sec document
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. 1)(1)
Vertrue Incorporated
--------------------
(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
---------------------------------------
(Title of Class of Securities)
92534N101
---------
(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)
June 20, 2007
-------------
(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 27 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. 92534N101 13D Page 2 of 27 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PARCHE, 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 179,601
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
179,601
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
179,601
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 3 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 269,401
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
269,401
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
269,401
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 4 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 513,144
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
513,144
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
513,144
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 5 of 27 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ADMIRAL ADVISORS, LLC
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 436,570
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
436,570
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
436,570
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 6 of 27 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RAMIUS CAPITAL GROUP, L.L.C.
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 962,146
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
962,146
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 7 of 27 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
C4S & CO., L.L.C.
--------------------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 962,146
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
962,146
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 8 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 962,146
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
962,146
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 9 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 962,146
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
962,146
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 10 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 962,146
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
962,146
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 11 of 27 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 ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 962,146
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
962,146
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
962,146
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 12 of 27 Pages
---------------------- ----------------------
The following constitutes Amendment No. 1 ("Amendment No. 1") to the
Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended and restated to read as follows:
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by:
(i) Parche, LLC, a Delaware limited liability company ("Parche"),
with respect to the Shares directly and beneficially owned by
it;
(ii) Starboard Value and Opportunity Master Fund Ltd., a Cayman
Islands exempted company ("Starboard"), with respect to the
Shares directly and beneficially owned by it;
(iii) RCG Ambrose Master Fund, Ltd., a Cayman Islands exempted
company ("RCG Ambrose"), with respect to the Shares directly
and beneficially owned by it;
(iv) Admiral Advisors, LLC, a Delaware limited liability company
("Admiral Advisors"), who serves as the investment manager of
Starboard and the managing member of Parche;
(v) Ramius Capital Group, L.L.C., a Delaware limited liability
company ("Ramius Capital"), who serves as the investment
manager of RCG Ambrose and as the sole member of Admiral
Advisors;
(vi) C4S & Co., L.L.C., a Delaware limited liability company
("C4S"), who serves as managing member of Ramius Capital;
(vii) Peter A. Cohen ("Mr. Cohen"), who serves as one of the
managing members of C4S;
(viii) Morgan B. Stark ("Mr. Stark"), who serves as one of the
managing members of C4S;
(ix) Thomas W. Strauss ("Mr. Strauss"), who serves as one of the
managing members of C4S; and
(x) Jeffrey M. Solomon ("Mr. Solomon"), who serves as one of the
managing members of C4S;
Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting Persons is party
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 13 of 27 Pages
---------------------- ----------------------
to that certain Joint Filing Agreement, as further described in Item 6.
Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b) The address of the principal office of each of Parche, Admiral
Advisors, Ramius Capital, C4S, Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
is 666 Third Avenue, 26th Floor, New York, New York 10017.
The address of the principal office of each of Starboard and RCG
Ambrose is c/o Citco Fund Services (Cayman Islands) Limited, Corporate Center,
West Bay Road, Grand Cayman, Cayman Islands, British West Indies. The officers
and directors of Starboard and RCG Ambrose and their principal occupations and
business addresses are set forth on Schedule B and incorporated by reference in
this Item 2.
(c) The principal business of each of Starboard, Parche and RCG
Ambrose is serving as a private investment fund. Each of Starboard and Parche
has been formed for the purpose of making equity investments and, on occasion,
taking an active role in the management of portfolio companies in order to
enhance shareholder value. The principal business of Admiral Advisors is acting
as the investment manager of Starboard and the managing member of Parche. Ramius
Capital is engaged in money management and investment advisory services for
third parties and proprietary accounts. C4S serves as managing member of Ramius
Capital. Mr. Cohen, Mr. Strauss, Mr. Stark and Mr. Solomon serve as co-managing
members of C4S.
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Messrs. Cohen, Stark, Strauss, and Solomon are citizens of the
United States of America.
The first paragraph of Item 3 is hereby amended and restated to read as
follows:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Shares purchased by Parche, Starboard and RCG Ambrose 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). The aggregate purchase cost of the 962,146 Shares beneficially owned
in the aggregate by the Reporting Persons is approximately $46,587,791,
including brokerage commissions.
