VOTING AGREEMENT
Exhibit
99.4
VOTING AGREEMENT (this “Agreement”), dated as
of December __, 2009, by and among Bavaria Holdings Inc., a Delaware
corporation (“Parent”), and the
undersigned stockholder (“Stockholder”) of
QuadraMed Corporation, a Delaware corporation (the “Company”), identified
on the signature page hereto.
R
E C I T A L S:
WHEREAS, the Company, Parent and
Bavaria Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary
of Parent (“Merger
Sub”), are entering into an Agreement and Plan of Merger (as amended from
time to time, the “Merger Agreement”),
dated as of the date hereof, providing for, among other things, the merger of
Merger Sub with and into the Company, with the Company continuing as the
surviving corporation and wholly owned subsidiary of Parent (the “Merger”);
WHEREAS, as of the date hereof,
Stockholder is the Beneficial Owner (as defined below) of, and has the sole
right to vote and dispose of, that number of shares of common stock (the “Company Shares”) of
the Company set forth beside Stockholder’s name on Schedule A hereto;
and
WHEREAS, concurrently with the entry by
the Company, Parent and Merger Sub into the Merger Agreement, and as a condition
and inducement to the willingness of Parent and Merger Sub to enter into the
Merger Agreement and incur the obligations set forth therein, Parent has
required that Stockholder enter into this Agreement;
NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties, covenants and agreements
contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows:
ARTICLE
I
DEFINITIONS
Capitalized terms used but not defined
in this Agreement are used in this Agreement with the meanings given to such
terms in the Merger Agreement. In addition, for purposes of this
Agreement:
“Affiliate” means,
with respect to any specified Person, any Person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, the Person specified. For purposes of this
Agreement, with respect to Stockholder, “Affiliate” shall not
include the Company and the Persons that directly, or indirectly through one or
more intermediaries, are controlled by the Company. For the avoidance
of doubt, no officer or director of the Company shall be deemed an Affiliate of
another officer or director of the Company by virtue of his or her status as an
officer or director of the Company.
“Alternative
Transaction” means (i) any transaction of the type described in the
definition of Acquisition Proposal contained in the Merger Agreement other than
the transactions
contemplated
by the Merger Agreement and (ii) any other action, agreement or transaction
that would reasonably be expected to hinder, delay, impede, interfere, postpone,
discourage, adversely affect or frustrate the consummation of the Merger and
other transactions contemplated by the Merger Agreement.
“Beneficially Owned”
or “Beneficial
Ownership” with respect to any securities means having beneficial
ownership of such securities (as determined pursuant to Rule 13d-3 under
the Exchange Act, disregarding the phrase “within 60 days” in
paragraph (d)(1)(i) thereof), including pursuant to any agreement,
arrangement or understanding, whether or not in writing. Without
duplicative counting of the same securities, securities Beneficially Owned by a
Person shall include securities Beneficially Owned by (i) all Affiliates of
such Person, and (ii) all other Persons with whom such Person would
constitute a “group” within the meaning of Section 13(d) of the Exchange
Act and the rules promulgated thereunder.
“Beneficial Owner”
with respect to any securities means a Person that has Beneficial Ownership of
such securities.
“Person” means an
individual, corporation, limited liability company, partnership, association,
trust or any other entity or organization, including any Governmental
Entity.
“Subject Shares”
means, with respect to Stockholder, without duplication, (i) the Company
Shares owned by Stockholder on the date hereof as described on Schedule A, and
(ii) any additional Company Shares acquired by Stockholder or over which
Stockholder acquires Beneficial Ownership from and after the date hereof,
whether pursuant to existing stock option agreements or otherwise.
“Transfer” means, with
respect to a security, the sale, transfer, pledge, hypothecation, encumbrance,
assignment or disposition of such security or the Beneficial Ownership thereof,
the offer to make such sale, transfer or other disposition, and each option,
agreement, arrangement or understanding, whether or not in writing, to effect
any of the foregoing. As a verb, “Transfer” shall have
a correlative meaning.
ARTICLE
II
COVENANTS
OF STOCKHOLDER
Section
2.1 Irrevocable
Proxy. Concurrently with the execution of this Agreement,
Stockholder agrees to deliver to Parent a proxy in the form attached hereto as
Exhibit A (the “Proxy”), which shall
be irrevocable to the extent provided in Section 212 of the Delaware
General Corporation Law (the “DGCL”), with respect
to the Subject Shares referred to therein.
