Document:

exv10w1

 

Exhibit 10.1

February 9, 2005

Charles E. Bugg, Ph.D.

Chairman, Chief Executive Officer

BioCryst Pharmaceuticals, Inc.

2190 Parkway Lake Drive

Birmingham, AL 35244

Dear Dr. Bugg:

	1.  	This letter agreement (the “Agreement”) confirms our understanding that BioCryst
Pharmaceuticals, Inc. (“Company”) has engaged Leerink Swann & Company (“Leerink”) to act as
lead agent to the Company for a period of 30 days, commencing as of the date hereof, for the
sale by the Company of up to $30,000,000 of the common stock of the Company (the “Common
Stock”), which shall not exceed 20% of the common stock outstanding before the issuance (the
“Securities” or the “Shares”) of the Company (the “Proposed Financing”).
	 
	   	The Proposed Financing shall occur through a directed registered sale under the Securities Act
of 1933, as amended (the “Act”) and in compliance with applicable state securities laws. Our
undertaking herein shall be subject to, among other things, the terms and conditions set forth
in this Agreement, our due diligence investigation of the Company, the continuance of the
Company without material adverse change, the absence of unfavorable market conditions in
general and our continued satisfaction with the results of our ongoing review of the Company’s
business and affairs. It is understood that execution of this Agreement does not assure the
successful completion of the Proposed Financing.
	 
	   	The Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (No. 333-111226), which was declared effective on January
5, 2004 (the “Effective Date”), covering the registration of, among other things, the
Securities under the Securities Act and including the related preliminary prospectus (the
“Base Prospectus”). Promptly after execution and delivery of an agreement by the Company with
Purchasers (as defined below) for purchase of the Shares in the Proposed Financing, the
Company will prepare and file with the Commission a prospectus supplement specifically
relating to the Securities (the “Prospectus Supplement”) pursuant to Rule 424(b) of the rules
and regulations of the Commission under the Securities Act (the “Regulations”). The
registration statement, as amended to the date of this Agreement, by any post-effective
amendment and by any Prospectus Supplement, and including the exhibits thereto, schedules, if
any, and the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under
the Securities Act, at the time that it became effective, is herein called the “Registration
Statement.” The Base Prospectus and the Prospectus Supplement, including the documents
incorporated by reference therein, are herein called, collectively, the “Offering Materials.”
	 
	2.  	Our services to the Company will include: (i) assistance in the preparation of the Prospectus
Supplement; (ii) assistance in structuring the Proposed Financing and its terms; (iii) subject
to the provisions of Section 10, identifying and contacting selected qualified purchasers (the

 

 

	   	“Purchasers”) of the Proposed Financing and furnishing them, on behalf of the Company, with copies of the
Offering Materials; and (iv) negotiating under your guidance the financial aspects of the
Proposed Financing.
	 
	   	Set forth on Exhibit B attached hereto is a list of institutional investors who have
previously expressed an interest in further investment in the Company (the “Company
Purchasers”).
	 
	   	The Company may decline to complete the Proposed Financing in its sole discretion and will
have full discretion as to which and how many Proposed Purchasers to accept.
	 
	3.  	As compensation for the services to be provided by Leerink hereunder, except as described
below, the Company agrees to pay to Leerink at the Closing (defined below) a cash fee equal
to 6% of the gross proceeds of the sale of the Common Stock. Leerink agrees to pay 25% of its
fee to additional investment bank(s) identified by the Company which will assist in the
Proposed Financing. If the Proposed Financing is consummated by means of more than one
Closing, Leerink and other investment bank(s) shall be entitled to the fees provided herein
with respect to each such Closing. The closing of the Proposed Financing (the “Closing”) shall
take place on the date or dates that the Common Stock is delivered to the Purchasers against
payment therefor.
	 
	   	Notwithstanding the foregoing, if any investors in the Proposed Financing are Company
Purchasers, the Company shall pay Leerink at the Closing a cash fee equal to 4% of the gross
proceeds of the Proposed Financing invested by such Company Purchasers.
	 
