Document:

Exhibit 10.1

 

	
  

  	
   

  	
   

  
	
  

  Corporate Headquarters

  500 West Madison, Suite 2200

  Chicago, Illinois 60661 USA

  www.ssaglobal.com

  	
  

  T +1-312-258-6000

  F +1-312-474-7500

  
	
   

  	
   

  

 

GENERAL RELEASE AND ADDITIONAL TERMS

 

This General Release and Additional Terms (“General
Release”) is made as of this 15th day of February, 2006, by and between SSA
Global Technologies, Inc. (“Company”) and Ross Garrity (“You”).

 

In consideration of the severance benefits
and other provisions described in the attached Memorandum of Understanding dated
as of the same date as this General Release (“Memorandum”), You agree to the
terms of this General Release.

 

You understand
and agree that this General Release will extend to all claims, demands,
liabilities and causes of action of every kind, nature and description
whatsoever, whether known, unknown or suspected to exist, which You ever had or
may now have against the Company, its predecessors successors or assigns, and
their respective officers, directors, agents and employees, including, but not
limited to, claims based upon wrongful or tortious termination, public policy
or related matters, implied or express employment contracts and/or estoppel;
allegations of discrimination and/or retaliation under Title VII of the Civil
Rights Act of 1964, The Civil Rights Act of 1866, The Rehabilitation Act of
1973, The Civil Rights Acts of 1991, The Illinois Human Rights Act, The Family
Medical Leave Act, The Age Discrimination In Employment Act, The Older Workers
Benefit Protection Act, The Employee Retirement Income Security Act and any
other federal, state, or local statute or regulation regarding discrimination
in employment or termination of employment; any claims or allegations brought
under The Fair Labor Standards Act, The Illinois Wage Payment and Collection
Act, The Illinois Unemployment Insurance Act, and any other federal or state
statute or regulation for non-payment of wages, bonuses, commissions or other
compensation; and for libel, slander, breach of contract, breach of implied
covenant of good faith and fair dealing, assault, battery, intentional
infliction of emotional distress, tort or any other theory under the common law
of any state.  This General Release,
however, shall not preclude claims against Company for violation of the
obligations or duties which arise out of this General Release or which
otherwise arise among the parties after the date hereof.

 

The Company, on behalf of
itself and its successors and assigns, releases You from any and all claims it
may have against You as of the date of this General Release, whether known or
unknown, anticipated or unanticipated; provided, however, this Paragraph does
not apply to or adversely affect any claims the Company  may have against You which allege or involve
the following: (i) gross negligence or willful misconduct by you in your
duties towards the Company, its subsidiaries, and affiliates; (ii) a
willful misconduct by You in your duties towards the Company, its subsidiaries
and affiliates, in connection with a matter is which You have a material
conflict of interest; (iii) a violation of criminal law, unless You have
reasonable cause to believe that your conduct was lawful or no reasonable cause
to believe that your conduct was unlawful; or (iv) obligations owed by You
to the Company pursuant to this 

 

1

 

General Release.  Nothing in this Paragraph shall be construed
by You of any liability to the Company or of any wrongdoing under federal,
state or local law.

 

The Company shall indemnify,
defend and hold and save You harmless from any and all actions and causes of
actions, claims, demands, liabilities, losses, damages and expenses, of
whatsoever kind and nature, including judgments, interest, and attorney’s fees
and all other reasonable costs, expenses, and charges which you shall or may at
any time, of from time to time, subsequent to the date of this General Release,
sustain or incur, or become subject to by reason of any claim or claims against
You for actions taken during your employment with the Company within the scope
of your employment, except for any actions that are the result of any gross
negligence or willful misconduct by You in your duties towards the Company, its
subsidiaries and affiliates.  You shall
promptly notify Company and its General Counsel of adverse claims or threatened
or actual lawsuits.  In consideration of
the terms hereof, to the extent as may be deemed necessary by the Company from
time to time, You shall provide reasonable cooperation to the Company, its
attorneys and agents to the extent possible.

 

The Company agrees that it
will remove You as an officer, director and/or agent from any and all Company related entities,
including any required filings with applicable authorities.  If required from time to time, You shall
provide reasonable cooperation to the Company, its attorneys and agents to the
extent possible.

 

By executing this General Release, You agree
that all Company property in your possession or control has been or will be
turned in to the Company prior to receiving any severance benefits under the
Memorandum.  Such property shall include,
without limitation, all office equipment, keys, computer software or hardware,
documents, internal memoranda and records of any nature, together with all
copies thereof, which relate in any way to the Company’s business or operation.

