Notice of Early Termination and Wire Transfer Instructions between Lawson Software, Inc. and Lehman Brothers OTC Derivatives Inc.
Lawson Software, Inc. notifies Lehman Brothers OTC Derivatives Inc. of an early termination of their July 15, 2008 derivatives transaction due to Lehman's failure to transfer required funds by the deadline. Lawson designates September 24, 2008 as the Early Termination Date and will withdraw all assets from the relevant account. Lawson also provides wire instructions to transfer the remaining funds to a related account. The letter reserves all of Lawson's legal rights under the agreement.
Exhibit 10.2
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| September 24, 2008 |
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To: |
| Lehman Brothers. Inc. acting as Agent |
| Via Messenger, Fax and Email |
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| Lehman Brothers OTC Derivatives Inc. |
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| Transaction Management |
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| 745 Seventh Avenue, 28th Floor |
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| New York, New York 10019 |
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| Attn: Documentation Manager |
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Cc: |
| Debbie Dymersky |
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| Martin Winter |
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| Conrad Bahlke |
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| Stephen Roti |
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| Marcus Weickel |
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| Andrew Yare |
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| Re: Confirmation dated July 15, 2008, between Lehman Brothers OTC Derivatives Inc. and Lawson Software, Inc. | ||
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| Notice of Early Termination Date |
Ladies and Gentlemen:
We refer to the Confirmation dated July 15, 2008 (the Confirmation), entered into between Lehman Brothers OTC Derivatives Inc. (Party A) and Lawson Software, Inc. (Party B). Capitalized terms used herein but not defined herein have the meaning assigned in the Confirmation.
We hereby notify you of an Event of Default pursuant to Section 5(a)(iii)(1) of the Agreement, due to Party As failure to Transfer the Delivery Amount by September 24, 2008, as identified in our notice dated September 19, 2008.
As a result of such Event of Default, pursuant to Section 6(a) of the Agreement, Party B as the non-defaulting party hereby designates September 24, 2008 as the Early Termination Date in respect of the Transaction.
Pursuant to the Credit Support Annex, Party B will withdraw all cash and financial assets in the Securities Account on September 25, 2008. As soon as reasonably practicable, Party B will provide Party A with a statement of the calculation of Party Bs loss under the Agreement made pursuant to Section 6(e) of the Agreement.
Nothing contained in this letter shall be deemed to waive, release or impair any right or remedy which the undersigned may have pursuant to the above referenced agreements or which are otherwise available at law or equity, all of which are expressly retained by the undersigned.
Sincerely,
Lawson Software, Inc.
By | /s/ Heidi A. Weiler |
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| Heidi A. Weiler |
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| V.P. Global Tax & Treasury |
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September 25, 2008
To: |
| Debbie Dymersky |
| Via Fax and Email |
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From: |
| Lawson Software, Inc. |
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Re: |
| Wire Transfer Instructions |
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Ladies and Gentlemen:
Lawson hereby approves and instructs you to immediately transfer the $9,075,264.51 in the Lawson Software, Inc. account 938-90306-11-200 pursuant to the wire instructions below:
Transfer from:
Lawson Software
Accnt #: 938-90306-11-200
Transfer to:
Lawson Software Americas, Inc.
Accnt #: 30630855
Citibank N A
ABA #: 021000089
Sincerely,
Lawson Software, Inc.
By | /s/ Bruce B. McPheeters |
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| Bruce B. McPheeters |
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| Senior Vice President and Secretary |
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To: |
| Debbie Dymersky - (646 ###-###-####) |
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| Martin Winter - (212 ###-###-####) |
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| Conrad Bahlke - 212 ###-###-#### |
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| Stephen Roti - (917 ###-###-####) |
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| Marcus Weickel - (646 ###-###-####) |
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| Andrew Yare - (646 ###-###-####) |
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