	   	In addition and regardless of whether the Proposed Financing is consummated, upon request by
Leerink from time to time, the Company shall reimburse Leerink for all reasonable
out-of-pocket expenses incurred by Leerink in connection with its engagement hereunder,
including reasonable fees and expenses of its counsel, not to exceed in the aggregate $25,000.
	 
	4.  	The Company acknowledges and agrees that Leerink has been retained solely to provide the
advice or services set forth in this Agreement. Leerink shall act as an independent
contractor, and any duties of Leerink arising out of its engagement hereunder shall be owed
solely to the Company. As Leerink will be acting on your behalf in such capacity, it is our
firm practice to be indemnified in connection with engagements of this type and the Company
agrees to the indemnification agreement attached hereto as Exhibit A and the other obligations
as set forth in paragraph 13 of this Agreement.
	 
	5.  	The Company will promptly, from time to time, take such action as Leerink may reasonably
request to qualify the Securities under the securities laws of each of the states, as
applicable, as Leerink may reasonably request and to comply with such laws so as to permit
such offers and sales; provided that the Company shall not be required to qualify as a foreign
corporation in which it is not so qualified, to execute a general consent to service of
process in any jurisdiction or to subject itself to taxation in any jurisdiction. Any
applicable filings will be prepared by Leerink’s outside counsel, whose fees and disbursements
in connection therewith shall be for the account of the Company and which fees and
disbursements shall be in addition to the reimbursable expenses set forth in paragraph 3 of
this Agreement.
	 
	6.  	The Company will cause to be furnished to Leerink at the Closing, copies of such agreements,
opinions, certificates and other documents delivered at the Closing as Leerink may reasonably
request including, without limitation, an opinion of Company counsel to the effect that the
Securities have been duly authorized and, when delivered to the Purchasers and Company
Purchasers against payment therefor in accordance with the Offering Materials, will be validly
issued, fully paid and non-assessable.

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	7.  	The Company will also make available to Leerink all financial and other information
concerning the Company’s business and operations and the Proposed Financing which Leerink
reasonably requests and will provide access to the Company’s officers, directors, employees,
independent accountants and legal counsel. Leerink shall be entitled to rely without
investigation upon all information that is available from public sources as well as all other
information supplied to it by or on behalf of the Company or the Company’s other advisors and
shall not in any respect be responsible for the accuracy or completeness of, or have any
obligation to verify, the same or to conduct any appraisal of assets. To the extent
consistent with legal requirements and except as otherwise set forth in the Offering
Materials, all information given to Leerink by the Company, unless publicly available or
otherwise available to Leerink without restriction or breach of any confidentiality agreement
(“Confidential Information”), will be held by Leerink in confidence and will not be disclosed
to anyone other than Leerink’s agents and advisors without the Company’s prior approval or
used for any purpose other than those referred to in this Agreement; provided that nothing
herein shall, in itself, prevent Leerink from engaging in future transactions involving
companies in a similar industry to the Company or, provided no Confidential Information is
directly used in connection with such engagement, be deemed to violate any of the terms
hereof.
	 
	8.  	The Company, during the period when the Offering Materials are required to be delivered under
the Securities Act and the Regulations or the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), will file all reports and other documents required to be filed with the
Commission pursuant to Section 13, 14 or 15 of the Exchange Act within the time periods
required by the Exchange Act and the regulations promulgated thereunder.
	 
	9.  	Any advice, written or oral, provided by Leerink pursuant to this Agreement will be treated
by the Company as confidential, will be solely for the information and assistance of the
Company in connection with the Proposed Financing and may not be quoted, nor will any such
advice or the name of Leerink be referred to, in any report, document, release or other
communication, whether written (including, without limitation, the Offering Materials) or
oral, prepared, issued or transmitted by the Company or any affiliate, director, officer,
employee, agent or representative of any thereof, without, in each instance, Leerink’s prior
written consent.
	 
