As filed with the Securities and Exchange Commission on March 30, 1999
Registration No. 333-
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Marcam Solutions, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 04-3371621
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
95 Wells Avenue, Newton, Massachusetts 02159
(Address of Principal Executive Offices) (Zip Code)
--------------------
Marcam Solutions, Inc. 1997 Stock Plan
(Full Title of the Plan)
--------------------
JONATHAN C. CRANE
Chairman, President and Chief Executive Officer
Marcam Solutions, Inc.
95 Wells Avenue
Newton, Massachusetts 02159
(Name and Address of Agent for Service of Process)
(617) 965-0220
(Telephone Number, including Area Code, of Agent for Service)
--------------------
Copy to:
Mark H. Burnett, Esq.
TESTA, HURWITZ & THIBEAULT, LLP
125 High Street
Boston, Massachusetts 02110
(617) 248-7000
<TABLE>
<CAPTION>
Calculation of Registration Fee
===============================================================================================================================
Title of Securities to be Amount to be Proposed maximum Proposed maximum Amount of registration
registered registered offering price per aggregate offering price fee
share
<S> <C> <C> <C> <C>
Common Stock, 750,000 $2.9375(1) $2,203,125(1) $612.47(1)
par value $.01
===============================================================================================================================
</TABLE>
(1) Pursuant to Rule 457(h), the price of $2.9375 per share, which is the
average of the high and low prices reported on The Nasdaq National Market on
March 26, 1999, is set forth solely for purposes of calculating the filing fee.
<PAGE>
This Registration Statement registers additional securities of the same
class as other securities for which a registration statement filed on this form
relating to the 1997 Stock Plan is effective. Pursuant to General Instruction E
of Form S-8, the Registrant incorporates herein by reference the contents of the
Registrant's Post-Effective Amendment No. 1 on Form S-8 to Form S-4
(Registration No. 333-29285).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
<TABLE>
<CAPTION>
Item 8. Exhibits.
<S> <C>
Exhibit No. Description of Exhibit
4.1 Marcam Solutions, Inc. 1997 Stock Plan, as amended.
5.1 Opinion of Testa, Hurwitz & Thibeault, LLP.
23.1 Consent of Testa, Hurwitz & Thibeault, LLP
(contained in its opinion as Exhibit 5.1).
23.2 Consent of PricewaterhouseCoopers LLP.
24.1 Power of Attorney (contained in the Signatures).
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Newton, Commonwealth of Massachusetts, on this
30th day of March, 1999.
MARCAM SOLUTIONS, INC.
By: /s/ Diane R. Tormey
-----------------------------------
Diane R. Tormey
Vice President, General Counsel
and Secretary
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each such person whose
signature appears below constitutes and appoints, jointly and severally,
Jonathan C. Crane and Diane R. Tormey his or her attorneys-in-fact, each with
the power of substitution, for him or her in any and all capacities, to sign any
amendments to this Registration Statement on Form S-8 (including post-effective
amendments), and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that each of said attorneys-in-fact, or his
or her substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
/s/ Jonathan C. Crane Chairman President and Chief March 30, 1999
- ------------------------------------ Executive Officer
Jonathan C. Crane (Principal Executive
Officer)
/s/ Denis E. Liptak Vice President of Finance and March 30, 1999
- ------------------------------------ Chief Financial Officer
Denis E. Liptak (Principal Financial and
Accounting Officer)
/s/ John Campbell Director March 30, 1999
- ------------------------------------
John Campbell
<PAGE>
Signature Title Date
--------- ----- ----
/s/ E. Clark Grimes Director March 30, 1999
- ------------------------------------
E. Clark Grimes
/s/ Joe M. Henson Director March 30, 1999
- ------------------------------------
Joe M. Henson
/s/ Michael J. Quinlan Director March 30, 1999
- ------------------------------------
Michael J. Quinlan
/s/ Franchon M. Smithson Director March 30, 1999
- ------------------------------------
Franchon M. Smithson
/s/ William W. Wyman Director March 19, 1999
- ------------------------------------
William W. Wyman
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT INDEX
Exhibit Description of Exhibit
------- ----------------------
<S> <C>
4.1 Marcam Solutions, Inc. 1997 Stock Plan, as amended.
5.1 Opinion of Testa, Hurwitz & Thibeault, LLP.
23.1 Consent of Testa, Hurwitz & Thibeault, LLP (contained in its opinion as Exhibit 5.1).
23.2 Consent of PricewaterhouseCoopers LLP.
24.1 Power of Attorney (see Signatures section of this Registration Statement).
</TABLE>
EXHIBIT 4.1
MARCAM SOLUTIONS, INC.
