Document:

Exhibit 4.1

 

FIRST AMENDMENT TO THE RIGHTS AGREEMENT

 

First Amendment (the “Amendment”), dated as of June 2,
2005, between Lawson Software, Inc., Inc., a Delaware corporation
(the “Company”), and Mellon Investor Services LLC, as rights agent (the “Rights
Agent”), to the Rights Agreement dated as of July 28, 2004 (the “Rights
Agreement”); capitalized terms used without definition in this Amendment shall
have the meanings given to them in the Rights Agreement.

 

WHEREAS, pursuant to Section 27
of the Rights Agreement, the Company, prior to the time that any Person becomes
an Acquiring Person, may from time to time change or supplement the Rights
Agreement in order to make any changes which the Company may deem necessary or
desirable;

 

WHEREAS, the Company has
organized Lawson Holdings, Inc. as its wholly-owned subsidiary (“Lawson
Holdings”), and the Company has caused Lion Holdings to organize Lawson
Acquisition, Inc. (“Lawson Acquisition”) for the purpose of reorganizing Lawson
Holdings into a holding company through a merger of Lawson Acquisition with and
into the Company, with the Company as the surviving corporation and a
wholly-owned subsidiary of Lawson Holdings (the “Merger”);

 

WHEREAS, it is
contemplated that Lawson Holdings will make a public offer for all outstanding Series A
and Series B shares of Intentia AB (“Intentia”), all outstanding warrants
to purchase Series B shares of Intentia and all outstanding 5% Convertible
Subordinated Notes due 2006 of Intentia (collectively, the “Offer”);

 

WHEREAS, in conjunction
with the Offer, certain Company affiliates have entered into agreements to vote
in favor of the Merger and the issuance of Lion Holdings common stock in
connection with the Offer, to vote against any competing acquisition proposals,
not to transfer any of their Company common stock and not to solicit competing
proposals for the acquisition of the Company (collectively, the “Irrevocable
Undertakings”);

 

WHEREAS, the Board of
Directors of the Company has determined that this Amendment is necessary and
desirable to provide that the execution and delivery of the Irrevocable
Undertakings, and any exercise by Intentia of its rights thereunder, shall not
give rise to a Distribution Date under the Rights Agreement, and the Company
and the Rights Agent desire to evidence such Amendment in writing; and

 

WHEREAS, no Person is an
Acquiring Person as of the date hereof.

 

 

NOW THEREFORE, the
parties hereto agree as follows:

 

1.                                       Amendment
to Section 1 (Certain Definitions).

 

(a)                                  The
definition of “Exempt Person” in Section 1 of the Rights Agreement is
hereby amended by deleting it in its entirety and replacing it with the
following:

 

“Exempt Person” shall mean (i) the Company, any Subsidiary of the
Company, any employee benefit plan of the Company or of any Subsidiary of the
Company, any Person organized, appointed or established by the Company for or
pursuant to the terms of any such plan, (ii) any Person who was, together
with such Person’s Affiliates and Associates, the Beneficial Owner of fifteen
percent (15%) or more of the then outstanding share of Common Stock on the
Record Date, provided that after the date of this Agreement such Person,
together with such Person’s Affiliates and Associates, does not, (A) become
the Beneficial Owner of additional shares of Common Stock representing one
percent (1%) or more of the then outstanding share of Common Stock, in which
case such Person shall no longer be deemed to be an Exempt Person for purposes
of this Agreement, or (B) decrease its percentage ownership below fifteen
percent (15%) of the then outstanding shares of common Stock, in which case
such Person shall no longer be deemed to be an Exempt Person for purposes of
this Agreement, (iii) any Person who is the Beneficial Owner of less than
20% of the shares of Common Stock then outstanding and (A) is permitted,
pursuant to Rule 13d-1 under the Exchange Act, to report such ownership on
Schedule 13G (or any comparable or successor report) or (B) was
permitted to report such ownership on Schedule 13G (or any comparable or
successor report) and thereafter does not acquire additional shares of Common
Stock (other than as a result of any stock split, stock dividend or similar
transaction) subsequent to the time when such Person became ineligible to
report such ownership on Schedule 13G (or any comparable or successor
report), (iv) any Person who is the Beneficial Owner of less than 20% of
the shares of Common Stock then outstanding and has reported or is required to
report such ownership on Schedule 13D under the Exchange Act (or any
comparable or successor report) which Schedule 13D does not state any
intention to or reserve the right of control or influence the management or
policies of the Company or engage in any of the actions specified in Item 4 of
such schedule (other than the disposition of the Common Stock) and, within
10 business Days of being requested by the Company to advise it regarding the
same, certifies to the Company that such Person acquired shares of Common Stock
in excess of 14.9% inadvertently or without knowledge of the terms of the
Rights and who or which, together with all Affiliates and Associates,
thereafter does not acquire additional shares of Common Stock (other than as a
result of any stock split, stock dividend or similar transaction) while the
Beneficial Owner of 15% or more of the shares of Common Stock then outstanding;
provided, however, that if the Person requested to so certify fails to do so
within 10 Business Days, then such Person shall become an Acquiring Person
immediately after such 10-Business-Day period and (v) Intentia AB solely
in connection with the approval, execution and delivery of, or the exercise by
Intentia AB of its rights under, the Irrevocable Undertakings.