Section
2.2 Agreement to
Vote.
(a) At
any meeting of the stockholders of the Company held prior to the Expiration Date
(as defined in Section 5.13), however called, and at every adjournment or
postponement thereof prior to the Expiration Date, or in connection with any
written consent of, or any other action by, the stockholders of the Company
given or solicited prior to the Expiration Date, Stockholder shall vote, or
provide a consent with respect to, all of the Subject Shares
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entitled
to vote or to consent thereon (i) in favor of adoption and approval of the
Merger Agreement and the transactions contemplated thereby, and any actions
required in furtherance thereof and (ii) against any Alternative
Transaction and against any other action or agreement that would result in a
breach in any material respect of any covenant, representation or warranty or
any other obligation or agreement of the Company under the Merger
Agreement.
(b) Stockholder
shall not enter into any agreement with any Person (other than Parent) prior to
the Expiration Date (with respect to periods prior to or after the Expiration
Date) directly or indirectly to vote, grant any proxy or give instructions with
respect to the voting of, the Subject Shares in respect of the matters described
in Section 2.2 hereof.
Section
2.3 Revocation of Proxies;
Cooperation. Stockholder agrees as follows:
(a) Stockholder
hereby represents and warrants that any proxies heretofore given in respect of
the Subject Shares with respect to the matters described in Section 2.2(a)
hereof are not irrevocable, and Stockholder hereby revokes any and all prior
proxies with respect to such Subject Shares as they relate to such
matters. Prior to the Expiration Date, Stockholder shall not directly
or indirectly grant any proxies or powers of attorney with respect to the
matters set forth in Section 2.2(a) hereof (other than to Parent), deposit
any of the Subject Shares or enter into a voting agreement (other than this
Agreement) with respect to any of the Subject Shares relating to any matter
described in Section 2.2(a).
(b) Stockholder
will (i) use all reasonable efforts to cooperate with the Company, Parent
and Merger Sub in connection with the transactions contemplated by the Merger
Agreement, (ii) promptly take such actions as are necessary to consummate
such transactions, and (iii) provide any information reasonably requested
by the Company, Parent or Merger Sub for any regulatory application or filing
sought for such transactions.
Section
2.4 No
Solicitation. Stockholder hereby represents and warrants that
he or she has read Section 5.2 of the Merger Agreement and agrees to not take
any action in contravention of such section.
Section
2.5 No Transfer of Subject
Shares; Publicity. Stockholder agrees that:
(a) Stockholder
(i) shall not subject any of the Subject Shares to, or suffer to exist on
any of the Subject Shares, any Lien, (ii) shall not Transfer or agree or
offer to Transfer any of the Subject Shares or, with respect to any matter
described in Section 2.2(a), grant any proxy or power-of-attorney with
respect to any of the Subject Shares and (iii) shall take all action
reasonably necessary to prevent creditors in respect of any pledge of the
Subject Shares from exercising their rights under such pledge.
(b) Unless
required by applicable Law, neither Stockholder nor any of its Affiliates or
Representatives shall make any press release or public announcement with respect
to the business or affairs of the Company, the Company’s Subsidiaries, Parent or
Merger Sub, including this Agreement and the Merger Agreement and the
transactions
3
contemplated
hereby and thereby, without the prior written consent of Parent in each
instance.
Section
2.6 No
Appraisal. Stockholder agrees not to make a demand for
appraisal in respect of the Subject Shares pursuant to Section 262 of the
DGCL, and hereby irrevocably and unconditionally waives any rights of appraisal
or any dissenters’ rights pursuant to Section 262 of the DGCL and any
similar rights, in each case to the extent relating to the Merger or any related
transaction, that Stockholder may have by virtue of the Subject
Shares. Stockholder further agrees not to cooperate with or assist
any other securityholder of the Company in connection with any demand for
appraisal of any securities of the Company.
Section
2.7 Fiduciary
Duties. Notwithstanding anything to the contrary contained in
this Agreement, (i) the provisions of this Article II apply solely to
Stockholder when acting in his, her or its capacity as a stockholder of the
Company and not when acting as an officer or director of the Company (it being
understood that Stockholder, when acting as an officer or director of the
Company, has separate and independent obligations to Parent and Merger Sub under
the Merger Agreement, including, without limitation, Section 5.2 thereof); and
(ii) none of the provisions of this Article II shall be construed to prohibit,
limit or restrict Stockholder from exercising his or her fiduciary duties to the
Company and/or its stockholders by voting as a director or taking any other
action whatsoever in his or her capacity as a director or officer of the
Company.
