Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT
(the “Agreement”) made and entered into as of the Effective Date as hereinafter defined, by and among VALASSIS COMMUNICATIONS, INC., a Delaware corporation whose principal place of business is located at 19975 Victor Parkway, Livonia,
Michigan, 48152 (referred to herein as “VCI” or the “Corporation”), NCH Marketing Services, Inc. (“NCH”) and Brian J. Husselbee (the “Executive”). 
 IN CONSIDERATION of the mutual promises, covenants and agreements set forth below, it is hereby agreed as follows: 
 1. Employment and Term. 
 (a) The Corporation agrees to employ the Executive, and the Executive agrees to remain in the employ of the Corporation, in accordance with the terms and provisions of this Agreement for the period set
forth below (the “Employment Period”). 
 (b) The Employment Period shall commence on September 28, 2009 (the
“Effective Date”) and shall continue until the close of business on September 30, 2010. 
 2. Duties and
Powers of Executive. 
 (a) Position. During the Employment Period, the executive shall (i) serve as President
and Chief Executive Officer of NCH Marketing Services, Inc. (“NCH”); (ii) have the title, status and duties of such position (and of any successor to the business of NCH); and (iii) be vested with powers, authority and support
services appropriate for such position. The Executive’s services shall be performed at NCH’s headquarters which shall not be more than 50 miles from where the Executive is currently employed unless such requirement is waived by the
Executive. 
 (b) Duties. During the Employment Period, and excluding any periods of vacation and sick leave to which the
Executive is entitled, the Executive agrees to devote substantially his full business time and attention during normal business hours to the business and affairs of the Corporation and to the discharge of his duties hereunder. The Executive shall
perform his duties hereunder subject to the customary oversight by the Chief Executive Officer of VCI and the Boards of Directors of VCI and of NCH. 
 3. Compensation. 
 The Executive shall receive the following compensation
for his services hereunder to the Corporation: 
 (a) Salary. The Executive’s annual base salary (“Annual Base
Salary”), payable not less often than biweekly, shall be at the annual rate of not less than $288,000. The Board of Directors of VCI (the “Board”) may from time to time direct such upward adjustments in Annual Base Salary and other
compensation and benefits as the Board deems to be necessary or desirable, including, without limitation, adjustments in order to reflect increases in the cost of living. Annual Base Salary shall not be reduced after any increase thereof. Any
increase in Annual Base Salary and/or other compensation and benefits shall not serve to limit or reduce any other obligation of the Corporation under this Agreement. 

 (b) Incentive Compensation. (i) With respect to the calendar year beginning
on January 1, 2009 only, in lieu of the bonus provided under the second paragraph of this Section 3(b)(ii), the Executive shall be eligible to receive an annual cash bonus of up to 100% of the Annual Base Salary on the following
basis: (A) 50% in accordance with the targets set by the Compensation/Stock Option Committee of VCI (the “Committee”); and (B) 50% in accordance with performance targets set by the Chairman, President and Chief Executive
Officer of VCI. Any bonus granted hereunder shall be paid after the end of the twelve-month performance period when the Committee has determined that applicable targets have been met but in no event later than 60 days after the end of such
period. Notwithstanding anything to the contrary contained herein, with respect to the bonus payable for the performance period beginning on January 1, 2009 and ending on December 31, 2009, the Committee shall have the sole and
absolute discretion to reduce or eliminate such bonus prior to payment, without the necessity of the Executive’s consent, whether or not such bonus is then earned or otherwise payable by its terms. All determinations regarding the cash
bonus and whether it is earned or paid shall be made by the Committee, in its sole and absolute discretion. The Executive shall also be entitled to participate in any programs of the Corporation enabling employees to apply all or part of any
bonus to the purchase of the Corporation’s stock and receive matching grants. 
 (ii) Commencing on January 1, 2010,
the Executive shall be paid by the Corporation a cash bonus of up to 100% of the Annual Base Salary on the following basis: (A) 50% in accordance with the targets set by the Committee; and (B) 50% in accordance with performance targets set
by the Chairman, President and Chief Executive Officer of VCI. In the case of 3(b)(ii)(A) herein, such bonus shall be paid promptly after the end of the applicable six-month period ended June 30 or December 31 when the Committee has
determined that applicable targets have been met but in no event later than 60 days after each June 30 and December 31. In the case of 3(b)(ii)(B) herein, such bonus shall be paid when the Chairman, President and Chief Executive Officer of
VCI has determined that the applicable performance targets have been met but in no event later than 60 days after each December 31. The Executive shall also be entitled to participate in any programs of the Corporation enabling employees to
apply all or part of any bonus to the purchase of the Corporation’s stock and receive matching grants. 
 (c) Retirement
and Welfare Benefit Plans. During the Employment Period and so long as the Executive is employed by the Corporation, he shall be eligible to participate in all savings, retirement and welfare plans, practices, policies and programs maintained
from time to time including, without limitation, Valassis Employees’ Retirement Savings Plan, its Flex Plan, its death benefit plans, its disability benefit plans, and its medical, dental and health and welfare plans (the “Plans”)
applicable generally to employees of the Corporation. 
  

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 (d) Expenses. The Corporation agrees to reimburse the Executive for all expenses,
including those for travel and entertainment, properly incurred by him in the performance of his/her duties hereunder in accordance with policies established from time to time by the Board, and the Executive shall account to the Corporation for such
expenses. Any such reimbursements shall be made within thirty (30) days after the proper delivery by the Executive of such evidence of expenses that the Corporation may require, but in no event will the reimbursement payment be made later than
the end of the calendar year following the calendar year in which the expense is incurred. In no event shall the amount that the Corporation reimburses in any one year affect the amount that it will pay in any other year, and in no event shall the
right to reimbursement described in this paragraph be subject to liquidation or exchange. 
 (e) Fringe Benefits. During
the Employment Period, the Corporation shall (i) furnish an automobile to the Executive and pay all of the related expenses for gasoline, insurance, maintenance and repairs; and (ii) furnish to the Executive financial planning, tax and
estate preparation services. 
 (f) Vacation and Other Absences. During the Employment Period and so long as the
Executive is employed by the Corporation, he shall be entitled to paid vacation and such other paid absences whether for holidays, illness, personal time or any similar purposes, in accordance with the plans, policies, programs and practices of the
Corporation in effect from time to time. 
 4. Termination of Employment. 
 (a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. If the Corporation determines in good faith that Disability (as defined below) of the Executive has occurred during the Employment Period, it may give to the Executive written notice in accordance with Section 9(b) of this
Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Corporation shall terminate effective on the 30th day after receipt of such notice by the Executive (the
“Disability Effective Date”), provided that within the thirty (30) days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement,
“Disability” shall mean the absence of the Executive from the Executive’s duties with the Corporation for a period of at least 180 days during any 12-month period as a result of incapacity due to mental or physical illness.