On June 20, 2007, Parche, Starboard and RCG Ambrose purchased
69,963, 256,969 and 84,068 Shares (collectively, the "Transaction Shares"),
respectively, at a price per Share of $48.75, for an aggregate purchase cost of
$20,036,250 in a privately negotiated transaction.
Each such transaction with respect to the Transaction Shares was
consummated pursuant to the terms of a Stock Purchase Agreement, as further
defined and described in Item 6.
Items 5(a), (b), (c) are hereby amended to read as follows:
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 14 of 27 Pages
---------------------- ----------------------
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
The aggregate percentage of Shares reported owned by each person
named herein is based upon 9,764,505 Shares outstanding, as of June 7, 2007,
which is the total number of Shares outstanding as reported in the Issuer's
Definitive Proxy Statement on Schedule 14A, filed with the Securities and
Exchange Commission on June 12, 2007.
A. Parche
(a) As of the date of this filing, Parche beneficially owns 179,601
Shares.
Percentage: 1.8% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 179,601
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 179,601
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Parche since the filing of
Schedule 13D are set forth in Schedule A and are incorporated by
reference. All transactions were effected in the open market, except
as otherwise noted.
B. Starboard
(a) As of the date of this filing, Starboard beneficially owns 269,401
Shares.
Percentage: 2.8% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 269,401
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 269,401
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Starboard since the filing of
Schedule 13D are set forth in Schedule A and are incorporated by
reference. All transactions were effected in the open market, except
as otherwise noted.
C. RCG Ambrose
(a) As of the date of this filing, RGC Ambrose beneficially owns 513,144
Shares.
Percentage: 5.3% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 513,144
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 513,144
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by RCG Ambrose since the filing of
Schedule 13D are set forth in Schedule A and are incorporated by
reference. All transactions were effected in the open market, except
as otherwise noted.
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 15 of 27 Pages
---------------------- ----------------------
D. Admiral Advisors
(a) As of the date of this filing, as managing member of Parche and the
investment manager of Starboard, Admiral Advisors may be deemed the
beneficial owner of (i) 179,601 Shares owned by Parche and (ii)
269,401 Shares owned by Starboard.
Percentage: 4.5% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 436,570
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 436,570
4. Shared power to dispose or direct the disposition: 0
(c) Admiral Advisors did not enter into any transactions in the Shares
since the filing of Schedule 13D. The transactions in the Shares
since the filing of Schedule 13D on behalf of Parche and Starboard
are set forth in Schedule A and are incorporated by reference. All
transactions were effected in the open market, except as otherwise
noted.
E. Ramius Capital
(a) As of the date of this filing, as the sole member of Admiral
Advisors and investment manager of RCG Ambrose, Ramius Capital may
be deemed the beneficial owner of (i) 179,601 Shares owned by
Parche, (ii) 269,401 Shares owned by Starboard and (iii) 513,144
Shares owned by RCG Ambrose.
Percentage: 9.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 962,146
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 962,146
4. Shared power to dispose or direct the disposition: 0
(c) Ramius Capital did not enter into any transactions in the Shares
since the filing of Schedule 13D. The transactions in the Shares
since the filing of Schedule 13D on behalf of Parche, Starboard and
RCG Ambrose are set forth in Schedule A and are incorporated by
reference. All transactions were effected in the open market, except
as otherwise noted.
F. C4S
(a) As of the date of this filing, as the managing member of Ramius
Capital, C4S may be deemed the beneficial owner of (i) 179,601
Shares owned by Parche, (ii) 269,401 Shares owned by Starboard and
(iii) 513,144 Shares owned by RCG Ambrose.
Percentage: 9.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 962,146
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 962,146
4. Shared power to dispose or direct the disposition: 0
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 16 of 27 Pages
---------------------- ----------------------
(c) C4S did not enter into any transactions in the Shares since the
filing of Schedule 13D. The transactions in the Shares since the
filing of Schedule 13D on behalf of Parche, Starboard and RCG
Ambrose are set forth in Schedule A and are incorporated by
reference. All transactions were effected in the open market, except
as otherwise noted.