ARTICLE
III
REPRESENTATIONS,
WARRANTIES AND ADDITIONAL COVENANTS
OF
STOCKHOLDER
Stockholder represents, warrants and
covenants to Parent and Merger Sub that:
Section
3.1 Ownership. Stockholder
is the sole Beneficial Owner and the record and legal owner of the Subject
Shares identified on Schedule A and such shares constitute all of the capital
stock of the Company Beneficially Owned by Stockholder.
Stockholder has good and valid title to all of such shares, free and
clear of all Liens, claims, options, proxies, voting agreements and security
interests and has the sole right to such Subject Shares and there are no
restrictions on rights of disposition or other Liens pertaining to such Subject
Shares. None of the Subject Shares is subject to any voting trust or
other contract with respect to the voting thereof, and no proxy, power of
attorney or other authorization has been granted with respect to any of such
Subject Shares.
Section
3.2 Authority and
Non-Contravention.
(a) Stockholder
is an individual, and not a corporation, limited liability company, partnership,
trust or other such entity.
(b) Assuming
due authorization, execution and delivery of this Agreement by Parent, this
Agreement has been duly and validly executed and delivered by Stockholder and
constitutes the legal, valid and binding obligation of Stockholder, enforceable
against Stockholder in accordance with its terms except (i) to the extent
limited by applicable bankruptcy, insolvency or similar laws affecting
creditors’ rights and (ii) the remedy of specific
4
performance
and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor
may be brought. Stockholder has all necessary power, authority and legal
capacity to execute and deliver this Agreement and to perform its obligations
under this Agreement, and no other proceedings or actions on the part of
Stockholder are necessary to authorize the execution, delivery or performance of
this Agreement or the consummation of the transactions contemplated
hereby.
(c) Stockholder
is not nor will it be required to make any filing with or give any notice to, or
to obtain any consent from, any Person in connection with the execution,
delivery or performance of this Agreement or obtain any permit or approval from
any Governmental Entity for any of the transactions contemplated hereby, except
to the extent required by Section 13 or Section 16 of the Exchange Act
and the rules promulgated thereunder.
(d) Neither
the execution and delivery of this Agreement by Stockholder nor the consummation
of the transactions contemplated hereby will directly or indirectly (whether
with notice or lapse of time or both) (i) conflict with, result in any
violation of, require any consent under or constitute a default by Stockholder
under any mortgage, bond, indenture, agreement, instrument or obligation to
which Stockholder is a party or by which it or any of Stockholder’s assets
(including the Subject Shares) are bound, or violate any permit of any
Governmental Entity, or any Law or order to which such Stockholder, or any of
its assets (including the Subject Shares), may be subject, or (ii) result
in the imposition or creation of any Lien upon or with respect to any of the
assets owned or used by Stockholder (including the Subject Shares).
Section
3.3 Total
Shares. Except as set forth on Schedule A, Stockholder is not
the Beneficial Owner of, and does not have (whether currently, upon lapse of
time, following the satisfaction of any conditions, upon the occurrence of any
event or any combination of the foregoing) any right to acquire, and has no
other interest in or voting rights with respect to, any Company Shares or any
securities convertible into or exchangeable or exercisable for Company
Shares.
Section
3.4 Reliance. Stockholder
understands and acknowledges that Parent and Merger Sub are entering into the
Merger Agreement in reliance upon Stockholder’s execution, delivery and
performance of this Agreement.
ARTICLE
IV
REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PARENT
Parent represents, warrants and
covenants to Stockholder that, assuming due authorization, execution and
delivery of this Agreement by Stockholder, this Agreement constitutes the legal,
valid and binding obligation of Parent, enforceable against Parent in accordance
with its terms, except (i) to the extent limited by applicable bankruptcy,
insolvency or similar laws affecting creditors’ rights and (ii) the remedy
of specific performance and injunctive and other forms of equitable relief may
be subject to equitable defenses and to the discretion of the court before which
any proceeding therefor may be brought. Parent has the corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder. The execution and delivery by Parent of this Agreement and
the
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consummation
by Parent of the transactions contemplated hereby have been duly and validly
authorized by Parent and no other corporate proceedings on the part of Parent
are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly and validly
executed and delivered by Parent.
