Document:

Offer of Employment Letter - David Barnard

 EXHIBIT 10.12 
  

			
	

	 	 455 Jackson Street
  
 San Francisco, CA 94111
  
 Tel 800 944.2233    Fax 800 846.0411
  
 www.dwr.com

  
 February 22, 2000

  
 David Barnard 
 2087 Braemar Rd 
 Oakland, CA 94602 
  
 Dear David,

  
 On behalf of Design Within Reach, Inc., (the
“Company”), I am pleased to offer you a position as Chief Executive Officer, reporting to Board of Directors. The terms of your new position with the Company are as set forth below: 
  
 You will be paid a salary at a rate of $10,833.33 per month, payable in
installments pursuant to the Company’s regular payroll policy. 
  
 In connection with the commencement of your full-time employment, the Company will recommend that the Board of Directors’ grant you an additional option to purchase 220,000 shares of the Company’s Common Stock
(“Shares”), with an exercise price equal to the fair market value on the date of the grant. Vesting will, of course, depend on your continued employment with the Company. One fourth of these option shares will vest at the first anniversary
of your employment and an additional on forty-eighth (1/48) will vest for each additional full month of your employment. This option will be an incentive option to the maximum extent allowed by the tax code, and will be subject to the terms of the
Company’s 1999 Stock Plan and the Stock Option Agreement between you and the Company. This additional grant brings your total option pool with the company to a total of 240,000 shares. 
  
 In addition to the acceleration of vesting provision outlined in the 1999
Stock Option Plan, twenty-fifty percent of your unvested options shall become immediately vested and exercisable upon a change of control and your employment is terminated or if you are not offered a new position with the acquiring company that is
not substantially similar to your current position as CFO. As well as the acceleration of vesting, you will be paid twelve months base salary either in lump sum or as salary continuance. 
  
 In the event the Company terminates your employment for any reason other than for cause, 25% of your unvested options at the
time of termination will become immediately vested and exercisable. As well as the acceleration of vesting, you will be paid twelve months base salary either in lump sum or as salary continuance 
  
 This letter supersedes any prior representation or agreements between you and
the company whether written or oral. This agreement may not be modified or amended except by a written agreement signed by an authorized representative of the company and you. 

			
	

	 	 455 Jackson Street
  
 San Francisco, CA 94111
  
 Tel 800 944.2233    Fax 800 846.0411
  
 www.dwr.com

  
 Should you accept our offer, please
indicate your acceptance and your preferred starting date in the space provided at the end of the signature page. 
  
 You agree that, to the best of your ability, you will at all times loyally and conscientiously perform all of the duties and obligations required of and
from you pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Company. During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the
Company, that the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, and that you will not render commercial or professional services of any nature to any person or
organization, whether or not for compensation, without prior written consent of the Company’s Board of Directors. You agree that you will not directly or indirectly engage or participate in any business that is competitive in any manner with
the business of the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements, for which you may receive honoraria, or from serving on the board of a charitable organization, or from owning no
more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange. 
  
 Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company,
of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidential Agreement”), prior to your start date of September 1, 1999. 
  
 You agree to follow the Company’s strict policy that employees must not
disclose, either directly or indirectly, and information, including any of the terms of this agreement, regarding salary, stock purchase or option allocations to any person, including other employees of the Company; provided, however, that you may
discuss such terms with members of your immediate family and any legal, tax, or accounting specialists who provide you with individual legal, tax, or accounting advice. 
  
 Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may
terminate your employment at any time for any reason or no reason, without further obligation or liability. 
  
 For purposes of federal immigration law, you will be required to provide the Company documentary evidence of your identity and eligibility for employment
in the United Sates. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 
  
 I am delighted to be able to extend this offer to you on behalf of the Company, and we look forward to working with you. To
indicate your acceptance, please sign and date 
  

 2 

			
	

	 	 455 Jackson Street
  
 San Francisco, CA 94111
  
 Tel 800 944.2233    Fax 800 846.0411
  
 www.dwr.com

  
 one copy of this letter, and return to
the Company together with the signed Confidentiality Agreement, either in person or at the address shown below: 
  
 Design Within Reach, Inc 
 455 Jackson Street 
 San Francisco, CA 94111 
  
 These agreements together set forth the terms of your employment with the
Company, and supersede prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by both the Company and you. 
  