 

2

 

(b)                                 The
following definition shall be inserted in Section 1 of the Rights
Agreement:

 

“Irrevocable Undertakings” shall mean the agreements dated June 2,
2005 entered into by and between Intentia AB and each of Richard Lawson, John
Cerullo, William Lawson and all other executive and non-executive directors of
the Company and their affiliates.

 

(c)                                  The
definition of “Share Acquisition Date” in Section 1 of the Rights
Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“Notwithstanding anything in this Agreement to the contrary, a Share
Acquisition Date shall not be deemed to have occurred solely in connection with
the approval, execution or delivery of, or the exercise of rights by Intentia
AB under, the Irrevocable Undertakings.”

 

2.                                       Amendment
to Section 3 (Issue of Right Certificates).  Section 3(a) of the Rights
Agreement is hereby amended by inserting the following sentence immediately
after the last sentence thereof:

 

“Notwithstanding anything in this Agreement to the contrary, a Distribution
Date shall not be deemed to have occurred solely by reason of the approval,
execution or delivery of, or the exercise of rights by Intentia AB under, the
Irrevocable Undertakings.”

 

3.                                       Amendment
to Section 30 (Benefits of this Agreement).  Section 29 of the Rights Agreement is
hereby amended by inserting the following sentence immediately after the last
sentence thereof:

 

“Nothing in this Agreement shall be construed to give any holder of
Rights or any other Person any legal or equitable rights, remedies or claims
under this Agreement by virtue solely of the approval, execution or delivery
of, or the exercise by Intentia AB of rights under, the Irrevocable
Undertakings.”

 

4.                                       Effectiveness.  This Amendment shall become effective
immediately prior to the approval, execution and delivery of the Irrevocable
Undertakings and shall have no force or effect until such time.  Except as amended hereby, the Rights
Agreement shall remain in full force and effect and shall be otherwise
unaffected hereby.

 

5.                                       Counterparts.  This Amendment may be executed in any number
of counterparts and each of such counterparts shall together constitute but one
and the same instrument.

 

6.                                       Miscellaneous.  This Amendment shall be deemed a contract
made under the laws of the State of Delaware and for all purposes shall be
governed by and construed in accordance with the laws of such state;
provided, however, that all provisions regarding the rights, duties,
liabilities and obligations of the Rights Agent shall be governed by and construed
in accordance with the laws of

 

3

 

the
State of New York applicable to contracts made and to be performed entirely
within such state.  If any term or other
provision of this Amendment is determined to be invalid, illegal or incapable
of being enforced by any rule of law or public policy, all other terms and
provisions of this Amendment shall nevertheless remain in full force and effect
and upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, this Amendment and such term or other
provision shall be deemed to have been amended so as to effect the original
intent of the parties as closely as possible in an acceptable manner to the
Board of Directors of the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

4

 

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

 

	
   

  	
  LAWSON
  SOFTWARE, INC.

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Bruce B. McPheeters

  	
   

  	
  By:

  	
  /s/
  H. Richard Lawson

  	
   

  
	
  Name:

  	
  Bruce
  B. McPheeters

  	
  Name:
  

  	
  H.
  Richard Lawson

  
	
  Title:

  	
  Secretary

  	
  Title:

  	
  Chairman

  
	
   

  
	
   

  
	
   

  	
  MELLON
  INVESTOR SERVICES LLC,

  
	
   

  	
  as
  Rights Agent

  
	
   

  
	
  Attest:

  
	
  By: 

  	
  /s/
  Bruce Hochstadt, MD

  	
   

  	
  By:

  	
  /s/
  Georg Drake

  	
   

  
	
  Name:

  	
  Bruce
  Hochstadt, MD

  	
  Name:

  	
  Georg
  Drake

  
	
  Title:

  	
  Principal,
  H&W

  	
  Title:

  	
  Assistant
  Vice President

  
									

 

 

[SIGNATURE PAGE TO AMENDMENT NO.1 TO RIGHTS AGREEMENT]

 

5Exhibit 10.1

 

EXECUTION COPY

 

TRANSACTION AGREEMENT

 

THIS AGREEMENT is entered into as of this 2nd day of
June, 2005 by and among Intentia
International AB, a company organized under the laws of Sweden and
its principal place of business at Vendevägen 89, Box 596, SE-182 15 Danderyd,
Sweden (“Intentia” or the “Company”), Lawson
Software, Inc., a Delaware corporation with its principal place
of business at 380 St. Peter Street, St. Paul, Minnesota USA (“Lawson”), Lawson Holdings, Inc., a Delaware
corporation with its principal place of business at 380 St. Peter Street, St.
Paul, Minnesota USA (“Bidder”) and Lawson
Acquisition, Inc., a Delaware corporation with its principal
place of business at 380 St. Peter Street, St. Paul, Minnesota USA (“Lawson
Acquisition”).

 

RECITALS

 

Lawson has organized Bidder and caused Bidder to
organize Lawson Acquisition for the purpose of reorganizing Lawson into a
holding company through a merger of Lawson Acquisition with and into Lawson,
with Lawson as the surviving corporation (the “Merger”).  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 a recommended public offer (the “Offer”) for the
outstanding securities of Intentia.