ARTICLE
V
GENERAL
PROVISIONS
Section
5.1 No Ownership
Interest. Nothing contained in this Agreement shall be deemed
to vest in Parent or any of its Affiliates any direct or indirect ownership or
incidents of ownership of or with respect to the Subject Shares. All
rights, ownership and economic benefits of and relating to the Subject Shares
shall remain and belong to Stockholder, and neither Parent nor any of its
Affiliates shall have any authority to manage, direct, superintend, restrict,
regulate, govern or administer any of the policies or operations of the Company
or exercise any power or authority to direct Stockholder in the voting of any of
the Subject Shares, except as otherwise expressly provided herein or in the
Merger Agreement.
Section
5.2 Notices. All
notices, consents, waivers and other communications under this Agreement shall
be in writing (including facsimile or similar writing) and shall be
given:
(a) If
to Parent or Merger Sub, to:
Bavaria
Holdings Inc.
c/o
Francisco Partners
One
Letterman Drive
Building
C – Xxxxx 000
Xxx
Xxxxxxxxx, XX 00000
Attention:
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Xxxx
Xxxxxxx
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Telephone:
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(000)
000-0000
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Facsimile:
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(000)
000-0000
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With a
copy (which will not constitute notice) to:
Shearman
& Sterling LLP
000
Xxxxxx Xxxxxx, 00xx
Xxxxx
Xxx
Xxxxxxxxx, XX 00000
Attention:
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Xxxxxxx
X. Xxxxxxx
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Xxxxxxx
X. Xxxx
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Telephone:
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(000)
000-0000
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Facsimile:
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(000)
000-0000
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(b) If
to a Stockholder, to Stockholder’s address set forth on
Schedule A.
or such
other address or facsimile number as a party may hereafter specify for the
purpose by notice to the other parties hereto. Each notice, consent,
waiver or other communication under this Agreement shall be effective only
(a) if given by facsimile, when the facsimile is transmitted to the
facsimile number specified in this Section and the appropriate facsimile
confirmation is
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received
or (b) if given by overnight courier or personal delivery when delivered at
the address specified in this Section.
Section
5.3 Further
Actions. Upon the request of any party to this Agreement, the
other party will (a) furnish to the requesting party any additional
information, (b) execute and deliver, at their own expense, any other
documents and (c) take any other actions as the requesting party may
reasonably require to more effectively carry out the intent of this
Agreement.
Section
5.4 Entire Agreement and
Modification. This Agreement, the Proxy and any other
documents delivered by the parties in connection herewith constitute the entire
agreement between the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, both written and oral,
between the parties with respect to its subject matter and constitute (along
with the documents delivered pursuant to this Agreement) a complete and
exclusive statement of the terms of the agreement between the parties with
respect to its subject matter. This Agreement shall not be amended, supplemented
or otherwise modified except by a written document executed by the party against
whose interest the modification will operate. The parties shall not
enter into any other agreement inconsistent with the terms and conditions of
this Agreement and the Proxy, or that addresses any of the subject matters
addressed in this Agreement and the Proxy.
Section
5.5 Drafting and
Representation. The parties agree that the terms and language
of this Agreement were the result of negotiations between the parties and, as a
result, there shall be no presumption that any ambiguities in this Agreement
shall be resolved against any party. Any controversy over
construction of this Agreement shall be decided without regard to events of
authorship or negotiation.
Section
5.6 Severability. Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without affecting the validity or
enforceability of the remaining provisions hereof. Any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. If any
provision of this Agreement is so broad as to be unenforceable, the provision
shall be interpreted to be only so broad as is enforceable.
Section
5.7 No Third-Party
Rights. Stockholder may not assign any of its rights or
delegate any of its obligations under this Agreement without the prior written
consent of Parent. Parent and Merger Sub may not assign any of their
rights or delegate any of their obligations under this Agreement without the
prior written consent of Stockholder. This Agreement will apply to,
be binding in all respects upon, and inure to the benefit of each of the
respective successors, personal or legal representatives, heirs, distributes,
devisees, legatees, executors, administrators and permitted assigns of
Stockholder and the successors and permitted assigns of
Parent. Nothing expressed or referred to in this Agreement will be
construed to give any Person, other than the parties to this Agreement, any
legal or equitable right, remedy or claim under or with respect to this
Agreement or any provision of this Agreement except such rights as may inure to
a successor or permitted assignee under this Section.