1997 STOCK PLAN
1. Purpose.
The purpose of the Marcam Solutions, Inc. 1997 Stock Plan (the "Plan")
is (i) to encourage key employees of Marcam Solutions, Inc. (the "Company") and
of any present or future parent or subsidiary of the Company (including Marcam
Corporation, a Massachusetts corporation ("Marcam") and its subsidiaries)
(collectively, "Related Corporations") and other individuals who render services
to the Company or a Related Corporation, by providing opportunities to
participate in the ownership of the Company and in its future growth through (a)
the grant of options which qualify as "incentive stock options" ("ISOs") under
Section 422(b) of the Internal Revenue Code of 1986, as amended (the "Code");
(b) the grant of options which do not qualify as ISOs ("Non-Qualified Options");
(c) awards of stock in the Company ("Awards"); and (d) opportunities to make
direct purchases of stock in the Company ("Purchases"); and (ii) to provide for
the grant of Stock Rights (as defined below) to employees and others who render
services to the Company and the Related Corporations (including Marcam and its
subsidiaries) in connection with the distribution (the "Distribution") of shares
of the Company's Common Stock, par value $.01 per share (the "Common Stock"), to
Marcam's stockholders pursuant to the Distribution Agreement by and between
Marcam and the Company (the "Distribution Agreement"). Both ISOs and
Non-Qualified Options are referred to hereafter individually as an "Option" and
collectively as "Options." Options, Awards and authorizations to make Purchases
are referred to hereafter collectively as "Stock Rights." As used herein, the
terms "parent" and "subsidiary" mean "parent corporation" and "subsidiary
corporation," respectively, as those terms are defined in Section 424 of the
Code.
2. Administration of the Plan.
A. Board or Committee Administration. The Plan shall be administered by
the Board of Directors of the Company (the "Board") or, subject to paragraph
2(D) (relating to compliance with Section 162(m) of the Code), by a committee
appointed by the Board (the "Committee"). Hereinafter, all references in this
Plan to the "Committee" shall mean the Board if no Committee has been appointed.
Subject to ratification of the grant or authorization of each Stock Right by the
Board (if so required by applicable state law), and subject to the terms of the
Plan, the Committee shall have the authority to (i) determine to whom (from
among the class of employees eligible under paragraph 3 to receive ISOs) ISOs
shall be granted, and to whom (from among the class of individuals and entities
eligible under paragraph 3 to receive Non-Qualified Options and Awards and to
make Purchases) Non-Qualified Options, Awards and authorizations to make
Purchases may be granted; (ii) determine the time or times at which Options or
Awards shall be granted or Purchases made; (iii) determine the option price of
shares subject to each Option and the purchase price of shares subject to each
Purchase, which prices shall not be less than the minimum price specified in
paragraph 6; (iv) determine whether each Option granted shall be an ISO or a
Non-Qualified Option; (v) determine (subject to paragraph 7) the time or times
when each Option shall become exercisable and the duration of the exercise
period; (vi) extend the period during which outstanding Options may be
exercised; (vii) determine whether restrictions such as repurchase options are
to be imposed on shares subject to Options, Awards and Purchases and the nature
of such restrictions, if any, and (viii) interpret the Plan and
<PAGE>
prescribe and rescind rules and regulations relating to it. If the Committee
determines to issue a Non-Qualified Option, it shall take whatever actions it
deems necessary, under Section 422 of the Code and the regulations promulgated
thereunder, to ensure that such Option is not treated as an ISO. The
interpretation and construction by the Committee of any provisions of the Plan
or of any Stock Right granted under it shall be final unless otherwise
determined by the Board. The Committee may from time to time adopt such rules
and regulations for carrying out the Plan as it may deem advisable. No member of
the Board or the Committee shall be liable for any action or determination made
in good faith with respect to the Plan or any Stock Right granted under it.
B. Committee Actions. The Committee may select one of its members as
its chairman, and shall hold meetings at such time and places as it may
determine. A majority of the Committee shall constitute a quorum, and acts by a
majority of the members of the Committee at a meeting at which a quorum is
present, or acts reduced to or approved in writing by all the members of the
Committee (if consistent with applicable state law), shall be the valid acts of
the Committee. From time to time the Board may increase the size of the
Committee and appoint additional members thereof, remove members (with or
without cause) and appoint new members in substitution therefor, fill vacancies
however caused, or remove all members of the Committee and thereafter directly
administer the Plan.