 Design Within Reach, Inc. 
  

					
	 	 	 	 	 
			
	 /s/    Rob Forbes
	 	 	 	 Date    2/25/00

	
	 	 	 	 
	Rob Forbes	 	 	 	 
			
	 /s/    David Barnard
	 	 	 	 Date    2/25/00

	
	 	 	 	 
	David Bamard	 	 	 	 

  
  

 3Form of 3.750 % Senior Notes due 2009

 Exhibit 4.2 
  
 (Face of Note) 
  
 3.750% SENIOR NOTES DUE 2009 
  
 CUSIP                     
  

			
	No.            	 	$                

  
 SunGard Data Systems
Inc. 
  
 promises to pay to CEDE & CO., INC. or registered assigns, the
principal sum of                     Dollars
($                    ) on [            ],
[            ]. 
  
 Interest Payment Dates: January 15 and July 15, commencing [                ], 20[      ]. 
  
 Record Dates: January 1 and July 1. 
  
 Dated:                , 20[      ]. 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized
officer. 
  

					
	 SUNGARD DATA SYSTEMS INC.

		
	 By:
	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  
 This is one of the Global 
 Notes referred to in the 
 within-mentioned Indenture: 
  

			
	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory
 Dated                        , 20      

 (Back of Note) 
  

3.750% SENIOR NOTES DUE 2009 
  
 [Insert the Global Note Legend, if applicable pursuant to the terms of the Indenture] 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

  
 1. Interest. SUNGARD DATA SYSTEMS, INC., a
Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 3.750% per annum until maturity. The Company shall pay interest semi-annually on January 15 and July 15 of each year (each
an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, however, that if there is
no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be [            ]. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

  
 2. Method of Payment. The Company shall pay
interest on the Notes (except defaulted interest) to the Persons in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 1 or July 1 next preceding the Interest Payment Date, even if such
Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and interest
at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Security Register; provided,
however, that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Company or the Paying Agent prior to the record date for the relevant interest payment. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. 
  
 3. Paying Agent and
Registrar. Initially, The Bank of New York, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries
may act in any such capacity. 
  
 4. Indenture. The
Company issued the Notes under an Indenture dated as of January 15, 2004 (“Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. 

 To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. 
  
 5. Optional
Redemption. The Company may, at its option, redeem the Notes, in whole or from time to time in part, after giving the notice required pursuant to Section 3.03 of the Indenture, at a redemption price equal to the greater of: 
  
 (i) 100% of the aggregate principal amount of the Notes to
be redeemed; and 
  
 (ii) the sum of the present
values of the remaining scheduled payments of principal and interest on the Notes, not including unpaid interest accrued to the redemption date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, plus unpaid interest on the Notes being redeemed accrued to the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date). 
  
 Any notice to the Holders of
a redemption pursuant to this paragraph (5) shall include the appropriate calculation of the redemption price, but need not include the redemption price itself. The actual redemption price, calculated as described above, shall be set forth in an
Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the redemption date. Any prepayment pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture.

  
 6. Mandatory Redemption. The Company shall not
be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  
 7. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered
address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or
portions thereof called for redemption. 
  
 8.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. This Note shall represent the aggregate principal amount of outstanding Notes from time to time
endorsed hereon and the aggregate principal amount of Notes represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register
the transfer of 

 any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date
and the corresponding Interest Payment Date. 
  
 9.
Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Company and the Trustee may amend or supplement the Indenture and
the Notes with the consent of the Holders of at least a majority in aggregate principal amount of the Notes, including Additional Notes, if any, then outstanding voting as a single class (including consents obtained in connection with a purchase of
or tender offer or exchange offer for the Notes), and, subject to Sections 6.04 and 6.07 of the Indenture, any existing Default or Event of Default (except a continuing Default or Event of Default in (i) the payment of principal, premium, if any, or
interest on the Notes and (ii) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision
of the Indenture or the Notes may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the Notes, including Additional Notes, if any, then outstanding voting as a single class (including consents obtained
in connection with a purchase of or tender offer or exchange offer for the Notes). 
  