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Section
5.8 Enforcement of
Agreement. Stockholder acknowledges and agrees that Parent
could be damaged irreparably if any of the provisions of this Agreement are not
performed in accordance with their specific terms and that any breach of this
Agreement by Stockholder could not be adequately compensated by monetary
damages. Accordingly, Stockholder agrees that, (a) it will
waive, in any action for specific performance, the defense of adequacy of a
remedy at Law, and (b) in addition to any other right or remedy to which
Parent may be entitled, at Law or in equity, Parent will be entitled to enforce
any provision of this Agreement by a decree of specific performance and to
temporary, preliminary and permanent injunctive relief to prevent breaches or
threatened breaches of any of the provisions of this Agreement, without posting
any bond or other undertaking.
Section
5.9 Waiver. The
rights and remedies of the parties to this Agreement are cumulative and not
alternative. Neither any failure nor any delay by a party in
exercising any right, power or privilege under this Agreement, the Proxy or any
of the documents referred to in this Agreement will operate as a waiver of such
right, power or privilege, and no single or partial exercise of any such right,
power or privilege will preclude any other or further exercise of such right,
power or privilege or the exercise of any other right, power or
privilege. To the maximum extent permitted by Law, (a) no claim
or right arising out of this Agreement, the Proxy or any of the documents
referred to in this Agreement can be discharged by one party, in whole or in
part, by a waiver or renunciation of the claim or right unless in a written
document signed by the other party, (b) no waiver that may be given by a
party will be applicable except in the specific instance for which it is given,
and (c) no notice to or demand on one party will be deemed to be a waiver
of any obligation of that party or of the right of the party giving such notice
or demand to take further action without notice or demand as provided in this
Agreement, the Proxy or the documents referred to in this
Agreement.
Section
5.10 Governing
Law. This Agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto will be governed by,
construed under and interpreted in accordance with the Laws of the State of
Delaware, without giving effect to principles of conflicts or choice of
law.
Section
5.11 Consent to
Jurisdiction. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement, the Proxy or the transactions contemplated hereby or
thereby shall be brought exclusively in the United States District Court for the
District of Delaware or, if such court does not have jurisdiction over the
subject matter of such proceeding or if such jurisdiction is not available, in
the Court of Chancery of the State of Delaware, County of New Castle, and each
of the parties hereby consents to the exclusive jurisdiction of those courts
(and of the appropriate appellate courts therefrom) in any suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by Law, any
objection which it may now or hereafter have to the laying of the venue of any
suit, action or proceeding in any of those courts or that any suit, action or
proceeding which is brought in any of those courts has been brought in an
inconvenient forum. Process in any suit, action or proceeding may be served on
any party anywhere in the world, whether within or without the jurisdiction of
any of the named courts. Without limiting the foregoing, each party
agrees that service of process on it by notice as provided in Section 5.2
shall be deemed effective service of process. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL
8
RIGHTS TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OF THE TRANSACTIONS CONTEMPLATED HEREBY.
Section
5.12 Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which, taken together, shall constitute one
and the same instrument.
Section
5.13 Termination. This
Agreement shall terminate upon the earliest of (a) the Effective Time (as
defined in the Merger Agreement), (b) the termination of the Merger
Agreement in accordance with Article VII thereof, or (c) written
notice by Parent to Stockholder of the termination of this Agreement (the date
of the earliest of the events described in clauses (a), (b) and (c), the
“Expiration
Date”).
Section
5.14 Expenses. Except
as otherwise provided in this Agreement, all costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be
paid by the party incurring such expenses. Nothing in this Agreement
shall be deemed to limit the obligations of the Company pursuant to
Section 7.6 of the Merger Agreement.
Section
5.15 Headings;
Construction. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. In this Agreement (a) words
denoting the singular include the plural and vice versa, (b) ”it” or “its”
or words denoting any gender include all genders and (c) the word
“including” shall mean “including without limitation,” whether or not
expressed.
[SIGNATURE
PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto
have caused this Voting Agreement to be duly executed as of the day and year
first above written.