C. Grant of Stock Rights to Board Members. Stock Rights may be granted
to members of the Board. All grants of Stock Rights to members of the Board
shall in all respects be made in accordance with the provisions of this Plan
applicable to other eligible persons. Members of the Board who either (i) are
eligible to receive grants of Stock Rights pursuant to the Plan or (ii) have
been granted Stock Rights may vote on any matters affecting the administration
of the Plan or the grant of any Stock Rights pursuant to the Plan, except that
no such member shall act upon the granting to himself or herself of Stock
Rights, but any such member may be counted in determining the existence of a
quorum at any meeting of the Board during which action is taken with respect to
the granting to such member of Stock Rights.
D. Performance-Based Compensation. The Board, in its discretion, may
take such action as may be necessary to ensure that Stock Rights granted under
the Plan qualify as "qualified performance-based compensation" within the
meaning of Section 162(m) of the Code and applicable regulations promulgated
thereunder ("Performance-Based Compensation"). Such action may include, in the
Board's discretion, some or all of the following (i) if the Board determines
that Stock Rights granted under the Plan generally shall constitute
Performance-Based Compensation, the Plan shall be administered, to the extent
required for such Stock Rights to constitute Performance-Based Compensation, by
a Committee consisting solely of two or more "outside directors" (as defined in
applicable regulations promulgated under Section 162(m) of the Code), (ii) if
any Non-Qualified Options with an exercise price less than the fair market value
per share of Common Stock are granted under the Plan and the Board determines
that such Options should constitute Performance-Based Compensation, such options
shall be made exercisable only upon the attainment of a pre-established,
objective performance goal established by the Committee, and such grant shall be
submitted for, and shall be contingent upon shareholder approval and (iii) Stock
Rights granted under the Plan may be subject to such other terms and conditions
as are necessary for compensation recognized in connection with the exercise or
disposition of such Stock Right or the disposition of Common Stock acquired
pursuant to such Stock Right, to constitute Performance-Based Compensation.
3. Eligible Employees and Others.
ISOs may be granted only to employees of the Company or any Related
Corporation. Non-Qualified Options, Awards and authorizations to make Purchases
may be granted to any employee, officer or director (whether or not also an
employee) or consultant of the Company or any Related Corporation.
<PAGE>
The Committee may take into consideration a recipient's individual circumstances
in determining whether to grant a Stock Right. The granting of any Stock Right
to any individual or entity shall neither entitle that individual or entity to,
nor disqualify such individual or entity from, participation in any other grant
of Stock Rights.
4. Stock.
The stock subject to Stock Rights shall be authorized but unissued
shares of Common Stock or shares of Common Stock reacquired by the Company in
any manner. The aggregate number of shares which may be issued pursuant to the
Plan is Three Million Five Hundred Thousand (3,500,000), subject to adjustment
as provided in paragraph 13. If any Option granted under the Plan shall expire
or terminate for any reason without having been exercised in full or shall cease
for any reason to be exercisable in whole or in part or shall be repurchased by
the Company, the unpurchased shares of Common Stock subject to such Option shall
again be available for grants of Stock Rights under the Plan.
No employee of the Company or any Related Corporation may be granted
Options to acquire, in the aggregate, more than One Million Five Hundred
Thousand (1,500,000) shares of Common Stock under the Plan during any fiscal
year of the Company. If any Option granted under the Plan shall expire or
terminate for any reason without having been exercised in full or shall cease
for any reason to be exercisable in whole or in part or shall be repurchased by
the Company, the shares subject to such Option shall be included in the
determination of the aggregate number of shares of Common Stock deemed to have
been granted to such employee under the Plan.
5. Granting of Stock Rights.
Stock Rights may be granted under the Plan at any time on or after June
13, 1997 and prior to June 12, 2007. The date of grant of Stock Rights under the
Plan will be the date specified by the Committee at the time it grants the Stock
Right; provided, however, that such date shall not be prior to the date on which
the Committee acts to approve the grant.
6. Minimum Price; ISO Limitations.
A. Price for Non-Qualified Options, Awards and Purchases. Subject to
paragraph 2(D) (relating to compliance with Section 162(m) of the Code), the
exercise price per share specified in the agreement relating to each
Non-Qualified Option granted, and the purchase price per share of stock granted
in any Award or authorized as a Purchase, under the Plan may be less than the
fair market value of the Common Stock of the Company on the date of grant;
provided that, in no event shall such exercise price or such purchase price be
less than the minimum legal consideration required therefor under the laws of
any jurisdiction in which the Company or its successors in interest may be
organized.
B. Price for ISOs. The exercise price per share specified in the
agreement relating to each ISO granted under the Plan shall not be less than the
fair market value per share of Common Stock on the date of such grant. In the
case of an ISO to be granted to an employee owning stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of
the Company or any Related Corporation, the price per share specified in the
agreement relating to such ISO shall not be less than one hundred ten percent
(110%) of the fair market value per share of Common Stock on the date of grant.