 

1.              The
Transaction

 

1.1                                 Press
Announcement.  Contemporaneously with
the execution of this Agreement, Bidder, Lawson and Company shall issue a joint
press release in the form attached hereto as Schedule 1 (the “Press
Announcement”) setting forth the terms of the Offer for (i) Intentia
shareholders to tender all of Intentia’s issued and outstanding Series A
and Series B shares (the “Shares”) in exchange for shares of Bidder common
stock at fixed exchange ratios equal to 0.5061 per Series A share (the “A
Share Exchange Ratio”) and 0.4519 per Series B share (the “B Share
Exchange Ratio”) and together with the A Share Exchange Ratio, (the “Share
Exchange Ratios”), and (ii) holders of outstanding warrants for the
purchase of Series B shares (the “Warrants”) to tender the Warrants in
exchange for shares of Bidder common stock at a fixed exchange ratio equal to
0.2157 per outstanding Warrant (the “Warrant Exchange Ratio”) (the shares of
Bidder common stock offered pursuant to the Offer are collectively referred to
as the “Offered Common Stock”).  Subject to the completion of
documentation required by applicable law and regulation as mutually agreeable
to the parties, Bidder will make an offer to holders of Intentia’s 5%
Subordinated Convertible Notes due 2006 (the “Notes”) to tender the Notes in
exchange for a cash payment equal to the principal amount of each outstanding
Note, plus accrued but unpaid interest, if any, to the end of the acceptance
period of the Offer (the “Note Consideration”).

 

 

1.2                                 The
Merger.  Upon the terms and subject
to the conditions set forth in this Agreement and in accordance with the
General Corporation Law of the State of Delaware (the “Delaware Law”), Lawson
Acquisition will merge with and into Lawson at the Effective Time (as defined).  Following the Effective Time, the separate
corporate existence of the Lawson Acquisition will cease, and Lawson will
continue as the surviving entity in the Merger and will succeed to and assume
all the rights and obligations of the Company in accordance with Delaware Law.

 

Subject
to the provisions of this Agreement, as soon as practicable after the public
announcement of the satisfaction or waiver of all conditions to the Offer (the “Unconditional
Announcement”), the parties will file a certificate of merger (the “Certificate
of Merger”) executed in accordance with the relevant provisions of Delaware Law
and, as soon as practicable after the Unconditional Announcement, will make all
other filings or recordings required under Delaware Law.  The Merger will become effective at such time
as the Certificate of Merger is duly filed with the Secretary of State of the
State of Delaware, or at such other time as may be agreed by Intentia and
Lawson and will be specified in the Certificate of Merger (the time the Merger
becomes effective being the “Effective Time”).

 

1.3                                 Offer
Document; Securities Law Filings; Lawson Stockholder Meeting.  (a)  Subject to applicable laws and
regulations, the Bidder shall prepare a prospectus relating to the Offer (the “Offer
Document”) for delivery to the holders of the Shares, the Warrants and the
Notes as required by the Naringslivets
Borskomitte/NBK rules and the Swedish Financial Instruments
Trading Act (SFS1991:980) and the regulations issued by the Swedish Financial
Supervisory Authority (the “Takeover Rules”). 
The Company agrees to provide Bidder and Lawson in a timely manner with
all information relating to the Company and its Affiliates required to be
included in the Offer Document to comply with the disclosure requirements
contained in the Takeover Rules.

 

(b)                                 Bidder
and Lawson shall prepare and file with the United States Securities and
Exchange Commission (the “SEC”), as soon as reasonably practicable following
the date hereof, a combined registration statement and proxy statement on Form S-4
(the “Registration Statement”) under the United States Securities Act of 1933
(the “1933 Act”) to register the offer and sale of the Offered Common Stock
pursuant to the Offer and to solicit proxies in connection with a meeting of the
Lawson stockholders to consider the Merger and the issuance of the Offered
Common Stock pursuant to the Offer.

 

(c)                                  Intentia
and its counsel shall be given the opportunity to review and comment on (i) the
Offer Document and (ii) the Registration Statement, before each is filed
with the NBK or the SEC, respectively and made publicly available.

 

(d)                                 The
Company shall furnish all information concerning it and the holders of its
capital stock as the other may reasonably request in connection with the
preparation of the Registration Statement and the Offer Document.  None of the information supplied or to be
supplied by or on behalf of Bidder, Lawson or Intentia for inclusion or
incorporation by reference in the Registration Statement and the Offer Document
will, at the time the Registration Statement becomes effective under the 1933
Act, at the time the Offer Document is first mailed to Intentia’s shareholders,
at the time the Registration Statement is first mailed to Lawson’s 

 

2

 

stockholders or at the
time of the Lawson Special Meeting, contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. 
The consolidated financial statements of each of Lawson and Intentia
supplied or to be supplied by the applicable party for inclusion or
incorporation by reference in the Registration Statement will comply as to form
in all material respects with the accounting requirements and rules and
regulations of the SEC or the Takeover Rules applicable to each party and
fairly present the financial condition of each party as of the respective date
thereof and the consolidated results of operations and cash flows of each party
for the respective period then ended. 
Lawson and Bidder shall use commercially reasonable efforts to cause the
Registration Statement and the Offer Document to comply with the rules and
regulations promulgated by the SEC or the Takeover Rules, to respond promptly
to any comments of the SEC or its staff and to have the Registration Statement
declared effective under the 1933 Act as promptly as practicable after it is
filed with the SEC.  Lawson and Bidder
will promptly provide in writing to Intentia and its counsel any comments of
the NBK and SEC with respect to (i) the Offer Document and (ii) the
Registration Statement, respectively, as applicable and Intentia shall
cooperate with Lawson and Bidder in preparing responses to such comments.  All information supplied by or on behalf of
Bidder, Lawson or Intentia for inclusion or incorporation by reference in the
Registration Statement or the Offer Document will comply as to form in all
material respects with the applicable requirements of the Securities Act or the
Takeover Rules.  Lawson and Bidder shall
also promptly file, use commercially reasonable efforts to cause to become
effective as promptly as possible and, if required, mail to its stockholders
any amendment to the Registration Statement or the Offer Document that becomes
necessary after the date the Registration Statement is declared effective or
the Offer Document is first mailed to Intentia’s shareholders.

