Document:

Restricted Stock Agreement

 Exhibit 10.29 
  
  

			
		  	 RESTRICTED STOCK AGREEMENT (this
 “Agreement”) dated as of November 8, 2006,
 between AFFINION GROUP HOLDINGS,
 INC., a Delaware corporation, (the “Company”)
 and
THOMAS A. WILLIAMS (the “Purchaser”).

 WHEREAS, the Company, acting with the consent of the Company’s Board of Directors (the
“Board”) will grant to the Purchaser, effective as of the January 1, 2007, the date Purchaser’s employment commences with Affinion Group, Inc. (the “Grant Date”), under the Affinion Group Holdings, Inc.
2005 Stock Incentive Plan (the “Plan”) a number of shares of Common Stock (“Shares”) on the terms and subject to the conditions set forth in this Agreement and the Plan; and 
 WHEREAS, Affinion Group, Inc. and the Purchaser have executed an Employment Agreement of even date herewith; 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as
follows: 
 Section 1. The Plan. The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth
herein in their entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of the Plan shall control. A copy of the Plan may be obtained from the Company by the Purchaser upon request. Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan. 
 Section 2. Grant.
Subject to the terms of this Agreement, on the Grant Date, the Company shall grants to the Purchaser a Stock Award with respect to an aggregate of 10,000 restricted shares of Common Stock of the Company (subject to adjustment as provided in Article
VII of the Plan) (the “Restricted Shares”) at a purchase price of $0.01 per share (the “Purchase Price”). Promptly following the Grant Date, the Purchaser agrees to pay to the Company, in accordance with
Section 6.2 of the Plan, the amount of the aggregate Purchase Price for the Restricted Shares. 
 Section 3. Vesting. The
Restricted Shares shall vest, and the restrictions imposed on the Restricted Shares pursuant to this Section 3 shall lapse, on the third anniversary of the Grant Date, provided that the Purchaser has not previously incurred a Termination of
Relationship. The Restricted Shares shall accelerate and vest in full upon a Sale of the Company, provided the Purchase has not incurred a Termination of Relationship before such time. Prior to vesting, the Restricted Shares, any interest therein,
amount payable in respect thereof, and any Restricted Property (as defined in Section 19), may not be sold or transferred by the Purchaser. After vesting, the Restricted Shares shall have the same attributes as other Shares, as set forth in the
Management Investor Rights Agreement. Restricted Shares are subject to repurchase as set forth in the Management Investor Rights Agreement; provided, however, that Restricted Shares that have not yet vested shall be subject to repurchase at the
“Purchase Price” as defined in Section 6.2 of the Plan rather than as defined in the Management Investor Rights Agreement. 

 Section 4. Purchaser’s Service. Nothing in this Agreement or in the Option Agreement shall
confer upon the Purchaser any right to continue as an employee of, or other service provider to, the Company or any of its Subsidiaries or Affiliates or interfere in any way with the right of the Company, its Subsidiaries or its Affiliates, as the
case may be, in its sole discretion, to terminate the Purchaser’s employment or service relationship or to increase or decrease the Purchaser’s compensation at any time. 
 Section 5. Securities Law Representations. The Purchaser acknowledges that the Option and the Restricted Shares are not being registered under the
Securities Act, based, in part, in reliance upon an exemption from registration under Rule 701 promulgated under the Securities Act, and a comparable exemption from qualification under applicable state securities laws, as each may be amended from
time to time. The Purchaser, by executing this Agreement, hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal and state securities law exemptions from registration and qualification
is predicated, in substantial part, upon the accuracy of these representations: 
  

	 	•	 	 The Purchaser is acquiring the Restricted Shares solely for the Purchaser’s own account, for investment purposes only, and not with a view to or an intent to
sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the shares within the meaning of the Securities Act and/or any applicable state securities laws. 

  

	 	•	 	 The Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Restricted Shares. The
Purchaser has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to purchase the Restricted Shares. However, in evaluating the merits and risks of an investment in the Restricted
Shares, the Purchaser has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 

  

	 	•	 	 The Purchaser is aware that the Restricted Shares may be of no practical value, that any value they may have depends on their vesting, and that any investment in
common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could require capital to be invested for an indefinite period of time, possibly without return, and at substantial risk of loss.

  

	 	•	 	 The Purchaser understands that the Restricted Shares will be characterized as “restricted securities” under the federal securities laws, and that, under
such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act, as
presently in effect. The Purchaser acknowledges receiving a copy of Rule 144 promulgated under the Securities Act, as presently in effect, and represents that he is familiar with such rule, and understands the resale limitations imposed thereby and
by the Securities Act and the applicable state securities law. 

