Document:

Offer Letter from the Registrant to Mark S. Flynn

 Exhibit 10.31 

 

									
	

	 	     100 Pearl Street,
     Hartford, CT 06103
	 	     800.248.7971

 
	 	     VIRTUS.COM

 
	 	

 December 9, 2010 
 Mark Flynn 
 8 Kingston Street 

			
	Somerville, MA 02144 	  	VIA EMAIL

 Dear Mark: 
 I
am pleased to extend an offer of employment for a senior position with our company. Your employment start date will be no earlier than December 15, 2010. The structure of the offer is as follows: 

 

			
	Position:	  	Executive Vice President, General Counsel and Chief Compliance Officer, reporting to George Aylward, Chief Executive Officer.
		
	Base Salary:	  	A base salary of $12,500 per semi-monthly pay period, annualized to be $300,000.
		
	Incentive:	  	 You will participate in the incentive programs similar to other senior executives. Your 2011 annual incentive target would be $200,000.
2011 awards are expected to be determined and paid out (or issued in equity) on March 15, 2012. Plan funding for the annual incentive plan is based on performance against pre-established objectives. Individual awards are based on both individual
performance and discretion.
  
 You will also be eligible to participate in
the Long-term Incentive Plan (LTIP) with a target award of $150,000. The LTIP program is a 3-year program where the number of RSU’s granted is determined based on the target value of your award adjusted based on company performance after
a one-year performance period. Following the one-year performance period, an additional two years of company service is required for full vesting.

		
	 Sign On
 Bonus
and
Equity Grant:
	  	 You will receive a sign-on bonus of $50,000 due and payable on the first pay date following 90-days of employment with the company. You
will be required to repay this amount if you voluntarily terminate your employment or are involuntarily terminated for cause within one year of your hire date.
  

We will recommend to the Board of Directors that on the first eligible grant date after your hire that you be awarded an initial equity grant with an
approximate value of $50,000. The award is expected to be a combination of Restricted Stock Units and Stock Options. The Restricted Stock Unit portion would be valued based on the closing price of Virtus stock (NASDAQ:VRTS) on the date of grant. The
value of the stock options would be computed in accordance with Generally Accepted Accounting Principles using the Black-Scholes model on the date of the award.

		
	Relocation:	  	You will receive a relocation package not to exceed $75,000. The specific items to be covered and the process for reimbursement will follow in a separate
letter.

  
 Securities
distributed by VP Distributors, Inc. 

									
	

	 	     100 Pearl Street,
     Hartford, CT 06103
	 	     800.248.7971

 
	 	     VIRTUS.COM

 
	 	

  

			
		
	Severance:	  	We will recommend that the Board approve your participation in the Executive Severance Plan that is in place for senior executives.
		
	Benefit Plans:	  	As a Virtus employee, you will be eligible for benefit plans similar to other senior executives including vacation, paid holidays, medical, dental, vision, disability, group life,
our Savings and Investment (401k) Plan and our Employee Stock Purchase Plan, among other programs. Virtus reserves the right to change benefit plans at any time. Upon your hire we will arrange for your orientation which will include a complete
review of benefit programs.

 Our offer of employment is made in good faith; however, it is contingent upon the ratification by the Compensation
Committee of the Virtus Board of Directors, as well as the successful fulfillment of our pre-employment screening process as follows: 
  

	1.	Completion of our Employment Application including your signature. 

  

	2.	Acceptable background check results including credit. 

  

	3.	Your acceptance and signature to statements concerning our Code of Conduct, Conflict of Interest and Confidentiality. 

The following steps are necessary for you to acknowledge our offer: 
  

	1.	Read, complete and sign the Employment Application, the Notice and Authorization Regarding Investigative Consumer Reports form and the below acknowledgement of offer.

  

	2.	Return all forms to me within two days of receiving this offer, according to the instructions on the following page. 

Mark, we look forward to having you join our team. Please call me if you have any questions, 860-263-4830. 

 

	
	Sincerely,
	
	 /s/ Mardelle W. Peña

	
	 Mardelle W. Peña

	 Senior Vice President

	 Human Resources

  

	cc:	George R. Aylward 

  
 Securities
distributed by VP Distributors, Inc. 