	10.  	Leerink shall identify to the Company, in writing and in advance, each potential Purchaser
that it intends to contact with respect to the Proposed Financing (the “Leerink Purchasers”).
The Company shall have the sole right to approve or reject each proposed Leerink Purchaser,
and Leerink shall not contact any proposed Leerink Purchaser that the Company has rejected.
Attached hereto as Exhibit C is a list of Leerink Purchasers (and their affiliated entities)
approved by the Company as of the date hereof. Exhibit C shall be updated from time to time
as additional Leerink Purchasers are approved by the Company (collectively, all original and
additional approved Leerink Purchasers referred to as “Approved Leerink Purchasers”). All
Approved Leerink Purchasers and their affiliated entities shall be deemed to be included on
Exhibit C for purposes of this Agreement. The Company shall identify to Leerink in writing
each potential Company Purchaser that it has contacted or intends to contact with respect to
the Proposed Financing. At or promptly following the Closing, the parties shall update
Exhibit C to list all Purchasers (not including Company Purchasers) in the Proposed Financing
and all additional parties contacted by Leerink who did not participate in the Proposed
Financing.
	 
	   	Leerink shall communicate to the Company, orally or in writing, each reasonable offer to
purchase Securities received by it as agent of the Company. The Company shall have the sole
right to accept offers to purchase the Securities and may reject any such offer, in whole or
in part.
	 
	11.  	This Agreement may be terminated by either the Company or Leerink at any time upon receipt of
written notice to that effect by the other party. In addition, if (i) the Company consummates
the

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	   	Proposed Financing of at least $20 million of gross proceeds (the “Minimum Financing”) within
the original 30 day engagement of Leerink hereunder and (ii) at any time prior to 180 days
after the termination or expiration of this Agreement the Company consummates a private
financing transaction with any Company Purchaser or Approved Leerink Purchaser or any of their
affiliated entities, then Leerink will be entitled to payment in full of the compensation
described in the third paragraph of this Agreement; provided, that, in the event that the
Company does not consummate the Minimum Financing within the original 30 day engagement of
Leerink hereunder, then the 180 day period set forth above shall be reduced to 90 days. Upon
the expiration or termination of this Agreement, Leerink will be entitled to prompt
reimbursement of all its reasonable out-of-pocket expenses and fees as described above.
Promptly following any termination or expiration of this Agreement, Leerink will provide the
Company with written notice of the parties contacted by Leerink regarding the Proposed
Financing during the term of our engagement. The indemnity and other provisions contained in
Exhibit A will also remain operative and in full force and effect regardless of any expiration
or termination of this Agreement.
	 
	12.  	This Agreement shall not give rise to any express or implied commitment by Leerink to
purchase or place any securities of the Company.
	 
	13.  	The Company acknowledges that Leerink is acting as placement agent and advisor for the
Company in the transactions contemplated by this engagement, and Leerink shall be entitled to
the benefits of the indemnity provided in Exhibit A.
	 
	14.  	This Agreement incorporates the entire understanding of the parties and supersedes all
previous agreements relating to the subject matter hereof. The benefits of this Agreement
shall inure to the parties hereto, their respective successors and assigns and to the
Indemnified Persons hereunder and their respective successors and assigns, and the obligations
and liabilities assumed in this Agreement shall be binding upon the parties hereto and their
respective successors and assigns. Notwithstanding anything contained herein to the contrary,
none of the parties hereto shall assign any of its obligations hereunder without the prior
written consent of each of the other parties hereto.
	 