  

	 	•	 	 The Purchaser has read and understands the restrictions, limitations and Company 

  

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rights set forth in the Management Investor Rights Agreement, the Plan and this Agreement that will be imposed on the Restricted Shares (including those
restrictions and limitations which will continue after the shares have vested). The Purchaser acknowledges that to the extent the Purchaser is not a party to the Management Investor Rights Agreement at the time that the Purchaser purchases the
Restricted Shares, such purchase shall be treated for all purposes as effecting the Purchaser’s simultaneous execution of the Management Investor Rights Agreement and the Purchaser shall be bound thereby. 

  

	 	•	 	 The Purchaser has not relied upon any oral representation made to the Purchaser relating to the Restricted Shares or upon information presented in any promotional
meeting or material relating to the Restricted Shares. 

  

	 	•	 	 The Purchaser understands and acknowledges that (a) any certificate evidencing the Restricted Shares (or evidencing any other securities issued with respect
thereto pursuant to any stock split, stock dividend, merger or other form of reorganization or recapitalization) when issued shall bear any legends which may be required by applicable federal and state securities laws or the Management Investor
Rights Agreement, and (b) except as otherwise provided under the Management Investor Rights Agreement, the Company has no obligation to register the Shares or file any registration statement under federal or state securities laws. The Committee
reserves the right to account for Shares through book entry or other electronic means rather than the issuance of stock certificates. 

 Section 6. Designation of Beneficiary. The Purchaser may appoint any individual or legal entity in writing as his beneficiary to receive any Shares (to the extent not previously terminated or forfeited) under
this Agreement upon the Purchaser’s death or becomes subject to a Disability. The Purchaser may revoke his designation of a beneficiary at any time and a new beneficiary appointed in writing. To be effective, the Purchaser must complete the
designation of a beneficiary or revocation of a beneficiary by written notice to the Company under Section 10 of this Agreement before the date of the Purchaser’s death. In the absence of a beneficiary designation, the legal
representative of the Purchaser’s estate shall be deemed the beneficiary. 
 Section 7. Notices. All notices, claims,
certifications, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given and delivered if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by
registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 
 If to the Company, to it at: 

Affinion Group Holdings, Inc. 
 c/o Apollo
Management V, L.P. 
 9 West 57th Street 
 New York, New York 10019 
 Facsimile: (212) 515-3264 
 Attention:
Marc Becker 
  

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 With a copy to (which copy will not constitute notice): 
 Affinion Group, Inc. 
 100 Connecticut Avenue

 Norwalk, CT 06850 
 Facsimile:
(203) 956-1206 
 Attn: General Counsel 
 If
to the Purchaser, to the Purchaser at the address set forth on the signature page hereto; or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such notice or
other communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such delivery (or if such date is not a business day, on the next business day after the date of delivery), (b) in the case of
nationally-recognized overnight courier, on the next business day after the date sent, (c) in the case of telecopy transmission, when received (or if not sent on a business day, on the next business day after the date sent), and (d) in the
case of mailing, on the third business day following that on which the piece of mail containing such communication is posted. 
 Section 8.
Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement must be in writing and shall not operate or be construed as a waiver of any other or subsequent breach. 
 Section 9. Purchaser’s Undertaking. The Purchaser hereby agrees to take whatever additional actions and execute whatever additional documents
the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Purchaser pursuant to the express provisions of this Agreement and the Plan.

 Section 10. Modification of Rights. The rights of the Purchaser are subject to modification and termination in certain events as
provided in this Agreement and the Plan (with respect to the Options granted hereby). Notwithstanding the foregoing, the Purchaser’s rights under this Agreement and the Plan may not be materially impaired without the Purchaser’s prior
written consent. 
 Section 11. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN
FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME
OTHER JURISDICTION WOULD ORDINARILY APPLY. 
  

