-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RZtG3BKbAncHTus4YOFFazRRRBgB83CoSB5DQ7TxMGxvuNVXladw/hQ9d2kPpN1b qM7QGBcTiQabt8BedTFcrA== 0001193805-06-001031.txt : 20060426 0001193805-06-001031.hdr.sgml : 20060426 20060425211749 ACCESSION NUMBER: 0001193805-06-001031 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20060426 DATE AS OF CHANGE: 20060425 GROUP MEMBERS: ADMIRAL ADVISORS, LLC GROUP MEMBERS: ARCADIA CAPITAL MANAGEMENT, LLC GROUP MEMBERS: ARCADIA PARTNERS, L.P. GROUP MEMBERS: BARINGTON CAPITAL GROUP, L.P. GROUP MEMBERS: BARINGTON COMPANIES ADVISORS, LLC GROUP MEMBERS: BARINGTON COMPANIES EQUITY PARTNERS, L.P. GROUP MEMBERS: BARINGTON COMPANIES INVESTORS, LLC GROUP MEMBERS: BARINGTON COMPANIES OFFSHORE FUND, LTD. GROUP MEMBERS: BARINGTON INVESTMENTS, L.P. GROUP MEMBERS: C4S & CO., L.L.C. GROUP MEMBERS: EDWARD TERINO GROUP MEMBERS: JAMES MITAROTONDA GROUP MEMBERS: JEFFREY C. SMITH GROUP MEMBERS: JEFFREY D. GLIDDEN GROUP MEMBERS: JEFFREY M. SOLOMON GROUP MEMBERS: JOHN MUTCH GROUP MEMBERS: LNA CAPITAL CORP. GROUP MEMBERS: MORGAN B. STARK GROUP MEMBERS: PARCHE, LLC GROUP MEMBERS: PETER A. COHEN GROUP MEMBERS: RAMIUS ADVISORS, LLC GROUP MEMBERS: RAMIUS MASTER FUND, LTD. GROUP MEMBERS: RCG AMBROSE MASTER FUND, LTD. GROUP MEMBERS: RCG HALIFAX FUND, LTD. GROUP MEMBERS: RICHARD ROFE GROUP MEMBERS: STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. GROUP MEMBERS: THOMAS W. STRAUSS GROUP MEMBERS: WILLIAM J. FOX SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: S1 CORP /DE/ CENTRAL INDEX KEY: 0001063254 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 582395199 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-54731 FILM NUMBER: 06779406 BUSINESS ADDRESS: STREET 1: 3500 LENOX ROAD STREET 2: SUITE 200 CITY: ATLANTA STATE: GA ZIP: 30326 BUSINESS PHONE: 4049233500 MAIL ADDRESS: STREET 1: 3500 LENOX ROAD STREET 2: SUITE 200 CITY: ATLANTA STATE: GA ZIP: 30326 FORMER COMPANY: FORMER CONFORMED NAME: SECURITY FIRST TECHNOLOGIES CORP DATE OF NAME CHANGE: 19980603 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RAMIUS CAPITAL GROUP LLC CENTRAL INDEX KEY: 0001050154 IRS NUMBER: 133937658 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128457900 MAIL ADDRESS: STREET 1: 666 THIRD AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 e600507_sc13da-s1.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________ SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 3)(1) S1 Corporation ---------------- (Name of Issuer) Common Stock, $.01 Par Value ------------------------------ (Title of Class of Securities) 78463B101 -------------- (CUSIP Number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP Park Avenue Tower 65 East 55th Street New York, New York 10022 (212) 451-2300 ------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) April 21, 2006 ------------------------------------------------------- (Date of Event Which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box |_|. Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 45 Pages) - ---------- (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 78463B101 13D Page 2 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 3,797,693 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 3,797,693 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,797,693 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 3 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PARCHE, LLC 20-0870632 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 932,244 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 932,244 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 932,244 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 4 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RCG AMBROSE MASTER FUND, LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 128,674 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 128,674 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 128,674 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 5 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RCG HALIFAX FUND, LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 133,919 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 133,919 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 133,919 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 6 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RAMIUS MASTER FUND, LTD. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 602,960 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 602,960 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 602,960 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 7 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ADMIRAL ADVISORS, LLC 37-1484525 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 4,729,937 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 4,729,937 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,729,937 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 8 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RAMIUS ADVISORS, LLC 13-3954331 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 602,960 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 602,960 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 602,960 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 9 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RAMIUS CAPITAL GROUP, L.L.C. 13-3937658 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,595,490 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 5,595,490 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 10 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) C4S & CO., L.L.C. 13-3946794 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 5,595,490 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 5,595,490 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 11 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PETER A. COHEN - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 5,595,490 OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,595,490 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 12 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) MORGAN B. STARK - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 5,595,490 OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,595,490 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 13 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JEFFREY M. SOLOMON - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 5,595,490 OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,595,490 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 14 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) THOMAS W. STRAUSS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 5,595,490 OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,595,490 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,595,490 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 15 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON COMPANIES EQUITY PARTNERS, L.P. 13-4088890 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 335,877 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 335,877 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 335,877 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 16 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON COMPANIES INVESTORS, LLC 13-4126527 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 335,877 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 335,877 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 335,877 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 17 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 508,515 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 508,515 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 508,515 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 18 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON INVESTMENTS, L.P. 20-2871525 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 119,582 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 119,582 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 119,582 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 19 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON COMPANIES ADVISORS, LLC 20-0327470 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 628,097 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 628,097 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 628,097 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 20 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BARINGTON CAPITAL GROUP, L.P. 13-3635132 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 963,974 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 963,974 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 963,974 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 21 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) LNA CAPITAL CORP. 13-3635168 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 963,974 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 963,974 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 963,974 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 22 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JAMES MITAROTONDA - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 963,974 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 963,974 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 