 

You further acknowledge that, in the course
of your employment with the Company, You have come to know or have access to
certain information which is proprietary to the Company, including, but not
limited to, confidential personnel information, tenant information, financial
information and projects, computer software and databases, information
concerning pending or potential transactions, marketing techniques and
strategies, and other confidential information of the Company or unrelated
parties with whom the Company conducts business (collectively “Confidential
Information”).  As consideration for the
severance benefits set forth in the Memorandum, You agree to abide by any
confidentiality undertaking which You may have entered into with the Company
(including, without limitation, any non-solicitation and/or non-compete
provision that may be made a part of any such undertaking), not to disclose any
Confidential Information to anyone, and not to use Confidential Information for
any personal or business purpose.

 

It is further understood and agreed that the
remedy at law for breach of the Memorandum and/or this General Release shall be
inadequate, and the Company shall be entitled to injunctive relief.

 

It is also understood and agreed that no
promises or representations have been made by the Company respecting the
subject matter hereof other than those expressly set forth herein and in the
Memorandum.  The Memorandum and this
General Release constitute the entire agreement between the parties, and
supersede all prior agreements, promises, representations and understandings,
written or oral, between the parties respecting the subject matter hereof.  The parties agree that in the event that any
provision herein or the memorandum is determined by a court of competent
jurisdiction to be illegal or invalid, such provisions will be severed to the
extent necessary to render the remaining provisions of the Memorandum and this
General Release enforceable.  Further,
any modifications or amendments may be made only based on a written agreement
between the parties.

 

2

 

It is further understood that You agree to
maintain the confidentiality of the terms of the Memorandum and this General
Release, including nondisclosure of the Memorandum and this General Release or
the terms therein, to any former, current, or future employees of the Company,
it being understood that this provision shall not preclude You from discussing
the contents of the Memorandum and/or this General Release with any spouse,
attorney or any tax advisor, except that they are to be advised of the
confidentiality requirements herein.

 

You are entitled to consider this offer for at least
twenty-one (21) days prior to executing it and that in the event that You have
executed the Memorandum and this General Release within fewer than the
twenty-one (21) days of the date of its delivery to You, You acknowledge that
your decision to do so was entirely voluntary and that You had the opportunity
to consider the Memorandum and this General Release for the entire twenty-one
(21) day period.  We also want to advise
You of your right to consult with legal counsel prior to executing a copy of
this General Release.

 

You are allowed to revoke this General Release
within seven (7) days of the date of your execution of it.

 

This General Release shall not be effective until
the seven-day revocation period has expired.

 

You may revoke this General Release within the
seven-day revocation period by giving written notice to:

 

SSA Global Technologies, Inc.

Attention: Office of General Counsel

500 West Madison Avenue, Suite 2200

Chicago, Illinois 60661

 

Finally, this is to expressly acknowledge:

 

•                  You
have received the Memorandum and this General Release.

 

•                  You
have been given a minimum of twenty-one (21) days in which to review the
Memorandum and this General Release, and the Memorandum and this General
Release will be binding and enforceable unless revoked within seven (7) days
after signing these documents.

 

•                  You
affirm that no other promises or agreements of any kind have been made to or
with You by any person or entity whatsoever to cause You to sign the Memorandum
and this General Release, and that You fully understand the meaning and intent
of the Memorandum and this General Release.

 

•                  You
state and represent that You have been advised in writing of your right to
consult with an attorney prior to agreeing to execute the Memorandum and this
General Release.  You further state and
represent that You have carefully read the memorandum and this General Release,
understand the contents herein, and freely and voluntarily assent to all of the
terms and conditions and sign your name of your own free act.

 

•                  You
understand You have valid and binding obligations to the Company under the
Patent and Confidential Information Agreement or any similar agreement that You
previously executed with the Company.

 

3

 

•                  You
understand and agree that the compensation and benefits described in the
Memorandum may offer You consideration greater than that to which You would
otherwise be entitled.

 

•                  You
understand that You are waiving all known and unknown claims that You may have
to date.

 

•                  You
understand that You are not waiving any claims or rights that may arise after
the date You execute this General Release.