	15.  	All notices provided hereunder shall be given in writing and either delivered personally or
by overnight courier service or sent by certified mail, return receipt requested, if to
Leerink, to Leerink Swann & Company, One Federal Street, 37th Floor, Boston, Massachusetts
02110, Attention: Stuart Barich, with a copy to Mintz Levin Cohn Glovsky and Popeo, PC, 666
Third Avenue, 25th Floor, New York, New York 10017, Attention: Ivan K. Blumenthal,
and if to the Company, to BioCryst Pharmaceuticals, Inc., 2190 Parkway Lane Drive, Birmingham,
AL 35244, Attention: Charles E. Bugg, Ph.D., with a copy to Holme Roberts & Owen LLP, 1700
Lincoln Street, Suite 4100, Denver, Colorado 80203, Attention: Richard R. Plumridge. Any
notice delivered personally shall be deemed given upon receipt; any notice given by overnight
courier shall be deemed given on the next business day after delivery to the overnight
courier; and any notice given by certified mail shall be deemed given upon the second business
day after certification thereof.
	 
	16.  	The failure or neglect of either of the parties hereto to insist, in any one or more
instances, upon the strict performance of any of the terms or conditions of this Agreement, or
its waiver of strict performance of any of the terms or conditions of this Agreement, shall
not be construed as a waiver or relinquishment in the future of such term or condition by such
party, but the same shall continue in full force and effect. Any waiver must be in writing.
	 
	17.  	This Agreement shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made and to be fully performed therein, without regard to

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	   	conflicts of law principles. The parties hereby expressly waive all rights to trial by jury in any suit,
action or proceeding arising under this Agreement.
	 
	18.  	This Agreement may not be modified or amended except in a writing duly executed by the
parties hereto.
	 
	19.  	At any time after the consummation or other public announcement of the Proposed Financing,
Leerink may place an announcement in such newspapers and publications as it may choose,
stating that Leerink has acted as lead financial advisor and/or placement agent in connection
with the Proposed Financing.
	 
	20.  	For the convenience of the parties, this Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original instrument, but all of which
taken together shall constitute one and the same agreement. Facsimile signatures shall be
deemed to be original signatures for all purposes.
	 
	21.  	After reviewing this Agreement, please confirm that the foregoing is in accordance with your
understanding by signing and returning the duplicate of this letter attached hereto, whereupon
it shall be our binding Agreement.

	 	 	 	 	 
	 	Very truly yours,

Leerink, Swann & Company

 	 
	 	By:  	/s/ Stuart Barich
 	 
	 	 	Stuart Barich 	 
	 	 	Managing Director

Corporate Finance 	 
	 

Accepted and agreed to

this 9th day of February, 2005.

BioCryst Pharmaceuticals, Inc.

	 	 	 
	By:

	 	/s/ Charles E. Bugg
	

	 	 
	Name:

	 	Charles E. Bugg
	

	 	 
	Title:

	 	Chairman & CEO
	

	 	 
	 

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EXHIBIT A

     This Exhibit A is entered into pursuant to, and is made a part of, the attached Agreement
between Leerink and the Company. Capitalized terms used and not defined in this Exhibit A shall
have the meanings assigned them in the attached Agreement.

     The Company agrees to indemnify and hold harmless Leerink, its affiliates, and each of its
partners, directors, officers, consultants, employees, advisors, representatives and controlling
persons (each an “Indemnified Person”) from and against any claims, losses, damages, expenses or
liabilities (collectively, “Losses”), including without limitation any time spent by Leerink’s
professional and legal advisors (subject to the limitations set forth below), incurred in
connection with investigating, preparing, defending, paying, settling or compromising any action,
claim or proceeding to which any Indemnified Person may become subject in connection with or as a
result of the engagement set forth in the Agreement or the transactions contemplated thereby. The
Company will not, however, be responsible to an Indemnified Person with respect to any Losses to
the extent that such Losses resulted primarily from actions taken or omitted to be taken by such or
any other Indemnified Person due to the Indemnified Person’s or any other Indemnified Person’s
gross negligence, bad faith, violation of law or willful misconduct.