963,974 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 23 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ARCADIA PARTNERS, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 75,000 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 75,000 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 75,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 24 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ARCADIA CAPITAL MANAGEMENT, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 75,000 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 75,000 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 75,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 25 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) RICHARD ROFE - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 80,000 ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 80,000 WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 80,000 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 26 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JEFFREY C. SMITH - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON - 0 - WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 27 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JEFFREY D. GLIDDEN - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON - 0 - WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 28 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WILLIAM J. FOX - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON - 0 - WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 29 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) EDWARD TERINO - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON - 0 - WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 30 of 45 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JOHN MUTCH - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON - 0 - WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 78463B101 13D Page 31 of 45 Pages The following constitutes Amendment No. 3 ("Amendment No. 3") to the Schedule 13D filed by the undersigned. This Amendment No. 3 amends the Schedule 13D as specifically set forth. Item 2 is hereby amended to add the following: John Mutch is hereby added as a Reporting Person to the Schedule 13D. John Mutch ("Mr. Mutch") is a nominee for the Board of Directors of the Issuer. Mr. Mutch principal occupation involves the formation of a hedge fund that will invest in under-performing public companies. The principal business address of Mr. Mutch is c/o MV Advisors 1, 991-C Lomas Santa Fe Drive, #456, Solana Beach, CA 92075. Mr. Mutch is a citizen of the United States of America. The final two paragraphs of Item 2(a) are hereby amended and restated as follows: Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." As of April 24, 2006, the Reporting Persons were the beneficial owners of, in the aggregate, 6,639,464 Shares, representing approximately 9.4% of the Shares presently outstanding. Each of the Reporting Persons is party to that certain Joint Filing and Solicitation Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D. Information with respect to each of the Reporting Persons is given by such Reporting Person. No Reporting Person shall have responsibility to any other Reporting Person for the accuracy or completeness of information supplied by another Reporting Person. The first paragraph of Item 3 is hereby amended and restated as follows: The Shares purchased by Starboard, Parche, RCG Ambrose, RCG Halifax, Ramius Master, Barington Companies Equity, Barington Companies Offshore and Barington Investments were purchased with the working capital of such entities (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase cost of the 5,495,490 Shares beneficially owned in the aggregate by Starboard, Parche, RCG Ambrose, RCG Halifax and Ramius Master is approximately $24,240,520.93, including brokerage commissions. The aggregate purchase cost of the 963,974 Shares beneficially owned in the aggregate by Barington Companies Equity, Barington Companies Offshore and Barington Investments is approximately $4,074,830.64, including brokerage commissions. The aggregate purchase cost of the 75,000 Shares beneficially owned in the aggregate by Arcadia Partners and Arcadia Capital is approximately $309,750, including brokerage commissions. The aggregate purchase cost of the 5,000 Shares owned personally by Mr. Rofe and purchased with Mr. Rofe's personal funds is approximately $8,829.94. CUSIP No. 78463B101 13D Page 32 of 45 Pages Item 4 is hereby amended to add the following: On April 12, 2006, Starboard filed a preliminary proxy statement with the Securities and Exchange Commission with respect to the 2006 Annual Meeting, as subsequently revised on April 25, 2006. Starboard and the Reporting Persons intend to solicit the stockholders to vote to elect Starboard's nominees as directors of the Issuer and in favor of Starboard's business proposals after the proxy materials have been finalized. On April 21, 2006, Starboard delivered a letter to the Issuer as a supplement to its Nomination Letter (the "Nomination Letter Supplement") nominating John Mutch, as set forth therein, for election to the Issuer's Board at the Issuer's 2006 Annual Meeting. A copy of this letter is attached hereto as Exhibit 8 and is incorporated herein by reference. Also in the Nomination Letter Supplement, Starboard amended and restated Proposal 2 and Proposal 4 in order to account for the addition of John Mutch as a nominee. If approved by a vote of the stockholders, Proposal 2 allows only stockholders to fix the number of directors comprising the Issuer's Board and sets the size of the Board at a number which is equal to the sum of (a) the number of directors that comprise the Board at the time of the Annual Meeting, plus (b) four (4). Proposal 4 has been amended to include John Mutch as a nominee for election as a director to fill one of the vacancies created by the increase in the size of the Board, if Proposal 2 and Proposal 3 are approved. Item 5 is hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 70,503,355 Shares outstanding, which is the total number of Shares outstanding as reported in the Issuer's Preliminary Proxy Statement filed on Form PREC 14A with the Securities and Exchange Commission on April 11, 2006. A. Starboard (a) As of April 24, 2006, Starboard beneficially owned 3,797,693 Shares. Percentage: Approximately 5.4% (b) 1. Sole power to vote or direct vote: 3,797,693 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 3,797,693 4. Shared power to dispose or direct the disposition: 0 (c) The number of Shares acquired by Starboard since April 4, 2006 is set forth in Schedule A and is incorporated by reference. B. Parche (a) As of April 24, 2006, Parche beneficially owned 932,244 Shares. Percentage: Approximately 1.3% CUSIP No. 78463B101 13D Page 33 of 45 Pages (b) 1. Sole power to vote or direct vote: 932,244 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 932,244 4. Shared power to dispose or direct the disposition: 0 (c) The number of Shares acquired by Parche since April 4, 2006 is set forth in Schedule A and is incorporated by reference. C. RCG Ambrose (a) As of April 24, 2006, RCG Ambrose beneficially owned 128,674 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 128,674 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 128,674 4. Shared power to dispose or direct the disposition: 0 (c) RCG Ambrose has not acquired Shares since April 4, 2006. D. RCG Halifax (a) As of April 24, 2006, RCG Halifax beneficially owned 133,919 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 133,919 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 133,919 4. Shared power to dispose or direct the disposition: 0 (c) RCG Halifax has not acquired Shares since April 4, 2006. E. Ramius Master (a) As of April 24, 2006, Ramius Master beneficially owned 602,960 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 602,960 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 602,960 4. Shared power to dispose or direct the disposition: 0 (c) Ramius Master has not acquired Shares since April 4, 2006. CUSIP No. 78463B101 13D Page 34 of 45 Pages F. Admiral Advisors (a) As of April 24, 2006, as the investment manager of Starboard and the managing member of Parche, Admiral Advisors may be deemed the beneficial owner of (i) 3,797,693 Shares owned by Starboard and (ii) 932,244 Shares owned by Parche. Percentage: Approximately 6.7% (b) 1. Sole power to vote or direct vote: 4,729,937 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 4,729,937 4. Shared power to dispose or direct the disposition: 0 (c) Admiral Advisors has not entered into any transactions in the Shares since April 4, 2006. The transactions in the Shares since April 4, 2006 on behalf of Starboard and Parche, which, except as otherwise noted, were all in the open market, are set forth in Schedule A, and are incorporated by reference. G. Ramius Advisors (a) As of April 24, 2006, as the investment advisor of Ramius Master, Ramius Advisors may be deemed the beneficial owner of 602,960 Shares owned by Ramius Master. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 602,960 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 602,960 4. Shared power to dispose or direct the disposition: 0 (c) Neither Ramius Advisors nor Ramius Master has entered into any transactions in the Shares since April 4, 2006. H. Ramius Capital (a) As of April 24, 2006, as the sole member of Admiral Advisors and Ramius Advisors (the investment manager of Ramius Master) and as the investment manager of RCG Halifax and RCG Ambrose, Ramius Capital may be deemed the beneficial owner of (i) 3,797,693 shares owned by Starboard, (ii) 932,244 Shares owned by Parche, (iii) 128,674 Shares owned by RCG Ambrose, (iv) 133,919 Shares owned by RCG Halifax and (v) 602,960 Shares owned by Ramius Master. Percentage: Approximately 7.9% (b) 1. Sole power to vote or direct vote: 5,595,490 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,595,490 4. Shared power to dispose or direct the disposition: 0 CUSIP No. 78463B101 13D Page 35 of 45 Pages (c) Ramius Capital did not enter into any transactions in the Shares since April 4, 2006. The transactions in the Shares since April 4, 2006 on behalf of Starboard and Parche are set forth in Schedule A, and are incorporated herein by reference. I. C4S (a) As of April 24, 2006, as the managing member of Ramius Capital, C4S may be deemed the beneficial owner of (i) 3,797,693 shares owned by Starboard, (ii) 932,244 Shares owned by Parche, (iii) 128,674 Shares owned by RCG Ambrose, (iv) 133,919 Shares owned by RCG Halifax and (v) 602,960 Shares owned by Ramius Master. Percentage: Approximately 7.9% (b) 1. Sole power to vote or direct vote: 5,595,490 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,595,490 4. Shared power to dispose or direct the disposition: 0 (c) C4S did not enter into any transactions in the Shares since April 4, 2006. The transactions in the Shares since April 4, 2006 on behalf of Starboard and Parche are set forth in Schedule A and are incorporated by reference. J. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon (a) As of April 24, 2006, as the managing members of C4S, each of Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon may be deemed the beneficial owner of (i) 3,797,693 shares owned by Starboard, (ii) 932,244 Shares owned by Parche, (iii) 128,674 Shares owned by RCG Ambrose, (iv) 133,919 Shares owned by RCG Halifax and (v) 602,960 Shares owned by Ramius Master. Each of Messrs. Cohen, Stark, Solomon and Strauss share voting and dispositive power with respect to the Shares owned by Starboard, Parche, RCG Ambrose, RCG Halifax and Ramius Master by virtue of their shared authority to vote and dispose of such Shares. Messrs. Cohen, Stark, Solomon and Strauss disclaim beneficial ownership of such Shares. Percentage: Approximately 7.9% (b) 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 5,595,490 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 5,595,490 (c) None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon have entered into any transactions in the Shares since April 4, 2006. The transactions in the Shares since April 4, 2006 on behalf of Starboard and Parche are set forth in Schedule A and are incorporated by reference. K. Barington Companies Equity CUSIP No. 78463B101 13D Page 36 of 45 Pages (a) As of April 24, 2006, Barington Companies Equity beneficially owned 335,877 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 335,877 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 335,877 4. Shared power to dispose or direct the disposition: 0 (c) Barington Companies Equity did not enter into any transactions in the Shares since April 4, 2006. L. Barington Companies Investors (a) As of April 24, 2006, as the general partner of Barington Companies Equity, Barington Companies Investors may be deemed the beneficial owner of 335,877 Shares owned by Barington Companies Equity. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 335,877 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 335,877 4. Shared power to dispose or direct the disposition: 0 (b) Barington Companies Investors did not enter into any transactions in the Shares since April 4, 2006. M. Barington Companies Offshore (a) As of April 24, 2006, Barington Companies Offshore beneficially owned 508,515 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 508,515 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 508,515 4. Shared power to dispose or direct the disposition: 0 (c) Barington Companies Offshore did not enter into any transactions in the Shares since April 4, 2006. N. Barington Investments CUSIP No. 78463B101 13D Page 37 of 45 Pages (a) As of April 24, 2006, Barington Investments beneficially owned 119,582 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 119,582 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 119,582 4. Shared power to dispose or direct the disposition: 0 (c) Barington Investments did not enter into any transactions in the Shares since April 4, 2006. O. Barington Companies Advisors (a) As of April 24, 2006, as the investment advisor of Barington Companies Offshore and the general partner of Barington Investments, Barington Companies Advisors may be deemed the beneficial owner of (i) 508,515 Shares owned by Barington Companies Offshore and (ii) 119,582 Shares owned by Barington Investments. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 628,097 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 628,097 4. Shared power to dispose or direct the disposition: 0 (c) Barington Companies Advisors did not enter into any transactions in the Shares since April 4, 2006. P. Barington Capital (a) As of April 24, 2006, as the majority member of Barington Companies Investors and the Managing Member of Barington Companies Advisors, Barington Capital may be deemed the beneficial owner of (i) 508,515 Shares owned by Barington Companies Offshore, (ii) 335,877 Shares owned by Barington Companies Equity and (iii) 119,582 Shares owned by Barington Investments. Percentage: Approximately 1.4% (b) 1. Sole power to vote or direct vote: 963,974 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 963,974 4. Shared power to dispose or direct the disposition: 0 (c) Barington Capital did not enter into any transactions in the Shares since April 4, 2006. CUSIP No. 78463B101 13D Page 38 of 45 Pages Q. LNA (a) As of April 24, 2006, as the general partner of Barington Capital, LNA may be deemed the beneficial owner of (i) 508,515 Shares owned by Barington Companies Offshore, (ii) 335,877 Shares owned by Barington Companies Equity and (iii) 119,582 Shares owned by Barington Investments. Percentage: Approximately 1.4% (b) 1. Sole power to vote or direct vote: 963,974 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 963,974 4. Shared power to dispose or direct the disposition: 0 (c) LNA did not enter into any transactions in the Shares since April 4, 2006. R. Mr. Mitarotonda (a) As of April 24, 2006, as the sole stockholder and director of LNA Capital Corp., Mr. Mitarotonda may be deemed the beneficial owner of (i) 335,877 Shares owned by Barington Companies Equity, (ii) 508,515 Shares owned by Barington Companies Offshore and (iii) 119,582 Shares owned by Barington Investments. Mr. Mitarotonda disclaims beneficial ownership of such Shares. Percentage: Approximately 1.4% (b) 1. Sole power to vote or direct vote: 963,974 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 963,974 4. Shared power to dispose or direct the disposition: 0 (c) Mr. Mitarotonda did not enter into any transactions in the Shares since April 4, 2006. The number of Shares acquired by Barington Companies Equity, Barington Companies Offshore and Barington Investments since April 4, 2006 are set forth in Schedule A and are incorporated by reference. S. Arcadia Partners (a) As of April 24, 2006, Arcadia Partners beneficially owned 75,000 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 75,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 75,000 4. Shared power to dispose or direct the disposition: 0 CUSIP No. 78463B101 13D Page 39 of 45 Pages (c) Arcadia Partners did not enter into any transactions in the Shares since April 4, 2006. T. Arcadia Capital (a) As of April 24, 2006, as the general partner of Arcadia Partners, Arcadia Capital may be deemed the beneficial owner of 75,000 Shares owned by Arcadia Partners. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 75,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 75,000 4. Shared power to dispose or direct the disposition: 0 (c) Arcadia Capital did not enter into any transactions in the Shares since April 4, 2006. U. Mr. Rofe (a) As of April 24, 2006, as the sole member of Arcadia Capital, Mr. Rofe may be deemed the beneficial owner of 75,000 Shares owned by Arcadia Partners. Mr. Rofe disclaims beneficial ownership of such Shares. In addition, Mr. Rofe personally owns 5,000 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 77,138 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 77,138 4. Shared power to dispose or direct the disposition: 0 (c) The number of shares acquired by Mr. Rofe since April 4, 2006 are set forth in Schedule A and are incorporated by reference. (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such shares of the Common Stock. (e) Not applicable. V. Messrs. Smith, Glidden, Terino, Mutch and Fox do not currently beneficially own any Shares. The Reporting Persons do not believe that certain of the foregoing information is called for by the Items of Schedule 13D and are disclosing it for supplemental informational purposes only. CUSIP No. 78463B101 13D Page 40 of 45 Pages Item 6 is hereby amended to add the following: On April 19, 2006, the Reporting Persons entered into a Joint Filing and Solicitation Agreement in which, among other things, (a) the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required under applicable securities laws, (b) the parties agreed to form the group for the purpose of soliciting proxies or written consents for the election of the persons nominated by Starboard to the Issuer's Board at the 2006 Annual Meeting and for the purpose of taking all other actions incidental to the foregoing and (c) Ramius Capital and Barington Capital shall have the right to pre-approve all expenses incurred in connection with the group's activities and agreed to pay directly all such pre-approved expenses on a pro rata basis between Ramius Capital and Barington Capital based on the number of Shares in the aggregate held by each of Ramius Capital and Barington Capital on the date hereof. A copy of this agreement is attached hereto as Exhibit 9 and is incorporated herein by reference. Ramius Capital and Barington Capital have agreed to compensate each of Messrs. Glidden, Terino, Rofe and Mutch for being named as and serving as nominees for election as directors of S1 pursuant to letter agreements (the "Compensation Letter Agreements"). Pursuant to the terms of the Compensation Letter Agreements, Ramius Capital and Barington Capital have agreed to pay each nominee $5,000 in cash upon the submission of the Nomination Letter (in the case of Messrs. Glidden, Terino and Rofe) and the Nomination Letter Supplement (in the case of Mr. Mutch) by Starboard to the Company. Upon the filing of a definitive proxy statement with the SEC relating to a solicitation of proxies in favor of each nominee's election as a director at the 2006 Annual Meeting, Ramius Capital and Barington Capital have agreed to allow each nominee to receive a profit participation with respect to the sale by Ramius Capital, Barington Capital, or their respective affiliates, as the case may be, of the last $20,000 worth of Shares (the "Participation Shares") beneficially owned by either Ramius Capital or Barington Capital to a third party unaffiliated with any member of the Ramius Group. Pursuant to the terms of the Compensation Letter Agreements, each nominee will be entitled to receive a cash payment equal to the amount, if any, by which the proceeds received by Ramius Capital, Barington Capital, or their respective affiliates, as the case may be, from the sale of the Participation Shares exceeds $20,000 in the aggregate. A form of the Compensation Letter Agreement is attached hereto as Exhibit 10 and is incorporated herein by reference. Item 7 is hereby amended to include the following exhibits: 8. Nomination Letter Supplement from Starboard to the Issuer, dated April 21, 2006. 9. Joint Filing and Solicitation Agreement by and among the Reporting Persons, dated April 19, 2006. 10. Form of Compensation Letter Agreement. 11. Powers of Attorney for Messrs. Terino, Rofe, Mutch and Glidden. CUSIP No. 78463B101 13D Page 41 of 45 Pages SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 25, 2006 STARBOARD VALUE AND RAMIUS MASTER FUND, LTD OPPORTUNITY MASTER FUND LTD. By: Ramius Advisors, LLC its investment manager PARCHE, LLC By: Ramius Capital Group, L.L.C. By: Admiral Advisors, LLC, its managing member its managing member RCG AMBROSE MASTER FUND, LTD. ADMIRAL ADVISORS, LLC By: Ramius Capital Group, L.L.C., By: Ramius Capital Group, L.L.C., its investment manager its managing member By: C4S & Co., L.L.C., its managing member RAMIUS ADVISORS, LLC By: Ramius Capital Group, L.L.C., RCG HALIFAX FUND, LTD. its managing member By: Ramius Capital Group, L.L.C., its investment manager RAMIUS CAPITAL GROUP, L.L.C. By: C4S & Co., L.L.C., By: C4S & Co., L.L.C., its managing member as managing member C4S & CO., L.L.C. By: /s/ Morgan B. Stark --------------------------- Name: Morgan B. Stark Title: Authorized Signatory MORGAN B. STARK /s/ MORGAN B. STARK - ---------------------------------------- Individually and as attorney-in-fact for Peter A. Cohen, Jeffrey M. Solomon and Thomas W. Strauss CUSIP No. 78463B101 13D Page 42 of 45 Pages BARINGTON COMPANIES EQUITY PARTNERS, L.P. By: Barington Companies Investors, LLC, its general partner By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: Managing Member BARINGTON COMPANIES INVESTORS, LLC By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: Managing Member /s/ James A. Mitarotonda - --------------------------------- James A. Mitarotonda BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: President BARINGTON INVESTMENTS, L.P. By: Barington Companies Advisors, LLC, its general partner By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: Authorized Signatory BARINGTON COMPANIES ADVISORS, LLC By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: Authorized Signatory BARINGTON CAPITAL GROUP, L.P. By: LNA Capital Corp., its general partner By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: President and Chief Executive Officer CUSIP No. 78463B101 13D Page 43 of 45 Pages LNA CAPITAL CORP. By: /s/ James A. Mitarotonda -------------------------------- Name: James A. Mitarotonda Title: President and Chief Executive Officer ARCADIA PARTNERS, L.P. By: Arcadia Capital Management, LLC, its general partner By: /s/ Jeffrey C. Smith -------------------------------- Jeffrey C. Smith, as attorney-in-fact for Richard Rofe, Sole Member ARCADIA CAPITAL MANAGEMENT, LLC By: /s/ Jeffrey C. Smith -------------------------------- Jeffrey C. Smith, as attorney-in-fact for Richard Rofe, Sole Member /s/ William J. Fox - --------------------------------- William J. Fox JEFFREY C. SMITH /s/ JEFFREY C. SMITH - ---------------------------------------- Individually and as attorney-in-fact for Jeffrey Glidden, Richard Rofe, Edward Terino and John Mutch CUSIP No. 78463B101 13D Page 44 of 45 Pages SCHEDULE A Transactions in the Shares Since April 4, 2006 Shares of Common Stock Price Per Date of Purchased / (Sold) Share($) Purchase / Sale STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. 122,539 5.2645 4/05/06 PARCHE, LLC 23,341 5.2645 4/05/06 RCG AMBROSE MASTER FUND, LTD. NONE RCG HALIFAX FUND, LTD. NONE RAMIUS MASTER FUND, LTD. NONE BARINGTON COMPANIES EQUITY PARTNERS, L.P. NONE BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) NONE BARINGTON INVESTMENTS, L.P. NONE ARCADIA PARTNERS, L.P. NONE RICHARD ROFE 2,862 5.4500 4/10/06 CUSIP No. 78463B101 13D Page 45 of 45 Pages JEFFREY D. GLIDDEN NONE JEFFREY C. SMITH NONE WILLIAM J. FOX NONE EDWARD TERINO NONE JOHN MUTCH NONE EX-99.1 2 e600507_ex99-1.txt SUPPLEMENT TO NOMINATION LETTER EXHIBIT 99.1 STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. C/O RAMIUS CAPITAL GROUP, L.L.C. 666 THIRD AVENUE, 26TH FLOOR NEW YORK, NEW YORK 10017 BY FACSIMILE AND EXPRESS MAIL April 21, 2006 S1 Corporation 3500 Lenox Road, Suite 200 Atlanta, GA 30326 Attn: Corporate Secretary Re: SUPPLEMENTAL NOTICE OF SHAREHOLDER NOMINATION FOR ELECTION OF DIRECTORS AND SUBMISSION OF BUSINESS PROPOSALS FOR THE 2006 ANNUAL MEETING OF SHAREHOLDERS OF S1 CORPORATION Dear Sir: This letter shall serve as a supplement to our letter to S1 Corporation dated April 3, 2006 (the "Nomination Letter") and hereby incorporates herein by reference the defined terms set forth in the Nomination Letter. Except as specifically modified or supplemented by the information contained in this supplemental notice, all information set forth in the Nomination Letter remains applicable, including the Exhibits thereto. The Nomination Letter served to satisfy the advance notice requirements of the S1 Bylaws as to the nomination by Starboard of two nominees for election to Class I of the S1 Board at the 2006 Annual Meeting and the nomination of three additional nominees for election to the S1 Board. The Nomination letter also served to satisfy the advance notice requirements of the S1 Bylaws as to Starboard's proposals to amend certain provisions of the S1 Bylaws. In the Nomination Letter, Starboard reserved the right to nominate additional nominees for election to the S1 Board at the 2006 Annual Meeting. Starboard now desires to nominate an additional nominee for election as director by amending and restating Proposal No. 2 and Proposal No. 4 of the Nomination Letter. In furtherance thereof, Starboard hereby gives written notice of its intention to nominate John Mutch as an additional nominee to be elected to the S1 Board at the 2006 Annual Meeting by amending and restating Proposal No. 2 and Proposal No. 4 of the Nomination Letter as follows: PROPOSAL NO. 2 IS HEREBY AMENDED AND RESTATED AS FOLLOWS: 2. To amend Section 3.2 of the S1 Bylaws to allow only shareholders to fix the number of directors of the Company and to set the size of the S1 Board at a number of directors which is equal to the sum of (a) the number of directors that comprise the S1 Board at the time of the 2006 Annual Meeting, plus (b) four (4), such that, by way of example, if the number of directors that comprise the S1 Board at the time of the 2006 Annual Meeting is six (6), then the S1 Board will be set at ten (10) directors, which proposal will be in substantially the following form: RESOLVED, that Section 3.2 of the Bylaws of the Company be amended by deleting the final two