For purposes of determining stock ownership under this paragraph, the rules of
Section 424(d) of the Code shall apply.
<PAGE>
C. $100,000 Annual Limitation on ISO Vesting. Each eligible employee
may be granted Options treated as ISOs only to the extent that, in the aggregate
under this Plan and all incentive stock option plans of the Company and any
Related Corporation, ISOs do not become exercisable for the first time by such
employee during any calendar year with respect to stock having a fair market
value (determined at the time the ISOs were granted) in excess of $100,000. The
Company intends to designate any Options granted in excess of such limitation as
Non-Qualified Options, and the Company shall issue separate certificates to the
optionee with respect to Options that are Non-Qualified Options and Options that
are ISOs.
D. Determination of Fair Market Value. If, at the time an Option is
granted under the Plan, the Company's Common Stock is publicly traded, "fair
market value" shall be determined as of the date of grant or, if the prices or
quotes discussed in this sentence are unavailable for such date, the last
business day for which such prices or quotes are available prior to the date of
grant and shall mean (i) the average (on that date) of the high and low prices
of the Common Stock on the principal national securities exchange on which the
Common Stock is traded, if the Common Stock is then traded on a national
securities exchange; or (ii) the last reported sale price (on that date) of the
Common Stock on the Nasdaq National Market, if the Common Stock is not then
traded on a national securities exchange; or (iii) the closing bid price (or
average of bid prices) last quoted (on that date) by an established quotation
service for over-the-counter securities, if the Common Stock is not reported on
the Nasdaq National Market. If the Common Stock is not publicly traded at the
time an Option is granted under the Plan, "fair market value" shall mean the
fair value of the Common Stock as determined by the Committee after taking into
consideration all factors which it deems appropriate, including, without
limitation, recent sale and offer prices of the Common Stock in private
transactions negotiated at arm's length.
7. Option Duration.
Subject to earlier termination as provided in paragraphs 9 and 10 or in
the agreement relating to such Option, each Option shall expire on the date
specified by the Committee, but not more than (i) ten years from the date of
grant in the case of Options generally and (ii) five years from the date of
grant in the case of ISOs granted to an employee owning stock possessing more
than ten percent (10%) of the total combined voting power of all classes of
stock of the Company or any Related Corporation, as determined under paragraph
6(B). Subject to earlier termination as provided in paragraphs 9 and 10, the
term of each ISO shall be the term set forth in the original instrument granting
such ISO, except with respect to any part of such ISO that is converted into a
Non-Qualified Option pursuant to paragraph 16.
8. Exercise of Option.
Subject to the provisions of paragraphs 9 through 12, each Option
granted under the Plan shall be exercisable as follows:
A. Vesting. The Option shall either be fully exercisable on the date
of grant or shall become exercisable thereafter in such installments as the
Committee may specify.
B. Full Vesting of Installments. Once an installment becomes
exercisable it shall remain exercisable until expiration or termination of the
Option, unless otherwise specified by the Committee.
C. Partial Exercise. Each Option or installment may be exercised at
any time or from time to time, in whole or in part, for up to the total number
of shares with respect to which it is then exercisable.
<PAGE>
D. Acceleration of Vesting. The Committee shall have the right to
accelerate the date that any installment of any Option becomes exercisable;
provided, however, that the Committee shall not, without the consent of an
optionee, accelerate the permitted exercise date of any installment of any
Option granted to any employee as an ISO (and not previously converted into a
Non-Qualified Option pursuant to paragraph 16) if such acceleration would
violate the annual vesting limitation contained in Section 422(d) of the Code,
as described in paragraph 6(C).
E. In the event of a Change in Control (as hereinafter defined) of the
Company, the date on which all outstanding Stock Rights and all installments of
such Stock Rights may be exercised shall be accelerated to immediately prior to
the time of the Change in Control.