 (b) By the Corporation for Cause. The Corporation may terminate the Executive’s employment during the Employment
Period for Cause. For purposes of this Agreement, “Cause” shall mean (i) the conviction of the Executive for the commission of a felony; (ii) action by the Executive involving willful malfeasance or gross negligence or failure to
act by the Executive involving material nonfeasance, which, at the time of such willful malfeasance or gross negligence or material nonfeasance, has a materially adverse effect on the Corporation; or (iii) the failure by the Executive to follow
the lawful and reasonable directives of the Chairman, President and Chief Executive Officer of VCI and/or the VCI Board or the failure to meet reasonable performance standards established by such executives of VCI, provided however, that VCI
notifies the Executive of such failure and the Executive fails or refuses to cure such failure within 30 days of such notification. 
  

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 (c) By the Executive for Good Reason. The Executive may terminate his employment
during the Employment Period for Good Reason. For the purposes of this Agreement, “Good Reason” shall mean any breach by VCI of any material provision of this Agreement provided, however, that the Executive notifies VCI of such breach and
VCI fails or refuses to cure such breach within 30 days of such notification. 
 (d) Notice of Termination. Any
termination by the Corporation for cause or the Executive for Good Reason shall be communicated by Notice of Termination to the other party in accordance with Section 9(b) of this Agreement. For purposes of this Agreement, a “Notice of
Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon; (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so indicated; and (iii) if the Date of Termination (as defined in Section 4(e)) is other than the date of receipt of such notice, specifies the termination date
(which date shall be not more than 30 days after the giving of such notice). The failure by the Corporation or the Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason
shall not waive any right of the Corporation or the Executive hereunder or preclude the Corporation or the Executive from asserting such fact or circumstance in enforcing the Corporation’s or the Executive’s rights hereunder. 

(e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the
Corporation for Cause, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be; (ii) if the Executive’s employment is terminated by the Corporation other than for Cause or by reason of Death
or Disability, the Date of Termination shall be the date on which the Corporation notifies the Executive of such termination; and (iii) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination
shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 
 5. Obligations of the
Corporation upon Termination. 
 (a) Termination Other Than for Cause. During the Employment Period, if the
Corporation shall terminate the Executive’s employment (other than in the case of a termination for Cause) or the Executive’s employment shall terminate by reason of death or Disability (termination in any such case referred to as
“Termination”): 
 (i) the Corporation shall pay to the Executive in a lump sum in cash the sum of
(1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and (2) any accrued vacation pay, to the extent not theretofore paid. The sum of the amounts described in clauses (1) and
(2) shall be hereinafter referred to as the “Accrued Obligations.” The Accrued Obligations specified in this Section 5(a)(i) shall be paid within 30 days after the Date of Termination; and 
  

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 (ii) in the event of Termination other than by reason of the
Executive’s death or Disability, then beginning on the biweekly payment date next following the Termination and on each biweekly payment date thereafter until the end of the Employment Period (the period from such Date of Termination until the
end of the Employment Period herein called the “Severance Period”), the Corporation shall pay to the Executive an amount equal to the biweekly installment of the Executive’s Annual Base Salary in effect as of such Date of Termination;
and 
 (iii) in the event of Termination other than by reason of the Executive’s death or Disability, the
Corporation shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination a bonus in an amount equal to the maximum incentive compensation as outlined in Section 3(b) of this Agreement, whether or not earned; and

 (iv) in the event of Termination other than by reason of the Executive’s death or Disability, then,
during the Severance Period, the Corporation shall continue medical and dental benefits on a monthly basis to the Executive and/or the Executive’s family at least equal to those which would have been provided if the Executive’s employment
had not been terminated, such benefits to be in accordance with the most favorable plans, practices, programs or policies (the “M&W Plans”) of the Corporation as in effect and applicable generally to other executives of the Corporation
and their families during the 90-day period immediately preceding the Date of Termination or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other executives of the Corporation (but on a prospective
basis only unless, and then only to the extent, such more favorable M&W Plans are by their terms retroactive), provided, however, that if the Executive becomes re-employed with another employer and is eligible to receive medical or dental
benefits under another employer-provided plan, the benefits under the M&W Plans shall be reduced as provided in Section 6 of this Agreement. For purposes of determining eligibility of the Executive for benefits under the M&W Plans, the
Executive shall be considered to have remained employed until the end of the Severance Period. The parties intend that continued coverage under the M&W Plans shall not constitute a ‘deferral of compensation’ under Treas. Reg.
Section 1.409A-1(b) during the period the Executive would be entitled to continuation coverage under Section 4980B (COBRA) (typically 18 months) or during any period in which such continued coverage qualifies as a ‘limited
payment’ of an ‘in kind’ benefit under Treas. Reg. Section 1.409A-1(b)(9)(v)(C) and (D). Any portion of the continued coverage under the M&W Plans that is subject to Section 409A of the Code is intended to qualify
as a ‘reimbursement or in-kind benefit plan’ under Treas. Reg. Section 1.409A-3(i)(1)(iv). If the Corporation reimburses the Executive for the amount of any benefit under this subsection (iv), such reimbursement shall be made on
or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In no event shall the amount that the Corporation pays for any such benefit in any one year affect the amount that it will pay
in any other year, and in no event shall the benefits described in this paragraph be subject to liquidation or exchange. 
 (v) Notwithstanding the payment schedules contained elsewhere in this Section 5, to the extent necessary to comply with the requirements of Section 409A of the Code, if the Executive is a
‘specified employee’ (as defined below) at the time of his termination

  