 

THE COMPANY’S OFFER UNDER THIS GENERAL RELEASE EXPIRES ON THE 22nd DAY
AFTER YOUR RECEIPT OF THIS GENERAL RELEASE. 
IF THE COMPANY DOES NOT RECEIVE YOUR COUNTER-SIGNED SIGNATURE ON THE
MEMORANDUM AND GENERAL RELEASE ON OR BEFORE THE 22nd DAY AFTER YOUR RECEIPT OF
THIS RELEASE, THIS OFFER IS NULL AND VOID. 
NOTHING IN THIS PARAGRAPH AFFECTS YOUR REVOCATION RIGHTS DESCRIBED
ABOVE.

 

THIS DOCUMENT INCLUDES A RELEASE BY YOU OF CERTAIN RIGHTS.  YOU SHOULD CONSULT YOUR ATTORNEY PRIOR TO
SIGNING THIS RELEASE.

 

 

	
  ACCEPTED AND AGREED:

  
	
   

  
	
   

  
	
  Ross D. Garrity

  	
   

  
	
  Name

  	
   

  
	
   

  	
   

  
	
  /s/ Ross D. Garrity

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
  2/15/06

  	
   

  
	
  Date

  	
   

  

 

4

 

	
  

  	
   

  	
   

  
	
  
Corporate Headquarters

  500 West Madison, Suite 2200

  Chicago, Illinois 60661 USA

  www.ssaglobal.com

  	
  
T +1-312-258-6000

  F +1-312-474-7500

  
	
   

  	
   

  

 

Memorandum
of Understanding

 

	
  To:

  	
  Ross Garrity

  
	
  From:

  	
  SSA Global Technologies, Inc.

  
	
  cc:

  	
  Mike Greenough, Kirk Isaacson

  
	
  Date:

  	
  February 14, 2006

  
	
  Re:

  	
  Termination of Employment

  

 

Pursuant to discussions between your person and Mike Greenough, it is
agreed that your termination of employment at SSA Global Technologies, Inc.
will include the following:

 

1. 
Termination Date:  Your termination date of employment will be
the close of business, Friday, February 17, 2006 (“Termination Date”).

 

2. 
Compensation: 
Your current compensation will be paid through your Termination
Date.  For the avoidance of doubt, You
will also be paid, in the ordinary course of SSA Global’s business, for any
bonus amount earned but not yet paid with respect to SSA Global’s second
quarter ending on January 31, 2006. 
In addition, You will also receive “pay in lieu of any unused vacation
days,” to be calculated in accordance with SSA Global’s policies and
procedures.

 

3. 
Severance:

 

Your severance entitlement and related amounts will be determined
pursuant to the terms and conditions of the Employment Agreement as previously
entered into between You and SSA Global, dated February 24, 2005 (“Agreement”),
subject to adjustment in accordance with the following:

 

(a)  The severance payment will be calculated by SSA Global on a
monthly, quarterly and annual basis, as applicable, and will be paid to you,
subject to subparagraph (c), below, in the ordinary course of SSA Global’s
payroll practices.

 

(b)  It is agreed that no later than ninety (90) days after the
Termination Date, You and SSA Global will reach of “true up” with respect to the
total of severance payments made to you plus the pre-tax gain realized by You
via your exercise of vested stock options during such ninety (90) day
period.  To the extent that:

 

(i)                                     The
pre-tax gain realized by You via your exercise and sale of vested stock options
exceeds the sum of $1,000,000, it is agreed that: (1) You will retain the
full benefit of all such proceeds; and (2) You will immediately remit to
SSA Global a sum equal to the total amount of severance payments made by SSA
Global to You pursuant to the Agreement. 
In such event, it is further agreed that SSA Global will have no further
obligation to remit to You any further severance payment(s).

 

5

 

(ii)                                  The
combined total is less than the sum of $1,000,000, SSA Global will continue to
pay to You severance payments in accordance with the terms of the Agreement, it
being expressly understood and agreed that the maximum severance entitlement to
be paid by SSA Global shall not exceed, nor be less than, an amount equal to
the difference of $1,000,000 less the pre-tax gain realized by You via your
exercise and sale of vested stock options.