PARENT:
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BAVARIA
HOLDINGS INC.
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By:
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Name:
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Title:
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STOCKHOLDER:
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SCHEDULE
A
NAME
AND
ADDRESS OF STOCKHOLDER
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COMPANY
SHARES
BENEFICIALLY OWNED
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EXHIBIT
A
IRREVOCABLE
PROXY
From and after the date hereof and
until the Expiration Date (as defined below), the undersigned stockholder
(“Stockholder”)
of QuadraMed Corporation, a Delaware corporation (the “Company”), hereby
irrevocably (to the full extent permitted by Section 212 of the Delaware
General Corporation Law) appoints Bavaria Holdings Inc., a Delaware corporation
(“Parent”), as
the sole and exclusive attorney and proxy of the undersigned, with full power of
substitution and resubstitution, to vote and exercise all voting rights
expressly provided herein (to the full extent that the undersigned is entitled
to do so) with respect to (i) the outstanding shares of common stock of the
Company owned of record by Stockholder as of the date of this Proxy, which
shares are specified on the final page of this Proxy, and (ii) any and all
other shares of common stock of the Company which Stockholder may own of record
after the date hereof. (The shares of the common stock of the Company referred
to in clauses “(i)” and “(ii)” of the immediately preceding sentence are
collectively referred to as the “Shares”.) Upon
the undersigned’s execution of this Proxy, any and all prior proxies given by
the undersigned with respect to any Shares relating to the voting rights
expressly provided herein are hereby revoked and the undersigned agrees not to
grant any subsequent proxies with respect to the Shares relating to such voting
rights at any time prior to the Expiration Date.
This Proxy is irrevocable (to the
extent permitted by Section 212 of the Delaware General Corporation Law),
is coupled with an interest and is granted pursuant to that certain Voting
Agreement (as amended from time to time, the “Voting Agreement”) of
even date herewith, by and among Parent and Stockholder, and is granted in
consideration of Parent and Bavaria Merger Sub, Inc., a Delaware corporation and
a wholly owned subsidiary of Parent, entering into the Merger Agreement (as
defined in the Voting Agreement). As used herein, the term “Expiration Date”
shall have the meaning set forth in the Voting Agreement.
The attorneys and proxies named above,
and each of them, are hereby authorized and empowered by the undersigned, at any
time prior to the Expiration Date, to act as the undersigned’s attorney and
proxy to vote the Shares, and to exercise all voting and other rights of the
undersigned with respect to the Shares (including, without limitation, the power
to execute and deliver written consents pursuant to Section 228 of the
Delaware General Corporation Law), at every annual, special or adjourned meeting
of the stockholders of the Company and in every written consent in lieu of such
meeting (i) in favor of adoption and approval of the Merger Agreement and
the transactions contemplated thereby, and any actions required in furtherance
thereof and (ii) against any Alternative Transaction and against any other
action or agreement that would result in a breach in any material respect of any
covenant, representation or warranty or any other obligation or agreement of the
Company under the Merger Agreement or that is intended, or would reasonably be
expected, to impede, interfere with, delay, postpone, discourage or adversely
affect the consummation of the Merger or the other transactions contemplated by
the Merger Agreement.
This Proxy shall be binding upon the
heirs, estate, executors, personal representatives, successors and assigns of
Stockholder (including any transferee of any of the Shares).
If any provision of this Proxy or any
part of any such provision is held under any circumstances to be invalid or
unenforceable in any jurisdiction, then (a) such provision or part thereof
shall, with respect to such circumstances and in such jurisdiction, be deemed
amended to conform to applicable laws so as to be valid and enforceable to the
fullest possible extent, (b) the invalidity or unenforceability of such
provision or part thereof under such circumstances and in such jurisdiction
shall not affect the validity or enforceability of such provision or part
thereof under any other circumstances or in any other jurisdiction, and
(c) the invalidity or unenforceability of such provision or part thereof
shall not affect the validity or enforceability of the remainder of such
provision or the validity or enforceability of any other provision of this
Proxy. Each provision of this Proxy is separable from every other provision of
this Proxy, and each part of each provision of this Proxy is separable from
every other part of such provision.
Dated: December
__, 2009
(Signature
of Stockholder)
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(Print
Name of Stockholder)
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Number
of Shares owned of record as of the date of this Proxy:
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2