F. For purposes of this Plan and any Stock Rights granted hereunder,
a "Change in Control" shall have occurred if at any time any of the following
events shall occur:
(i) The Company is merged, consolidated or reorganized into or
with another corporation or other legal person, and as a result of such
merger, consolidation or reorganization less than a majority of the
combined voting power of the then-outstanding securities of the
combined corporation or person immediately after such transaction are
held in the aggregate by the holders of the combined voting power of
the then-outstanding securities entitled to vote generally in the
election of directors of the Company ("Voting Stock") immediately prior
to such transaction;
(ii) The Company sells or otherwise transfers all or
substantially all of its assets to any other corporation or other legal
person, and less than a majority of the combined voting power of the
then-outstanding securities of such corporation or person immediately
after such sale or transfer is held in the aggregate by the holders of
the Voting Stock of the Company immediately prior to such sale or
transfer;
(iii) There is a report filed on Schedule 13D or Schedule
14D-1 (or any successor schedule, form or report), each as promulgated
pursuant to the Securities Exchange Act of 1934, as amended (the "1934
Act"), disclosing that any person (as the term "person" is used in
Section 13(d)(3) or Section 14(d)(2) or the 1934 Act) has become the
beneficial owner (as the term "beneficial owner" is defined under Rule
13d-3 or any successor rule or regulation promulgated under the 1934
Act) of securities representing 25% or more of the Voting Stock;
(iv) The Company files a report or proxy statement with the
Securities and Exchange Commission pursuant to the 1934 Act disclosing
in response to Form 8-K or Schedule 14A (or any successor schedule,
form or report or item therein) that a change in control of the Company
has or may have occurred or will or may occur in the future pursuant to
any then-existing contract or transaction; or
(v) If during any period of two consecutive years, individuals
who at the beginning of any such period constitute the directors of the
Company cease for any reason to constitute at least a majority thereof,
unless the election, or the nomination for election by the Company's
stockholders, of each director of the Company first elected during such
period was approved by a vote of at least two-thirds of the directors
then still in office who were directors of the Company at the beginning
of any such period;
<PAGE>
provided, however, that notwithstanding the foregoing provisions (iii) and (iv)
of this subparagraph F, a "Change in Control" shall not be deemed to have
occurred for purposes of this Plan solely because (i) the Company, (ii) an
entity in which the Company directly or indirectly beneficially owns 50% or more
of the voting securities, (iii) any Company-sponsored employee stock ownership
plan or any other employee benefit plan of the Company, or (iv) any corporation
or legal person approved by the Board prior to the occurrence of the event that,
absent such approval by the Board, would have constituted a Change in Control,
either files or becomes obligated to file a report or a proxy statement under or
in response to Schedule 13D, Schedule 14D-1, Form 8-K or Schedule 14A (or any
successor schedule, form or report or item therein) under the 1934 Act,
disclosing beneficial ownership by it of shares of Voting Stock, whether in
excess of 25% or otherwise, or because the Company reports that a change in
control of the Company has or may have occurred or will or may occur in the
future by reason of such beneficial ownership; and provided further, however,
that a "Change in Control" shall not occur or have occurred for any reason
(including any filings made or required to be made as contemplated by provision
(iii) of this subparagraph F) as a result of the receipt of shares of Common
Stock or other securities of the Company by any corporation or other legal
person in connection with the Distribution.
9. Termination of Employment.
Unless otherwise specified in the agreement relating to such ISO, if an
ISO optionee ceases to be employed by the Company and all Related Corporations
other than by reason of death or disability as defined in paragraph 10, no
further installments of his or her ISOs shall become exercisable, and his or her
ISOs shall terminate on the earlier of (a) three months after the date of
termination of his or her employment, or (b) their specified expiration dates,
except to the extent that such ISOs (or unexercised installments thereof) have
been converted into Non-Qualified Options pursuant to paragraph 16. For purposes
of this paragraph 9, employment shall be considered as continuing uninterrupted
during any bona fide leave of absence (such as those attributable to illness,
military obligations or governmental service) provided that the period of such
leave does not exceed 90 days or, if longer, any period during which such
optionee's right to reemployment is guaranteed by statute or by contract. A bona
fide leave of absence with the written approval of the Committee shall not be
considered an interruption of employment under this paragraph 9, provided that
such written approval contractually obligates the Company or any Related
Corporation to continue the employment of the optionee after the approved period
of absence. ISOs granted under the Plan shall not be affected by any change of
employment within or among the Company and Related Corporations, so long as the
optionee continues to be an employee of the Company or any Related Corporation.
Nothing in the Plan shall be deemed to give any grantee of any Stock Right the
right to be retained in employment or other service by the Company or any
Related Corporation for any period of time.
10. Death; Disability.
A. Death. If an ISO optionee ceases to be employed by the Company and
all Related Corporations by reason of his or her death, any ISO owned by such
optionee may be exercised, to the extent otherwise exercisable on the date of
death, by the estate, personal representative or beneficiary who has acquired
the ISO by will or by the laws of descent and distribution, until the earlier of
(i) the specified expiration date of the ISO or (ii) 180 days from the date of
the optionee's death.
B. Disability. If an ISO optionee ceases to be employed by the Company
and all Related Corporations by reason of his or her disability, such optionee
shall have the right to exercise any ISO held by him or her on the date of
termination of employment, for the number of shares for which he or she could
have exercised it on that date until the earlier of (i) the specified expiration
date of the ISO or (ii) 180 days from the date of the termination of the
optionee's employment. For the purposes of the Plan, the term
<PAGE>
"disability" shall mean "permanent and total disability" as defined in Section
22(e)(3) of the Code or any successor statute.