 

(e)                                  Lawson
shall duly take all lawful action to call, give notice of, convene and hold a
meeting of its stockholders on a date determined in accordance with the mutual
agreement of Lawson and Intentia (the “Lawson Stockholders Meeting”) for the
purpose of obtaining the requisite approval of the stockholders of Lawson in
favor of the Merger and the issuance of the Offered Common Stock pursuant to
the Nasdaq rules (the “Required Lawson Vote”) and shall take all lawful
action to solicit the adoption of the Required Lawson Vote.  Notwithstanding any Change in Lawson
Recommendation (as defined below), a proposal to approve the issuance of the
Offered Common Stock shall be submitted to the stockholders of Lawson at the
Lawson Stockholders Meeting for the purpose of seeking the Required Lawson Vote
and nothing contained herein shall be deemed to relieve Lawson of such
obligation.

 

1.4                                 Compliance
with the Takeover Rules.  Each of
Intentia and Lawson undertakes to comply with the Takeover Rules and the
Securities Council’s rulings on interpretation and implementation thereof.

 

2.              Board
Recommendations

 

2.1                                 Intentia
Board Recommendation.  (a) The
Company Press Announcement shall include a statement that the Intentia board of
directors unanimously recommends that Intentia’s shareholders tender their
Intentia Shares, Warrants and Notes in exchange for shares of the common stock,
par value $0.01 per share, of Bidder (“Bidder Stock”) on the terms of the Offer

 

3

 

(the “Intentia Board Recommendation”); and the Intentia Board
Recommendation shall not be withdrawn by the Intentia board of directors except
as permitted by Paragraph 2.1(b) below.

 

(b)                                 Notwithstanding
anything to the contrary contained in Paragraph 2.1(a), at any time prior
to the public announcement of the satisfaction of all conditions to the Offer,
the Intentia Board Recommendation may be withdrawn by the Intentia board of
directors (a “Intentia Change in Recommendation”) under the following
circumstances: (1) under the following circumstances related to an
Acquisition Proposal:  (i) an
Acquisition Proposal is made to Intentia and is not withdrawn; (ii) Intentia
promptly provides Lawson with written notice of the Acquisition Proposal
setting forth the identity of the offeror and the terms of the offer and
further provides at least five (5) business days prior written notice of
any meeting of Intentia’s board of directors to consider and determine whether
such Acquisition Proposal is a Superior Proposal; (iii) Intentia’s board
of directors determines in good faith by majority vote (based on consultation
with its financial advisor and outside legal counsel) that such Acquisition
Proposal constitutes a Superior Proposal; (iv) Intentia’s board of
directors determines in good faith, after consultation with Intentia’s outside
legal counsel, that, in light of such Superior Proposal, the withdrawal of the
Intentia Board Recommendation is required to comply with the board’s fiduciary
obligations to its shareholders under applicable law or the Takeover Rules; and
(v) neither Intentia nor any of its representatives shall have violated
any of the restrictions set forth in Paragraph 11 below or (2) under
the following additional circumstances: (i) if a material adverse effect on Lawson’s
financial condition or operations has occurred or exists; “material adverse
effect” shall mean any change, effect, event, state of facts or inaccuracy
(including, without limitation, any inaccurate or misstated information made
public by Lawson or any information which should have been made public by
Lawson and has not been made public), that has not been made public or
disclosed in writing to Intentia prior to the announcement of the Offer and
that has had a material adverse effect on the business, results of operations,
or financial condition of Lawson and its subsidiaries, taken as whole;
provided, however, no changes, effects, events or state of facts related to any
of the following shall be deemed to constitute, nor shall any of the following
be taken into account in determining whether there has been, a material adverse
change: (A) conditions affecting the software industry generally or the
economy of any country where Lawson has conducted operations generally; (B) the
announcement or pendancy of the Offer; (C) conditions affecting general
world-wide economic, business or capital market conditions; (D) changes in
applicable laws or accounting principles after the date hereof; or (E) an
outbreak or escalation of hostilities involving the United States or Sweden,
the declaration of the United States or Sweden of a national emergency or war,
or the occurrence of any acts of terrorism; or (ii) Lawson fails to
comply in any material respect with its obligations pursuant to Section 9
of this Agreement, which failure to comply has not been cured within 10
business days after giving of written notice to Lawson of such breach.