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of employment, the payments under Section 5(a)(ii) shall not be made before the date which is six (6) months and one (1) day after the date of the Executive’s termination of
employment (or, if earlier, the date of his death). For purposes of the preceding sentence, a ‘specified employee’ shall have the meaning set forth in Section 1.409A-1(i) of the Final Regulations under Section 409A of the
Code. As provided by Section 409A of the Code and the regulations thereunder, however, no delay shall apply to payments under Section 5(a)(ii) of the Agreement to the extent the payments (A) constitute a short-term deferral under
Section 409A of the Code, and for this purpose, any installments under this Agreement shall be treated as a separate payment for purposes of Section 409A; or (B) do not exceed the lesser of: two (2) times the
Executive’s annualized compensation based upon his annual rate of pay for services provided to the Corporation for the calendar year preceding the Corporation’s taxable year in which the Executive has a ‘separation from service’
(as such term is used in Section 409A of the Code) or two (2) times the limit on compensation set forth in Section 401(a)(17) of the Code for the year in which the Executive has a separation from service (the ‘Designated
Compensation Amount’). Any (1) amounts otherwise payable under the terms of Section 5(a)(ii) during the six (6) month period beginning on the date of the Executive’s termination of employment that are in excess of the
Designated Compensation Amount and that do not constitute a short-term deferral and (2) other payments under this Section 5 that are delayed as provided for in this Section 5(c) will be paid in full without interest within thirty
(30) days after the end of such six (6) month period, with the remaining payments made on the schedule provided in the applicable subsection of this Section 5. 
 (b) Termination by the Corporation for Cause. Subject to the provisions of Section 6 of this Agreement, if the Executive’s
employment shall be terminated for Cause during the Employment Period, the Corporation shall have no further obligations to the Executive under this Agreement other than the obligation to pay to the Accrued Obligations to the Executive within thirty
(30) days after the Date of Termination. 
 6. Excise Taxes. 
 (a) In the event it shall be determined that any payment or benefit provided under this Agreement, together with any other payments or
benefits Executive is entitled to receive by reason of a Change in Control of the Company or a termination of his employment with the Company (collectively, the “Payments”) would be subject to the excise tax imposed by Section 4999 of
the Internal Revenue Code of 1986 (“Code”) or any successor provision, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, hereinafter
collectively referred to as the “Excise Tax”), the Company shall pay Executive, at least 10 days prior to the time payment of any such Excise Tax is due, an additional amount (the “Gross-Up Payment”) such that the net amount
retained by Executive, after deduction of any Excise Tax and any federal, state and local taxes imposed on the Gross-Up Payment, shall be equal to the Excise Tax imposed on the Payments. 
 (b) For purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(1) the Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute

  

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payments” within the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax, unless in the opinion of tax counsel selected by the Company and acceptable
to Executive the Payments (in whole or in part) do not constitute parachute payments or excess parachute payments or are otherwise not subject to the Excise Tax, (2) the amount of the Payments which shall be treated as subject to the Excise Tax
shall be equal to the amount of “excess parachute payments” within the meaning of Section 280G(b)(1) (after applying clause (1) above), and (3) the value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Company’s independent auditors in accordance with the principles of Section 280G(d)(3) and (4) of the Code. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to pay
federal income taxes at the highest marginal rate in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate in the state and locality of Executive’s residence on the date of
payment, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
 (c) In the event that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder at the time of termination of employment, Executive shall repay to the Company at the time that the amount of such
reduction in Excise Tax is finally determined, the portion of the Gross-Up Payment attributable to such reduction (plus the portion of the Gross-Up Payment attributable to the Excise Tax). In the event that the Excise Tax is determined to
exceed the amount taken into account hereunder at the time of the termination of employment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest and penalties payable with respect to such excess) at the time that the amount of such excess is finally determined. Executive shall notify the Company of any audit by the
Internal Revenue Service of Executive’s federal income tax return for the year in which a payment under this Agreement is made within ten (10) days of Executive’s receipt of notification of such audit. In addition, Executive
shall also notify the Company of the final resolution of such audit within ten (10) days of such resolution. 
 (d) Any
Gross-Up Payment required to be paid under this Section 6 shall be paid no later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the Executive pays the Excise Tax to which the Gross-UP
Payment relates to the United States Internal Revenue Service or other applicable taxing authority. 
 7. Mitigation. 

 The Executive shall make reasonable efforts to mitigate damages by seeking other comparable employment. To the extent that
the Executive shall receive compensation or benefits from such other employment, the payments to be made and the benefits to be provided by the Corporation as provided in this Agreement shall be correspondingly reduced. If the Executive shall fail
to make reasonable efforts to mitigate damages by seeking other comparable employment, the Corporation’s obligations under this Agreement shall cease until such time as the Executive commences to make such efforts. If the Executive finally
prevails with respect to any dispute among the Corporation, the Executive as to the interpretation, terms, validity or enforceability of (including any dispute about the amount of any payment pursuant to) this

  

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Agreement, the Corporation agrees to pay all legal fees and expenses which the Executive may reasonably incur as a result of any such dispute; provided, however, that if the Executive is not
entitled to recover such legal fees and expenses pursuant to the foregoing provisions of this Section 7, the Executive shall not be entitled to recover any such legal fees or expenses, and he hereby waives any rights to such recovery, under any
provision of the Amended and Restated By-laws (now or hereafter in effect) of the Corporation which provide for indemnification of or payment to the Executive of legal fees and expenses. Any amounts paid by the Corporation under this paragraph shall
be made within thirty (30) days after the proper delivery by the Executive of such evidence of legal fees and expenses that the Corporation may require, but in no event will the reimbursement payment be made later than the end of the calendar
year following the calendar year in which the expense is incurred. 
 8. Confidential Information and Competitive Conduct.