     The Company will reimburse each Indemnified Person for Losses as such Losses are incurred or
paid, notwithstanding the absence of determination as to the propriety or enforceability of the
Company’s obligation to reimburse such Indemnified Person for such Losses and the possibility that
such payments might later be held to have been improper. To the extent that any such reimbursement
is so held to have been improper, the Indemnified Person shall promptly return it to the Company,
together with interest, compounded annually, equal to the prevailing prime rate as published from
time to time by The Wall Street Journal.

     If the indemnification provided for herein should be, for any reason whatsoever,
unenforceable, unavailable or otherwise insufficient to hold each Indemnified Person harmless, the
Company shall pay to or on behalf of each Indemnified Person contributions for Losses so that the
Indemnified Person ultimately bears only a portion of such Losses as is appropriate (i) to reflect
the relative benefits received by such Indemnified Person on the one hand and the Company on the
other hand in connection with this engagement and any transactions contemplated hereby or (ii) if
the allocation on the basis set forth in the immediately preceding clause (i) is not permitted by
applicable law, to reflect not only the relative benefits referred to in such clause (i) but also
the relative fault of the Indemnified Person and the Company as well as any other relevant
equitable considerations; provided, however, that in no event shall the aggregate contribution of
all Indemnified Persons to all Losses exceed the amount of the fees actually received by Leerink
pursuant to the Agreement. The respective relative benefits received by all Indemnified Persons
and the Company shall be deemed to be in the same proportion as the aggregate fee paid to Leerink
pursuant to the Agreement bears to the total consideration paid or contemplated to be paid to, or
received by, the Company or its stockholders, as the case may be, in connection with transactions
contemplated by the Agreement. The relative fault of each Indemnified Person and the Company shall
be determined by reference to, among other things, whether the actions or failures to act were by
such Indemnified Person or the Company, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such action or failure to act. Notwithstanding
the foregoing, no Indemnified Person shall have any obligation to investigate or verify the
information provided to Leerink in connection with their providing financial advisory services
under the Agreement, and the Company shall be solely liable for any Losses related to or arising
out of the use of such information that is inaccurate for any reason.

     The Company also agrees that no Indemnified Person shall have any liability to the Company or
its affiliates, directors, officers, employees, Leerink, consultants, advisors, representatives,
control persons or stockholders, directly or indirectly, related to or arising out of the Agreement
or any transactions contemplated thereby, in connection with claims by third parties except Losses
incurred by the Company to the extent that such Losses resulted primarily from actions taken or the
failure to take actions by such Indemnified Person due to such Indemnified Person’s gross
negligence, bad faith, violation of law or willful misconduct. In no event, regardless of the
legal theory advanced, shall any Indemnified Person be liable for any consequential, indirect,
incidental or special damages of any nature. Leerink likewise indemnifies the Company in the event
of gross negligence, bad faith, material violation of law or willful misconduct on the part of any
Leerink party, subject to the limit of the fees actually paid to Leerink hereunder. Leerink will
reimburse the Company for Losses related to the foregoing as such Losses are paid, notwithstanding
the absence of determination as to the propriety or enforceability of Leerink’s obligation to reimburse the Company for such Losses and the possibility that such payments
might later be held to have been improper. To the extent that any such reimbursement is so held to
have been improper, the Company shall promptly return it to Leerink, together with

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interest,
compounded annually, equal to the prevailing prime rate as published from time to time by The Wall
Street Journal.