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 Section 12. Counterparts. This Agreement may be executed in one or more counterparts, and each
such counterpart shall be deemed to be an original, but all such counterparts together shall constitute but one agreement. 
 Section 13.
Entire Agreement. This Agreement, the Plan, and the other writings referred to herein constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior written or oral
negotiations, commitments, representations and agreements with respect thereto. 
 Section 14. Severability. It is the desire and
intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of
this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such
jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 15. Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, trial by jury in any suit, action or proceeding arising hereunder. 
 Section 16. Dividend and Voting Rights. After
the Grant Date, the Purchaser shall be entitled to cash dividends and voting rights with respect to the Restricted Shares subject to the Award even though such Shares are not vested, provided that such rights shall terminate immediately as to any
Restricted Shares that are repurchased by the Company. 
 Section 17. Tax Withholding. The Company shall reasonably determine the
amount of any federal, state, local or other income, employment, or other taxes which the Company or any of its subsidiaries may reasonably be obligated to withhold with respect to the grant, vesting, making of an election under Section 83(b)
of the Code or other event with respect to the Restricted Shares. The Company’s obligation to deliver the Restricted Shares or any certificates evidencing the Restricted Shares (or to make a book entry or other electronic notation indicating
ownership of the Restricted Shares), or otherwise remove the restrictive notations or legends on such shares or certificates that refer to nontransferability as set forth in Section 3 of this Agreement, is subject to the condition precedent
that the Purchaser either pay or provide for the amount of any such withholding obligations in such manner as may be authorized by the Administrator under, or as may otherwise be permitted under, Article VII of the Plan. 
 Section 18. Stock Power; Power of Attorney. Concurrent with the execution and delivery of this Agreement, the Purchaser shall deliver to the
Company an executed stock power in the form attached hereto as Exhibit A, in blank, with respect to the Restricted Shares and any related Restricted Property. The Purchaser, by acceptance of the Award, shall be deemed to appoint, and does so appoint
by execution of this Agreement, the Company and each of its 

  

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authorized representatives as the Purchaser’s attorney(s)-in-fact to (1) effect any transfer to the Company (or other purchaser, as the case may
be) of the Restricted Shares acquired pursuant to this Agreement (including any related Restricted Property) that are repurchased by the Company (or other permitted purchaser), and (2) execute such documents as the Company or such
representatives deem necessary or advisable in connection with any such transfer. 
 Section 19. Adjustments Upon Specified Events.
Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.3.1 of the Plan, the Committee may, to such extent (if any) it deems appropriate and equitable in the circumstances, make adjustments in
the number and kind of securities that may become vested under the Award. If any adjustment is made to the Restricted Shares pursuant to Section 7.3.1 of the Plan, the restrictions applicable to the Restricted Shares will continue in effect
with respect to any consideration or other securities (the “Restricted Property” and, for the purposes of this Agreement, “Restricted Shares” shall include “Restricted Property,” unless the context otherwise
requires) received in respect of such Restricted Shares. Such Restricted Property shall vest at such times and in such proportion as the Restricted Shares to which the Restricted Property is attributable vest, or would have vested pursuant to the
terms hereof if such Restricted Shares had remained outstanding. To the extent that the Restricted Property includes any cash (other than regular cash dividends provided for in Section 5 hereof), such cash shall be invested, pursuant to
policies established by the Administrator, in interest bearing deposits of a depository institution selected by the Committee, the earnings on which shall be added to and become a part of the Restricted Property. 
 [Signature Pages Follow] 
  

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

			
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	/s/ Nathaniel Lipman
		 	Name: Nathaniel Lipman
		 	Title: President and CEO
	
	PURCHASER
	See attached signature page

  

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	PURCHASER
	
	/s/ Thomas Williams
	Name: Thomas Williams

			
		
	Residence Address:	 	 8 Hubert Street
 Whippany, NJ,
07981

  

				
	 Number of Restricted Shares:
	  	 	10,000
	 Purchase Price per Share:
	  	$	0.01

 EXHIBIT A 
 STOCK POWER 
 FOR VALUE RECEIVED and pursuant to that certain Restricted Stock Agreement
between Affinion Group Holdings, Inc., a Delaware corporation (the “Company”), and the individual named below (the “Individual”) dated as of __________________, the Individual hereby sells, assigns and transfers to
the Company, an aggregate of _____ shares of Common Stock of the Company, standing in the Individual’s name on the books of the Company and represented by stock certificate number(s) ________________________________________ to which this
instrument is attached, and hereby irrevocably constitutes and appoints _________________________________________________________________ as his or her attorney in fact and agent to transfer such shares on the books of the Company, with full power
of substitution in the premises. 
 Dated ____________, __________ 
  

	
	
	   
	Signature
	
	   
	Print Name

 (Instruction: Please do not fill in any blanks other than the signature line. The purpose of the
assignment is to enable the Corporation to exercise its sale/purchase option set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Individual.)Option Agreement

 Exhibit 10.30 
  

			
		  	 OPTION AGREEMENT (this “Agreement”)
 dated as of October 30, 2006 between AFFINION
 GROUP HOLDINGS, INC., a Delaware
 corporation, (the “Company”) and OPTIONEE
 (as set
forth on the signature page hereto, the
 “Optionee”).

