement in a representative or fiduciary
capacity, it has full power and authority to execute and deliver this
Subscription Agreement in such capacity and on behalf of the subscribing
individual, ward, partnership, trust, estate, corporation, or limited liability
company or partnership, or other entity for whom the Purchaser is executing
this Subscription Agreement, and such individual, partnership, ward, trust,
estate, corporation, or limited liability company or partnership, or other
entity has full right and power to perform pursuant to this Subscription
Agreement and make an investment in the Company, and that this Subscription
Agreement constitutes a legal, valid and binding obligation of such entity. The
execution and delivery of this Subscription Agreement will not violate or be in
conflict with any order, judgment, injunction, agreement or controlling
document to which the Purchaser is a party or by which it is bound; and

 

(k)           Any
information which the undersigned has heretofore furnished or furnishes
herewith to the Company is complete and accurate and may be relied upon by the
Company in determining the availability of an exemption from registration under
Federal and state securities laws in connection with the offering of securities.
The Purchaser further represents and warrants that it will notify and supply
corrective information to the Company immediately upon the occurrence of any
change therein occurring prior to the Company’s issuance of the securities
contained in the Units.

 

6.             Indemnification. The Purchaser agrees to
indemnify and hold harmless the Company, and its officers, directors,
employees, agents, control persons and affiliates against all losses,
liabilities, claims, damages, costs, fees and expenses whatsoever (including,
but not limited to, any and all expenses incurred in investigating, preparing
or defending against any litigation commenced or threatened) based upon or
arising out of any actual or alleged false acknowledgment, representation or
warranty, or misrepresentation or omission to state a material fact, or breach
by the Purchaser of any covenant or agreement made by the Purchaser herein.

 

3

 

7.             Irrevocability; Binding Effect. The Purchaser
hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this
Subscription Agreement shall survive the death or disability of the Purchaser
and shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives, and
permitted assigns. If the Purchaser is more than one person, the obligations of
the Purchaser hereunder shall be joint and several and the agreements,
representations, warranties, and acknowledgments herein shall be deemed to be
made by and be binding upon each such person and such person’s heirs,
executors, administrators, successors, legal representatives, and permitted
assigns.

 

8.             Termination Events. (a) The obligations of
the Company to proceed with the transaction contemplated by this Agreement, is
subject to receipt by the Board of Directors of the Company of an opinion (“Fairness Opinion”) from an investment
banker or other acceptable party which, in the sole determination of the Board
of Directors of the Company, supports the fairness of the transaction to the
Company.

 

(b)           The obligations of the Company to proceed with the issuance
of the Common Stock and Warrants pursuant to this Agreement is also subject to
receipt by the Company of the approval of the transaction by the American Stock
Exchange (“AMEX Approval”).

 

(c)           In the event that the Company does not receive an acceptable
Fairness Opinion or does not receive the AMEX Approval, this Agreement shall be
terminated, and all funds received by the Company from the Purchaser pursuant
to this Subscription Agreement shall be returned to the Purchaser as provided
in Section 2 of this Agreement. The Company represents that it will promptly take
such action as may be necessary to obtain such Fairness Opinion and AMEX
Approval.

 

9.             Modification. This Subscription Agreement
shall not be modified or waived except by an instrument in writing signed by
the party against whom any such modification or waiver is sought.

 

10.           Notices. Any notice or other communication
required or permitted to be given hereunder shall be in writing and shall be
mailed by certified mail, return receipt requested, or delivered against
receipt to the party to whom it is to be given (a) if to the Company, at the
address set forth above, or (b) if to the Purchaser, at the address set forth
on the signature page hereof (or, in either case, to such other address as the
party shall have furnished in writing in accordance with the provisions of this
Section 10). Any notice or other communication given by certified mail shall be
deemed given at the time of certification thereof, except for a notice changing
a party’s address which shall be deemed given at the time of receipt thereof.

 

11.           Assignability. This Subscription Agreement and
the rights, interests and obligations hereunder are not transferable or
assignable by the Purchaser and the transfer or assignment of the Warrants, the
shares of Common Stock contained in the Units or the shares of Common Stock
issuable upon exercise of the Warrants contained in the Units shall be made
only in accordance with all applicable laws.