 (a) Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Corporation
all secret, confidential information, knowledge or data relating to the Corporation or any of its affiliated companies, and its respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the
Corporation or any of its affiliated companies and which shall not have been or now or hereafter have become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). The Executive
shall not, without the prior written consent of the Corporation or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Corporation and those designated by
them. 
 (b) Covenant Not to Compete or Solicit. During the Employment Period, the Executive shall not offer or sell any
products or services that compete in any market with the businesses of VCI, nor shall he render services to any firm, person or corporation so competing with VCI, nor shall he have any interest, direct or indirect, in any business that is so
competing with the businesses of VCI; provided, however, that ownership of five percent or less of any class of debt or equity securities which are publicly traded securities shall not be a violation of this covenant. The Corporation, at its sole
option and in its sole discretion, may choose to subject the Executive to additional non-competition and non-solicitation restrictions, for up to two additional years after the end of the Employment Period so long as VCI shall pay to the Executive
with respect to each year as to which it has exercised its option an amount equal to the Executive’s then Annual Base Salary in biweekly installments during such year. The first year of such extension shall be exercised at the option of VCI
upon written notice to the Executive not later than 60 days prior to the end of the Employment Period. The second year of such extension shall be exercised at the option of VCI upon written notice to the Executive not later than 60 days prior to the
end of the exercised first year of such extension. So long as the Executive is employed hereunder, and for any additional period of time described in the preceding sentences, the Executive shall not, directly or indirectly, (i) solicit any
employee of VCI with a view to inducing or encouraging such employee to leave the employ of VCI for the purpose of being hired by the Executive or any employer affiliated with the Executive or (ii) solicit, take away, attempt to take away, or
otherwise interfere with VCI’s business relationship with any of its respective customers. For purposes of this Section 8(b), all references to VCI shall include VCI and all affiliated companies. 
  

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 (c) In the event of a breach or threatened breach of this Section 8, the Executive
agrees that the Corporation shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate and insufficient. 
 9. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Corporation shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to
the benefit of and be enforceable by the Executive’s legal representative. 
 (b) This Agreement shall inure to the benefit
of and be binding upon the Corporation and its successors and assigns. 
 10. Miscellaneous. 
 (a) The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be
amended, modified, repealed, waived, extended or discharged except by an agreement in writing signed by the party against whom enforcement of such amendment, modification, repeal, waiver, extension or discharge is sought. No person, other than
pursuant to a resolution of the Board or a committee thereof, shall have authority on behalf of the Corporation to agree to amend, modify, repeal, waive, extend or discharge any provision of this Agreement or anything in reference thereto.

 (b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party
or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the
Executive: 
 Brian J. Husselbee 
 c/o NCH Marketing Services, Inc. 
 155 Pfingsten, Suite 200 
 Deerfield, IL 60015 
 If to VCI: 
 Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, MI 48152 
 Attention: Todd L. Wiseley 
  

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 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement. 
 (d) The Corporation may withhold from any amounts
payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) This Agreement contains the entire agreement of the Executive and the Corporation with respect to the subject matter hereof, and all promises, representations, understandings, arrangements and prior
agreements are merged herein and superseded hereby. 
 (f) The parties intend that the payments and benefits provided for
in this Agreement to either be exempt from Section 409A of the Code or be provided in a manner that complies with Section 409A of the Code. Notwithstanding anything contained herein to the contrary, all payments and benefits which are
payable upon a termination of employment hereunder shall be paid or provided only upon those terminations of employment that constitute a ‘separation from service’ from the Corporation within the meaning of Section 409A of the Code
(determined after applying the presumptions set forth in Treas. Reg. Section 1.409A-1(h)(1)). 
 (g) This Agreement shall
be governed by and construed in accordance with the laws of the State of Michigan, without reference to principles of conflict of laws. 
  

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 IN WITNESS WHEREOF, the Executive and, pursuant to due authorization from VCI’s Board of
Directors, the Corporations have caused this Agreement to be executed as of the day and year first above written. 
  

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	 /s/ Todd L. Wiseley

		
	Name:	 	 Todd L. Wiseley

		
	Title:	 	 General Counsel

	
	NCH MARKETING SERVICES, INC.
		
	By:	 	 /s/ Todd L. Wiseley

		
	Name:	 	 Todd L. Wiseley

		
	Title:	 	 Secretary

	
	 /s/ Brian J. Husselbee

	Brian J. Husselbee

  

 11Second Amendment to the Credit Agreement

 Exhibit 10.29 
 SECOND AMENDMENT 
 TO THE CREDIT AGREEMENT 
 Dated as of September 24, 2009 
 SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) among Open Text Corporation and certain of its subsidiaries (the “Borrower”), the financial institutions and other institutional
lenders party hereto, and Royal Bank of Canada, as administrative agent for the Lenders (as defined in the Credit Agreement referred to below) (the “Administrative Agent”). 
 RECITALS: 
 WHEREAS, the Borrower, the financial
institutions and other institutional lenders party thereto (the “Lenders”), the Administrative Agent and the other parties thereto have entered into that certain Credit Agreement dated as of October 2,
2006, as amended by the First Amendment entered into as of February 15, 2007 and as further amended, supplemented or otherwise modified (the “Credit Agreement”; capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement); 
 WHEREAS, the Borrower has requested that the Lenders agree to
amend certain provisions of the Credit Agreement as hereinafter set forth; 
 WHEREAS, the Administrative Agent and the Lenders are willing
to amend the Credit Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 SECTION 1. AMENDMENTS TO CREDIT AGREEMENT 
  

	 	1.	Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in their proper alphabetical order: 

 “Second Amendment” means that Second Amendment to this Agreement, dated as of September 24, 2009, among the Borrower, the
Administrative Agent and the Lenders listed on the signature pages thereto. 
 “Second Amendment Effective Date” has the
meaning set forth in the Second Amendment. 
  

	 	2.	Clause (e) of the definition of “Permitted Acquisitions” in Section 1.01 of the Credit Agreement is hereby amended by removing the period at the
end thereof and adding the following proviso: 

 “provided that, the foregoing limitations in
clauses (A) and (B) shall not apply to the extent that (x) the Consolidated Leverage Ratio does not exceed 2.50:1.00 as at the end of the most recently-ended Measurement Period, as determined on a pro forma
basis after giving effect to such Permitted Acquisition and (y) the sum of consolidated unrestricted cash on the balance sheet of the Borrower plus the unused and available Commitments under the Revolving Credit Facilities is
not less than U.S. $75,000,000 after giving effect to such Permitted Acquisition.” 
 SECTION 2. CONDITIONS PRECEDENT TO EFFECTIVENESS

 The provisions set forth in Section 1 hereof shall be effective as of the date first above written (the “Second
Amendment Effective Date”) when each of the following conditions shall have been satisfied (or waived in accordance with Section 18.01 of the Credit Agreement): 
 A. The Borrower and the Majority Lenders (representing both unused Commitments and outstanding loans of each such Lender) have indicated their consent by
the execution and delivery of the signature pages hereof to the Administrative Agent and the Borrower has delivered to the Administrative Agent a certificate signed by a Responsible Officer or a director of the Borrower certifying the accuracy of
the representations and warranties set forth in Section 3 hereof on and as of the Second Amendment Effective Date. 

