EXHIBIT 10.1

EXECUTION VERSION

AMENDMENT NO. 1 TO THE SHAREHOLDERS AGREEMENT

This Amendment (this “Amendment”) dated as of October 4, 2016, is made by
Affinion Group Holdings, Inc., a Delaware corporation (the “Company”).
Capitalized terms used and not defined herein shall have the meaning ascribed
thereto in the Shareholders Agreement (as defined below).

RECITALS

A. The Company entered into a Shareholders Agreement, dated as of November 9,
2015, with the investors party thereto (the “Shareholders Agreement”), to which
various investors executed joinders in connection with the exchange offers and
rights offering of the Company and its subsidiaries which were consummated on
November 9, 2015.

B. Pursuant to Sections 2.1(b)(i) and 6.11(c) of the Shareholders Agreement,
prior to a Public Listing the Company is obligated to take all necessary action
to cause the Board to be comprised of five (5) directors.

C. The Company desires to amend Section 2.1(b)(i) of the Shareholders Agreement
to change the size of the Board to six (6) directors.

D. The holders of Outstanding Company Common Stock whose approval constitutes a
Stockholder Majority Vote have consented to this Amendment by written consent,
effective as of July 19, 2016.

NOW, THEREFORE, in consideration of the covenants and agreements contained
herein and in the Shareholders Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

1. Amendment to the Shareholders Agreement.

Section 2.1(b)(i) – Board of Directors – Election of Directors.
Section 2.1(b)(i) of the Shareholders Agreement is hereby amended and restated
in its entirety as follows:

The board of directors of the Company (the “Board”) shall be comprised of six
(6) Directors, divided as evenly as possible into three (3) classes of
Directors.

2. Miscellaneous.

a. The provisions of Sections 6.3 to 6.7 and 6.11 to 6.19 of the Shareholders
Agreement are hereby incorporated by reference, mutatis mutandis, as if such
provisions were set forth fully herein.

b. This Amendment, the Shareholders Agreement and the other agreements expressly
referenced in the Shareholders Agreement constitute the complete and exclusive
statement of agreement among the Company and the Stockholders with respect to
the subject matter hereof and supersede all prior written and oral

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statements by and among the Company and the Stockholders or any of them, and
except as otherwise specifically contemplated by this Amendment or the
Shareholders Agreement, no representation, statement, or condition or warranty
not contained in this Amendment or the Shareholders Agreement will be binding on
the Stockholders or the Company or have any force or effect whatsoever.

c. Except as specifically amended hereby, the Shareholders Agreement shall
remain in full force and effect.

*        *        *         *        *

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IN WITNESS WHEREOF, this Amendment is executed by the undersigned to be
effective as of the date first written above.

 

THE COMPANY:

AFFINION GROUP HOLDINGS, INC.

By:   /s/ Gregory S. Miller  

 

 

Name: Gregory S. Miller

 

Title: Executive Vice President and Chief Financial Officer

 

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS: Allianz Global Investors By:   /s/ William Stickney  

 

 

Name:  William Stickney

 

Title: Managing Director

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

EMPYREAN CAPITAL FUND, LP

By:   /s/ C. Martin Meekins  

 

 

Name:  C. Martin Meekins

 

Title: Authorized Person

EMPYREAN CAPITAL MASTER OVERSEAS FUND, LTD.

By:   /s/ C. Martin Meekins  

 

 

Name:  C. Martin Meekins

 

Title: Authorized Person

EMPYREAN CAPITAL FUND, LP

By:

  /s/ C. Martin Meekins  

 

 

Name:  C. Martin Meekins

 

Title: Authorized Person

P EMP LTD.

By:

  /s/ C. Martin Meekins  

 

 

Name:  C. Martin Meekins

 

Title: Authorized Person

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

PENNANTPARK CREDIT OPPORTUNITIES FUND II, LP

By:   /s/ Arthur H. Penn  

 

  Name: Arthur H. Penn  

Title: Managing Member of PennantPark Capital, LLC, which is the General Partner
of the Fund

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

PENNANTPARK FLOATING RATE CAPITAL LTD.

By:

  /s/ Arthur H. Penn  

 

  Name: Arthur H. Penn  

Title: Chief Executive Officer

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

PENNANTPARK INVESTMENT CORPORATION

By:

  /s/ Arthur H. Penn  

 

  Name: Arthur H. Penn  

Title: Chief Executive Officer

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

Third Avenue Trust, on behalf of the Third Avenue Focused Credit Fund

By:

  /s/ W. James Hall  

 

  Name: W. James Hall  

Title: President

[Signature Page to Amendment No. 1 to the Shareholders Agreement]

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INVESTORS:

WINGSPAN MASTER FUND, LP

By:

 

Wingspan GP, LLC, its general partner

By:   /s/ Brendan Driscoll  

 

  Name: Brendan Driscoll  

Title: COO/CFO

[Signature Page to Amendment No. 1 to the Shareholders Agreement]