G. Mr. Cohen, Mr. Stark, Mr. Strauss and Mr. Solomon
(a) As of the date of this filing, 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) 179,601 Shares owned by Parche, (ii)
269,401 Shares owned by Starboard and (iii) 513,144 Shares owned by
RCG Ambrose.
Percentage: 9.9% as of the date hereof.
(b) 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 962,146
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 962,146
(c) None of Mr. Cohen, Mr. Stark, Mr. Strauss or Mr. Solomon has entered
into any transactions in the Shares since the filing of Schedule
13D. The transactions in the Shares since the filing of Schedule 13D
on behalf of Parche, Starboard and RCG Ambrose are set forth in
Schedule A and are incorporated by reference. All transactions were
effected in the open market, except as otherwise noted.
Item 6 is hereby amended and restated as follows:
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
On June 21, 2007, Parche, Starboard, RCG Ambrose, Admiral Advisors,
Ramius Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark and Mr. Strauss
(collectively, the "Group") entered into a Joint Filing Agreement (the "Joint
Filing Agreement") in which 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 by applicable law. The Joint Filing Agreement is
attached as Exhibit 3 hereto and is incorporated herein by reference.
On June 20, 2007, Parche, Starboard and RCG Ambrose entered into a
stock purchase agreement with Thomas W. Smith and Scott J. Vassalluzzo (the
"Stock Purchase Agreement"). Pursuant to the terms of the Stock Purchase
Agreement, Parche, Starboard and RCG Ambrose agreed to purchase from Messrs.
Smith and Vassalluzzo and/or certain accounts managed by them (the "Sellers")
the Transaction Shares at a price per Share of $48.75. In addition, under the
terms of the Stock Purchase Agreement, the Sellers agreed to appear at any
meeting of the Issuer's stockholders for which any Seller is a record holder of
the Transaction Shares (or otherwise cause the Transaction Shares to be counted
as present at any such meeting for purposes of establishing a quorum) and agreed
to vote the Transaction Shares as the Reporting Persons may direct in writing,
in respect of (i) the Agreement and Plan of Merger (the "Merger Agreement")
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 17 of 27 Pages
---------------------- ----------------------
between the Issuer and Velo Holdings Inc. and Velo Acquisition Inc. (including
any revised or amended Merger Agreement approved by the board of directors of
the Issuer), (ii) any agreement or transaction relating to an Acquisition
Proposal (as defined in the Merger Agreement) or transaction or occurrence that
if proposed and offered to the Issuer or its stockholders (or any of them) would
constitute an Acquisition Proposal, any extraordinary corporate transaction
(other than the Merger), or any amendment of the Issuer's Certificate of
Incorporation or Bylaws or other proposal, action or transaction involving the
Issuer or any of the Issuer subsidiaries or any of its stockholders and (iii)
any other matter that may be presented to the stockholders of the Issuer for
which the Sellers are the record holders of the Shares. A copy of the Stock
Purchase Agreement is attached hereto as Exhibit 4 and is incorporated herein by
reference.
Other than as described herein with regard to the agreement of the
Sellers to vote the Transaction Shares at the direction of certain of the
Reporting Persons, there are no contracts, arrangements, understandings or
relationships among the Reporting Persons, or between the Reporting Persons and
any other person, with respect to the securities of the Issuer. The Reporting
Persons disclaim membership in a "Group" (within the meaning of Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended) with the Sellers or any
other person.
Item 7 is hereby amended to add the following exhibits:
3. Joint Filing Agreement by and among Parche, Starboard, RCG
Ambrose, Admiral Advisors, Ramius Capital, C4S, Mr. Cohen, Mr.
Solomon, Mr. Stark and Mr. Strauss, dated June 21, 2007.
4. Stock Purchase Agreement dated as of June 20, 2007 by and among
Parche, Starboard and RCG Ambrose, on the one hand, and Thomas W.
Smith and Scott J. Vassalluzzo on the other hand.
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 18 of 27 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: June 21, 2007
PARCHE, LLC ADMIRAL ADVISORS, LLC
By: Admiral Advisors, LLC, its By: Ramius Capital Group, L.L.C.,
managing member its sole member
STARBOARD VALUE AND OPPORTUNITY RAMIUS CAPITAL GROUP, L.L.C.