 

(c)                                  For
purposes of this Agreement, (i) “Acquisition Proposal” shall mean any
offer, proposal, inquiry or indication of interest (other than an offer,
proposal, inquiry or indication of interest by the parties to this Agreement)
contemplating or otherwise relating to any Acquisition Transaction, (ii) “Superior
Proposal” shall mean an unsolicited, bona fide written offer by a third party
to purchase all of the outstanding common stock or ordinary shares of the
relevant party on terms that the board of directors of the relevant party
determines, in good faith by a majority vote, after consultation with its
financial advisor and outside legal counsel and taking into

 

4

 

account all the terms and
conditions of the Acquisition Proposal, are more favorable to all the relevant
party’s stockholders, from a financial point of view, than the transactions
contemplated by the Offer (including the terms, if any, proposed by the other
party to amend or modify the Offer) and for which financing, to the extent
required, is then or can reasonably be expected to be fully committed, (iii) “Acquisition
Transaction” shall mean:  any transaction
or series of transactions involving (A) any merger, consolidation, share
exchange, business combination, issuance of securities, acquisition of
securities, tender offer, exchange offer or other similar transaction (1) in
which the relevant party or any of its respective affiliates is a constituent
corporation, (2) in which a person or “group” (as defined in the
Securities Exchange Act of 1934 and the rules promulgated thereunder) of
persons directly or indirectly acquires beneficial or record ownership of
securities representing more than 15% of the outstanding securities of any
class of voting securities of the relevant party or any of its respective
subsidiaries, or (3) in which the relevant party or any of its respective
Affiliates issues or sells securities representing more than 20% of the
outstanding securities of any class of voting securities of the relevant party
or any of its respective Affiliates; or (B) any sale (other than sales of
inventory in the ordinary course of business), lease (other than in the
ordinary course of business), exchange, transfer (other than sales of inventory
in the ordinary course of business), license (other than nonexclusive licenses
in the ordinary course of business), acquisition or disposition of any business
or businesses or assets that constitute or account for 20% or more of the
consolidated net revenues, net income or assets of the relevant party, or any
of its respective businesses or subsidiaries, and (iv) “Affiliate” means,
as applied to any person, any other person directly or indirectly controlling,
controlled by or under common control with that person, where “control”
(including correlative meanings) as applied to any person, means the
possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of that person, whether through ownership of
voting securities or by contract or otherwise.

 

2.2                                 Lawson
Board Recommendation.  The Lawson
board of directors shall convene a special meeting of the Lawson stockholders (the
“Lawson Special Meeting”) to consider the Merger and the issuance of the shares
of Bidder Stock to the Intentia shareholders in consideration for the Intentia
Shares (the “Consideration Shares”).  The
combined registration statement and proxy statement to be filed by Lawson with
the Securities and Exchange Commission and provided to the Lawson stockholders
in connection with the Lawson Special Meeting (the “Registration
Statement/Proxy Statement”) shall include a statement in the proxy statement
that the Lawson board of directors unanimously and irrevocably recommends that
Lawson’s stockholders vote to approve the Merger and the issuance of the
Consideration Shares at the Lawson Special Meeting (the “Lawson Board
Recommendation”); and the Lawson Board Recommendation shall not be withdrawn by
the Lawson board of directors except as permitted by Paragraph 2.2(b) below.

 

(b)                                 Notwithstanding
anything to the contrary contained in Section 2.2(a) above, at any
time prior to the approval of the Merger and the issuance of the Offered Common
Stock by the Lawson stockholders (the “Stockholder Approval”), the Lawson Board
Recommendation may be withdrawn (a “Lawson Change in Recommendation”) under the
following circumstances:  (i) an
Acquisition Proposal is made to Lawson and is not withdrawn; (ii) Lawson
promptly provides Intentia with written notice of the Acquisition Proposal
setting forth the identity of the offeror and the terms of the offer and
further provides at least five (5) Business

 

5

 

Days prior written notice
of any meeting of Lawson’s board of directors to consider whether such
Acquisition Proposal is a Superior Proposal; (iii) Lawson’s board of
directors determines in good faith by majority vote (based on consultation with
its financial advisor and outside legal counsel) that such Acquisition Proposal
constitutes a Superior Proposal; (iv) Lawson’s board of directors
determines in good faith, after having taken into account the advice of Lawson’s
outside legal counsel, that, in light of such Superior Proposal, the withdrawal
of the Lawson Board Recommendation is required in order for Lawson’s board of
directors to comply with its fiduciary obligations to its stockholders under
applicable law; and (v) neither Lawson nor any of its Representatives
shall have violated any of the restrictions set forth in Paragraph 11 hereof.

 

3.              Conditions
to and Completion of the Offer

 

The completion of the Offer shall be conditional upon
the satisfaction of the conditions contained in the Press Announcement (the “Offer
Conditions”), any of which can be unilaterally waived by Lawson, except as set
forth in the Press Announcement.  Lawson
may withdraw the Offer in accordance with the Takeover Rules.  Lawson shall extend the Offer for successive
extension periods not in excess of ten (10) business days per extension
if, at the scheduled expiration date of the Offer or any extension thereof,
Conditions 1, 3, 4, 5, 6 (only to the extent that a stockholder vote has not
yet occurred), or 9 (only to the extent any actions or events are not final or
are subject to appeal) set forth in the Press Announcement shall not have been
satisfied or waived up through any termination pursuant to Section 4.1.

 

4.              Termination

 

4.1                                 Termination.  This Agreement may be terminated (i) by
Lawson on written notice to Intentia if the Offer is terminated or withdrawn by
Lawson on the basis that it is clear that any of the conditions set forth in
the Offer has not been fulfilled or cannot be fulfilled, (ii) by mutual
written consent of both parties, (iii) by Intentia on written notice to
Lawson upon a Lawson Change of Recommendation, (iv) by either party if
Lawson’s stockholders shall not have approved the Merger and the issuance of
the Offered Common Stock by the required vote at the first stockholders’
meeting called for that purpose or any adjournment thereof, and (v) by
either party if the public announcement of the satisfaction of all conditions
to the Offer has not been made by January 31, 2006 (the “Termination Date”),
provided however, that the right to terminate under this Section 4.1(v) shall
not be available to any party whose material failure to fulfill any obligation
hereunder has been the principal cause of, or resulted in, the failure of such
exchange of the Offered Common Stock by the Termination Date.