     In case any proceeding shall be instituted involving any Indemnified Person, such Indemnified
Person shall promptly notify the Company in writing. The failure of an Indemnified Person to
provide such prompt notice shall not reduce such Indemnified Person’s right to indemnification or
contribution hereunder to the extent that such failure does not materially prejudice the ability to
defend such proceeding. The Company shall retain counsel reasonably satisfactory to Leerink to
represent the Indemnified Persons and any others the Company may designate in such proceeding,
shall have sole control of the defense of any such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified
Person shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Person, except to the extent that (i) the Company and
the Indemnified Person shall have mutually agreed to the retention of such counsel at the Company’s
expense or (ii) the named parties to any such proceeding (including any impleaded parties) include
both the Company or any others the Company may designate and one or more Indemnified Persons, and
representation of the Indemnified Persons and such other parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. In any case in which
one or more Indemnified Persons are entitled to separate counsel due to such actual or potential
differing interests, the Company shall not be liable for the expenses of more than one separate
counsel, and such counsel shall be designated in writing by Leerink. The Company shall have sole
control of any settlement of any proceeding for which it is obligated to provide indemnification
hereunder. Notwithstanding the foregoing the Company shall not, without the prior written consent
of the Indemnified Person, effect any settlement of, or consent to the entry of any judgment in
connection with, any pending or threatened proceeding in respect of which such Indemnified Person
is or could have been a party and indemnity or contribution could have been sought hereunder by
such Indemnified Person, unless such settlement or judgment includes an unconditional release of
such Indemnified Person from all liability on claims that are the subject matter of the proceeding.

     The obligations of the Company referred to above shall be in addition to any rights that any
Indemnified Person may otherwise have and shall inure to the benefit of and be binding upon any
successors, assigns, heirs and personal representatives of any Indemnified Person or the Company.

Leerink, Swann & Company

	 	 	 
	By:

	 	/s/ Stuart Barich
	

	 	 
	

	 	Stuart Barich

Managing Director

Corporate Finance

Agreed to and Accepted:

BioCryst Pharmaceuticals, Inc.

	 	 	 
	By:

	 	/s/ Charles E. Bugg
	

	 	 
	Name:

	 	Charles E. Bugg
	

	 	 
	Title:

	 	Chairman & CEO
	

	 	 
	 
	Date:

	 	February 9, 2005

7exv4w2

 

Exhibit 4.2

AMENDMENT NO. 1 DATED AS OF FEBRUARY 14, 2005

TO RIGHTS AGREEMENT

BETWEEN SYBASE, INC. AND THE AMERICAN STOCK TRANSFER AND TRUST

COMPANY

     WHEREAS Sybase, Inc. (the “Company”) and American Stock Transfer and Trust Company, as Rights
Agent (the “Rights Agent”), entered into the Rights Agreement dated as of July 31, 2002 (the
“Rights Agreement”); and

     WHEREAS the Board of Directors of the Company has directed certain officers of the Company to
prepare, execute and deliver this Amendment No. 1 (the “Amendment”) to the Rights Agreement in
order to facilitate a Rule 144A transaction and make certain other changes; and

     WHEREAS Section 27 of the Rights Agreement permits the Company to amend the Rights Agreement
in any respect without approval of the holders of rights prior to the Distribution Date (as therein
defined); and

     WHEREAS the Distribution Date has not occurred; and

     WHEREAS the Board of Directors of the Company authorized and approved this Amendment at its
meeting on February 14, 2005; and

     WHEREAS the Company deems it desirable to amend the Rights Agreement as set forth herein;

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and in
the Rights Agreement, the parties hereto hereby agree as follows:

     1. Amendment to Definition. Section 1(d) of the Rights Agreement is hereby amended to
read in its entirety as follows:

“(d) A Person shall be deemed the “BENEFICIAL OWNER” of and shall be
deemed to “BENEFICIALLY OWN” any securities:

     (i) that such Person or any of such Person’s Affiliates or Associates beneficially
owns, directly or indirectly, for purposes of Section 13(d) of the Exchange Act and Rule
13d-3 thereunder (or any comparable or successor law or regulation); provided, however, that
a Person shall not be deemed pursuant to this Section 1(d)(i) to be the Beneficial Owner of,
or to Beneficially Own, any securities of the Company:

          (A) acquired by underwriters and selling group members pursuant to a customary
underwriting agreement with the Company or customary agreements among underwriters and
selling group members in a bona fide public offering, or

 

 

          (B) acquired by the initial purchasers directly from the Company with the intent of
reselling such securities to qualified institutional buyers pursuant to Rule 144A, to
investors outside of the U.S. pursuant to Regulation S or to other institutional investors;