 B. Each of the Domestic Guarantors and Foreign Guarantors shall have duly executed and delivered a
counterpart signature page to the Ratification attached to this Amendment to the Administrative Agent. 
 C. The Borrower shall have paid on
or before the date first above written: 
  

	 	(i)	to the Administrative Agent for the ratable account and benefit of each Lender who provides its consent to the Amendment on or before 5:00 p.m. Eastern Standard Time on
September 22, 2009, a fee equal to 0.25% of the aggregate principal amount of the unused Commitments and outstanding loans of each such Lender; and 

  

	 	(ii)	all reasonable fees and documented out-of-pocket costs and expenses owing to the Administrative Agent and its affiliates (including the reasonable fees and out-of-pocket costs and
expenses of legal counsel to the Administrative Agent) incurred in connection with the transactions contemplated under this Amendment in accordance with Section 16.01 of the Credit Agreement. 

 SECTION 3. REPRESENTATIONS AND WARRANTIES 
 The
Borrower represents and warrants to the Administrative Agent and each Lender as follows: 
 A. Corporate Power and Authority.
Each of the Loan Parties has all requisite corporate or limited liability company or partnership power and authority, as applicable, to enter into this Amendment. 
 B. Authorization of Agreements. The execution and delivery of this Amendment and the performance of its obligations under this Amendment and the Credit Agreement have been duly authorized by all
necessary corporate, limited liability company or partnership action, as applicable, on the part of each of the Loan Parties. 
 C.
Governmental Approvals; No Conflicts. The execution, delivery and performance of this Amendment (a) does not require any consent or approval of, notice to, or filing with, any Governmental Authority, except such as have been
obtained or made and are in full force and effect and except for filings necessary to perfect liens created under the Security Documents, (b) will not violate the charter, by-laws, operating agreement or other organizational documents of the
Loan Parties, (c) will not violate any applicable law or regulation or any applicable order of any Governmental Authority, except for such violation which individually or in the aggregate could not reasonably be expected to have a Material
Adverse Effect, (d) will not violate, in any material respect, or result in a material default under any material indenture, agreement or other instrument binding upon the Loan Parties or its assets, or give rise to a right thereunder to
require any payment to be made by a Loan Party, except for such violation, default or payment which individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect, and (e) will not result in the creation or
imposition of any lien on any asset of a Loan Party, except liens permitted under the Security Documents. 
 D. Binding
Obligation. This Amendment has been duly executed and delivered by each of the Loan Parties and is the legally valid and binding obligation of each of the Loan Parties enforceable against such party in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws relating to or limiting creditors’ rights generally or equitable principles relating to enforceability. 
 E. Incorporation of Representations and Warranties From Credit Agreement. The representations and warranties contained in Article
VII of the Credit Agreement are true and correct in all material respects on and as of the Second Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 

 F. Absence of Default. No event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute a Default or an Event of Default. 
 SECTION 4. MISCELLANEOUS

 A. Binding Effect. This Amendment shall be binding upon the parties hereto and their respective successors and assigns
and shall inure to the benefit of the parties hereto and the successors and assigns of the Administrative Agent, each of the Lenders and each of the Loan Parties. None of the Loan Parties’ rights or obligations hereunder or any interest therein
may be assigned or delegated by any of the Loan Parties without the prior written consent of all Lenders. 
 B. Severability.
In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 
 C. Reference to Credit Agreement. On and after the
Second Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the
other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment.

 D. Effect on Credit Agreement. Except as specifically amended in Section 1 of this Amendment, the Credit Agreement and
the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 E. Execution. The
execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under, the
Credit Agreement or any of the other Credit Documents. 
 F. Headings. Section headings herein are included herein for
convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect. 
 G.
APPLICABLE LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND THE LAWS OF CANADA
APPLICABLE IN THAT PROVINCE. 
 H. Counterparts. This Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier,
facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment 
 I.
Affirmation of Indemnification. Each Loan Party hereby confirms, acknowledges and agrees that the transactions contemplated hereunder shall be subject to the indemnification and reimbursement provisions of the Credit Agreement.

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above. 

			
	OPEN TEXT CORPORATION, as Borrower
		
	By	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	ROYAL BANK OF CANADA, as Administrative Agent
		
	By:	 	 /s/ Susan Khokher

	Name:	 	Susan Khokher
	Title:	 	Manager, Agency
	
	[LENDER]*, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	*	Lender refers to a syndicate of lenders for which the Royal Bank of Canada acts as sole Administrative Agent under such Credit Agreement. 

  
  

			
	AIMCO CLO, SERIES 2005-A, as a Lender
		
	By:	 	/s/ Chris Goergen
	Name:	 	Chris Goergen
	Title:	 	Authorized Signatory

  

			
		
	By:	 	/s/ Basil G. Chaltas, Jr.
	Name:	 	Basil G. Chaltas, Jr.
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	AIMCO CLO, SERIES 2006-A, as a Lender
		
	By:	 	/s/ Chris Goergen
	Name:	 	Chris Goergen
	Title:	 	Authorized Signatory

  

			
		
	By:	 	/s/ Basil G. Chaltas, Jr.
	Name:	 	Basil G. Chaltas, Jr.
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	 AIRLIE CLO 2006-II LTD
  
 [LENDER], as a Lender

		
	By:	 	/s/ Seth Cameron
	Name:	 	Seth Cameron
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	PROSPERO CLO II B.V., as a Lender
		
	By:	 	/s/ Ronald M. Grobeck
	Name:	 	Ronald M. Grobeck
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	VERITAS CLO I, LTD., as a Lender
		
	By:	 	/s/ Ronald M. Grobeck
	Name:	 	Ronald M. Grobeck
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	VERITAS CLO II, LTD., as a Lender
		
	By:	 	/s/ Ronald M. Grobeck
	Name:	 	Ronald M. Grobeck
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	ACA CLO 2006-2, LTD., as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos CDO I, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos CDO II, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos CDO III, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos CDO IV, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos CDO V, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	Apidos Cinco CDO, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

  