sentences thereof and replacing them with the following: "The Board of Directors shall consist of such number of directors as is equal to the sum of (a) the number of directors that comprise the Board of Directors at the time of the 2006 Annual Meeting of Shareholders, plus (b) four (4). Thereafter, within the limits above specified, the number of directors shall be determined from time to time by a vote of the shareholders." PROPOSAL NO. 4 IS HEREBY AMENDED AND RESTATED AS FOLLOWS: 4. Should Proposal No. 2 and Proposal No. 3 be approved, to nominate for election at the 2006 Annual Meeting four candidates, Edward Terino, William J. Fox, Richard S. Rofe and John Mutch, as directors to fill the vacancies created by the increase in the size of the S1 Board. Below please find information required by Section 3.3 of the S1 Bylaws and Regulation 14A of the Exchange Act and other information concerning the additional nominee, John Mutch, for election as a director at the 2006 Annual Meeting. The consent of Mr. Mutch to be named as a nominee in this notice, to be named as a nominee in any proxy statement filed by Starboard in connection with the solicitation of S1 shareholders and to serve as a director of S1, if so elected, is attached hereto as EXHIBIT A. JOHN MUTCH (AGE 49) is currently in the process of forming a hedge fund that will invest in under-performing public companies. In March 2003, Mr. Mutch was appointed to the Board of Directors of Peregrine Systems (NASD:PRGN.PK) ("Peregrine"), a global enterprise software provider, to assist Peregrine and its management in development of a plan of reorganization, which ultimately led to Peregrine's emergence from bankruptcy. From August 2003 to December 2005, Mr. Mutch served as President and Chief Executive Officer of Peregrine, during which time he restructured and stabilized its business operations and led Peregrine through its acquisition by Hewlett-Packard. From December 1999 through August 2002, Mr. Mutch was the chief executive officer of HNC Software, Inc. (NASD:HNCS) ("HNC"), an enterprise analytics software provider. He also served as president of HNC from May 2001 through August 2002. Mr. Mutch joined HNC in 1997, and from 1997 to 1999 served in various other senior executive positions, including vice president, marketing and president of HNC Insurance Solutions. In 1994, Mr. Mutch founded MVenture Holdings, Inc., a private equity fund that invests in public and private technology companies, which became Mventure Holdings LLC in 2002. From December 1986 to June 1994, Mr. Mutch held a variety of executive sales and marketing positions with Microsoft Corporation, including director of organization marketing. Mr. Mutch is currently a director of the Information Technology Association of America and the San Diego Software Industry Council. Mr. Mutch served on the Board of Directors of Brio Software (NASD:BRIO), a developer of software products, from 2002 to 2003. Mr. Mutch holds a B.S. from Cornell University and an M.B.A. from the University of Chicago. The principal business address of Mr. Mutch is c/o MV Advisors 1, 991-C Lomas Santa Fe Drive, #456, Solana Beach, CA 92075. The residential address of Mr. Mutch is P.O. Box 1590, Rancho Santa Fe, CA 92067. As of the date hereof, Mr. Mutch does not own any securities of S1 nor has he made any purchases or sales of any securities of S1 during the past two years. 2 Except as set forth in this notice (including the Exhibits hereto), (i) during the past 10 years, Mr. Mutch has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) Mr. Mutch does not directly or indirectly beneficially own any securities of S1; (iii) Mr. Mutch does not own any securities of S1 which are owned of record but not beneficially; (iv) Mr. Mutch has not purchased or sold any securities of S1 during the past two years; (v) Mr. Mutch is not, or within the past year was not, a party to any contract, arrangements or understandings with any person with respect to any securities of S1, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (vi) no associate of Mr. Mutch owns beneficially, directly or indirectly, any securities of S1; (vii) Mr. Mutch does not own beneficially, directly or indirectly, any securities of any parent or subsidiary of S1; (viii) neither Mr. Mutch nor any of his associates was a party to any transaction, or series of similar transactions, since the beginning of S1's last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which S1 or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $60,000; (ix) neither Mr. Mutch nor any of his associates has any arrangement or understanding with any person with respect to any future employment by S1 or its affiliates, or with respect to any future transactions to which S1 or any of its affiliates will or may be a party; and (x) Mr. Mutch does not have a substantial interest, direct or indirect, by securities holdings or otherwise in any matter to be acted on at the 2006 Annual Meeting. Starboard also wishes to update certain information contained in the Nomination Letter concerning the Nominees, understandings and arrangements between Starboard and the Nominees and Starboard's beneficial ownership of securities of S1 as follows: THE PERSONAL INFORMATION FOR JEFFREY C. SMITH AS PROVIDED IN THE NOMINATION LETTER IS HEREBY AMENDED AND RESTATED AS FOLLOWS: JEFFREY C. SMITH (AGE 33) is a Managing Director of Ramius Capital, a private investment management firm, a position he has held since January 2004. Mr. Smith currently heads Ramius Capital's Private Investment in Public Equity business and co-heads Ramius Capital's Opportunistic Value Investing business. He has been employed by Ramius Capital since January 1998. Prior to joining Ramius Capital, he served as Vice President of Strategic Development and Investor Relations for The Fresh Juice Company, Inc. (NASD:FRSH), a manufacturer and distributor of fresh squeezed and frozen fresh squeezed citrus juices and other non-carbonated beverages, from February 1996 until January 1998. From August 1994 until February 1996, Mr. Smith was a financial analyst in the Mergers and Acquisitions Department at LSG Advisors, a division of Societe Generale Securities Corporation. Mr. Smith served on the Board of Directors of The Fresh Juice Company, Inc. from April 1996 until February 1999 and Jotter Technologies, Inc., an Internet infomediary company, from January 2000 to September 2000. Mr. Smith has served as a member of the executive committee of Register.com (Cayman) L.P., a provider of domain name registration and internet 3 services since December 2005. Mr. Smith received a B.S. in Economics with concentrations in finance and accounting from the Wharton School of The University of Pennsylvania. The principal business address of Mr. Smith is c/o Ramius Capital Group, L.L.C., 666 Third Avenue, 26th Floor, New York, New York 10017. The residential address of Mr. Smith is 3 Howard Dr., Muttontown, NY 11791. As of the date hereof, Ramius Capital may be deemed to beneficially own 5,595,490 shares of Common Stock of S1. As of the date hereof, Mr. Smith does not beneficially own any securities of S1 nor has he made any purchases and sales of any securities of S1 during the past two years. For information regarding purchases and sales during the past two years by Ramius Capital and its affiliates in securities of S1 (without conceding that any such information is required to be disclosed in this notice), please see EXHIBIT B, which has been updated to include all transactions through April 20, 2006. THE PERSONAL INFORMATION FOR WILLIAM J. FOX AS PROVIDED IN THE NOMINATION LETTER IS HEREBY AMENDED AND RESTATED AS FOLLOWS: WILLIAM J. FOX (AGE 49) has been the President and Chief Executive Officer of L Q Corporation, Inc. (OTCBB:LQCI.OB), a publicly traded corporation engaged in the professional security, compliance, advisory and investigatory business, since October 2004 and a director of that company since April 2003. Mr. Fox was Chairman, President and Chief Executive Officer of AKI Inc. and President and CEO of AKI Holdings, Inc. (d/b/a Arcade Marketing), an international specialty marketing services business, from February 1999 until October 2004. From September 1991 until January 1999, Mr. Fox was an executive of Revlon Inc. (NYSE:REV) and of Revlon Consumer Products Corporation ("RCPC"), holding various positions, including Senior Executive Vice President of Revlon, Inc., President of Strategic and Corporate Development, Revlon Worldwide, Chief Executive Officer of Revlon Technologies, and, until December 1997, was Chief Financial Officer of Revlon, Inc. Mr. Fox was concurrently a Senior Vice President of MacAndrews & Forbes Holdings Inc. ("MacAndrews"). Mr. Fox was a director of Revlon Inc. and RCPC from 1994 until April 1999. At various times, beginning in April 1983, Mr. Fox was also an executive officer of several affiliates of MacAndrews and Revlon, Inc., including Technicolor Inc., The Coleman Company, New World Entertainment, Brooks Drug Stores and Revlon Group Incorporated. Mr. Fox also served as a director and non-executive Co-Chairman of Loehmann's Holdings Inc. from October 2000 until October 2004. Mr. Fox has served as the President, Chief Executive Officer and a director of Dynabazaar, Inc. (OTCBB:FAIM.OB), a publicly traded corporation that was