 WHEREAS, the Company, acting through the Committee with the consent of the Company’s
Board of Directors (the “Board”), has determined that it wishes to grant to the Optionee, effective as of the date above first written (the “Grant Date”), an option under the Affinion Group Holdings, Inc. 2005 Stock
Incentive Plan (the “Plan”) to purchase a number of shares of Common Stock (“Shares”) on the terms and subject to the conditions set forth in this Agreement and the Plan; 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as
follows: 
 Section 1. The Plan. The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth
herein in their entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of the Plan shall control. A copy of the Plan may be obtained from the Company by the Optionee upon request. Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Plan. 
 Section 2. Option; Option
Price. Effective on the Grant Date, on the terms and subject to the conditions of the Plan and this Agreement, the Optionee shall have the option (the “Option”) to purchase Shares pursuant to Tranche A options (“Tranche
A Options”), Tranche B options (“Tranche B Options”), and Tranche C options (“Tranche C Options”) at the price per Share (the “Option Price”) and in the amounts set forth on the signature
page hereto. Payment of the Option Price may be made in any manner permitted by the Committee under Section 5.6 of the Plan; provided, that following the Optionee’s termination of employment for any reason other than Cause, subject to
applicable law, the Optionee shall be entitled to exercise the Option in a “cashless” manner. The Option is not intended to qualify for federal income tax purposes as an “incentive stock option” within the meaning of
Section 422 of the Code. The Option shall remain exercisable as to all Vested Options (as defined in Section 4) until the expiration of the Option Term (as defined in Section 3). 
 Section 3. Term. The term of the Option (the “Option Term”) shall commence on the Grant Date and expire on the tenth anniversary
of the Grant Date, unless the Option shall have sooner been terminated in accordance with the terms of the Plan (including, without limitation, Article 5 of the Plan) or this Agreement. 
 Section 4. Vesting. Except as otherwise set forth in Section 8, the Options shall become non-forfeitable (any Options that shall have
become non-forfeitable pursuant to Section 4, the “Vested Options”) and shall become exercisable according to the following provisions: 

 (a) Tranche A Options. Twenty percent (20%) of the Tranche A Options shall become Vested
Options and shall become exercisable on each of the first five anniversaries of the Grant Date. In the event of a Sale of the Company, each Tranche A Option that has not theretofore become a Vested Option pursuant to the immediately preceding
sentence shall vest in full on the 18-month anniversary of the consummation of such Sale of the Company; provided, that in the event of a Termination of Relationship by the Company or its Affiliates without Cause, by the Optionee with Good
Reason or as a result of the Optionee’s death or Disability at any time during the 18-month period following the consummation of such Sale of the Company, all unvested Tranche A Options shall become fully vested and exercisable as of the date
of such Termination of Relationship. 
 (b) Tranche B Options. All of the Tranche B Options shall become Vested Options on the eighth
anniversary of the Grant Date; provided, however, that in the event the Investor IRR equals or exceeds 20% prior to the eighth anniversary, the Tranche B Options will vest as of the date that such Investor IRR is realized. 

(c) Tranche C Options. All of the Tranche C Options shall become Vested Options on the eighth anniversary of the Grant Date; provided,
however, that in the event the Investor IRR equals or exceeds 30% prior to the eighth anniversary, the Tranche C Options will vest as of the date that such Investor IRR is realized. 
 (d) All decisions by the Committee with respect to any calculations pursuant to this Section 4 (absent manifest error), including the
Investor IRR and the dates the Investor IRR is equal to or exceeds 20% or 30%, shall be final and binding on the Optionee. 
 Section 5.
Restriction on Transfer. The Option may not be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee and (unless the Optionee becomes subject to a Disability) may be exercised during the lifetime of
the Optionee only by the Optionee. If the Optionee dies or becomes subject to a Disability, the Option shall thereafter be exercisable, during the period specified in Section 8 of this Agreement, by his beneficiary, or if no beneficiary
has been named, by his executors or administrators to the full extent to which the Option was exercisable by the Optionee at the time of his death or Disability. The Option shall not be subject to execution, attachment or similar process. Any
attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Option, shall be null and void and without effect.
Notwithstanding the foregoing, the Optionee may assign or transfer the Option with the prior consent of the Committee to a “family member” as such term is defined in Rule 701 of the Securities Act (each transferee thereof, a
“Permitted Assignee”), provided that such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and the Option Agreement relating to the transferred Option and shall execute an agreement
satisfactory to the Company evidencing such obligations, and provided further that the Optionee shall remain bound by the terms and conditions of the Plan. The Company shall cooperate with any Permitted Assignee and the Company’s transfer agent
in effectuating any transfer permitted under this Section 5. 
 Section 6. Optionee’s Service. Nothing in this
Agreement or in the Option shall confer upon the Optionee any right to continue as an employee of, or other service provider to, 