MASTER FUND LTD. By: C4S & Co., L.L.C.,
as managing member
By: Admiral Advisors, LLC, its
investment manager C4S & CO., L.L.C.
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C.,
its investment manager
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
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 19 of 27 Pages
---------------------- ----------------------
SCHEDULE A
TRANSACTIONS IN THE SHARES SINCE THE FILING OF SCHEDULE 13D
Shares of Common Stock Price Per Date of
Purchased / (Sold) Share($) Purchase / Sale
------------------ -------- ---------------
PARCHE, LLC
1,749 48.1903 06/13/07
3,408 48.4000 06/15/07
69,963* 48.7500 06/20/07
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
12,432 48.4000 06/15/07
256,969* 48.7500 06/20/07
RCG AMBROSE MASTER FUND, LTD.
6,997 48.1903 06/13/07
4,160 48.4000 06/15/07
84,068* 48.7500 06/20/07
----------------
* Denotes Shares acquired in a privately negotiated transaction.
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 20 of 27 Pages
---------------------- ----------------------
SCHEDULE B
DIRECTORS AND OFFICERS OF STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Mark Mitchell Partner of Ramius Capital 666 Third Avenue
Director Group, L.L.C. 26th Floor
New York, New York 10017
Jeffrey M. Solomon Managing Member of C4S & 666 Third Avenue
Director Co., L.L.C., which is the 26th Floor
Managing Member of Ramius New York, New York 10017
Capital Group, L.L.C.
CFS Company Ltd. Nominee Company registered c/o Citco Fund Services
Director with Cayman Islands (Cayman Islands) Limited
Monetary Authority and is Corporate Center
affiliated with West Bay Road
Administrator of the Fund Grand Cayman, Cayman
Islands
British West Indies
CSS Corporation Ltd. Affiliate of the c/o Citco Fund Services
Secretary Administrator of the Fund (Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 21 of 27 Pages
---------------------- ----------------------
DIRECTORS AND OFFICERS OF RCG AMBROSE MASTER FUND, LTD.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Mark Mitchell Partner of Ramius Capital 666 Third Avenue
Director Group, L.L.C. 26th Floor
New York, New York 10017
Morgan B. Stark Managing Member of C4S & 666 Third Avenue
Director Co., L.L.C., which is the 26th Floor
Managing Member of Ramius New York, New York 10017
Capital Group, L.L.C.
CFS Company Ltd. Nominee Company registered c/o Citco Fund Services
Director with Cayman Islands (Cayman Islands) Limited
Monetary Authority and is Corporate Center
affiliated with West Bay Road
Administrator of the Fund Grand Cayman, Cayman
Islands
British West Indies
CSS Corporation Ltd. Affiliate of the c/o Citco Fund Services
Secretary Administrator of the Fund (Cayman Islands) Limited
Corporate Center
West Bay Road
Grand Cayman, Cayman
Islands
British West Indies
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 22 of 27 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Page
------- ----
3. Joint Filing Agreement by and among Parche,
Starboard, RCG Ambrose, Admiral Advisors, Ramius
Capital, C4S, Mr. Cohen, Mr. Solomon, Mr. Stark
and Mr. Strauss, dated June 21, 2007. 23
4. Stock Purchase Agreement dated as of June 20, 2007
by and among Parche, Starboard and RCG Ambrose, on
the one hand, and Thomas W. Smith and Scott J.
Vassalluzzo on the other hand. 24 - 27
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 23 of 27 Pages
---------------------- ----------------------
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on behalf
of each of them of Amendment No. 1 to Schedule 13D (including amendments
thereto) with respect to the Common Stock of Vertrue Incorporated. This Joint
Filing Agreement shall be filed as an Exhibit to such Statement.
Dated: June 21, 2007
PARCHE, LLC ADMIRAL ADVISORS, LLC
By: Admiral Advisors, LLC, its By: Ramius Capital Group, L.L.C.,
managing member its sole member
STARBOARD VALUE AND OPPORTUNITY RAMIUS CAPITAL GROUP, L.L.C.
MASTER FUND LTD. By: C4S & Co., L.L.C.,
as managing member
By: Admiral Advisors, LLC, its
investment manager C4S & CO., L.L.C.