formerly an online auction and promotions technology service provider, since December 2004 and has served as a director of Nephros, Inc. (AMEX:NEP), a medical device company, since September 2004. Mr. Fox has also served as a member of the executive committee of Register.com (Cayman) L.P., a provider of domain name registration and internet services, since December 2005. In addition, he has been the Vice Chairman of Barington Capital Group, L.P., an investment company ("Barington Capital"), and certain of its affiliates since October 2004. Mr. Fox is a certified public accountant. He received a BBA and an MBA from Pace University. The principal business address of Mr. Fox is c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York, NY 10019. Mr. Fox's residential address is 11 Pike Street, Alpine, NJ 07620-0893. As of the date hereof, Barington Capital may be deemed to beneficially own 963,974 shares of Common Stock of S1. As of the date hereof, Mr. Fox does not beneficially own any securities of S1 nor has he made any purchases and sales of any securities of S1 during the past two years. For information regarding purchases and sales during the past two years by affiliates of Barington Capital in securities of S1 (without conceding that any such information is required to be disclosed in this notice), please see EXHIBIT B, which has been updated to include all transactions through April 20, 2006. 4 THE PERSONAL INFORMATION FOR RICHARD ROFE AS PROVIDED IN THE NOMINATION LETTER IS HEREBY AMENDED AND RESTATED AS FOLLOWS: RICHARD S. ROFE (AGE 41) is currently the sole managing member of Arcadia Capital Management, LLC, the general partner of Arcadia Partners, L.P., a private investment firm that invests in public equities using various strategies. In 1999, Mr. Rofe founded DataBites, Inc., a company built around a computer software product that was later sold to Divine, Inc. (NASD:DVIN) in 2001. Since 2001, Mr. Rofe has also co-founded two private investment firms, ISIS Capital Management, LLC and Mitchell Wright Technology Group. The principal business address of Mr. Rofe is c/o Arcadia Capital Management, LLC, 185 Great Neck Road, Suite 460, Great Neck, NY 11021. The residential address of Mr. Rofe is 54 Meadow Woods Road, Great Neck, NY 11020. As of the date hereof, Mr. Roche beneficially owns 80,000 shares of Common Stock of S1, 75,000 shares of which he beneficially owns by virtue of his position as sole member of Arcadia Capital Management, LLC, and 5,000 shares of which he owns personally. For information regarding purchases and sales during the past two years by Mr. Rofe and Arcadia Partners, L.P. in securities of S1, please see EXHIBIT B, which has been updated to include all transactions through April 20, 2006. THE INFORMATION IN THE NOMINATION LETTER DESCRIBING THE ARRANGEMENTS OR UNDERSTANDINGS BETWEEN STARBOARD AND EACH NOMINEE IS HEREBY AMENDED AND RESTATED AS FOLLOWS: Ramius Capital and Barington Capital and certain of their affiliates, have agreed, pursuant to letter agreements, to indemnify each of Messrs. Glidden, Terino, Rofe, Smith, Fox and Mutch against claims arising from the solicitation of proxies from S1's shareholders in connection with the 2006 Annual Meeting and any related transactions. Ramius Capital and Barington Capital have agreed to compensate each of Messrs. Glidden, Terino, Rofe and Mutch for being named as and serving as nominees for election as directors of S1 pursuant to letter agreements (the "Compensation Letter Agreements"). Pursuant to the terms of the Compensation Letter Agreements, Ramius Capital and Barington Capital have agreed to pay each Nominee $5,000 in cash upon the submission of the Nomination Letter (in the case of Messrs. Glidden, Terino and Rofe) and this notice (in the case of Mr. Mutch) by Starboard to the Company. Upon the filing of a definitive proxy statement with the SEC relating to a solicitation of proxies in favor of each Nominee's election as a director at the 2006 Annual Meeting, Ramius Capital and Barington Capital have agreed to allow each Nominee to receive a profit participation with respect to the sale by Ramius Capital, Barington Capital, or their respective affiliates, as the case may be, of the last $20,000 worth of Shares (the "Participation Shares") beneficially owned by either Ramius Capital or Barington Capital to a third party unaffiliated with any member of the Ramius Group. Pursuant to the terms of the Compensation Letter Agreements, each Nominee will be entitled to receive a cash payment equal to the amount, if any, by which the proceeds received by Ramius Capital, Barington Capital, or their respective affiliates, as the case may be, from the sale of the Participation Shares exceeds $20,000 in the aggregate. 5 Ramius Capital has jointly filed a Schedule 13D with respect to the Common Stock with certain other entities, including the Nominees, pursuant to a joint filing agreement. Reference is made to such Schedule 13D initially filed on March 30, 2006, as it has been and may be amended from time to time (the "Schedule 13D"), as filed and to be filed with the Securities and Exchange Commission (the "SEC"), for information regarding other persons or entities that are or may be deemed to be members in a group described therein. Other than as stated above, there are no arrangements or understandings between Starboard and each Nominee or any other person or persons pursuant to which the nominations described herein are to be made, other than the consents by the Nominees to be named as a nominee in the Nomination Letter and this notice, to be named as a nominee in any proxy statement filed by Starboard in connection with the solicitation of S1 shareholders and to serve as a director of S1, if so elected. THE NUMBER OF SHARES OF COMMON STOCK WHICH ARE OWNED BENEFICIALLY BY STARBOARD IS HEREBY AMENDED AND RESTATED AS FOLLOWS: Starboard hereby represents that it is the beneficial owner of 3,797,693 shares of Common Stock of S1, 1,000 shares of which are held of record. * * * On April 12, 2006, Starboard made a preliminary filing with the SEC of a proxy statement and accompanying WHITE proxy card to be used to solicit votes for the election of its slate of director nominees and proposals to amend certain provisions of the S1 Bylaws. Starboard intends to amend its preliminary proxy statement to reflect the modifications to its nomination of directors and other proposals discussed herein. Please address any correspondence to Starboard Value and Opportunity Master Fund Ltd., Attention: Jeffrey C. Smith, telephone (212) 845-7955, facsimile (212) 845-7999 and Owen S. Littman, telephone (212) 201-4841, facsimile (212) 845-7995 (with a copy to our counsel, Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street, New York, New York 10022, Attention: Steven Wolosky, Esq., telephone (212) 451-2333, facsimile (212) 451-2222). The giving of this supplement to the Notice is not an admission that any purported procedures for notice concerning the nomination of directors to the Board and submission of business proposals are legal, valid or binding, and Starboard reserves the right to challenge their validity. Very truly yours, STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. By: /s/ Mark Mitchell --------------------------------- Name: Mark Mitchell Title: Authorized Signatory 6 EXHIBIT A CONSENT OF JOHN MUTCH JOHN MUTCH c/o MV Advisors I, LLC 991-C Lomas Santa Fe Dr, Suite #456 Solana Beach, CA 92075 April 19, 2006 S1 Corporation 3500 Lenox Road, NE Suite 200 Atlanta, Georgia 30326 Attn: Corporate Secretary Dear Sir: You are hereby notified that the undersigned consents to (i) being named as a nominee in the notice provided by The Ramius Barington Group of its intention to nominate the undersigned as a director of S1 corporation ("S1") at the 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"), (ii) being named as a nominee in any proxy statement filed by The Ramius Barington Group in connection with the solicitation of proxies or written consents for election of the undersigned at the Annual Meeting, and (iii) serving as a director of S1 if elected at the Annual Meeting. Very truly yours, /s/ John Mutch John Mutch EXHIBIT B TRANSACTIONS IN SECURITIES OF S1 DURING THE PAST TWO YEARS EXCEPT AS OTHERWISE SPECIFIED, ALL PURCHASES AND SALES WERE MADE IN THE OPEN MARKET. Shares of Common Stock Price Per Date of PURCHASED / (SOLD) SHARE($) PURCHASE / SALE STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD. 120,120 4.3753 11/18/05 63,000 4.3959 11/18/05 21,000 4.5706 11/22/05 5,880 4.4011 11/28/05 9,744 4.3991 11/30/05 42,000 4.4979 12/01/05 42,000 4.5899 12/02/05 620,256 4.3000 12/05/05 273,420 3.9983 3/02/06 99,960 4.0118 3/02/06 30,277 4.0101 3/03/06 111,720 3.9997 3/03/06 29,400 4.0000 3/03/06 176,400 3.9947 3/06/06 29,400 3.8900 3/08/06 103,841 3.8400 3/10/06 32,340 3.9863 3/14/06 141,120 3.9999 3/17/06 114,248 4.0904 3/20/06 43,134 4.1316 3/21/06 190,782 4.0855 3/22/06 177,237 4.0831 3/23/06 25,298 4.1884 3/24/06 24,446 4.2054 3/27/06 93,797 4.2028 3/28/06 27,035 4.2993 3/29/06 108,612 4.6674 3/30/06 638,400 4.6000 3/30/06 113,762 4.8802 3/31/06 47,361 5.1097 4/03/06 119,164 5.1311 4/04/06 122,539 5.2645 4/05/06 PARCHE, LLC 344,906* 4.0000 3/17/06 26,880 3.9999 3/17/06 193,034* 4.0000 3/17/06 15,840 3.9999 3/17/06 21,761 4.0904 3/20/06 8,216 4.1316 3/21/06 36,340 4.0855 3/22/06 33,760 4.0831 3/23/06 4,819 4.1884 3/24/06 4,656 4.2054 3/27/06 17,866 4.2028 3/28/06 5,149 4.2993 3/29/06 20,688 4.6674 3/30/06 121,600 4.6000 3/30/06 - ---------- * Shares were acquired in private transactions with various transferors for which Ramius Capital Group, L.L.C. or an affiliate serves as the investment manager, the managing member or the managing member of the investment manager. 