 
the Company or any of its Subsidiaries or Affiliates or interfere in any way with the right of the Company, its Subsidiaries or its Affiliates, as the case
may be, in its sole discretion, to terminate the Optionee’s employment or service relationship or to increase or decrease the Optionee’s compensation at any time. 
 Section 7. [Intentionally Omitted] 
 Section
8. Termination. 
 (a) The Option shall automatically terminate and shall become null and void, be unexercisable and be
of no further force and effect upon the earliest of: 
 (i) the tenth anniversary of the Grant Date; 
 (ii) the first anniversary of the Termination of Relationship in the case of a Termination of Relationship for death or Disability;

 (iii) the 180th day following the Termination of Relationship in the case of a Termination of Relationship without Cause or with Good Reason; 
 (iv) the 90th day following of the Termination of Relationship in the case of a Termination of Relationship occurring because the Optionee
resigns his employment without Good Reason; and 
 (v) the day of the Termination of Relationship in the case of a Termination
of Relationship with Cause. 
 (b) Except as otherwise provided in the Plan or Section 4(a) of this Agreement,
upon a Termination of Relationship for any reason, the unvested portion of the Option (i.e., that portion which does not constitute Vested Options) shall terminate on the date the Termination of Relationship occurs. 
 Section 9. Securities Law Representations. The Optionee acknowledges that the Option and the Shares are not being registered under the Securities
Act, based, in part, in reliance upon an exemption from registration under Rule 701 or Regulation D promulgated under the Securities Act, and a comparable exemption from qualification under applicable state securities laws, as each may be amended
from time to time. The Optionee, by executing this Agreement, hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal and state securities law exemptions from registration and
qualification is predicated, in substantial part, upon the accuracy of these representations: 
  

	 	•	 	 The Optionee is acquiring the Option and, if and when he exercises the Option, will acquire the Shares solely for the Optionee’s own account, for investment
purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the shares within the meaning of the Securities Act and/or any applicable state securities
laws. 

	 	•	 	 The Optionee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Option and the restrictions
imposed on any Shares purchased upon exercise of the Option. The Optionee has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to exercise the Option and purchase the Shares.
However, in evaluating the merits and risks of an investment in the Shares, the Optionee has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 

  

	 	•	 	 The Optionee acknowledges that to the best of his knowledge the Option Price is not less than what the Board has determined to be the Fair Market Value of the
Shares. 

  

	 	•	 	 The Optionee is aware that the Option may be of no practical value, that any value it may have depends on its vesting and exercisability as well as an increase in
the Fair Market Value of the underlying Shares to an amount in excess of the Option Price, and that any investment in common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could require capital to be
invested for an indefinite period of time, possibly without return, and at substantial risk of loss. 

  

	 	•	 	 The Optionee understands that any Shares acquired on exercise of the Option will be characterized as “restricted securities” under the federal securities
laws, and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under
the Securities Act, as presently in effect. The Optionee acknowledges receiving a copy of Rule 144 promulgated under the Securities Act, as presently in effect, and represents that he is familiar with such rule, and understands the resale
limitations imposed thereby and by the Securities Act and the applicable state securities law. 

  

	 	•	 	 The Optionee has read and understands the restrictions and limitations set forth in the Management Investor Rights Agreement, the Plan and this Agreement. The
Optionee acknowledges that to the extent the Optionee is not a party to the Management Investor Rights Agreement at the time that the Optionee exercises any portion of the Option, such exercise shall be treated for all purposes as effecting the
Optionee’s simultaneous execution of the Management Investor Rights Agreement and the Optionee shall be bound thereby. 

  

	 	•	 	 The Optionee has not relied upon any oral representation made to the Optionee relating to the Option or the purchase of the Shares on exercise of the Option or upon
information presented in any promotional meeting or material relating to the Option or the Shares. 

