Agreement with Marcel Bernard
EX-10.12 5 d52480exv10w12.htm AGREEMENT WITH MARCEL BERNARD exv10w12
Exhibit 10.12
ASSUMPTION AND RELEASE AGREEMENT
THIS ASSUMPTION AND RELEASE AGREEMENT (the Agreement) is made effective as of October 13, 2006, by and among Lone Star Holding Corp., a Delaware corporation (Lone Star), Hellman & Friedman Capital Partners V, L.P., a Delaware corporation (H&F), Thoma Cressey Fund VII, L.P., a Delaware limited partnership (TCEP), and Marcel Bernard, an individual.
RECITALS:
A. Affiliates of each of H&F and TCEP entered into a letter agreement (the Letter), dated as of April 7, 2006, with Marcel Bernard, regarding, among other things, his role and responsibilities at Activant Solutions Holdings Inc., a Delaware corporation (ASHI) or its holding company.
B. On May 2, 2006, Lone Star Merger Corp., a Delaware corporation and wholly-owned subsidiary of Lone Star merged with and into ASHI, with ASHI surviving the merger (the First Merger). Immediately following the First Merger, ASHI merged with and into Activant Solutions Inc., a Delaware corporation (ASI), and wholly-owned subsidiary of ASHI, with ASI surviving the merger (the Second Merger). As a result of the Second Merger, Lone Star became the holding company of ASI.
C. As of the date of this Agreement, Marcel Bernard is a member of the board of directors of ASI and Lone Star.
D. The parties hereto have each agreed to execute and deliver this Agreement to confirm that (i) Lone Star will assume the obligations and liabilities of H&F and TCEP under the Letter from and after the date hereof and (ii) each of H&F and its affiliates, TCEP and its affiliates and each of their respective directors, officers, employees, partners, members, managers and representatives shall be fully released of any and all obligations and liabilities thereunder as of the date hereof.
AGREEMENT:
In consideration of the foregoing and the mutual covenants and promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lone Star, H&F, TCEP and Marcel Bernard agree as follows:
1. Assumption of Obligation. Lone Star agrees to, and does hereby assume, the performance of all of the terms, covenants and conditions of the Letter and all of the obligations and liabilities of H&F and TCEP, arising out of, or relating to, the Letter, whether accruing, or being required to be paid or performed, prior to, on or after the date hereof. Lone Star further agrees to abide by, and be bound by, all of the terms of the Letter, as though the Letter had been made, executed and delivered by Lone Star. The provisions of the Letter are incorporated herein by this reference, as if fully set forth herein. Lone Star acknowledges and agrees that any reference to H&F or TCEP in the Letter shall be deemed to refer to Lone Star from and after the date of this Agreement.
2. Release of H&F and TCEP. In consideration of the mutual covenants contained herein, Marcel Bernard unconditionally and irrevocably releases and forever discharges H&F and its affiliates, TCEP and its affiliates and each of their respective directors, officers, employees, partners, members, managers and representatives (each of the foregoing, a Releasee, and collectively, the Releasees) from any and all obligations and liabilities arising out of or relating to the Letter, whether accruing, or being required to be paid or performed, prior to, on or after the date hereof (the Released Matters). Each of Lone Star and Marcel Bernard expressly acknowledges that it or he has had, or has had and waived, the opportunity to be advised by independent legal counsel and hereby waives and relinquishes all rights and benefits afforded by Section 1542 of the California Civil Code with respect to the Released Matters and does so understanding and acknowledging the significance and consequence of such specific waiver of Section 1542 which provides:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
3. Miscellaneous.
(a) This Agreement shall be construed according to and governed by the laws of the State of California without regard to its conflicts of law principles.
(b) If any provision of this Agreement is adjudicated to be invalid, illegal or unenforceable, in whole or in part, it will be deemed omitted to that extent and all other provisions of this Agreement will remain in full force and effect.
(c) No change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto.
(d) The captions contained in this Agreement are for convenience of reference only and in no event define, describe or limit the scope or intent of this Agreement or any of the provisions or terms hereof.
(e) This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors and permitted assigns. In addition, the provisions of Section 2 of this Agreement are also intended to be for the benefit of, and shall be enforceable by, each Releasee, and each such of such Releasees heirs, representatives, successors or assigns, it being expressly agreed that the Releasees shall be third party beneficiaries of Section 2 of this Agreement.
(f) This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart.
(g) This Agreement represents the final agreement between the parties hereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements.
[Signature page follows]
IN WITNESS WHEREOF, the parties have executed this Assumption and Release Agreement as of the date first above written.
LONE STAR HOLDING CORP. | ||||||
By: | ||||||
Name: | ||||||
Title: | President & Chief Executive Officer | |||||
HELLMAN & FRIEDMAN CAPITAL PARTNERS V, L.P. | ||||||
By: | ||||||
+ | Name: | |||||
Title: | Managing Director | |||||
THOMA CRESSEY EQUITY PARTNERS, INC. | ||||||
By: | ||||||
Name: | ||||||
Title: | Managing Partner | |||||
Marcel Bernard |