February 8, 2007
I&L Holdings, Inc.
I&L Operating LLC
Cambridge Scientific Abstracts, Limited
Partnership
c/o Cambridge Information Group, Inc.
7200 Wisconsin Ave, Suite 601
Bethesda, MD 20814
Attn: Larisa Avner Trainor
Fax: 301-961-6790
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Re:
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Letter Agreement regarding Subscription
Agreement and Plan of Merger
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Dear Larisa:
Reference is hereby made to that
certain Subscription Agreement and Plan of Merger, dated as of
December 14, 2006 (the “ Agreement ”), by and
among ProQuest Information and Learning Company, a Delaware
corporation (the “ U.S. Company ”); I&L
Holdings, Inc., a Delaware corporation (“ Buyer Parent
”); I&L Operating LLC, a Delaware limited liability
company and wholly owned subsidiary of Buyer Parent (“
Buyer Sub ,” and with Buyer Parent, the “
Buying Parties ”); ProQuest Company (“
Parent ”), a Delaware corporation; ProQuest
Canada/U.K. Holdings, LLC, a Delaware limited liability company and
wholly owned subsidiary of Parent (“ Canada/U.K. LLC
”); and, solely for purposes of Article V and
Section 12.1 of the Agreement, Cambridge Scientific Abstracts,
Limited Partnership, a Maryland limited partnership (“
Guarantor ”). All capitalized terms used herein but
not otherwise defined shall have the meanings given to them in the
Agreement.
The following sets forth certain
amendments to the Agreement hereby agreed to by the undersigned and
the Buying Parties:
1.
Cash Balance . Parent will cause the Acquired Entities to
have, as of the Closing Date, (a) no more than 2.5 million British
Pounds of cash, (b) no more than $500,000 Canadian Dollars of cash,
and (c) no more than the equivalent of US$2 million of cash in
other non-U.S. currencies. When determining the final amount of the
Closing Working Capital Value, any and all cash and cash accounts
held by the Acquired Entities on the Closing Date shall be included
in the definition of Current Assets used in the calculation of the
Closing Working Capital Value. For purposes of calculating the
Closing Working Capital Value, all cash in a currency other than
U.S. dollars shall be converted into U.S. dollars at the average of
the bid and ask rates found on the Yahoo! finance exchange web page
as of 5:00 p.m. on the date of Closing.
2.
Issuance Price . The first sentence of Section 2.3(a) of the
Agreement is hereby deleted in its entirety and replaced with the
following sentence:
“The aggregate consideration
in the Issuance for all of the Preferred Stock shall be
$109,000,000 (the “ Issuance Price
”).”
3.
Purchase Price Allocation . Schedule 2.3 of the
Agreement is hereby deleted in its entirety and replaced with a new
Schedule 2.3 in the form attached hereto as Exhibit A
.