  

	 	•	 	 The Optionee understands and acknowledges that, if and when he exercises the Option, (a) any certificate evidencing the Shares (or evidencing any other 

	 	 
securities issued with respect thereto pursuant to any stock split, stock dividend, merger or other form of reorganization or recapitalization) when issued
shall bear any legends which may be required by applicable federal and state securities laws, and (b) except as otherwise provided under the Management Investor Rights Agreement, the Company has no obligation to register the Shares or file any
registration statement under federal or state securities laws. The Committee reserves the right to account for Shares through book entry or other electronic means rather than the issuance of stock certificates. 

 Section 10. Designation of Beneficiary. The Optionee may appoint any individual or legal entity in writing as his beneficiary to receive any
Option (to the extent not previously terminated or forfeited) under this Agreement upon the Optionee’s death or becomes subject to a Disability. The Optionee may revoke his designation of a beneficiary at any time and a new beneficiary
appointed in writing. To be effective, the Optionee must complete the designation of a beneficiary or revocation of a beneficiary by written notice to the Company under Section 10 of this Agreement before the date of the Optionee’s
death. In the absence of a beneficiary designation, the legal representative of the Optionee’s estate shall be deemed the beneficiary. 
 Section 11. Notices. All notices, claims, certifications, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given and delivered if personally delivered or if sent by
nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 
 If to the Company, to it at: 
 Affinity Acquisition Holdings, Inc. 
 c/o Apollo Management V, L.P. 
 9 West 57th Street 
 New York, New York 10019 
 Facsimile: (212) 515-3264 
 Attention:
Marc Becker 
 With a copy to (which copy will not constitute notice): 
 Akin Gump Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, NY 10022 
 Telecopy: (212) 872-1002 
 Attention: Adam K. Weinstein, Esq. 
 If to the Optionee, to the Optionee at the address set forth on the signature page hereto; or to such other address as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith. Any such notice or other communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such delivery (or if such date is not a business
day, on the next business day after the date of delivery), (b) in the case of nationally-recognized overnight courier, on the next business day after the date sent, (c) in the 

 
case of telecopy transmission, when received (or if not sent on a business day, on the next business day after the date sent), and (d) in the case of
mailing, on the third business day following that on which the piece of mail containing such communication is posted. 
 Section 12.
Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement must be in writing and shall not operate or be construed as a waiver of any other or subsequent breach. 
 Section 13. Optionee’s Undertaking. The Optionee hereby agrees to take whatever additional actions and execute whatever additional documents
the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the express provisions of this Agreement and the Plan.

 Section 14. Modification of Rights. The rights of the Optionee are subject to modification and termination in certain events as
provided in this Agreement and the Plan (with respect to the Options granted hereby). Notwithstanding the foregoing, the Optionee’s rights under this Agreement and the Plan may not be materially impaired without the Optionee’s prior
written consent. 
 Section 15. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN
FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME
OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 Section 16. Counterparts. This Agreement may be executed in one or more counterparts,
and each such counterpart shall be deemed to be an original, but all such counterparts together shall constitute but one agreement. 
 Section 17. Entire Agreement. This Agreement and the Plan (and the other writings referred to herein) constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior
written or oral negotiations, commitments, representations and agreements with respect thereto. 
 Section 18. Severability. It is the
desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the 

 
foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 19. Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, trial by jury in any suit, action or proceeding arising hereunder. 
 Section 20. Code Section 409A.
Notwithstanding anything herein or elsewhere to the contrary, to the extent the Optionee or the Company notifies the other that this Agreement may reasonably be expected to result in the Optionee’s being subject to the penalties of
Section 409A of the Code, the Optionee and the Company agree to negotiate (and the Company shall cause any affiliate to negotiate) in good faith alternatives to avoid such penalties. 
 [Signature Pages Follow] 

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

			
	AFFINION GROUP HOLDINGS, INC.
		
	By:	 	/s/ Nathaniel Lipman
		 	Name: Nathaniel Lipman
		 	Title: President and CEO
	
	OPTIONEE
	See attached signature page

	
	OPTIONEE
	
	/s/ Thomas Williams
	Name: Thomas A. Williams

			
		
	Residence Address:	 	 8 Hubert Street
 Whippany, NJ,
07981

  

				
	 Number of Shares of Common Stock subject to Tranche A Options:
	  	 	80,000
	 Number of Shares of Common Stock subject to Tranche B Options:
	  	 	40,000
	 Number of Shares of Common Stock subject to Tranche C Options:
	  	 	40,000
	 Option Price for Tranche A Options, Tranche B Options, and Tranche C Options:
	  	$	10.00 each

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