			
	Apidos Quattro CDO, as a Lender
		
	By	 	Apidos Capital Management, LLC its investment adviser
		
	By:	 	/s/ Gretchen Bergstresser
	Name:	 	Gretchen Bergstresser
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	 BABSON CLO LTD. 2003-I
 BABSON CLO LTD. 2004-I
 BABSON CLO LTD. 2004-II
 BABSON CLO LTD. 2005-I
 BABSON CLO LTD. 2005-II
 BABSON CLO LTD. 2005-III
 BABSON CLO LTD. 2006-I

 BABSON CLO LTD. 2006-II
 BABSON CLO
LTD. 2007-I
 BABSON MID-MARKET CLO LTD. 2007-II

		
	 By:
	 	Babson Capital Management LLC as Collateral Manager
		
	By:	 	/s/ Arthur J. McMahon
	Name:	 	Arthur J. McMahon
	Title:	 	Director

  

			
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

		
	 By:
	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	/s/ Arthur J. McMahon
	Name:	 	Arthur J. McMahon
	Title:	 	Director

  

			
	 SAPPHIRE VALLEY CDO I, LTD.

		
	 By:
	 	Babson Capital Management LLC as Collateral Manager
		
	By:	 	/s/ Arthur J. McMahon
	Name:	 	Arthur J. McMahon
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	 CIFC Funding 2007–I, Ltd.
 CIFC Funding 2007–II, Ltd., as a Lender

		
	By:	 	/s/ Steve Vaccaro
	Name:	 	Steve Vaccaro
	Title:	 	Co-Chief Investment Officer

 Open Text Corporation – Second Amendment 

			
	CIT CLO I LTD.
		
	By:	 	CIT Asset Management LLC, as a Lender
		
	By:	 	/s/ Roger Burns
	Name:	 	Roger Burns
	Title:	 	President

 Open Text Corporation – Second Amendment 

			
	CoLTS 2007-1 LTD, as a Lender
		
	By:	 	Structured Asset Investors, LLC, as Collateral Manager
		
	By:	 	Ivy Hill Asset Management, L.P., as submanager
		
	By:	 	/s/ Ryan Cascade
	Name:	 	Ryan Cascade
	Title:	 	Duly Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	 Denali Capital LLC, managing member of
 DC Funding Partners LLC, portfolio manager for
 DENALI CAPITAL CLO V, LTD., or an affiliate, as a
Lender

		
	By:	 	/s/ Kelli C. Marti
	Name:	 	Kelli C. Marti
	Title:	 	Senior Vice President

 Open Text Corporation – Second Amendment 

			
	 Denali Capital LLC, managing member of
 DC Funding Partners LLC, portfolio manager for
 DENALI CAPITAL CLO VI, LTD., or an affiliate, as a
Lender

		
	By:	 	/s/ Kelli C. Marti
	Name:	 	Kelli C. Marti
	Title:	 	Senior Vice President

 Open Text Corporation – Second Amendment 

			
	 Denali Capital LLC, managing member of
 DC Funding Partners LLC, portfolio manager for
 DENALI CAPITAL CLO VII, LTD. or an affiliate, as a
Lender

		
	By:	 	/s/ Kelli C. Marti
	Name:	 	Kelli C. Marti
	Title:	 	Senior Vice President

 Open Text Corporation – Second Amendment 

			
	 Denali Capital LLC, managing member of
 DC Funding Partners LLC, Collateral Manager for
 Spring Road CLO 2007-1, LTD., or an affiliate, as
a Lender

		
	By:	 	/s/ Kelli C. Marti
	Name:	 	Kelli C. Marti
	Title:	 	Senior Vice President

 Open Text Corporation – Second Amendment 

			
	Foothill CLO I, Ltd.
		
	By:	 	The Foothill Group, Inc., as attorney-in-fact, as a Lender
		
	By:	 	/s/ Greg Apkarian
	Name:	 	Greg Apkarian
	Title:	 	Managing Member

 Open Text Corporation – Second Amendment 

			
	THE FOOTHILL GROUP, LLC, as a Lender
		
	By:	 	/s/ Greg Apkarian
	Name:	 	Greg Apkarian
	Title:	 	V.P.

 Open Text Corporation – Second Amendment 

			
	FORTRESS CREDIT INVESTMENTS I LTD.,
as a Lender
		
	By:	 	/s/ Glenn Cummins
	Name:	 	Glenn Cummins
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	FORTRESS CREDIT INVESTMENTS II LTD., as a Lender
		
	By:	 	/s/ Glenn Cummins
	Name:	 	Glenn Cummins
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	General Electric Capital Corporation, as a Lender
		
	By:	 	/s/ James N. Urbates
	Name:	 	James N. Urbates
	Title:	 	Duly Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	GoldenTree Loan Opportunities IV, Limited
		
	By:	 	GoldenTree Asset Management., LP, as a Lender
		
	By:	 	/s/ Karen Weber
	Name:	 	Karen Weber
	Title:	 	Director – Bank Debt

 Open Text Corporation – Second Amendment 

			
	GoldenTree Loan Opportunities III, Limited
		
	By:	 	GoldenTree Asset Management, LP, as a Lender
		
	By:	 	/s/ Karen Weber
	Name:	 	Karen Weber
	Title:	 	Director – Bank Debt

 Open Text Corporation – Second Amendment 

			
	Golub Capital Management CLO 2007-1, LTD
		
	By:	 	Golub Capital Management LLC, as Collateral Manager
	
	[LENDER], as a Lender
		
	By:	 	/s/ Cora Passis
	Name:	 	Cora Passis
	Title:	 	Designated Signatory

 Open Text Corporation – Second Amendment 

			
	Golub Capital Senior Loan Opportunity Fund, LTD.
		
