May 6, 1998
Xx. Xxxxx X. van Wel
Wolters Kluwer U.S. Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Xxxxx X. Xxxx
MP Acquisition Corp.
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Messrs. van Wel and Xxxx:
Reference is made to the Agreement and Plan of Merger (the "Merger
Agreement") dated as of February 10, 1998 by and among Wolters Kluwer U.S.
Corporation ("Parent"), MP Acquisition Corp. ("Newco") and Waverly, Inc. (the
"Company") and to the Stock Option and Tender Agreement (the "Option and Tender
Agreement") dated February 10, 1998 by and among Parent, Newco and the
stockholders set forth on Schedule I thereof (the "Stockholders").
By signing below, Parent and Newco confirm that subject to the terms
and conditions set forth in this paragraph, each of them hereby waives Sections
5.1(i) (which prohibits the Company from issuing any new shares of the Company's
Common Stock, par value $2.00 per share (the "Shares")), 5.1(xi) (which
prohibits the Company from taking any action to issue new Shares) and 5.1(xii)
(which prohibits the Company from authorizing, recommending proposing or
announcing any intention to issue new Shares) of the Merger Agreement and
Sections 3.3 (which relates to the Shares held by the Stockholders), 3.4 (which
states that the Stockholders presently have title to the Shares they will
tender), 5.1 (which states that the Stockholders will not acquire any more
Shares) and 8 (which states that the Stockholders will not exercise any of their
options and will accept the cash payment described above in exchange for the
options) of the Option and Tender Agreement. Such waiver shall be effective (A)
only to the extent necessary (i) to permit any holder of any option to purchase
Shares to exercise such options and (ii) for the Company to issue Shares
pursuant to such exercise, and (B) as to each such holder, only if the Company
obtains from such holder (simultaneously with the notice of exercise and prior
to any issuance of Shares to such holder) an acknowledgment and agreement by
such holder enforceable by and for the benefit of Parent and Newco that such
holder will tender into and not withdraw from the Offer the Shares received upon
such exercise. Subject to the other conditions to the Offer, Parent and Newco
agree to pay the Offer Price (as defined in the Merger Agreement) with respect
to
each such Share tendered and not withdrawn in the Offer. Nothing contained
herein shall waive the obligation of the Stockholders, including with respect to
Shares obtained upon exercise of the options, to tender and not withdraw their
Shares.
A list of currently outstanding stock options is attached as Exhibit A
hereto.
Very truly yours,
/s/ E Xxxxxx Xxxxxx
-------------------
E. Xxxxxx Xxxxxx.
Vice President and
Chief Financial Officer
Agreed to and accepted:
WOLTERS KLUWER U.S. MP ACQUISITION CORP.
CORPORATION
By: /s/ Xxxxx Van Wel By: /s/ Xxxxx X. Xxxx
------------------ ------------------
Xxxxx van Wel Xxxxx X. Xxxx
President Vice President
cc: Xxxxxx X. Xxxxxx, Esq.
Pryor, Cashman, Xxxxxxx & Xxxxx