11. Assignability.
No ISO shall be assignable or transferable by the optionee except by
will or by the laws of descent and distribution, and during the lifetime of the
optionee shall be exercisable only by such optionee. Stock Rights other than
ISOs shall be transferable to the extent set forth in the agreement relating to
such Stock Right.
12. Terms and Conditions of Options.
Options shall be evidenced by instruments (which need not be identical)
in such forms as the Committee may from time to time approve. Such instruments
shall conform to the terms and conditions set forth in paragraphs 6 through 11
hereof and may contain such other provisions as the Committee deems advisable
which are not inconsistent with the Plan, including restrictions applicable to
shares of Common Stock issuable upon exercise of Options. The Committee may
specify that any Non-Qualified Option shall be subject to the restrictions set
forth herein with respect to ISOs, or to such other termination and cancellation
provisions as the Committee may determine. The Committee may from time to time
confer authority and responsibility on one or more of its own members and/or one
or more officers of the Company to execute and deliver such instruments. The
proper officers of the Company are authorized and directed to take any and all
action necessary or advisable from time to time to carry out the terms of such
instruments.
13. Adjustments.
Upon the occurrence of any of the following events, an optionee's
rights with respect to Stock Rights granted to such optionee hereunder shall be
adjusted as hereinafter provided, unless otherwise specifically provided in the
written agreement between the optionee and the Company relating to such Stock
Right:
A. Stock Dividends and Stock Splits. If the shares of Common Stock
shall be subdivided or combined into a greater or smaller number of shares or if
the Company shall issue any shares of Common Stock as a stock dividend on its
outstanding Common Stock, the number of shares of Common Stock deliverable upon
the exercise of Stock Rights shall be appropriately increased or decreased
proportionately, and appropriate adjustments shall be made in the purchase price
per share to reflect such subdivision, combination or stock dividend.
B. Consolidations or Mergers. In the event of a Change in Control of
the Company and subject to Section 8(E) hereof, the Committee or the board of
directors of any entity assuming the obligations of the Company hereunder (the
"Successor Board"), shall, as to outstanding Stock Rights, either (i) make
appropriate provision for the continuation of such Stock Rights by substituting
on an equitable basis for the shares of Common Stock then subject to such Stock
Rights the consideration receivable by holders of outstanding shares of Common
Stock in connection with the Acquisition, (ii) upon written notice to the
optionees, provide that all Stock Rights must be exercised, to the extent then
exercisable, within a specified number of days of the date of such notice, at
the end of which period the Stock Rights shall terminate; or (iii) terminate all
Stock Rights in exchange for a cash payment equal to the excess of the fair
market value of the shares of Common Stock subject to such Stock Rights (to the
extent then exercisable) over the exercise price thereof.
<PAGE>
C. Recapitalization or Reorganization. If the Company is merged,
consolidated or reorganized into or with another corporation or other legal
person, or if the Company sells or otherwise transfers all or substantially all
of its assets to any other corporation or other legal person pursuant to which
securities of the Company or of another corporation, cash or other property are
issued with respect to the outstanding shares of Common Stock, and such
transaction does not constitute a Change in Control, a holder of a Stock Right
upon exercising a Stock Right shall be entitled to receive for the purchase
price paid upon such exercise the securities, cash or other property he or she
would have received if he or she had exercised such Stock Right prior to such
merger, consolidation, reorganization or sale.
D. Modification of ISOs. Notwithstanding the foregoing, any adjustments
made pursuant to subparagraphs A, B or C with respect to ISOs shall be made only
after the Committee, after consulting with counsel for the Company, determines
whether such adjustments would constitute a "modification" of such ISOs (as that
term is defined in Section 424 of the Code) or would cause any adverse tax
consequences for the holders of such ISOs. If the Committee determines that such
adjustments made with respect to ISOs would constitute a modification of such
ISOs or would cause adverse tax consequences to the holders, it may refrain from
making such adjustments.
E. Dissolution or Liquidation. In the event of the proposed dissolution
or liquidation of the Company, each Stock Right will terminate immediately prior
to the consummation of such proposed action or at such other time and subject to
such other conditions as shall be determined by the Committee.
F. Issuances of Securities. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
subject to Stock Rights. No adjustments shall be made for dividends paid in cash
or in property other than securities of the Company.
G. Fractional Shares. No fractional shares shall be issued under the
Plan and the optionee shall receive from the Company cash in lieu of such
fractional shares.
H. Adjustments. Upon the happening of any of the events described in
subparagraphs A, B or C above, the class and aggregate number of shares set
forth in paragraph 4 hereof that are subject to Stock Rights which previously
have been or subsequently may be granted under the Plan shall also be
appropriately adjusted to reflect the events described in such subparagraphs.