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C.,
its investment manager
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
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 24 of 27 Pages
---------------------- ----------------------
RAMIUS CAPITAL GROUP, L.L.C.
666 THIRD AVENUE, 26TH FLOOR
NEW YORK, NEW YORK 10017
June 20, 2007
Thomas W. Smith
Scott J. Vassalluzzo
323 Railroad Avenue
Greenwich, CT 06830
Gentlemen:
This Letter Agreement confirms the (i) agreement by Starboard Value
and Opportunity Master Fund Ltd. ("Starboard"), RCG Ambrose Master Fund, Ltd.
("RCG Ambrose") and Parche, LLC ("PARCHE", and together with Starboard and RCG
Ambrose, the "Purchasers", and each a "Purchaser") to purchase an aggregate of
411,000 shares (the "Shares") of common stock, par value $.01 per share (the
"Common Stock") of Vertrue Incorporated, a Delaware corporation (the "Company")
(CUSIP # 92534N101) from you and/or certain accounts managed by you
(collectively, the "Sellers") for a fixed price of $48.75 per Share, resulting
in an aggregate purchase price of $20,036,250.00, and (ii) the agreement by you
to sell for the account and on behalf of Sellers the Shares to the Purchasers
for such price, in each case subject to the terms and conditions hereof.
1. CLOSING. The transfer, purchase and sale of the Shares shall take place
on the date hereof (which time and date are designated as the "CLOSING" and the
"CLOSING DATE"). The aggregate purchase price for the Shares shall be paid by
wire transfer by the Purchasers on the Closing Date to such accounts as you
shall have specified in writing and you shall deliver to the Purchasers (or the
Purchasers' agent) a letter of instruction addressed to Sellers' brokerage firm
instructing such brokerage firm to cause the electronic delivery of the Shares
held in street name and purchased from Sellers pursuant hereto through the
Depository Trust Company ("DTC") to a DTC account designated in writing by the
Purchasers.
2. REPRESENTATIONS AND WARRANTIES.
(a) The Purchasers jointly and severally represent and warrant to
you, and you represent and warrant to the Purchasers, that such party is duly
authorized to execute, deliver and perform its obligations hereunder and that
such execution, delivery and performance do not and will not conflict with or
constitute a breach of any law, regulation or contract binding on such party.
The Purchasers represent and warrant that they have all necessary power and
authority to purchase the Shares and fulfill all the obligations of Purchasers
contemplated by this Agreement, and that the Purchasers presently have and will
have at the time of Closing sufficient funds to pay the full cash aggregate
purchase price. You represent and warrant that you have all necessary power and
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 25 of 27 Pages
---------------------- ----------------------
authority to act on behalf of and to bind the Sellers to sell the Shares and
fulfill all the obligations of Sellers contemplated by this Agreement.
(b) You represent that the Sellers own all of the Shares free and
clear of any lien, claim or other encumbrance, except for any that will be
released or satisfied upon the sale to the Purchasers hereunder. You further
represent that the Shares are not "restricted securities" (as that term is
defined in Rule 144 promulgated under the Securities Act of 1933) and that the
Shares are freely tradable by the Sellers.
3. VOTING AGREEMENT.
(a) AGREEMENT TO VOTE. Effective on the date hereof, you agree that
at any meeting of the stockholders of the Company (a "COMPANY STOCKHOLDERS'
MEETING"), for which a Seller is a record holder of any of the Shares and at
every adjournment or postponement thereof, or in any other circumstances upon
which a vote, consent, or other approval (including by written consent) is
sought, the Sellers shall--
(i) when a meeting is held, appear at such meeting or otherwise
cause the Shares to be counted as present thereat for purposes of
establishing a quorum,
(ii) vote, or execute consents in respect of the Shares, or
cause the Shares to be voted, or consents to be executed in respect
thereof, in respect of the Agreement and Plan of Merger (the "Merger
Agreement") between the Company and Velo Holdings Inc. and Velo Acquisition
Inc. (including any revised or amended Merger Agreement approved by the
board of directors of the Company), as the Purchasers may direct in
writing, and
(iii) vote, or execute consents in respect of the Shares to be
voted, or consents to be executed in respect thereof, as the Purchasers may
direct in writing, in respect of (A) any agreement or transaction relating
to an Acquisition Proposal (as defined in the Merger Agreement) or
transaction or occurrence that if proposed and offered to the Company or
its stockholders (or any of them) would constitute an Acquisition Proposal
or (B) any extraordinary corporate transaction (other than the Merger), or
any amendment of the Company's Certificate of Incorporation or Bylaws or
other proposal, action or transaction involving the Company or any of the
Company Subsidiaries or any of its stockholders, and
(iv) vote, or execute consents in respect of the Shares to be
voted, or consents to be executed in respect thereof, as the Purchasers may
direct in writing, in respect of any other matter that may be presented to
the stockholders of the Company for which the Sellers are the record
holders of the Shares.