 

4.2                                 Effect
of Termination.  In the event of the
termination of this Agreement under Paragraph 4.1 above, this Agreement shall
be of no further force or effect; provided, however,
that (i) this Paragraph 4.2 (Effect of Termination), Paragraph 4.3
(Termination Fees), Paragraph 5 (Expenses) and Paragraph 11 (Governing Law)
shall survive the termination of this Agreement and shall remain in full force
and effect, and (ii) the termination of this Agreement shall not relieve
any party from any liability for any material breach of any warranty, covenant
or other provision contained in this Agreement.

 

4.3                                 Termination
Fees. (a) If (i) the public announcement of the satisfaction of
all conditions to the Offer has not occurred by the Termination Date, (ii) after
the date hereof an

 

6

 

Acquisition Proposal with respect to Lawson was made or renewed and not
withdrawn prior to the Termination Date, and (iii) within 12 months
following the Termination Date an Acquisition Transaction with respect to
Lawson is consummated or a definitive agreement for an Acquisition Transaction
with respect to Lawson is entered into and subsequently consummated, Lawson
shall pay to Intentia a termination fee of Fourteen Million Two Hundred Fifty
Thousand United States Dollars ($14,250,000) in cash (the “Lawson Termination
Fee”).

 

(b)                                 If
(i) the public announcement of the satisfaction or waiver of all
conditions to the Offer has not occurred by the Termination Date, (ii) after
the date hereof an Acquisition Proposal with respect to Intentia was made or
renewed and not withdrawn prior to the Termination Date, and (iii) within
12 months following Termination Date an Acquisition Transaction with respect to
Intentia is consummated or a definitive agreement for an Acquisition
Transaction with respect to Intentia is entered into and subsequently
consummated, Intentia shall pay to Lawson a termination fee of Five Million
Four Hundred Thousand United States Dollars ($5,400,000) in cash (the “Intentia
Termination Fee”).

 

(c)                                  If
(i) condition 1 as set forth in the Press Announcement has not been
satisfied by the expiration of the period for acceptance of the Offer contained
in the Offer Document, as such period may be extended by Lawson, pursuant to
the terms hereof, in accordance with the Takeover Rules, irrespective of
whether any other conditions of the Offer are satisfied or not satisfied, (ii) after
the date hereof an Acquisition Proposal with respect to Intentia was made or
renewed and not withdrawn prior to the expiration of the acceptance period, and
(iii) within 12 months following the expiration of the Acceptance Period
an Acquisition Transaction with respect to Intentia is consummated or a definitive
agreement for an Acquisition Transaction with respect to Intentia is entered
into and subsequently consummated, Intentia shall pay to Lawson the Intentia
Termination Fee.

 

(d)                                 If
(i) the Lawson Special Meeting shall have been held and completed and the
Stockholder Approval shall not have been obtained, (ii) after the date
hereof an Acquisition Proposal with respect to Lawson was made or renewed and
not withdrawn prior to the Lawson Special Meeting at which the Stockholder
Approval shall not have been obtained, and (iii) within 12 months
following the date on which the Lawson Special Meeting is held an Acquisition
Transaction with respect to Lawson is consummated or a definitive agreement for
an Acquisition Transaction with respect to Lawson is entered into and
subsequently consummated, Lawson shall pay to Intentia the Lawson Termination
Fee.

 

(e)                                  If
there has been a Intentia Change in Recommendation, which is not permitted
pursuant to Section 2.1(b)(2), or Intentia has breached in any material
respect its obligations under Paragraph 2.1 above, Intentia shall pay to Lawson
the Intentia Termination Fee.

 

(f)                                    If
there has been a Lawson Change in Recommendation or Lawson has breached in any
material respect its obligations under Paragraph 2.2 above, Lawson shall pay to
Intentia the Lawson Termination Fee.

 

(g)                                 In
no event shall either party be required to pay a termination fee more than
once.  Any payment of the Lawson
Termination Fee or the Intentia Termination Fee pursuant to this

 

7

 

Paragraph 4 shall be made
within one Business Day after such amount becomes payable by wire transfer of
immediately available funds.

 

(h)                                 For
purposes of this Section 4.3, the definition of Acquisition Transaction
shall be the same as that set forth in Section 2.1(c) except that the
references to each of 15 and 20 percent shall be increased in all three
instances to 50 percent.

 

5.              Expenses

 

Except as provided in Paragraph 4.3 above, all fees
and expenses incurred in connection with this Agreement and the transactions
contemplated by this Agreement shall be paid by the party incurring such
expenses, whether or not the Offer is consummated; provided, however, that Lawson and Intentia shall share
equally all fees and expenses, other than attorneys’ and accountants’ fees,
incurred in connection with (a) the filing, printing and mailing of the
Registration Statement/Proxy Statement and any amendments or supplements
thereto, (b) the filing fees incurred to list the Consideration Shares for
trading on the Nasdaq National Market System, and (c) the filing by the
parties hereto of the pre-merger notification forms relating to the Offer under
any country’s competition, antitrust or pre-merger filing statute.