									
	

	 	     100 Pearl Street,
     Hartford, CT 06103
	 	     800.248.7971

 
	 	     VIRTUS.COM

 
	 	

  

 Mark Flynn 
 ACCEPTANCE OF EMPLOYMENT OFFER 
  

 
 I hereby accept employment based on the conditions
described in this offer letter. I also understand that the representations in this letter and in my meetings with Virtus should not be construed in any manner as a proposed contract for any fixed term. I further understand that I am employed as an
at-will employee, meaning Virtus or I may terminate my employment at any time with or without cause, with or without notice. 
 I also
understand that a condition of employment includes the acknowledgement and signing of the Virtus Code of Conduct, Conflict of Interest, and Confidentiality agreements and any other forms and processes as required by the Virtus Compliance Department.

 I understand this offer and compensation plan is to remain strictly confidential. 

I understand that according to federal law, all individuals who are hired must, as a condition of employment, produce certain documentation to verify
their identity and work authorization. As a consequence, I understand that any offer of employment will be contingent on my ability to produce the required documentation within the time period stated by law. 

 

	
	 /s/ Mark Flynn

	 Mark Flynn

	
	 12/12/2010

	 Date

 Fax to: 

Mardelle Peña– 860-241-1097 (Direct and Confidential) 
 Or 
 Image as PDF & Email to: mardelle.pena@virtus.com 

  
 Securities
distributed by VP Distributors, Inc.Supplemental Indenture No. 7 (Senior Subordinated Notes)

 Exhibit 4.8 
 SUPPLEMENTAL INDENTURE NO. 7 
 SUPPLEMENTAL INDENTURE No. 7 (this
“Supplemental Indenture”), dated as of August 29, 2011 among Affinion Brazil Holdings I, LLC (“Affinion Brazil I”), a Delaware limited liability company and an indirect subsidiary of Affinion Group, Inc. (or
its permitted successor), a Delaware corporation (the “Issuer”), Affinion Brazil Holdings II, LLC (“Affinion Brazil II”), a Delaware limited liability company and an indirect subsidiary of the Issuer, Prospectiv
Direct, Inc., a Delaware corporation and a direct subsidiary of the Issuer (“Prospectiv”, and together with Affinion Brazil I and Affinion Brazil II, the “Additional Subsidiary Guarantors”), the Issuer, and Wells
Fargo Bank, National Association, as Trustee under the Indenture (the “Trustee”). 
 WITNESSETH: 

WHEREAS the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture (the
“Indenture”), dated as of April 26, 2006, providing for the issuance of Senior Subordinated Notes (the “Notes”); 
 WHEREAS, Section 4.11 and Section 10.06 of the Indenture provide that under certain circumstances the Issuer shall cause the Additional Subsidiary Guarantors to execute and deliver to the
Trustee a guaranty agreement pursuant to which the Additional Subsidiary Guarantors shall Guarantee payment of the Notes on the same terms and conditions as those set forth in Article 10 of the Indenture; and 

WHEREAS, pursuant to Section 9.01(v) of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt
of which is hereby acknowledged, the Issuer, the Additional Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

SECTION 1. Capitalized Terms. Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture. 
 SECTION 2. Guarantees. The Additional Subsidiary Guarantors hereby agree, jointly and severally with all
other Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the Indenture (including Article
11). 
 SECTION 3. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

 SECTION 4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 5. Trustee Makes No Representation. The
Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 SECTION 6.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

SECTION 7. Effect of Headings. The section headings herein are for convenience only and shall not effect the construction of this
Supplemental Indenture. 
 [Rest of Page Intentionally Left Blank] 

  
 2 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed
as of the date first written above. 
  

					
	AFFINION GROUP, INC.
		
	By:	 	    /s/ Todd H. Siegel
		 	Name:	 	Todd H. Siegel
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	AFFINION BRAZIL HOLDINGS I, LLC
		
	By:	 	    /s/ Todd H. Siegel
		 	Name:	 	Todd H. Siegel
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	AFFINION BRAZIL HOLDINGS II, LLC
		
	By:	 	    /s/ Todd H. Siegel
		 	Name:	 	Todd H. Siegel
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	PROSPECTIV DIRECT, INC.
		
	By:	 	    /s/ Todd H. Siegel
		 	Name:	 	Todd H. Siegel
		 	Title:	 	Executive Vice President

 Supplemental Indenture No. 7 (Senior Sub) 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	    /s/ Jayne Sillman
		 	Name: Jayne Sillman
		 	Title: Vice President

 Supplemental Indenture No. 7 (Senior Sub)

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