 

4. 
Treatment of Stock Options/ Lock-Up/Insider Trading:  You agree, that the vesting and exercise of
any stock options awarded to You together with the related rights and the terms
and conditions governing the exercise of such rights (including any subsequent
trading in SSA Global stock) shall (a) be determined in accordance with
SSA Global’s 2003 Equity Incentive Plan and your 2003 Equity Incentive Plan
Stock Option Agreements, with grant dates of May 26, 2005 and July 12,
2005 respectively, and (b) be subject to the terms, conditions and related
limitations set forth in SSA Global’s Insider Trading Policy.  For the avoidance of doubt, it is agreed
that:

 

(a)  Your termination of employment at SSA Global is “without
cause”, thereby entitling You with such vesting and exercise rights as set
forth in Paragraph 4(b) of your 2003 Equity Incentive Plan Stock Option
Agreement; and

 

(b)  Pursuant to Paragraph 4(b) of your 2003 Equity Incentive
Plan Option Agreement, any unvested portion of your options held by You become
immediately vested and exercisable and may be exercised within ninety (90) days
after your Termination Date.  After such
ninety (90) day period, any unexercised options expire and may no longer be
acted upon.

 

(c)  Pursuant to SSA Global’s Insider Trading Policy, You are
precluded, now and in the future, from trading in any shares of SSA Global
stock if such trade is based on inside information gained by you as a result of
your employment at SSA Global and which is not generally publicly available at
the time of such trade.  For the
avoidance of doubt, You also agree not to undertake any trade in SSA Global
stock, including, without limitation, the buy and sell of any stock option,
during SSA Global’s black-out period, which period began ten business (10) days
before the end of SSA Global’s second fiscal quarter and continues until the
beginning of the third business day after announcement by SSA Global of its
quarterly results.

 

You further agree that any exercise of vested stock options will be
conducted by you in a reasonable manner via SSA Global’s trade representative,
CSFB.  You also agree that it is your intent
to exercise and sell all vested stock options within a period of ninety (90)
days from your Termination Date.

 

By signing where indicated below, You agree that this Memorandum
together with the terms set forth in the related General Release and General
Terms Agreement contain the entire understanding between the parties relating
to your termination of employment.

 

	
  Regards,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Kirk Isaacson

  	
   

  	
   

  	
   

  
	
  Kirk Isaacson

  	
   

  	
   

  
	
  Executive Vice President & General
  Counsel

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Agreed to By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Ross Garrity

  	
   

  	
   

  	
   

  
	
   

  	
  Ross Garrity

  	
  /

  	
  Date 2/15/06

  
							

 

6Exhibit
4.2

 

[FORM OF FACE OF
CERTIFICATE]

 

CONGAREE BANCSHARES, INC.

 

INCORPORATED UNDER THE
LAWS OF SOUTH CAROLINA

 

THE CORPORATION IS TO
ISSUE 10,000,000 SHARES OF COMMON STOCK – NO PAR VALUE

 

This certifies that                                                                  is
the registered holder of                                                                  Shares

of Common Stock which are
fully paid and non-assessable and transferable only on the books of the
Corporation by the holder hereof in person or by Attorney upon surrender of
this Certificate properly endorsed.

 

In Witness Whereof, the
said Corporation has caused this Certificate to be signed by its duly
authorized officers and its Corporate Seal to be hereunto affixed this                           day
of                               A.D.
20        

 

	
   

  	
   

  	
   

  	
   

  
	
  SECRETARY

  	
  PRESIDENT

  

 

 

[FORM OF BACK OF
CERTIFICATE]

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations.

 

	
  TEN COM

  	
   

  	
  —as tenants in common

  	
  UNIF GIFT MIN ACT—

  	
   

  	
  Custodian

  
	
  TEN ENT

  	
   

  	
  —as tenants by the
  entireties

  	
   

  	
   

  	
  (Cust)

  	
  (Minor)

  
	
  JT TEN

  	
   

  	
  —as joint tenants with
  right of

  	
   

  	
   

  	
  under Uniform Gifts to
  Minors

  
	
   

  	
   

  	
  survivorship and not as
  tenants

  	
  Act

  	
   

  	
   

  
	
   

  	
   

  	
  in common

  	
   

  	
  (State)

  
												

 

Additional abbreviations
may also be used though not in the above list.

 

For value received,                             hereby
sell, assign and transfer unto

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER

IDENTIFYING NUMBER OF
ASSIGNEE

 

	
   

  
	
  PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
	
   

  

 

                                                                                                                                                                                                             Shares
represented by the within Certificate, and do hereby irrevocably constitute and
appoint                              Attorney
to transfer the said shares on the books of the within-named Corporation with
full power of substitution in the premises.

 

	
  Dated, 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  In presence of

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
						

 

NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.

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