Notice of Early Termination of Warrant Transaction between Lawson Software, Inc. and Lehman Brothers OTC Derivatives Inc.
Lawson Software, Inc. notifies Lehman Brothers OTC Derivatives Inc. of the early termination of their warrant transaction agreement, following Lehman's bankruptcy filing on October 5, 2008. Lawson, as the non-defaulting party, designates October 10, 2008 as the termination date. Lawson will provide a calculation of its loss under the agreement. This notice does not waive any of Lawson's rights or remedies under the agreement or law.
Exhibit 10.5
Via Messenger, Fax and Email
October 10, 2008
Lehman Brothers. Inc. acting as Agent
Lehman Brothers OTC Derivatives Inc.
Transaction Management
745 Seventh Avenue, 28th Floor
New York, New York 10019
Attn: Documentation Manager
Re: Confirmation dated April 17, 2007, between Lehman Brothers OTC
Derivatives Inc. and Lawson Software, Inc.
Warrant Transaction
Notice of Early Termination Date
Ladies and Gentlemen:
We refer to the Confirmation dated April 17, 2007 (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)(vii) of the Agreement, due to Party As bankruptcy filing on October 5, 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 October 10, 2008 as the Early Termination Date in respect of the Transaction.
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.
| Lawson Software, Inc. | |
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| By: | /s/ Bruce B. McPheeters |
| Its: | Corporate Secretary and Senior Vice President |