	By:	 	Golub Capital Incorporated, as Collateral Manager
	
	[LENDER], as a Lender
		
	By:	 	/s/ Cora Passis
	Name:	 	Cora Passis
	Title:	 	Designated Signatory

 Open Text Corporation – Second Amendment 

			
	 Golub Capital Master Funding LLC
  
 [LENDER], as a Lender

		
	By:	 	/s/ David Golub
	Name:	 	David Golub
	Title:	 	Designated Signatory

 Open Text Corporation – Second Amendment 

			
	1888 FUND, LTD., as a Lender
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	COPPER RIVER CLO LTD., as a Lender
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	SANDS POINT FUNDING LTD., as a Lender
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	KENNECOTT FUNDING LTD., as a Lender
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	GREEN LANE CLO LTD., as a Lender
		
	By:	 	/s/ Kaitlin Trinh
	Name:	 	Kaitlin Trinh
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	 GULF STREAM-COMPASS CLO 2004-I, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral Manager
  
 GULF STREAM-COMPASS CLO 2005-I, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral
Manager
  
 GULF STREAM-COMPASS CLO 2005-II, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral
Manager
  
 GULF STREAM-SEXTANT CLO 2006-I, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral
Manager
  
 GULF STREAM-RASHINBAN CLO 2006-I, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral
Manager
  
 GULF STREAM-SEXTANT CLO 2007-I, LTD
 By: Gulf Stream Asset Management LLC
 As Collateral
Manager
  
 as a Lender

		
	By:	 	/s/ Barry K. Love
	Name:	 	Barry K. Love
	Title:	 	Chief Credit Officer

 Open Text Corporation – Second Amendment 

			
	Harch CLO II Limited
		
	By:	 	/s/ Michael E. Lewitt
	Name:	 	Michael E. Lewitt
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	Harch CLO III Limited
		
	By:	 	/s/ Michael E. Lewitt
	Name:	 	Michael E. Lewitt
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	Victoria Falls CLO LTD, as a Lender
		
	By:	 	/s/ Sunil Pradhan
	Name:	 	Sunil Pradhan
	Title:	 	AVP

 Open Text Corporation – Second Amendment 

			
	Summit Lake CLO LTD, as a Lender
		
	By:	 	/s/ Sunil Pradhan
	Name:	 	Sunil Pradhan
	Title:	 	AVP

 Open Text Corporation – Second Amendment 

			
	Diamond Lake CLO LTD, as a Lender
		
	By:	 	/s/ Sunil Pradhan
	Name:	 	Sunil Pradhan
	Title:	 	AVP

 Open Text Corporation – Second Amendment 

			
	Clear Lake CLO LTD, as a Lender
		
	By:	 	/s/ Sunil Pradhan
	Name:	 	Sunil Pradhan
	Title:	 	AVP

 Open Text Corporation – Second Amendment 

			
	Marathon CLO I Ltd., as a Lender
		
	By:	 	/s/ Louis T. Hanover
	Name:	 	Louis T. Hanover
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	Marathon CLO II Ltd., as a Lender
		
	By:	 	/s/ Louis T. Hanover
	Name:	 	Louis T. Hanover
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	Mountain Capital CLO III Ltd., as a Lender
		
	By:	 	/s/ Jonathan Dietz
	Name:	 	Jonathan Dietz
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	Mountain Capital CLO IV Ltd., as a Lender
		
	By:	 	/s/ Jonathan Dietz
	Name:	 	Jonathan Dietz
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	Mountain Capital CLO V Ltd., as a Lender
		
	By:	 	/s/ Jonathan Dietz
	Name:	 	Jonathan Dietz
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	Mountain Capital CLO VI Ltd., as a Lender
		
	By:	 	/s/ Jonathan Dietz
	Name:	 	Jonathan Dietz
	Title:	 	Director

 Open Text Corporation – Second Amendment 

			
	 Confluent 3 Limited, as a Lender

		
	 By:
	 	Morgan Stanley Investment Management Inc. as Investment Manager
		
	By:	 	/s/ John Hayes
	Name:	 	John Hayes
	Title:	 	Executive Director

 Open Text Corporation – Second Amendment 

			
	 MSIM Peconic Bay, Ltd., as a Lender

		
	 By:
	 	Morgan Stanley Investment Management Inc. as Collateral Manager
		
	By:	 	/s/ Ryan Kommers
	Name:	 	Ryan Kommers
	Title:	 	Vice President

 Open Text Corporation – Second Amendment 

			
	Morgan Stanley Prime Income Trust, as a Lender
		
	By:	 	/s/ Robert Drobny
	Name:	 	Robert Drobny
	Title:	 	Executive Director

 Open Text Corporation – Second Amendment 

			
	PPM SHADOW CREEK FUNDING LLC, as a Lender
		
	By:	 	/s/ Tara E. Kenny
	Name:	 	Tara E. Kenny
	Title:	 	Assistant Vice President

 Open Text Corporation – Second Amendment 

			
	PPM GRAYHAWK CLO, LTD., as a Lender
		
	By:	 	/s/ David C. Wagner
	PPM America, Inc., as Collateral Manager

 Open Text Corporation – Second Amendment 

			
	SERVES 2006-1, Ltd., as a Lender
		
	By:	 	/s/ David C. Wagner
	PPM America, Inc., as Collateral Manager

  
 Open Text
Corporation – Second Amendment 

			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	/s/ Tom Fairbrother
	Name:	 	Tom Fairbrother
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	SHINNECOCK 2006-1 CLO, as a Lender
		
	By:	 	/s/ Francis Ruchalski
	Name:	 	Francis Ruchalski
	Title:	 	CFO

 Open Text Corporation – Second Amendment 

			
	 Muir Grove CLO, Ltd.

		
	 By:
	 	Tall Tree Investment Management, LLC as Collateral Manager
		
	By:	 	/s/ Douglas L. Winchell
	Name:	 	Douglas L. Winchell
	Title:	 	Officer

 Open Text Corporation – Second Amendment 

			
	Founders Grove CLO, Ltd.
		
	By:	 	Tall Tree Investment Management, LLC as Collateral Manager
		
	By:	 	/s/ Douglas L. Winchell
	Name:	 	Douglas L. Winchell
	Title:	 	Officer

 Open Text Corporation – Second Amendment 

			
	Grant Grove CLO, Ltd.
		
	By:	 	Tall Tree Investment Management, LLC as Collateral Manager
		
	By:	 	/s/ Douglas L. Winchell
	Name:	 	Douglas L. Winchell
	Title:	 	Officer

 Open Text Corporation – Second Amendment 

			
	Tralee CDO I, Ltd.
		