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
2
Outstanding Stock Options
XXXXX
XXXXX $7.875 $10.125 $12.000 $7.125 $8.375 $11.500 $9.250 $14.250 $21.125 $21.500
TOTAL
OPTIONS
NAME 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 REMAINING
Bounds, R. 0 2,400 2,400 2,000 2,400 2,500 2,500 2,000 2,000 2,000 20,200
Xxxxxxxx, J. 0 0 2,500 0 0 0 1,700 2,000 2,000 3,000 11,200
Callard, D. 0 0 0 0 5,000 5,000 0 5,000 0 0 15,000
Xxxx, C. 0 0 0 0 0 1,000 1,400 1,400 1,400 0 5,200
Caras, P. 0 0 0 0 500 2,000 2,000 2,000 2,000 2,000 10,500
Ciofuli, G. 0 0 0 0 0 0 0 0 1,000 2,400 3,400
Xxxxxxx, N. 0 1,000 1,200 1,500 1,600 2,000 2,200 2,400 2,400 2,500 16,800
Xxxxxxx, M. 0 0 0 0 0 0 0 0 450 1,000 1,450
Xxxxxxx, C. 0 3,000 4,000 5,000 3,000 5,000 5,000 5,000 5,000 5,000 40,000
Xxxxxxx, D. 0 0 0 0 0 1,000 1,000 1,200 0 3,200
Xxxxx, M. 0 0 0 0 0 0 0 0 0 500 500
Xxxxxxx, F. 0 1,500 2,000 2,000 2,500 3,000 3,500 4,000 4,400 4,600 27,500
Xxxxxxx, J. 0 0 0 0 0 0 0 3,200 3,200 0 6,400
Gay, S. 0 0 0 0 0 0 0 3,400 2,000 2,000 7,400
Xxxxxxx, T. 0 0 0 0 1,000 1,300 1,800 2,000 2,000 2,200 10,300
Xxxxxx, E. 0 2,600 2,600 2,800 4,000 4,500 4,500 4,700 4,700 5,000 35,400
Xxxxxx, E. 60,000 30,000 30,000 30,000 50,000 15,000 15,000 15,000 17,000 20,000 282,000
Jester, C. 0 0 0 0 0 0 0 1,000 1,000 1,000 3,000
Xxxxxxx, T. 0 0 0 0 0 1,000 1,000 0 0 0 2,000
Jass, S. 0 0 0 0 0 750 1,500 3,000 4,000 4,500 13,750
Xxxxxxx, C. 0 0 0 0 0 0 0 1,200 1,200 1,400 3,800
Xxxxx, C. 0 0 6,000 0 0 3,000 0 0 0 0 9,000
Xxxx, B. 4,000 4,000 5,000 8,000 8,000 8,000 0 0 0 0 37,000
Krubner, L. 0 0 0 0 0 2,000 1,000 2,600 2,800 2,800 11,200
Xxxx, R. 0 0 0 0 0 0 0 0 600 800 1,400
XxXxxxxxx, R. 0 0 0 0 0 0 0 0 0 500 500
Xxxxxx, G. 0 0 0 0 0 0 850 1,700 1,200 1,200 4,950
Mullauer, M. 0 0 0 0 0 0 0 0 0 2,000 2,000
Xxxxxx, A. 0 0 15,000 8,000 9,000 9,000 9,000 9,000 9,000 10,000 78,000
Xxxxxxx, Jr. 0 30,000 20,000 10,000 20,000 5,000 0 0 0 0 85,000
Xxxxxxx, E. 0 6,000 6,000 6,000 6,000 5,000 0 0 0 0 29,000
TOTAL
OPTIONS
NAME 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 REMAINING
Xxxxxxx, W. 0 0 0 0 1,500 2,000 2,400 2,600 2,600 2,800 13,900
Xxxxxx, C. 0 0 0 0 0 0 0 0 600 800 1,400
Perry, R. 0 0 0 8,000 4,000 6,000 6,000 6,000 6,000 5,000 41,000
Pine, J. 0 0 0 0 0 1,000 1,200 1,200 0 500 3,900
Xxxxxx, C. 0 0 0 0 0 0 0 600 1,200 2,000 3,800
Pitt, R. 0 0 0 1,500 1,500 2,500 2,200 2,400 2,400 2,400 14,900
Retford, D. 0 0 0 0 0 0 0 0 600 600 1,200
Xxxxxx, F. 0 0 0 0 0 0 0 2,200 2,200 2,400 6,800
Xxxxxxxxxx, S. 0 0 0 0 0 0 0 600 900 1,000 2,500
Ryekis, J. 0 0 0 0 0 0 0 0 0 500 500
Xxxxxxxxxxx, T. 0 0 0 0 1,000 1,300 1,600 2,000 2,000 2,000 9,900
Shish, P. 0 0 1,000 0 2,600 2,900 3,300 3,300 3,300 3,500 19,900
Xxxxxx, R. 0 0 0 0 1,400 1,700 2,000 2,000 2,000 2,000 11,100
Xxxxxxxxx, K. 0 0 0 0 0 0 0 1,200 1,400 2,000 4,600
Urban, M. 0 0 0 0 0 0 2,500 0 0 0 2,500
Xxxxxxx, G. 0 0 0 0 0 0 0 800 1,200 1,800 3,800
Xxxxx, A. 0 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 7,000 55,000
TOTAL 64,000 86,500 103,700 90,800 131,000 98,450 81,150 102,500 102,950 112,700 973,750