(b) APPOINTMENT OF PROXY. You hereby irrevocably (to the fullest
extent permitted by law) constitute and appoint Mark Mitchell, Stephen Raneri
and Jeffrey M. Solomon, each of them individually, as the Sellers' proxy and
attorney-in-fact, with full power of substitution and resubstitution, to cause
the Shares to be counted as present at any such Company Stockholders' Meetings
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 26 of 27 Pages
---------------------- ----------------------
and to vote the Shares at any Company Stockholders' Meeting, however called, and
to execute consents in respect of the Shares as and to the extent provided in
Section (a) hereof.
(c) REVOCATION OF OTHER PROXIES. You represent that any proxies
heretofore given in respect of the Shares, if any, are revocable, and hereby
revoke all other proxies and powers of attorney with respect to the Shares that
the Sellers may have heretofore appointed or granted, and no subsequent proxy or
power of attorney shall be granted.
(d) PROXY IRREVOCABLE. You acknowledge that Purchasers are relying
on this Agreement in purchasing the Shares. ACCORDINGLY, THIS PROXY AND POWER OF
ATTORNEY IS IRREVOCABLE (TO THE FULLEST EXTENT PERMITTED BY LAW) AND COUPLED
WITH AN INTEREST. Except as otherwise required by law in the case of Shares
beneficially owned by Sellers who are natural persons (other than yourselves),
this irrevocable proxy shall not be terminated by any act of the Sellers or by
operation of law, whether by the death or incapacity of the Sellers or by the
occurrence of any other event or events (including, without limiting the
foregoing, the termination of any trust or estate for which either of you is
acting as a fiduciary or fiduciaries or the dissolution or liquidation of any
corporation or partnership). If after the execution hereof any Seller should be
dissolved or liquidated, actions taken by the Purchasers hereunder shall be as
valid as if such dissolution, liquidation or other event or events had not
occurred, regardless of whether or not the Purchasers have received any notice
of such dissolution, liquidation or other event.
(e) NO TRANSFER OF RIGHTS. The Sellers shall not: (i) enter into any
tender, voting, or other such agreement, or grant any proxy, power-of-attorney
or other authorization or consent with respect to any of the Shares; or (ii)
take any other action that would in any way restrict, limit or interfere with
the performance of its obligations hereunder or the transactions contemplated
hereby or make any representation or warranty of the Sellers untrue or
incorrect. Except as contemplated by this Agreement, the Sellers will not enter
into any voting or other agreement or grant any power of attorney with respect
to the Shares, or take any action that is inconsistent with this Agreement.
If the foregoing accurately states our agreement, please sign and
return a copy hereof, at which time this will become a mutually binding
agreement.
Very truly yours,
PARCHE, LLC
By: Admiral Advisors, LLC, its managing member
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
By: Admiral Advisors, LLC, its Investment
manager
By: /s/ Jeffrey M. Solomon
--------------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
---------------------- ----------------------
CUSIP No. 92534N101 13D Page 27 of 27 Pages
---------------------- ----------------------
RCG AMBROSE MASTER FUND, LTD.
By: Ramius Capital Group, L.L.C.,
its investment manager
By: /s/ Jeffrey M. Solomon
---------------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
/s/ Thomas W. Smith
-----------------------------
Thomas W. Smith
/s/ Scott J. Vassalluzzo
-----------------------------
Scott J. Vassalluzzo