 

6.              Regulatory
Approvals

 

Each of Lawson and Intentia shall fully cooperate to
promptly make all filings as required under any applicable antitrust,
competition or trade regulatory laws, including specifically with the US
Department of Justice and Federal Trade Commission under the HSR Act, and any
national competition authorities, including without limitation the Swedish
Competition Authority, which may have jurisdiction over the parties or the
transactions contemplated by this Agreement.

 

7.              Composition
of Board and Management Team of Combined Company

 

(a)                                  Board
of Directors.  Lawson shall take all
requisite action, effective as of date of the closing of the Offer, to cause
its Board of Directors to become a Board consisting of nine (9) members,
including Richard Lawson and Romesh Wadhwani (each as a Co-Chairman), two (2) additional
members, one chosen by each of the current Lawson and Intentia Boards among the
current independent board members of each Board as composed as of the date
hereof (such number to be increased to two (2) additional members each,
totaling four (4) additional members from the current members of each of
Lawson and Intentia’s Boards as of the date hereof, if the Chief Executive
Officer of the combined company is not chosen from Lawson), the Chief Executive
Officer of the combined company and between two (2) and four (4) additional
new independent board members to be determined by the Board of the combined
company.

 

(b)                                 Management.  The Chief Executive Officer of the combined
company has been selected by a committee of directors from each of Lawson and
Intentia.  Other key executive officer
positions shall be determined by the Chief Executive Officer of the combined
company in conjunction with the Board of Directors of the combined company.

 

8

 

8.              Access to
Information

 

Each of Intentia and Lawson shall, and each shall
cause their respective Affiliates to, afford the other party and its
representatives and advisers access, at all reasonable times after the
announcement of the Offer until the Offer is completed (the “Interim Period”),
to its properties, books, contracts and records as well as to its management
personnel, employees, contractors, agents, advisers, bankers and consultants,
and, during such period, each party shall, and shall cause its respective
Affiliates to, furnish promptly to the other party all information concerning
its business, properties and personnel as the other party and its
representatives and advisers may reasonably request.  In addition, each of Intentia and Lawson
covenants and agrees that, except as expressly permitted by this Agreement, it
will take no action or engage in any transactions that would have the effect of
impeding or frustrating the Offer.

 

9.              Additional
Covenants

 

9.1                                 Conduct
of Business.  During the Interim
Period, each of Lawson and Intentia shall, and shall cause their respective
Affiliates to, not take any measures which are reasonably likely to have a
material adverse effect on the satisfaction of the conditions to the Offer or
its implementation, including any of the following that are reasonably likely
to have such an effect:  (i) disposing
of a material part of the party’s assets, (ii) declaring or paying any
dividends on or make any other distributions (whether in cash, stock or property)
in respect of any of the party’s capital stock, (iii) increasing or
agreeing to increase the compensation payable or to become payable to the party’s
officers or, except in accordance with past practice, employees, (iv) granting
or agreeing to grant any severance or termination pay except in accordance with
past practice, or (v) operate in a manner other than in the ordinary
course of its business.

 

9.2                                 Redemption
of Notes.  Intentia shall redeem the
Notes, subject to the public announcement that the Offer is unconditional, in
accordance with the terms and conditions of the Supplementary Listing
Particulars, dated January 4, 2002, as of the date set for the expiration
of the period of acceptance of the Offer contained in the Offer Document, as
such date may be extended in accordance with Section 3 hereof.

 

9.3                                 Tax
Matters.  Lawson, Intentia and Bidder
intend that the Merger and the exchange of the Shares and Warrants pursuant to
the Offer, together, shall qualify as an exchange within the meaning of Section 351
of the United States Internal Revenue Code of 1986, as amended (the “Code”),
and the rules and regulations promulgated thereunder.  Each of Lawson, Intentia and Bidder has not
taken, will not take, has not or will not agree to take, or know of any fact or
circumstances which would prevent the Merger and the exchange of the Shares and
Warrants pursuant to the Offer from qualifying as an exchange under Section 351
of the Code.

 

9.4                                 Severance
Benefits.  Each of Lawson and
Intentia agrees that if any amounts shall become payable to Harry Debes
pursuant to Section 4.4(e) of the Employment Agreement, between
Lawson and Harry Debes dated as of June 1, 2005, Lawson shall pay 56.75%
of such amounts and Intentia shall pay 43.25% of such amounts.

 

9

 

10.       Material
Changes

 

Each of Lawson and Intentia shall promptly notify the
other orally and in writing of any material adverse change in its or its
Affiliates’ businesses, operations or affairs, and of any material governmental
or third party complaints, investigations or hearings (or communications
indicating that the same may be contemplated).

 

11.       No Shop
Undertaking

 

11.1                           Restrictions.  Each of Intentia and Lawson agrees that it
will not, and it will cause its subsidiaries and any representatives not to,
prior to the termination of this Agreement:  (i) solicit, initiate, encourage,
induce or facilitate the making, submission or announcement of any Acquisition
Proposal or take any action that could reasonably be expected to lead to an
Acquisition Proposal; (ii) furnish any
information regarding itself or its respective businesses and Affiliates to any
person in connection with or in response to an Acquisition Proposal or an
inquiry or indication of interest that could reasonably be expected to lead to
an Acquisition Proposal; (iii) engage in
discussions or negotiations with any person with respect to any Acquisition
Proposal; (iv) approve, endorse or recommend
any Acquisition Proposal; or (v) enter into any
letter of intent or similar document or any contract contemplating or otherwise
relating to any Acquisition Transaction (other than a confidentiality agreement
contemplated by Section 11.2 below).