21,669 4.8802 3/31/06 9,021 5.1097 4/03/06 22,698 5.1311 4/04/06 23,341 5.2645 4/05/06 RCG AMBROSE MASTER FUND, LTD. 3,597 4.2472 12/07/05 23,903 4.3350 12/08/05 9,020 4.3500 12/09/05 2,652 4.3589 12/09/05 5,500 4.3500 12/13/05 2,673 4.3600 12/13/05 3,567 4.3541 12/14/05 2,750 4.3500 12/14/05 550 4.3500 12/15/05 1,594 4.3500 12/15/05 4,693 4.3442 12/16/05 6,630 4.0118 3/02/06 18,135 3.9983 3/02/06 2,008 4.0101 3/03/06 1,950 4.0000 3/03/06 7,410 3.9997 3/03/06 11,700 3.9947 3/06/06 1,950 3.8900 3/08/06 6,887 3.8400 3/10/06 2,145 3.9863 3/14/06 9,360 3.9999 3/17/06 RCG HALIFAX FUND, LTD. 3,597 4.2472 12/07/05 23,903 4.3350 12/08/05 9,020 4.3500 12/09/05 2,652 4.3589 12/09/05 5,500 4.3500 12/13/05 2,673 4.3600 12/13/05 3,567 4.3541 12/14/05 2,750 4.3500 12/14/05 550 4.3500 12/15/05 1,594 4.3500 12/15/05 4,693 4.3442 12/16/05 19,530 3.9983 3/02/06 7,140 4.0118 3/02/06 2,163 4.0101 3/03/06 7,980 3.9997 3/03/06 2,100 4.0000 3/03/06 12,600 3.9947 3/06/06 2,100 3.8900 3/08/06 7,417 3.8400 3/10/06 2,310 3.9863 3/14/06 10,080 3.9999 3/17/06 RAMIUS MASTER FUND, LTD. 19,947 4.2472 12/07/05 132,553 4.3350 12/08/05 50,020 4.3500 12/09/05 14,707 4.3589 12/09/05 30,500 4.3500 12/13/05 14,823 4.3600 12/13/05 19,784 4.3541 12/14/05 15,250 4.3500 12/14/05 3,050 4.3500 12/15/05 8,840 4.3500 12/15/05 26,028 4.3442 12/16/05 26,010 4.0118 3/02/06 71,145 3.9983 3/02/06 7,878 4.0101 3/03/06 7,650 4.0000 3/03/06 29,070 3.9997 3/03/06 45,900 3.9947 3/06/06 7,650 3.8900 3/08/06 27,020 3.8400 3/10/06 8,415 3.9863 3/14/06 36,720 3.9999 3/17/06 BARINGTON COMPANIES EQUITY PARTNERS, L.P. 46,243 4.0900 3/20/06 17,459 4.1320 3/21/06 77,222 4.0850 3/22/06 71,739 4.0830 3/23/06 10,240 4.1880 3/24/06 9,895 4.2050 3/27/06 37,965 4.2030 3/28/06 10,942 4.2990 3/29/06 54,172 4.8800 3/31/06 BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) 74,805 4.0900 3/20/06 28,242 4.1320 3/21/06 124,917 4.0850 3/22/06 116,048 4.0830 3/23/06 16,564 4.1880 3/24/06 16,006 4.2050 3/27/06 61,414 4.2030 3/28/06 17,701 4.2990 3/29/06 52,818 4.8800 3/31/06 BARINGTON INVESTMENTS, L.P. 14,961 4.0900 3/20/06 5,649 4.1320 3/21/06 24,983 4.0850 3/22/06 23,210 4.0830 3/23/06 3,313 4.1880 3/24/06 3,202 4.2050 3/27/06 12,283 4.2030 3/28/06 3,540 4.2990 3/29/06 28,441 4.8800 3/31/06 ARCADIA PARTNERS, L.P. 75,000 4.1300 3/23/06 RICHARD ROFE 12,500 3.9400 3/10/06 7,500 4.0000 3/13/06 2,500 4.0100 3/16/06 2,500 3.9800 3/17/06 (2,500) 4.1100 3/23/06 (19,000) 4.1300 3/24/06 (1,362) 4.3200 3/29/06 2,862 5.4500 4/10/06 JEFFREY D. GLIDDEN NONE JEFFREY C. SMITH NONE WILLIAM J. FOX NONE EDWARD TERINO NONE JOHN MUTCH NONE EX-99.2 3 e600507_ex99-2.txt JOINT FILING AND SOLICITATION AGREEMENT EXHIBIT 99.2 JOINT FILING AND SOLICITATION AGREEMENT WHEREAS, certain of the undersigned are stockholders, direct or beneficial, of S1 Corporation, a Delaware corporation (the "Company"); WHEREAS, Starboard Value and Opportunity Master Fund Ltd., a Cayman Islands exempted company, Parche, LLC, a Delaware limited liability company, RCG Ambrose Master Fund, Ltd., a Cayman Islands exempted company, RCG Halifax Fund, Ltd., a Cayman Islands exempted company, Ramius Master Fund, Ltd., a Cayman Islands exempted company, Admiral Advisors, LLC, a Delaware limited liability company, Ramius Advisors, LLC, a Delaware limited liability company, Ramius Capital Group, L.L.C., a Delaware limited liability company ("Ramius Capital"), C4S & Co., L.L.C., a Delaware limited liability company, Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss, Jeffrey M. Solomon, Barington Companies Equity Partners, L.P., a Delaware limited partnership, Barington Companies Investors, LLC, a Delaware limited liability company, Barington Companies Offshore Fund, Ltd. (BVI), a limited company organized under the laws of the British Virgin Islands, Barington Investments, L.P., a Delaware limited partnership, Barington Companies Advisors, LLC, a Delaware limited liability company, Barington Capital Group, L.P., a New York limited partnership ("Barington Capital"), LNA Capital Corp., a Delaware corporation, Arcadia Partners, L.P., a Delaware limited partnership, Arcadia Capital Management, LLC, a Delaware limited liability company, James Mitarotonda, Jeffrey C. Smith, Jeffrey D. Glidden, Richard Rofe, Edward Terino and William J. Fox wish to form a group for the purpose of seeking representation on the Board of Directors of the Company at the 2006 annual meeting of stockholders of the Company, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "2006 Annual Meeting") and for the purpose of taking all other action necessary to achieve the foregoing. NOW, IT IS AGREED, this 19th day of April 2006 by the parties hereto: 1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each of the undersigned (collectively, the "Group") agrees to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Company to the extent required under applicable securities laws. Each of the undersigned agrees to the joint filing of any necessary amendments to the Schedule 13D. Each member of the Group shall be responsible for the accuracy and completeness of his/its own disclosure therein, and is not responsible for the accuracy and completeness of the information concerning the other members. 2. So long as this Agreement is in effect, none of Messrs. Glidden, Rofe or Terino shall be permitted to, directly or indirectly, purchase, offer, sell, dispose of, acquire, transfer or hypothecate any securities of the Company without the prior written consent of each of Ramius Capital and Barington Capital. 3. So long as this Agreement is in effect, each of Messrs. Glidden, Rofe or Terino shall provide written notice to Ramius Capital and Barington of (a) any of their purchases or sales of securities of the Company and (b) any securities of the Company over which they acquire or dispose of beneficial ownership. Notice shall be given no later than 24 hours after each such transaction. 4. Each of the undersigned agrees to form the Group for the purpose of soliciting proxies or written consents for the election of the persons nominated by the Group to the Board of Directors of the Company at the 2006 Annual Meeting and for the purpose of taking all other actions incidental to the foregoing. 5. Ramius Capital and Barington Capital shall have the right to pre-approve all expenses incurred in connection with the Group's activities and agree to pay directly all such pre-approved expenses on a pro rata basis between Ramius Capital and Barington Capital based on the number of Shares in the aggregate beneficially owned by each of Ramius Capital and Barington Capital on the date hereof. 6. Each of the undersigned agrees that any SEC filing, press release or stockholder communication proposed to be made or issued by the Group or any member of the Group in connection with the Group's activities set forth in Section 4 shall be first approved by Ramius Capital and Barington Capital, or their respective representatives, which approval shall not be unreasonably withheld. 7. The relationship of the parties hereto shall be limited to carrying on the business of the Group in accordance with the terms of this Agreement. Such relationship shall be construed and deemed to be for the sole and limited purpose of carrying on such business as described herein. Nothing herein shall be construed to authorize any party to act as an agent for any other party, or to create a joint venture or partnership, or to constitute an indemnification. 8. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute but one and the same instrument, which may be sufficiently evidenced by one counterpart. 9. In the event of any dispute arising out of the provisions of this Agreement or their investment in the Company, the parties hereto consent and submit to the exclusive jurisdiction of the Federal and State Courts in the State of New York. 10. Any party hereto may terminate his/its obligations under this Agreement on 24 hours' written notice to all other parties, with a copy by fax to Steven Wolosky at Olshan, Fax No. (212) 451-2222. 11. Each party acknowledges that Olshan shall act as counsel for both the Group and Ramius Capital and its affiliates relating to their investment in the Company. 