The Committee or the Successor Board shall determine the specific adjustments to
be made under this paragraph 13 and, subject to paragraph 2, its determination
shall be conclusive.
14. Means of Exercising Options.
An Option (or any part or installment thereof) shall be exercised by
giving written notice to the Company at its principal office address, or to such
transfer agent as the Company shall designate. Such notice shall identify the
Option being exercised and specify the number of shares as to which such Option
is being exercised, accompanied by full payment of the purchase price therefor
either (a) in United States dollars in cash or by check, (b) at the discretion
of the Committee, through delivery of shares of Common Stock having a fair
market value equal as of the date of the exercise to the cash exercise price of
the Option, (c) at the discretion of the Committee, by delivery of the grantee's
personal recourse note bearing interest payable not less than annually at no
less than 100% of the lowest applicable Federal rate, as defined in Section
1274(d) of the Code, (d) at the discretion of the Committee and consistent with
applicable law,
<PAGE>
through the delivery of an assignment to the Company of a sufficient amount of
the proceeds from the sale of the Common Stock acquired upon exercise of the
Option and an authorization to the broker or selling agent to pay that amount to
the Company, which sale shall be at the participant's direction at the time of
exercise, or (e) at the discretion of the Committee, by any combination of (a),
(b), (c) and (d) above. If the Committee exercises its discretion to permit
payment of the exercise price of an ISO by means of the methods set forth in
clauses (b), (c), (d) or (e) of the preceding sentence, such discretion shall be
exercised in writing at the time of the grant of the ISO in question. The holder
of an Option shall not have the rights of a shareholder with respect to the
shares covered by such Option until the date of issuance of a stock certificate
to such holder for such shares. Except as expressly provided above in paragraph
13 with respect to changes in capitalization and stock dividends, no adjustment
shall be made for dividends or similar rights for which the record date is
before the date such stock certificate is issued.
15. Term and Amendment of Plan.
This Plan was adopted by the Board on June 13, 1997. The Plan shall
expire at the end of the day on June 12, 2007 (except as to Options outstanding
on that date). Subject to the provisions of paragraph 5 above, Options may be
granted under the Plan prior to the date of stockholder approval of the Plan.
The Board may terminate or amend the Plan in any respect at any time, except
that, without the approval of the stockholders obtained within 12 months before
or after the Board adopts a resolution authorizing any of the following actions:
(a) the total number of shares that may be issued under the Plan may not be
increased (except by adjustment pursuant to paragraph 13); (b) the provisions of
paragraph 3 regarding eligibility for grants of ISOs may not be modified; (c)
the provisions of paragraph 6(B) regarding the exercise price at which shares
may be offered pursuant to ISOs may not be modified (except by adjustment
pursuant to paragraph 13); and (d) the expiration date of the Plan may not be
extended. Except as otherwise provided in this paragraph 15, in no event may
action of the Board or stockholders alter or impair the rights of a grantee,
without such grantee's consent, under any Stock Right previously granted to such
grantee.
16. Modification of ISOs.
Subject to paragraph 13(D), without the prior written consent of the
holder of an ISO, the Committee shall not alter the terms of such ISO (including
the means of exercising such ISO) if such alteration would constitute a
modification (within the meaning of Section 424(h)(3) of the Code). The
Committee, at the written request or with the written consent of any optionee,
may in its discretion take such actions as may be necessary to convert such
optionee's ISOs (or any installments or portions of installments thereof) that
have not been exercised on the date of conversion into Non-Qualified Options at
any time prior to the expiration of such ISOs, regardless of whether the
optionee is an employee of the Company or a Related Corporation at the time of
such conversion. Such actions may include, but shall not be limited to,
extending the exercise period or reducing the exercise price of the appropriate
installments of such ISOs. At the time of such conversion, the Committee (with
the consent of the optionee) may impose such conditions on the exercise of the
resulting Non-Qualified Options as the Committee in its discretion may
determine, provided that such conditions shall not be inconsistent with this
Plan. Nothing in the Plan shall be deemed to give any optionee the right to have
such optionee's ISOs converted into Non-Qualified Options, and no such
conversion shall occur until and unless the Committee takes appropriate action.
Upon the taking of such action, the Company shall issue separate certificates to
the optionee with respect to Options that are Non-Qualified Options and Options
that are ISOs.
<PAGE>
17. Application Of Funds.
The proceeds received by the Company from the sale of shares pursuant
to Options granted and Purchases authorized under the Plan shall be used for
general corporate purposes.