 The Company and the Trustee may amend or supplement the Indenture or the Notes without the consent of any Holder to evidence the succession of another Person to the Company and the assumption by any such successor of
the obligations and covenants of the Company contained in the Indenture and in the Notes; to add to the covenants of the Company for the benefit of the Holders of the Notes or to surrender any right or power herein conferred upon the Company under
the Indenture or the Notes; to add any additional Events of Default with respect to the Notes; to secure the Notes; to cure any ambiguity or correct or supplement any provision in the Indenture that may be inconsistent with any other provision; to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of
the trusts thereunder by more than one Trustee; to modify the legends regarding restrictions on transferability of the Notes, which modifications may not adversely affect the interests of the Holders of any Notes or owners of beneficial interests in
the Notes; provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code); to amend or supplement any provision contained in the Indenture or the Notes; provided that no such amendment or supplement shall materially adversely affect the
interests of the Holders of any Notes then outstanding; make any change to comply with any requirement of the Commission in order to effect or maintain the qualification of the Indenture under the TIA; to provide for the issuance of Additional Notes
in accordance with the Indenture; or to comply with the rules of any applicable securities depositary. 

 11. Defaults and Remedies. Each of the following is an Event of Default under the
Indenture: failure to make the payment of any interest on the 2009 Notes or the 2014 Notes, as the case may be, when the same becomes due and payable, and such failure continues for a period of 30 calendar days; failure to make the payment of any
principal of, or premium, if any, on, any of the 2009 Notes or the 2014 Notes, as the case may be, when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption or otherwise; failure to comply with any covenant or
agreement in the Notes or in this Indenture, and such failure continues for 90 calendar days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25%
in principal amount of the outstanding Notes of the applicable series a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; default (i) in the
payment of any scheduled principal of or premium, if any, or interest on any Debt of the Company or any Subsidiary of the Company (other than the Notes), aggregating more than $75.0 million in principal amount, when due after giving effect to any
applicable grace period or (ii) in the performance of any other term or provision of any Debt of the Company or any Subsidiary of the Company (other than the Notes), in excess of $75.0 million principal amount that results in such Debt becoming or
being declared due and payable prior to the date on which it would otherwise become due and payable, and such acceleration shall not have been rescinded or annulled, or such Debt shall not have been discharged, within a period of 15 days after there
has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default and stating that
such notice is a “Notice of Default” under the Indenture; and certain events of bankruptcy, insolvency or reorganization affecting the Company or any of its Significant Subsidiaries. 
  
 If any Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency described in
the Indenture, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
  
 12. Trustee Dealings with
Company. Subject to certain limitations, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it
would have if it were not Trustee. 

 13. No Recourse Against Others. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. 
  
 14. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  

15. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 16. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be
made to: 
  
 SunGard Data Systems Inc.

 680 East Swedesford Road 
 Wayne, Pennsylvania 19807 
  
 17.
Governing Law. The internal law of the State of New York shall govern and be used to construe this Note without giving effect to applicable principals of conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby. 

 Assignment Form 
  

To assign this Note, fill in the form below: 
  

(I) or (we) assign and transfer this Note to 
  

  

 (Insert assignee’s social security or other tax I.D. no.) 
  

  

  

  

 (Print or type assignee’s name, address and zip code) 
  

			
	 and irrevocably appoint
	 	  
	 	 	 

	 as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

  

  

											
	 Date:_____________
	 	 	 	 Your Signature:
	 	 
				
	 	 	 	 	 	 	

	 	 	 	 	 	 	(Sign exactly as your name appears on the face of this Note)
				
	 	 	 	 	 	 	 Signature Guarantee:

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of
 decrease in
 Principal
 Amount
 of this Global
 Note

	 	 Amount of
 increase
 in Principal
 Amount
 of this Global
 Note

	  	 Principal Amount
 of this Global
 Note
 following such
 decrease (or
 increase)

	  	 Signature of
 authorized
 signatory
 of Trustee or
 Note Custodian

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