     (ii) that such Person or any of such Person’s Affiliates or Associates has

          (A) the right to acquire (whether such right is exercisable immediately or only after
the passage of time) pursuant to any agreement, arrangement or understanding, or upon the
exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or
options, or otherwise; provided, however, that a Person shall not be deemed pursuant to this
Section 1(d)(ii)(A) to be the Beneficial Owner of, or to Beneficially Own:

               (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of
such Person or any of such Person’s Affiliates or Associates until such tendered securities
are accepted for purchase or exchange, or

               (2) securities that a Person or any of such Person’s Affiliates or Associates may be
deemed to have the right to acquire pursuant to any merger or other acquisition agreement
between the Company and such Person (or one or more of its Affiliates or Associates) if such
agreement has been approved by the Board of Directors of the Company prior to there being an
Acquiring Person, or

               (3) securities acquired pursuant to a customary underwriting agreement with the Company
or customary agreements among underwriters and selling group members in a bona fide public
offering, or

               (4) securities acquired by the initial purchasers directly from the Company with the
intent of reselling such securities to qualified institutional buyers pursuant to Rule 144A,
to investors outside of the U.S. pursuant to Regulation S or to other institutional
investors; or

          (B) the right to vote pursuant to any agreement, arrangement or understanding;
provided, however, that a Person shall not be deemed pursuant to this Section 1(d)(ii)(B) to
be the Beneficial Owner of, or to Beneficially Own, any security if the agreement,
arrangement or understanding to vote such security:

               (1) arises solely from a revocable proxy or consent given to such Person in response to
a public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations of the Exchange Act, and

               (2) is not also then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); or

- 2 -

 

     (iii) that are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person or any of such Person’s Affiliates or
Associates has any agreement, arrangement or understanding, whether or not in writing for
the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso
to Section 1(d)(ii)(B)) or disposing of any securities of the Company; provided, however,
that in no case shall:

          (A) an officer or director of the Company be deemed the Beneficial Owner of:

               (1) any securities beneficially owned by another officer or director of the Company
solely by reason of actions undertaken by such persons in their capacity as officers or
directors of the Company, or

               (2) any securities held of record by the trustee of any employee benefit plan of the
Company or any Subsidiary of the Company for the benefit of any employee of the Company or
any Subsidiary of the Company, other than the officer or director, by reason of any
influence that such officer or director may have over the voting of the securities held in
the plan; or

          (B) an underwriter or selling group member be deemed to be the “Beneficial Owner” of
any securities acquired pursuant to a customary underwriting agreement with the Company or
customary agreements among underwriters and selling group members in a bona fide public
offering, or

          (C) an initial purchaser be deemed to be the “Beneficial Owner” of any securities
acquired by the initial purchasers directly from the Company with the intent of reselling
such securities to qualified institutional buyers pursuant to Rule 144A, to investors
outside of the U.S. pursuant to Regulation S or to other institutional investors.”

     2. No Other Changes. Except as expressly amended hereby, the Rights Agreement shall
remain in full force and effect.

     3. Direction of Company. This amendment is in compliance with the terms of Section 27
of the Rights Agreement and pursuant to such Section 27, the Company directs the Rights Agent to
execute this Amendment.

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

	 	 	 	 	 
	 	SYBASE, INC.

 	 
	 	By:  	/s/ DANIEL R. CARL
 	 
	 
	 	Name:  	Daniel R. Carl 	 
	 
	 	Title:  	Vice President, General Counsel and
Secretary 	 
	 

	 	 	 	 	 
	 	AMERICAN STOCK TRANSFER AND TRUST COMPANY, as
Rights Agent

 	 
	 	By:  	/s/ HERBERT J. LEMMER
 	 
	 
	 	Name:  	Herbert J. Lemmer 	 
	 
	 	Title:  	Vice President 	 
	 

- 4 -

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