18. Notice to Company of Disqualifying Disposition.
By accepting an ISO granted under the Plan, each optionee agrees to
notify the Company in writing immediately after such optionee makes a
Disqualifying Disposition (as described in Sections 421, 422 and 424 of the Code
and regulations thereunder) of any stock acquired pursuant to the exercise of
ISOs granted under the Plan. A Disqualifying Disposition is generally any
disposition occurring on or before the later of (a) the date two years following
the date the ISO was granted or (b) the date one year following the date the ISO
was exercised.
19. Withholding of Additional Income Taxes.
Upon the exercise of a Non-Qualified Option, the transfer of a
Non-Qualified Stock Option pursuant to an arm's length transaction, the grant of
an Award, the making of a Purchase of Common Stock for less than its fair market
value, the making of a Disqualifying Disposition (as defined in paragraph 18),
the vesting or transfer of restricted stock or securities acquired on the
exercise of an Option hereunder, or the making of a distribution or other
payment with respect to such stock or securities, the Company may withhold taxes
in respect of amounts that constitute compensation includible in gross income.
The Committee in its discretion may condition (i) the exercise of an Option,
(ii) the transfer of a Non-Qualified Stock Option, (iii) the grant of an Award,
(iv) the making of a Purchase of Common Stock for less than its fair market
value, or (v) the vesting or transferability of restricted stock or securities
acquired by exercising an Option, on the grantee's making satisfactory
arrangement for such withholding. Such arrangement may include payment by the
grantee in cash or by check of the amount of the withholding taxes or, at the
discretion of the Committee, by the grantee's delivery of previously held shares
of Common Stock or the withholding from the shares of Common Stock otherwise
deliverable upon exercise of Option shares having an aggregate fair market value
equal to the amount of such withholding taxes.
20. Governmental Regulation.
The Company's obligation to sell and deliver shares of the Common Stock
under this Plan is subject to the approval of any governmental authority
required in connection with the authorization, issuance or sale of such shares.
Government regulations may impose reporting or other obligations on the
Company with respect to the Plan. For example, the Company may be required to
send tax information statements to employees and former employees that exercise
ISOs under the Plan, and the Company may be required to file tax information
returns reporting the income received by grantees of Options in connection with
the Plan.
21. Governing Law; Construction.
The validity and construction of the Plan and the instruments
evidencing Stock Rights shall be governed by the laws of the State of Delaware,
or the laws of any jurisdiction in which the Company or its successors in
interest may be organized.
<PAGE>
Date Approved by Board of Directors: June 13, 1997
Date Approved by Stockholders: July 17, 1997
Amended February 25, 1998 to increase the shares reserved for issuance under the
Plan from 2,500,000 to 2,750,000
Amended February 24, 1999 to increase the
shares reserved for issuance under the Plan from 2,750,000 to 3,500,000
EXHIBIT 5.1
March 26, 1999
Marcam Solutions, Inc.
95 Wells Avenue
Newton, Massachusetts 02159
RE: Registration Statement on Form S-8
Relating to the Marcam Solutions, Inc. 1997 Stock Plan
(hereinafter the "Plan")
Ladies and Gentlemen:
Reference is made to the above-captioned Registration Statement on Form
S-8 (the "Registration Statement") to be filed by Marcam Solutions, Inc. (the
"Company") on or about March 30, 1999 with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, relating to an
aggregate of 750,000 shares of Common Stock, $.01 par value, of the Company
issued or issuable pursuant to the Plan (the "Shares").
We are counsel to the Company and are familiar with the proceedings of
its stockholders and Board of Directors. We have examined original or certified
copies of the Company's certificate of incorporation, as amended, the Company's
by-laws, the corporate records of the Company to the date hereof, and such other
certificates, documents, records and materials as we have deemed necessary in
connection with this opinion letter.
We are members of the Bar of the Commonwealth of Massachusetts and are
not expert in, and express no opinion regarding, the laws of any jurisdiction
other than the Commonwealth of Massachusetts, the General Corporation Law of the
State of Delaware and the United States of America.
Based on the foregoing, we are of the opinion that the Shares have been
duly authorized and, when issued and sold in accordance with the Plan, will be
validly issued, fully paid and nonassessable.
We hereby consent to the filing of this opinion as Exhibit 5.1 to the
Registration Statement.
Very truly yours,
/s/ Testa, Hurwitz & Thibeault, LLP
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this registration
statement of Marcam Solutions, Inc. on Form S-8 of our report dated October 23,
1998, on our audits of the consolidated financial statements of Marcam
Solutions, Inc. as of September 30, 1998 and 1997, and for each of the three
years in the period ended September 30, 1998, which report is included in the
Annual Report on Form 10-K of Marcam Solutions, Inc. for the year ended
September 30, 1998.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
March 29, 1999