 

11.2                           Permitted
Discussions.  Notwithstanding the
provisions of Paragraph 11.1, the parties agree that in the case of Lawson,
prior to obtaining the Stockholder Approval, and in the case of Intentia, prior
to the satisfaction of the Minimum Acceptance Condition, Paragraph 11.1 shall
not prohibit the relevant party from engaging in negotiations or discussions
with, or furnish any information regarding itself or its respective businesses
and Affiliates to, any person that has made a bona fide unsolicited written
Acquisition Proposal if:  (i) neither
the relevant party nor any of its respective representatives have previously
violated any of the restrictions set forth in Paragraph 11.1; (ii) the
board of directors of the relevant party has determined in good faith by
majority vote, after consultation with its financial advisor and outside legal
counsel, that such Acquisition Proposal is or is reasonably likely to result in
a Superior Proposal; (iii) the board of directors of the relevant party
concludes in good faith, after having taken into account the advice of its
outside legal counsel, that such action is required in order for the board of
directors of the relevant party to comply with its fiduciary obligations to the
relevant party’s stockholders under applicable law, listing rules or the
Takeover Rules; (iv) at least five (5) business days prior to
furnishing any such nonpublic information to, or entering into discussions
with, such person, the relevant party gives the other party written notice of
the identity of such person and of the relevant party’s intention to furnish
nonpublic information to, or enter into discussions with, such person, and the
relevant party receives from such person an executed confidentiality agreement
containing no less favorable terms than the Confidentiality Agreement; and (v) at
least five (5) business days prior to furnishing any such nonpublic
information to such person, the relevant party furnishes such nonpublic
information to the other party (to the extent such nonpublic information has
not been previously furnished by the Company to other party).  Without limiting the generality of the
foregoing, each relevant party acknowledges and agrees that any violation of,
or the taking of any action inconsistent with, any of the restrictions set
forth in the preceding

 

10

 

sentence by any of its respective representatives, whether or not such
representative is purporting to act on behalf of the relevant party or its
respective subsidiaries, shall be deemed to constitute a breach of Paragraph
11.1 by the relevant party.

 

11.3                           Notice.  The relevant party shall within 24 hours
after receipt of any Acquisition Proposal, any inquiry or indication of
interest that could reasonably be expected to lead to an Acquisition Proposal
or any request for nonpublic information advise the other party orally and in
writing of any Acquisition Proposal, any inquiry or indication of interest that
could lead to an Acquisition Proposal or any request for nonpublic information
relating to the relevant party (including the identity of the person making or
submitting such Acquisition Proposal, inquiry, indication of interest or
request, and the terms thereof) that is made or submitted by any person.  The relevant party shall keep the other party
fully and promptly informed with respect to the status of any such Acquisition
Proposal, inquiry, indication of interest or request and any modification or
proposed modification thereto.

 

11.4                           Termination
of Existing Discussions.  The
relevant Party shall immediately terminate any discussions ongoing as of the
date of this Agreement with any person that relate to any Acquisition Proposal.

 

11.5                           Waiver.  The relevant party agrees not to release or
permit the release of any person from, or to waive or permit the waiver of any
provision of, any confidentiality, “standstill” or similar agreement to which
the relevant party or its respective subsidiaries is a party, and will use its
commercially reasonable efforts to enforce or cause to be enforced each such
agreement at the request of the other party.

 

12.       Governing
Law

 

12.1                           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 application of 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.

 

13.       Public
Announcements; Stockholm Listing; SDR Facility

 

13.1                           Neither
Lawson, Intentia nor any of their respective Affiliates shall issue or cause
the publication of any press release or other public announcement with respect
to the Offer, this Agreement or the other transactions contemplated hereby
without the prior written consent of the other party, except as may be required
by law or by any listing agreement with, or the policies of, a stock exchange
in which circumstance reasonable efforts to consult will still be required to
the extent practicable.

 

11

 

13.2                           Lawson
shall establish a Swedish Depositary Receipts (“SDR”) facility with respect to
the Lawson Holdings common stock and apply to list the SDR on the O list of the
Stockholm Exchange pursuant to the Stockholm Exchange’s rules on secondary
listing.

 

 

	
  LAWSON
  SOFTWARE, INC.

  	
  INTENTIA INTERNATIONAL AB

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ H. Richard
  Lawson

  	
   

  	
  By: 

  	
  /s/ Romesh
  Wadhwani

  	
   

  
	
   

  	
   

  
	
  Name: H. Richard
  Lawson

  	
  Name: Romesh
  Wadhwani

  
	
   

  	
   

  
	
  Title: Chairman
  of the Board

  	
  Title: Chairman
  of the Board

  
	
   

  	
   

  
	
   

  	
   

  
	
  LAWSON
  HOLDINGS, INC.

  	
  LAWSON
  ACQUISITION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Bruce B.
  McPheeters

  	
   

  	
  By: 

  	
  /s/ Bruce B.
  McPheeters

  	
   

  
	
   

  	
   

  
	
  Name: Bruce B.
  McPheeters

  	
  Name: Bruce B.
  McPheeters

  
	
   

  	
   

  
	
  Title: Secretary

  	
  Title: Secretary

  
								

 

12

 

List
of Schedules

 

1—Press
Announcement

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