	By:	 	Par-Four Investment Management, LLC as Collateral Manager
	
	[LENDER], as a Lender
		
	By:	 	/s/ Edward Labrenz
	Name:	 	Edward Labrenz
	Title:	 	Authorized Signatory

 Open Text Corporation – Second Amendment 

			
	INVESCO TRIMARK CANADA FUND INC. (for its Trimark Diversified Income Class), as a lender,
		
	BY:	 	/s/ Gary Lew
	Invesco Trimark Ltd., in its capacity as Manager of the Trimark Diversified Income Class of Invesco Trimark Canada Fund Inc.
	Name:	 	Gary Lew
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	Trimark Advantage Bond Fund, as a lender,
		
	By:	 	/s/ Gary Lew
	Invesco Trimark Ltd., in its capacity as manager of the Trimark Advantage Bond Fund
	Name:	 	Gary Lew
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	Trimark Floating Rate Income Fund, as a lender,
		
	By:	 	/s/ Gary Lew
	Invesco Trimark Ltd., in its capacity as manager of the Trimark Floating Rate Income Fund
	Name:	 	Gary Lew
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	Trimark Global High Yield Bond Fund, as a lender,
		
	By:	 	/s/ Gary Lew
	Invesco Trimark Ltd., in its capacity as manager of the Trimark Global High Yield Bond Fund
	Name:	 	Gary Lew
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	Invesco Trimark Corporate Class Inc. (For its Trimark Monthly Income Private Pool), as a lender,
		
	By:	 	/s/ Gary Lew
	Invesco Trimark Limited, in its capacity as the manager of the Trimark Monthly Income Private Pool of Invesco Trimark Corporate Class Inc.
	Name:	 	Gary Lew
	Title:	 	Portfolio Manager

 Open Text Corporation – Second Amendment 

			
	United Overseas Bank Ltd, as a Lender
		
	By:	 	/s/ K. Jin Koh
	Name:	 	K. Jin Koh
	Title:	 	General Manager

 Open Text Corporation – Second Amendment 

			
	 VENTURE III CDO LIMITED
 By its investment advisor,
 MJX Asset Management LLC, as a Lender

		
	By:	 	John P. Calaba
	Name:	 	John P. Calaba
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	 VENTURE IV CDO LIMITED
 By its investment advisor,
 MJX Asset Management LLC, as a Lender

		
	By:	 	/s/ John P. Calaba
	Name:	 	John P. Calaba
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	 VENTURE V CDO LIMITED
 By its investment advisor,
 MJX Asset Management LLC, as a Lender

		
	By:	 	/s/ John P. Calaba
	Name:	 	John P. Calaba
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	 VENTURE VI CDO LIMITED
 By its investment advisor,
 MJX Asset Management LLC, as a Lender

		
	By:	 	/s/ John P. Calaba
	Name:	 	John P. Calaba
	Title:	 	Managing Director

 Open Text Corporation – Second Amendment 

			
	Wells Fargo Foothill, LLC, as a Lender
		
	By:	 	/s/ Michael Ganann
	Name:	 	Michael Ganann
	Title:	 	Vice President

 Open Text Corporation – Second Amendment 

			
	WhiteHorse I, Ltd.
		
	By	 	 WhiteHorse Capital Partners, L.P.
 As collateral manager

		
	By	 	 WhiteRock Asset Advisor, LLC, its. G.P.
 As lender

		
	By:	 	/s/ Ethan Underwood
	Name:	 	Ethan Underwood
	Title:	 	Manager

 Open Text Corporation – Second Amendment 

 RATIFICATION 
 Each of the undersigned hereby (a) acknowledges and consents to the foregoing Amendment and the Borrower’s execution thereof;
(b) ratifies and confirms all of their respective obligations and liabilities under the Loan Documents (as amended by the Second Amendment) to which any of them is a party and ratifies and confirms that such obligations and liabilities remain
in full force and effect and extend to and continue in effect with respect to, and continue to guarantee and secure, as applicable, the obligations of the Borrower under the Credit Agreement; (c) acknowledge and confirm that the liens and
security interests granted pursuant to the Security Documents are and continue to be valid and perfected first priority liens and security interests (subject only to Permitted Encumbrances) that secure all of the obligations on and after the date
hereof; (d) acknowledges and agrees that the undersigned does not have any claim or cause of action against the Administrative Agent or any Lender (or any of its respective directors, officers, employees, or agents); and (e) acknowledges,
affirms, and agrees that the undersigned does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment of any kind or nature against any of their respective obligations, indebtedness or liabilities to the
Administrative Agent or any Lender. 
  

			
	2016091 Ontario Inc., as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	2016090 Ontario Inc., as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	OT Limited Partnership No. 1, as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	

			
	
	OT Limited Partnership No. 2, as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	OT Limited Partnership No. 3, as a Domestic Guarantor
		
	By:	 	 s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	Open Text USA Holdings, Inc., as a Domestic Guarantor
		
	By:	 	 s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	Open Text GP Inc., as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	OT USA LLC, as a Domestic Guarantor
		
	By:	 	 /s/ John Shackleton

	Name:	 	John Shackleton
	Title:	 	
	
	Vignette Corporation, as a Domestic Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	Open Text UK Ltd., as a Foreign Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	

			
	
	Open Text GmbH, as a Foreign Guarantor
		
	By:	 	 /s/ Walter Kohler

	Name:	 	Walter Kohler
	Title:	 	
	
	Gauss Holding GmbH, as a Foreign Guarantor
		
	By:	 	 /s/ Alexander Forssman

	Name:	 	Alexander Forssman
	Title:	 	
	
	Hummingbird Holdings GmbH, as a Foreign Guarantor
		
	By:	 	 /s/ Walter Kohler, /s/ Alexander Forssman

	Name:	 	Walter Kohler, Alexander Forssman
	Title:	 	
	
	Open Text Software GmbH, as a Foreign Guarantor
		
	By:	 	 /s/ Walter Kohler, /s/ Alexander Forssman

	Name:	 	Walter Kohler, Alexander Forssman
	Title:	 	
	
	Hummingbird UK Limited, as a Foreign Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	HCL France SAS, as a Foreign Guarantor
		
	By:	 	 /s/ Walter Kohler

	Name:	 	Walter Kohler
	Title:	 	

			
	
	Open Text International BV, as a Foreign Guarantor
		
	By:	 	 /s/ Paul McFeeters

	Name:	 	Paul McFeeters
	Title:	 	
	
	Open Text European Holdings Coöperatief U.A., as a Foreign Guarantor
		
	By:	 	 /s/ Alexander Forssman

	Name:	 	Alexander Forssman
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]