 

12.           Applicable Law. This Subscription Agreement
shall be governed by and construed in accordance with the laws of the State of Nevada
relating to contracts entered into and to be performed wholly within such
State. The Purchaser hereby irrevocably submits to the jurisdiction of any Illinois

 

4

 

state court or United States Federal court
sitting in Cook County, Illinois over any action or proceeding arising out of
or relating to this Subscription Agreement or any agreement contemplated
hereby, and the Purchaser hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard and determined in such Illinois state
or Federal court. The Purchaser further waives any objection to venue in such
State and any objection to an action or proceeding in such State on the basis
of a non-convenient forum. The Purchaser further agrees that any action or proceeding
brought against the Company shall be brought only in Illinois state or United
States Federal courts sitting in Cook County, Illinois. THE PURCHASER AGREES TO
WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY.

 

13.           Blue Sky Qualification. The purchase of Units
under this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Units from applicable Federal
and state securities laws. The Company shall not be required to qualify this
transaction under the securities laws of any jurisdiction and, should
qualification be necessary, the Company shall be released from any and all obligations
to maintain its offer, and may rescind any sale contracted, in the
jurisdiction.

 

14.           Use of Pronouns. All pronouns and any
variations thereof used herein shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the person or persons
referred to may require.

 

15.           Confidentiality. The Purchaser acknowledges and
agrees that any information or data it has acquired from or about the Company,
not otherwise properly in the public domain, was received in confidence. The
Purchaser agrees not to divulge, communicate or disclose, except as may be
required by law or for the performance of this Agreement, or use to the
detriment of the Company or for the benefit of any other person or persons, or
misuse in any way, any confidential information of the Company, including any
scientific, technical, trade or business secrets of the Company and any
scientific, technical, trade or business materials that are treated by the
Company as confidential or proprietary, including, but not limited to, ideas,
discoveries, inventions, developments and improvements belonging to the Company
and confidential information obtained by or given to the Company about or
belonging to third parties.

 

16.           Miscellaneous.

 

(a)           This
Agreement constitutes the entire agreement between the Purchaser and the
Company with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings, if any, relating to the subject
matter hereof. The terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions.

 

(b)           The
Purchaser’s representations and warranties made in this Agreement shall survive
the execution and delivery hereof and delivery of the shares of Common Stock
and Warrants contained in the Units.

 

5

 

(c)           Each
of the parties hereto shall pay its own fees and expenses (including the fees
of any attorneys, accountants, appraisers or others engaged by such party) in
connection with this Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.

 

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

 

(e)           Each
provision of this Subscription Agreement shall be considered separable and, if
for any reason any provision or provisions hereof are determined to be invalid
or contrary to applicable law, such invalidity or illegality shall not impair
the operation of or affect the remaining portions of this Subscription
Agreement.

 

(f)            Paragraph
titles are for descriptive purposes only and shall not control or alter the
meaning of this Subscription Agreement as set forth in the text.

 

[Remainder
of page intentionally blank]

 

6

 

                IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement
this        day of                 ,
2006.

 

	
  4

  	
  x $250,000 =

  	
  $1,000,000

  
	
  (Units being

  	
   

  	
  (Subscription Price)

  
	
  purchased)

  	
   

  	
   

  

 

If the purchaser is an INDIVIDUAL, or if
purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

 

	
  Howard Bedford

  	
   

  	
  20 Indian Hill Road,
  Winnetka, IL 60093

  	
   

  
	
  Print Name(s)

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Howard Bedford

  	
   

  	
   

  	
   

  
	
  Signature of Purchaser

  	
   

  	
  Social Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of Purchaser

  	
   

  	
  Social Security Number

  	
   

  
					

 

 

If
the purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or
TRUST:

 

 

	
   

  	
   

  	
   

  	
   

  
	
  Name of Partnership,

  	
   

  	
  Federal Taxpayer

  	
   

  
	
  Corporation, Limited

  	
   

  	
  Identification Number

  	
   

  
	
  Liability Company or

  	
   

  	
   

  	
   

  
	
  Trust

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  State of Organization

  	
   

  
	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SUBSCRIPTION ACCEPTED AND
  AGREED TO

  	
   

  	
   

  
	
  this 16th day of February,2006.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Vita Food Products, Inc.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Clifford Bolen

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  COO & CFO

  	
   

  	
   

  	
   

  
								

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]