12. Each of the undersigned parties hereby agrees that this Agreement shall be filed as an exhibit to the Schedule 13D pursuant to Rule 13d-1(k)(1)(iii) under the Exchange Act. 2 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. STARBOARD VALUE AND RAMIUS MASTER FUND, LTD OPPORTUNITY MASTER FUND LTD. By: Ramius Advisors, LLC its Investment Advisor PARCHE, LLC By: Ramius Capital Group, L.L.C. By: Admiral Advisors, LLC, its Managing Member its managing member ADMIRAL ADVISORS, LLC RCG AMBROSE MASTER FUND, LTD. By: Ramius Capital Group, L.L.C., By: Ramius Capital Group, L.L.C., its managing member its Investment Advisor By: C4S & Co., L.L.C., RAMIUS ADVISORS, LLC its Managing Member By: Ramius Capital Group, L.L.C., its managing member RCG HALIFAX FUND, LTD. By: Ramius Capital Group, L.L.C., RAMIUS CAPITAL GROUP, L.L.C. its Investment Advisor By: C4S & Co., L.L.C., By: C4S & Co., L.L.C., as Managing Member its Managing Member C4S & CO., L.L.C. By: /s/ Jeffrey M. Solomon --------------------------- Name: Jeffrey M. Solomon Title: Authorized Signatory /s/ JEFFREY M. SOLOMON - ---------------------- JEFFREY M. SOLOMON Individually and as attorney-in-fact for Peter A. Cohen, Morgan B. Stark and Thomas W. Strauss BARINGTON COMPANIES EQUITY PARTNERS, L.P. By: Barington Companies Investors, LLC, its general partner By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: Managing Member BARINGTON COMPANIES INVESTORS, LLC By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: Managing Member /s/ James A. Mitarotonda - --------------------------------- James A. Mitarotonda BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI) By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: President BARINGTON INVESTMENTS, L.P. By: Barington Companies Advisors, LLC, its general partner By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: Authorized Signatory BARINGTON COMPANIES ADVISORS, LLC By: Barington Capital Group, L.P., its managing member By: LNA Capital Corp., its general partner By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: President and Chief Executive Officer BARINGTON CAPITAL GROUP, L.P. By: LNA Capital Corp., its general partner By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: President and Chief Executive Officer LNA CAPITAL CORP. By: /s/ James A. Mitarotonda ------------------------------- Name: James A. Mitarotonda Title: President and Chief Executive Officer ARCADIA PARTNERS, L.P. By: Arcadia Capital Management, LLC, its general partner By: /s/ Richard Rofe ------------------------------- Name: Richard Rofe Title: Sole Member ARCADIA CAPITAL MANAGEMENT, LLC By: /s/ Richard Rofe ------------------------------- Name: Richard Rofe Title: Sole Member /s/ Richard Rofe - --------------------------------- Richard Rofe /s/ Jeffrey D. Glidden - --------------------------------- Jeffrey D. Glidden /s/ Jeffrey C. Smith - --------------------------------- Jeffrey C. Smith /s/ William J. Fox - --------------------------------- William J. Fox /s/ Edward Terino - --------------------------------- Edward Terino /s/ John Mutch - --------------------------------- John Mutch EX-99.3 4 e600507_ex99-3.txt FORM OF COMPENSATION AGREEMENT EXHIBIT 99.3 RAMIUS CAPITAL GROUP, L.L.C. BARINGTON CAPITAL GROUP, L.P. 666 THIRD AVENUE, 26TH FLOOR 888 SEVENTH AVENUE, 17TH FLOOR NEW YORK, NEW YORK 10017 NEW YORK, NEW YORK 10019 April __, 2006 ____________________ ____________________ ____________________ ____________________ Dear Mr. ___________: This letter sets forth our mutual agreement with respect to compensation to be paid to you for your agreement to be named and serve as a nominee of a group of investors (the "Ramius Group") led by Ramius Capital Group, L.L.C. ("Ramius") for election as a director of S1 Corporation (the "Company") at the Company's 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"). 1. CASH PAYMENT; PROFIT PARTICIPATION. In consideration of your agreement to be named and serve as nominee of the Ramius Group for election as a director of the Company at the Annual Meeting, the undersigned hereby agree to (i) pay you $5,000 in cash upon the Ramius Group submitting a letter to the Company nominating you for election as a director of the Company (with such payment to be made as soon as reasonably practicable after you have been nominated) and (ii) in the event the Ramius Group files a definitive proxy statement with the U.S. Securities and Exchange Commission (the "Proxy Statement") relating to a solicitation of proxies in favor of your election as a director of the Company at the Annual Meeting (the date of such filing being hereinafter referred to as the "Proxy Filing Date"), to allow you to receive a profit participation with respect to the sale by Ramius, Barington, or their respective affiliates, as the case may be, of the last $20,000 worth of shares of the Company's common stock (the "Participation Shares") beneficially owned by either Ramius or Barington to a third party unaffiliated with any member of the Ramius Group. The number of Participation Shares shall be determined by dividing $20,000 by the closing price of the Company's common stock on the Proxy Filing Date (the "Proxy Date Closing Price"). Your profit participation shall entitle you to receive a cash payment equal to the amount, if any, by which the proceeds received by Ramius, Barington, or their respective affiliates, as the case may be, from the sale of the Participation Shares exceeds $20,000 in the aggregate (the "Contingent Payment"). All payments under this Paragraph 1 shall be made by Ramius and Barington pro rata based on the number of shares of common stock of the Company beneficially owned by each of them as of the date hereof. The parties agree that the payment obligations of Ramius and Barington hereunder shall be several (pro rata based on Ramius' and Barington's respective beneficial ownership of shares of the Company's common stock as of the date hereof) and not joint. 2. RIGHTS AS A STOCKHOLDER. Your right to receive the Contingent Payment shall not entitle you to any rights as a stockholder of the Company, including, without limitation, any voting rights or disposition rights with respect to the Participation Shares. 3. FORFEITURE OF PROFIT PARTICIPATION. The profits related to the Participation Shares will be paid to you in all circumstances upon and subject to the sale of the Participation Shares except (i) if you are not named in the Proxy Statement or if you withdraw your consent to serve as a director nominee of the Ramius Group after the filing of the Proxy Statement, (ii) if elected to the Company's Board of Directors, you voluntarily cease to serve as a director of the Company prior to the expiration of your term, (iii) if you are in breach of your obligations under the indemnification agreement between us. 4. NON-TRANSFERABILITY. Your right to the profits related to the Participation Shares is non-transferable. 5. ENTIRE AGREEMENT. AMENDMENT. This letter agreement contains the entire agreement between you and the undersigned and supersedes other oral and written agreements previously entered into by you and the undersigned concerning the same subject matter. This letter agreement may be modified or rescinded only with the written consent of both parties. 6. GOVERNING LAW. The validity, interpretation, construction and performance of this letter agreement shall be governed by the laws of the State of New York, without regard to its principles of conflict of laws, and by applicable laws of the United States. The parties hereto consent to the jurisdiction of the New York State and United States courts located in New York County, New York for the resolution of any disputes hereunder and agree that venue shall be proper in any such court notwithstanding any principle of forum non conveniens and that service of process on the parties hereto in any proceeding in any such court may be effected in the manner provided herein for the giving of notices. The parties hereto waive trial by jury in respect of any such proceeding. 7. BINDING EFFECT. This letter agreement shall bind and inure to the benefit of you and your heirs, successors and assigns. If either Ramius or Barington transfers all of the Company's common stock owned by either to an affiliate, Ramius or Barington, as the case may be, as a condition thereof, shall cause such affiliate to assume the obligations of Ramius and Barington under this letter agreement. 2 8. COUNTERPARTS. This letter agreement may be executed in counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument. RAMIUS CAPITAL GROUP, L.L.C. By: ______________________________________ Name: Title: BARINGTON CAPITAL GROUP, L.P. By: ______________________________________ Name; Title: Accepted and Agreed to: __________________________________________ 3 EX-99.4 5 e600507_ex99-4.txt POWER OF ATTORNEY EXHIBIT 99.4 POWER OF ATTORNEY The undersigned hereby appoints Jeffrey C. Smith his true and lawful attorney-in fact and agent to execute and file with the Securities and Exchange Commission any Schedule 13D, Schedule 13G, any amendments thereto and any related documentation which may be required to be filed in his individual capacity as a result of the undersigned's beneficial ownership of, or participation in a group with respect to, securities directly or indirectly beneficially owned by Ramius Capital Group, L.L.C. or any of its affiliates, and granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing which he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. The authority of Jeffrey C. Smith under this Power of Attorney shall continue with respect to the undersigned until the undersigned is no longer required to file Schedule 13Ds or Schedule 13Gs unless revoked earlier in writing. Date: April 25, 2006 /s/ Richard Rofe - --------------------------------- Richard Rofe /s/ Jeffrey D. Glidden - --------------------------------- Jeffrey D. Glidden /s/ John Mutch - --------------------------------- John Mutch /s/ Edward Terino - --------------------------------- Edward Terino -----END PRIVACY-ENHANCED MESSAGE-----