Document:

Amendment No. 2 to the Rights Agreement

 Exhibit 4.1 
 AMENDMENT NO. 2 (this “Amendment”), dated as of January 5, 2007, to the RIGHTS AGREEMENT, dated as of September 1, 1999 and amended as of October 10, 2003 (the “Rights Agreement”),
between VALASSIS COMMUNICATIONS, INC., a Delaware corporation (the “Company”), and NATIONAL CITY CORPORATION, as Rights Agent (“National City”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company may amend
or supplement the terms of the Rights Agreement; and 
 WHEREAS, the Company desires to add Hotchkis and Wiley Capital Management, LLC as an
“Investor,” as such term is defined in the Rights Agreement. 
 NOW, THEREFORE, pursuant to the terms of the Rights Agreement and
in accordance with Section 27 thereof, the following actions are hereby taken: 
 1. Amendments to Rights Agreement. The Rights
Agreement is hereby amended as follows: 
 The definition of “Acquiring Person” in Section 1(a) of the Rights Agreement is
amended as follows: 
 Clause (b) within such definition shall be amended and restated in its entirety as follows: 
 “, (b) any such Person who has become and is the Beneficial Owner of 15% (or 20% in the case of each of the Investors (as
defined below) individually) or more of the Common Stock at the time outstanding solely as a result of (i) a change in the aggregate number of shares of the Common Stock outstanding since the last date on which such Person acquired Beneficial
Ownership of any shares of the Common Stock, (ii) the acquisition by such Person or one or more of its Affiliates or Associates of Beneficial Ownership of additional shares of Common Stock if such acquisition was made in the good faith belief
that such acquisition would not (A) cause such Beneficial Ownership by such Person, together with its Affiliates and Associates, to equal or exceed 15% (or 20% in the case of each of the Investors individually) of the shares of the Common Stock
then outstanding and such good faith belief was based on the good faith reliance on information contained in publicly filed reports or documents of the Company that are inaccurate or out-of-date or (B) otherwise cause a Separation Date or the
adjustment provided for in Section 11(a) to occur or (iii) the acquisition by such Person or one or more of its Affiliates or Associates of Beneficial Ownership of additional shares of Common Stock if the Board of Directors of the Company
determines that such acquisition was made in good faith without the knowledge by such Person or one or more of its Affiliates or Associates that such Person 

 
would thereby become an Acquiring Person, which determination of the Board of Directors of the Company shall be conclusive and binding on such Person, the
Rights Agent, the holders of the Rights and all other Persons, or (c) subject to clauses (b)(ii) and (b)(iii) above, Ariel Capital Management, Inc. or Hotchkis and Wiley Management, LLC (each, an “Investor” and collectively, the
“Investors”), provided that each Investor shall not be deemed an “Acquiring Person” only for so long as it and its respective Affiliates and Associates do not Beneficially Own 20% or more of the shares of Common Stock then
outstanding. Notwithstanding clause (b)(ii) or (b)(iii) of the prior sentence, if any Person that is not an Acquiring Person due to such clause (b)(ii) or (b)(iii) does not reduce its percentage of Beneficial Ownership of the Common Stock to less
than 15% (or 20% in the case of each of the Investors individually) by the Close of Business on the fifth Business Day after notice from the Company (the date on which such notice is first mailed or sent being the first day) that such Person’s
Beneficial Ownership of the Common Stock is equal to or exceeds 15% (or 20% in the case of each of the Investors individually), such Person shall, at the end of such five Business Day period, become an Acquiring Person (and such clause (b)(ii) or
(b)(iii) shall no longer apply to such Person).” 
 2. Full Force and Effect. Except as expressly amended hereby, the Rights
Agreement shall continue in full force and effect in accordance with the provisions thereof. The term “Agreement” in the Rights Agreement shall be deemed to refer to the Rights Agreement as previously amended and as further amended hereby.
This Amendment shall be effective as of 12:01 a.m., New York City time, on the date hereof. 
 3. Counterparts. This Amendment may be
executed in any number of counterparts and each of the counterparts shall for all purposes be deemed to be an original, and all counterparts shall together constitute one and the same instrument. 
 4. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts
made and to be performed entirely within such State. 
  

 2 

 IN WITNESS WHEREOF, the Company and the Rights Agent have caused this Amendment to be duly executed as of
the date first written above. 
  

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	 /s/ Robert L. Recchia

	Name:	 	Robert L. Recchia
	Title:	 	Chief Financial Officer
	
	 NATIONAL CITY CORPORATION,
 as Rights
Agent

		
	By:	 	 /s/ Sharon R. Boughter

	Name:	 	Sharon R. Boughter
	Title:	 	AVP, NCBWarrant Clarification Agreement

 Exhibit 4.1 
 WARRANT CLARIFICATION AGREEMENT 
 This Warrant Clarification Agreement (this
“Agreement”), dated January 3, 2007, is to the Warrant Agreement, dated as of August 17, 2005 (the “Warrant Agreement”), by and between Ithaka Acquisition Corp., a Delaware corporation (“Company”), and
Continental Stock Transfer & Trust Company, a New York corporation (“Warrant Agent”). 
 WHEREAS,
Section 3.3.2 of the Warrant Agreement provides that Company shall not be obligated to deliver any securities pursuant to the exercise of a warrant unless a registration statement under the Securities Act of 1933, as amended (“Securities
Act”), with respect to the common stock is effective. 
 WHEREAS, in furtherance of the foregoing, the Company’s final
prospectus, dated August 17, 2005, indicated (i) that no warrant would be exercisable unless at the time of exercise a prospectus relating to the common stock issuable upon exercise of the warrant is current and the common stock has been
registered under the Securities Act or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrant and (ii) that the warrant may be deprived of any value and the market for the warrant may
be limited if the prospectus relating to the common stock issuable upon the exercise of the warrant is not current or if the common stock is not qualified or exempt from qualification in the jurisdictions in which the holder of the warrant resides.

 WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment applicable to the warrants, the
parties hereto deem it necessary and desirable to amend the Warrant Agreement to clarify that the registered holders do not have the right to receive a net cash settlement in the event the Company does not maintain a current prospectus relating to
the common stock issuable upon exercise of the warrants at the time such warrants are exercisable. 
 NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree to amend the Warrant Agreement as
set forth herein. 
 1. Warrant Agreement. The Warrant Agreement is hereby clarified by adding the following sentence as the
penultimate sentence of Section 3.3.2: 
 “Accordingly, the Warrants may expire unexercised or unredeemed and expire
worthless if there is no effective registration statement and the Company would have no obligation to pay such registered holder any cash or other consideration or otherwise “net cash settle” the Warrant.” 
 2. Miscellaneous. 
 (a) Governing
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be 

 
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or
summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 of the Warrant Agreement.
Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 (b)
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. 
 (c) Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and
merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. Except as set forth in this Agreement, provisions of the Warrant Agreement which are not inconsistent with this Agreement shall remain in
full force and effect. This Agreement may be executed in counterparts. 
 (d) Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or
provision, the parties hereto intend that there shall be added as part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

 IN WITNESS WHEREOF, the parties hereto have executed this Warrant Clarification Agreement as of the date
first written above. 
  

			
	ITHAKA ACQUISITION CORP.
		
	By:	 	/s/ Eric Hecht
		 	Eric Hecht, Chief Financial Officer

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	/s/ Frank DiPaolo
		 	Frank DiPaolo, Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]